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Dec 31, 2025
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Pembina Q4 2025 Earnings Report
Pembina Pipeline Corporation reported its fourth quarter and full year 2025 financial results, highlighting record annual volumes and the sanctioning of new pipeline expansions.
Key Takeaways
Pembina delivered solid fourth quarter results with earnings of $489 million and adjusted EBITDA of $1.075 billion. While financial metrics saw a year-over-year decrease primarily due to lower marketing contributions and new toll structures on the Alliance Pipeline, the company achieved record annual volumes of 3.7 million boe/d and sanctioned $425 million in new expansion projects.
Achieved record annual Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day.
Sanctioned two conventional pipeline expansions (Birch-to-Taylor and Taylor-to-Gordondale) totaling $425 million.
Successfully remarketed 1.5 mtpa of Cedar LNG capacity with long-term agreements from PETRONAS and Ovintiv.
Reported full-year 2025 earnings of $1.694 billion and adjusted EBITDA of $4.289 billion, meeting guidance.
Revenue by Segment
Forward Guidance
Pembina provided 2026 adjusted EBITDA guidance of $4.125 billion to $4.425 billion and outlined key operational and strategic priorities.
Positive Outlook
- 2026 Adjusted EBITDA guidance midpoint represents 5% fee-based compound annual growth from 2023.
- Anticipated in-service of Wapiti Expansion and K3 Cogeneration Facility in Q1 2026.
- Sanctioning of over $600 million in conventional pipeline projects to meet WCSB growth.
- Cedar LNG construction is over 35 percent complete with secured long-term contracts.
- Path2Zero project by Dow reaffirmed, supporting long-term ethane supply agreements.
Challenges Ahead
- Lower revenue on Alliance Pipeline expected due to new toll structures and revenue sharing.
- Narrower NGL frac spreads impacting Marketing & New Ventures division.
- Potential for lower interruptible volumes on the Cochin Pipeline.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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