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Pembina Pipeline Corp. Q1-2022 Earnings, Price Target Update

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Pembina Pipeline Corp. (PPL-TSX, PBA-NYSE)) operates in the Western Canadian Sedimentary Basis as a leading transportation and midstream service provider that has been serving North America's energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced in western Canada. Pembina is structured into three divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Revenues are 94% fee-based of which 77% are take-or-pay. The pipelines segment comprises 55% of earnings, Facilities - 30% and Marketing averaging – 15%. By commodity, natural gas contributes 30% of earnings, crude oil and condensate -40% and NGL's -30%. Total assets as of Mar-31-2022 were $31.4B compared to $15B at Dec-31-2016. The growth resulted from the acquisition of Veresen Inc. in Oct-2017 adding $9B, and Kinder Morgan's Canadian's assets and the US portion of the Cochin Pipeline for $4B with the balance from ongoing capital development projects. The longer term strategy is to build infrastructure to connect western Canada petroleum products to global markets to benefit from higher prices. The agreement to acquire Inter Pipeline was terminated in Jul-2021, a $265M(0.48 per share after tax ) termination fee was received during Q3-2021.

Pembina has been chosen by the Western Indigenous Pipeline Group to be the industry partner in the formation of Chinook Pathways Partnership. Chinook Pathways is an Indigenous-led partnership working to organize a significant number of First Nation communities to pursue ownership of the Trans Mountain Pipeline from the Federal Government following completion of the construction of the Trans Mountain Expansion.

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