Pembina Pipeline Corporation · TSX:PPL
Pembina Pipeline — Shareholder Meeting (May 2025)
24 slides from Pembina Pipeline's shareholder meeting presentation, May 9, 2025
Slide 1: 2025 Annual Meeting of Shareholders
Pembina Pipeline Corporation 2025 Annual Meeting of Shareholders TSX: PPL; NYSE: PBA May 9, 2025
Slide 2: Welcome
Welcome Scott Burrows Eva Bishop Cameron Goldade Janet Loduca President & Senior Vice President & Senior Vice President & Senior Vice President, External Affairs & Chief Executive Officer Corporate Services Officer Chief Financial Officer Chief Legal and Sustainability Officer Chris Scherman Jaret S
Slide 3: Forward-Looking Statements and Information
Forward-Looking Statements and Information This presentation contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legi
Slide 4: Highlights Since Last Annual Meeting
Highlights Since Last Annual Meeting Safety Business Development Consolidated 100% ownership • Two PGI acquisitions in Montney and Duvernay of Alliance Pipeline • Dow ethane supply agreements and Aux Sable 25 • Integrated commercial deals years after Pembina employees and contractors reducing the th
Slide 5: Record Financial Results
Record Financial Results FY 2023 Full Year 2024 $4,408 FY 2024 $3,824 • Growing volumes on key systems and outperformance across the business • Record full year adjusted EBITDA* of ~$4.4 billion, exceeding the $1,776 $1,874 high end of the Company's revised guidance range Earnings Adjusted EBITDA Fi
Slide 6: Full Value Chain Across All Commodities
Full Value Chain Across All Commodities(1) Canadian Natural Gas Liquids (NGL) Natural Gas Condensate Crude Oil Peers - (Ethane, Propane, Butane) WCSB Service Offering by Gathering & Domestic C2 + C3+ LPG Domestic Domestic Export LNG(2) Fractionation Marketing Import Storage Export Processing Transpo
Slide 7: Differentiated Strategy | North American Natural Gas Transportation
Differentiated Strategy | North American Natural Gas Transportation Growing our presence in resilient northeast U.S. natural gas and NGL markets • Acquired full ownership of critical and highly differentiated North American energy infrastructure grows and strengthens our existing franchise • Highly
Slide 8: Differentiated Strategy | True Indigenous Partnership
Differentiated Strategy | True Indigenous Partnership Along with our partner, the Haisla Nation, Pembina announced a positive Final Investment Decision on June 25, 2024 • The world’s first Indigenous majority-owned LNG facility, Cedar LNG is strategically positioned to leverage Canada’s abundant nat
Slide 9: Multi-year WCSB Production Volume Growth by Third-Party Projects
Multi-year WCSB Production v Volume Growth by Third-Party Projects 3 Trigon Pacific (Proposed) 1 Trans Mountain Expansion(1) 3 Fort St John AltaGas REEF In Capacity: 590 mbpd 3 Service Commodity: Light and Heavy Oil 3 AltaGas RIPET Fort Pembina PRT McMurray Prince Rupert LNG 2 Canada 2 West Coast LN
Slide 10: Projects Currently Underway
Projects Currently Underway RFS 4 Wapiti K3 Cogen Cedar LNG PGI Expansion Infrastructure $525MM $140MM (net) $70MM (net) ~U.S.$2Bn (net) ~$420MM (net) H1 2026 H1 2026 H1 2026 2028 Various 9
Slide 11: Projects Under Development and Under Evaluation
Projects Under Development and Under Evaluation NEBC and Dow Supply Low Carbon Liquids Prince Rupert Peace Agreement Complex Extraction Terminal Expansions Projects Plants Optimization • Taylor-to-Gordondale • Evaluating a portfolio • Greenlight Electricity • Yellowhead Mainline • Allow for larger P
Slide 12: Financial Guardrails
Financial Guardrails 2024 2025 (F) Maintain target of 80% fee-based contribution to ~85% - 1 ~84% adjusted EBITDA(1)(2) 90% Target <100% payout of fee-based distributable ~69% 65-70% 2 cash flow (Standard Payout Ratio)(2) (~48%) (50-55%) 3 Target 75% credit exposure from investment ~80% 80-85% grade
Slide 13: Stable and Growing Dividend Through the Cycles
Stable and Growing Dividend Through the Cycles $2.82 $2.74 $2.66 >$15 billion $2.52 $2.52 $2.55 in common share dividends since inception $2.36 $2.24 ~5% $2.04 10-Year dividend per share $1.90 CAGR $1.80 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (F) 12
Slide 14: Core Energy Infrastructure Holding in Any Portfolio
Core Energy Infrastructure Holding in Any Portfolio Full Value Chain Exemplary Financial Across All Project Discipline Commodities Execution Visible Predictable Positioned for Growth Cash Flow the Future 13
Slide 15: Questions & Answer Period
Questions & Answer Period 14 PEMBINNG
Slide 16: Thank You
Thank You www.pembina.com Toll Free: 1.855.880.7404 Phone: 403.231.3156 investor-relations@pembina.com
Slide 17: Non-GAAP Measures
Non-GAAP and Other Financial Measures Throughout this presentation, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either excl
Slide 18: Non-GAAP Measures
Non-GAAP and Other Financial Measures Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("adjusted EBITDA") and adjusted EBITDA per Common Share Year Ended Year Ended Year Ended Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance cos
Slide 19: Non-GAAP Measures
Non-GAAP and Other Financial Measures Adjusted EBITDA From Equity Accounted Investees In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line
Slide 20: Non-GAAP Measures
Non-GAAP and Other Financial Measures Adjusted Cash Flow From Operating Activities and Adjusted Cash Flow From Operating Year Ended Activities per Common Share ($ millions, except as noted) Notes December 31, 2024 Adjusted cash flow from operating activities is a non-GAAP measure which is defined as
Slide 21: Non-GAAP Measures
Non-GAAP and Other Financial Measures Fee-Based Contribution to Adjusted EBITDA Year Ended ($ millions, except as noted) Notes December 31, 2024 Fee-based contribution to adjusted EBITDA is a non-GAAP measure defined as the portion of adjusted EBITDA derived from the fee-based, non commodity exposed
Slide 22: Non-GAAP Measures
Non-GAAP and Other Financial Measures Year Ended ($ millions, except as noted) Notes December 31, 2024 Cash Flow After Dividends and Free Cash Flow Cash flow from operating activities 3,214 Cash Flow After Dividends and Free Cash Flow are non-GAAP measures and Cash Flow After Dividends paid – common
Slide 23: Non-GAAP Measures
Non-GAAP and Other Financial Measures Rating Agency FFO-to-Debt Year Ended Year Ended ($ millions, except as noted) Notes December 31, 2023 December 31, 2024 Rating Agency FFO-to-Debt is a non-GAAP ratio defined and used by Pembina to replicate one of the Company’s rating agency methodologies, in th
Slide 24: Non-GAAP Measures
Non-GAAP and Other Financial Measures Year Ended Year Ended ($ millions, except as noted) Notes December 31, 2023 December 31, 2024 Senior Debt Loans and borrowings (current) 650 1,525 Senior debt is a non-GAAP measure and is defined as the sum of current and non-current loans and borrowings. Senior