Pembina Pipeline Corporation Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Pembina Pipeline Corporation Announces Second Quarter 2024 Financial Results
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:PPL, NYSE:PBA) reported its financial and operating results for the second quarter of 2024.
Financial Highlights
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates | Q1 2024 | QoQ Change |
|---|---|---|---|---|---|---|
| Total Revenue | $1.42B | Not Provided | Not Available | $1.42B | Not Provided | Not Available |
| Earnings per Share (EPS) | $0.54 | Not Provided | Not Available | $0.54 | Not Provided | Not Available |
| Adjusted EBITDA | $1,091M | $823M | +33% | Not Provided | Not Provided | Not Available |
| Cash Flow from Operations | $954M | Not Provided | Not Available | Not Provided | Not Provided | Not Available |
| Adjusted Cash Flow Operations | $837M | Not Provided | +38% | Not Provided | Not Provided | Not Available |
Interpretation: Pembina delivered record quarterly performance with a 33% year-over-year increase in adjusted EBITDA, reflecting the strong operational capabilities and recent acquisitions. Earnings per share met the consensus estimate of $0.54 for the quarter.
Segment Revenue Breakdown
| Segment | Q2 2024 | Q2 2023 | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Pipelines Adjusted EBITDA | $655M | $501M | +31% | Not Provided |
| Facilities Adjusted EBITDA | $340M | $272M | +25% | Not Provided |
| Marketing & New Ventures Adjusted EBITDA | $143M | $96M | +49% | Not Provided |
Interpretation: The Pipelines segment reported a robust 31% increase in adjusted EBITDA due to higher ownership interest and improved asset performance. Facilities and Marketing & New Ventures also saw significant increases, reflecting strategic investments and growing demand.
Operational Highlights
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Pipelines Volumes | 2,716 mboe/d | Not Provided | +11% |
| Facilities Volumes | 855 mboe/d | Not Provided | +14% |
| NGL Sales Volumes | 219 mboe/d | Not Provided | +34% |
Interpretation: Pipeline and Facilities volumes showed double-digit year-over-year growth, driven by increased ownership and enhanced network performance.
Executive Comments
President and CEO of Pembina, stated, "We are delighted to have delivered another record quarter, driven by a resilient and growing base business and continued strength in Pembina's marketing business. Momentum across the Canadian energy industry remains strong."
Dividends & Share Repurchase Program
Pembina's board declared a quarterly common share cash dividend of $0.69 per share for the third quarter of 2024, payable on September 27, 2024, to shareholders of record on September 16, 2024.
Forward Guidance
Pembina has updated its 2024 adjusted EBITDA guidance to a range of $4.20 billion to $4.35 billion, up from the previous range of $4.05 billion to $4.30 billion. The 2024 capital investment program has also been revised to $1.3 billion.
Stock Price Movement
Following the earnings release, shares of Pembina saw an increase of approximately 0.70%.
Summary: Pembina Pipeline Corporation delivered record financial results for the second quarter of 2024, driven by strong performance across all segments and successful strategic acquisitions. The company raised its 2024 guidance, reflecting strong industry conditions and growth prospects.
The report has been organized into a clear and structured format, making it easier for investors to understand the key financial and operational highlights.
