Pembina Pipeline’s profits rise on higher crude, natural gas prices

Share
Share
Tweet

Pembina Pipeline Corp. says it earned $418 million in the second quarter, reflecting higher natural gas liquids (NGL) and crude oil prices and margins, as well as rising volumes on its key pipeline systems.

The Calgary-based energy infrastructure company says its profit works out to 69 cents per diluted common share, up from $254 million or 39 cents per diluted common share in the second quarter of 2021.

Pembina Pipeline reported second-quarter revenue of $3.1 billion, up from $1.9 billion in the prior year’s quarter.

The company also adjusted its earnings guidance for the full year 2022 to between $3.575 billion and $3.675 billion, compared to a previously forecast range of $3.45 billion to $3.6 billion.

Pembina says its second quarter was positively impacted by higher volumes and higher tolls on certain pipeline systems.

But its overall pipeline volumes of 2.5 billion barrels of oil equivalent per day reflected a six per cent decrease year-over-year. The company says this was largely due to the bankruptcy filing of the Houston-based Ruby pipeline, in which Pembina owns a 50 per cent stake along with Kinder Morgan Inc.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:PPL)

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

  • 0045 WBPC 2023 Bright Colors P
    0045 WBPC 2023 Bright Colors P
  • 0044 PTRC CCUS Aquistore
    0044 PTRC CCUS Aquistore
  • 0043 ALX ten sizes
    0043 ALX ten sizes
  • 0042 Sask Oilfield Services
    0042 Sask Oilfield Services
  • 0039 Summit ESP Saskatchewan lower third
    0039 Summit ESP Saskatchewan lower third
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0040 Southeast College safety tickets
    0040 Southeast College safety tickets
  • 0036 Prairie Lithium - Chad Glemser 30 Sec
  • 0033 Buffalo Potash Jared Small Footprint
  • 0032 IWS Summer hiring rock trailer music
  • 0029 Latus Viro updated Latus phone
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002