Pembina Pipeline Posts Urgent Profit Drop, Expands Pipeline Plans

BREAKING: Pembina Pipeline Corp. has just announced a significant drop in profits, reporting $286 million for the third quarter of 2024, down from $385 million in the same period last year. This translates to a profit of 43 cents per share, compared to 60 cents per share in 2023. The Calgary-based natural gas shipper’s revenue also fell, totaling $1.79 billion compared to $1.84 billion a year prior.

This urgent financial update comes as Pembina reveals ambitious plans for pipeline expansions, exceeding $1 billion, to accommodate increasing production from Alberta and British Columbia’s Montney, Duvernay, and Deep Basin regions. The need for infrastructure upgrades is pressing as the energy sector grapples with rising demand.

Additionally, Pembina is poised to make a significant announcement regarding the Greenlight Electricity Centre, a natural gas-fired power plant in Alberta, where a final investment decision with partner Kineticor is expected in the first half of 2025. This project is critical for the region’s energy strategy and will further enhance Pembina’s operational capabilities.

In a related development, Pembina is on track with the Cedar LNG export terminal construction in British Columbia, which is being developed in partnership with the Haisla Nation. The project is currently on budget and on schedule. Earlier this week, Pembina confirmed a landmark 20-year deal with Malaysia’s Petronas, securing one million tonnes per year of liquefaction capacity at Cedar LNG. This contract marks a pivotal moment for Pembina, solidifying its role in the international energy market.

As these developments unfold, the implications for the energy sector and local economies are profound. The company’s focus on expansion amidst profit declines raises questions about future growth and sustainability in a fluctuating market.

Stay tuned for further updates as Pembina Pipeline navigates these challenges and opportunities. This is a crucial time for both the company and the energy landscape in Canada, and stakeholders will be closely watching how these plans materialize.