Canada’s Pembina Pipeline sees record earnings in 2022
Canadian energy infrastructure company Pembina Pipeline reported record earnings for 2022 on February 23, with earnings of C$2.97bn (US$2.19bn), up from earnings of C$1.24bn in 2021.
Adjusted full-year EBITDA was also a record, rising to C$3.75bn from C$3.43bn in 2021.
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Q4 earnings rose to C$243mn from C$80mn.
Adjusted EBITDA reflected higher liquids volumes on the Peace Pipeline and Cochin Pipeline systems, the joint venture transaction which created Pembina Gas Infrastructure and stronger performance from certain gas processing assets, largely in the Montney and Deep Basin regions.
Cash flow from operating activities in 2022 increased to C$2.93bn from C$2.65bn in 2021, with “substantial” free cash flow that allowed for a 3.6% increase to Pembina’s common share dividend, the repurchase of C$350mn of common shares and the redemption of C$300mn of preferred shares.
Highlights in 2022 included the creation of Pembina Gas Infrastructure, which contributed C$1.1bn to full-year earnings, continued to advance, in partnership with TC Energy, the Alberta Carbon Grid carbon capture and storage (CCS) project, which at full build-out could capture and sequester 20mn mt/yr of CO2, and advance, BC’s Haisla Nation, the 3mn metric tons/year Cedar LNG floating LNG facility, on which it expects to take a final investment decision by Q3 2023.