Pembina Pipeline Corporation, Inc. (PBA) Q1 2025 Earnings Call Transcript

2025-05-09 13:38:02 ET

Pembina Pipeline Corporation, Inc. (PBA)

Q1 2025 Earnings Conference Call

May 09, 2025, 10:00 ET

Company Participants

Dan Tucunel - VP, Capital Markets

Scott Burrows - President, CEO & Director

Cameron Goldade - SVP & CFO

Jaret Sprott - SVP & COO

Chris Scherman - SVP, Marketing & Strategy Officer

Conference Call Participants

Jeremy Tonet - JPMorgan

Spiro Dounis - Citi

Theresa Chan - Barclays

Aaron MacNeil - TD Cowen

Praneeth Satish - Wells Fargo

Rob Hope - Scotiabank

Patrick Kenny - National Bank Financial

Maurice Choy - RBC Capital Markets

Robert Catellier - CIBC Capital Markets

Ben Pham - BMO Capital Markets

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q1 2025 Results Conference Call. [Operator Instructions]

This call is being recorded on Friday, May 9, 2025. I would now like to turn the conference over to Dan Tucunel, VP, Capital Markets. Please go ahead.

Dan Tucunel

Thank you, Joelle. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2025. On the call today, we have Scott Burrows, President and Chief Executive Officer; and Cameron Goldade, Senior Vice President and Chief Financial Officer; along with other members of Pembina's officer team.

I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's management's discussion and analysis dated May 8, 2025, for the period ended March 31, 2025, as well as the press release Pembina issued yesterday, which are all available online at pembina.com and on both SEDAR and EDGAR. I will now turn things over to Scott.

Scott Burrows

Thanks, Dan. Yesterday, we reported our first quarter results, which were highlighted by quarterly adjusted EBITDA of $1.167 billion. This is a very strong start to the year and builds on the momentum from a record year in 2024, providing confidence in our full year outlook. As Cameron will discuss in more detail, we are currently trending towards the midpoint of our 2025 adjusted EBITDA guidance range of $4.2 billion to $4.5 billion....

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