Pembina Pipeline Corporation: Initiation Of Coverage

This is our first report on midstream major, Pembina Pipeline Corporation. The company’s Q4 2023 earnings signaled a robust financial position, with quarterly earnings reaching $698 million and a record adjusted EBITDA of over $1 billion. This result was bolstered by growing volumes across numerous systems and a strong year from the firm’s marketing business. Pembina also exceeded the high end of the original 2023 guidance range, reflecting its business’s strength, predictability, and resilience. However, the forward-looking statements provided are subject to certain risks and uncertainties, which could potentially alter the actual results.