Pembina Pipeline Corporation Q3 2026 Earnings Recap

Pembina’s third-quarter adjusted EBITDA rose 9% year over year to CAD 1.128 billion, and the company raised its 2026 guidance range. With the stock up 2.2% after earnings, the reaction was positive but modest; results benefited in part from unusually favorable Asian propane pricing, while Pipelines EBITDA declined 4%.

Key Takeaways

• 2026 adjusted EBITDA guidance was updated to CAD 4.45 billion–CAD 4.55 billion; management said it is trending toward the upper end based on the current market outlook.
• Facilities adjusted EBITDA increased 13% to CAD 400 million, supported by RFS IV entering service, higher terminalling demand, and improved PGI volumes.
• Marketing and New Ventures adjusted EBITDA rose 69% to CAD 167 million, driven by higher NGL prices and premium Asian propane exposure; higher realized losses on NGL derivatives partly offset the gains.
• Pipelines adjusted EBITDA fell 4% to CAD 606 million, reflecting lower net revenue on Alliance under its new toll structure, partly offset by lower costs and higher volumes on Nipisi and Drayton Valley.
• Pembina and its partners sanctioned the 932 MW Greenlight natural-gas power facility; the company also entered an agreement to participate in the proposed Pacific Link crude pipeline.