UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2021
Commission File Number: 001-35563
PEMBINA PIPELINE CORPORATION
(Name of registrant)
(Room #39-095) 4000, 585
8th Avenue S.W.
Calgary, Alberta T2P 1G1
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T
Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T
Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
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PEMBINA PIPELINE
CORPORATION |
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Date: December 8,
2021 |
By: |
/s/ Scott
Burrows |
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Name: Scott
Burrows |
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Title: Interim Chief Executive
Officer |
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Form
6-K Exhibit Index
Exhibit 99.1
Pembina Pipeline Corporation Announces 2022 Guidance, Business
Update and Additional ESG Targets
All financial figures are approximate and in Canadian dollars
unless otherwise noted. This news release refers to adjusted
earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA"), which is a financial measure that is not
defined by Generally Accepted Accounting Principles ("GAAP"), being
international Financial Reporting Standards, as issued by the
International Accounting Standards Board. For more information see
"Non-GAAP Financial Measures" herein.
CALGARY, AB, Dec. 8, 2021 /CNW/ - Pembina Pipeline Corporation
("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) is pleased to
provide its 2022 financial guidance and deliver an end-of-year
business update.
Highlights
- 2022
adjusted EBITDA of $3.35 to $3.55 billion and a 2022 capital
investment program of $655 million.
- Cash
flow from operating activities is expected to exceed dividends and
the capital investment program in 2022. As such, Pembina expects to
allocate up to the first $200 million of the excess towards common
share repurchases, with the balance available for incremental
capital investment if sanctioned, debt repayment, or additional
distribution to shareholders.
- The
estimated capital cost of Peace Pipeline Expansion Phase VII
("Phase VII") has been revised lower by $110 million, to $665
million, and the expected in-service date has been advanced to
mid-2022.
-
Executed an agreement with a second Montney producer for liquids
transportation service for volumes from development of the
producer's northeast British Columbia ("NEBC") Montney
acreage.
-
Successfully contracted 76 percent of the capacity on Alliance
Pipeline ("Alliance"), which was set to expire on October 31, 2022,
with an average contract length of nearly four years.
- Set
additional environmental, social and governance ("ESG") targets
related to employee equity, diversity and inclusion, with a focus
on advancing representation of women and other underrepresented
groups at all levels of the organization.
-
Continue to progress pre-final investment decision development
activities for the Cedar LNG project ("Cedar LNG").
Business Update
As we close out 2021 and look ahead to 2022, it is with a continued
sense of optimism at what is possible for Pembina and its
stakeholders. Our energy producing customers continue to generate
significant discretionary cash flow, consolidate smaller companies,
thereby improving their execution capabilities and overall credit
profiles, and strengthen their balance sheets. Pembina is poised to
benefit from a promising outlook for the NEBC Montney and Alberta
Duvernay areas, as well as through feedstock demand growth from a
resurgent Alberta petrochemical industry, as evidenced by recent
third-party project announcements with support from the Government
of Alberta's petrochemical diversification program.
As we strive towards our vision to be the leader in delivering
integrated infrastructure solutions and connecting customers to
global markets, Pembina is also taking steps to reduce its
environmental footprint, enhance employee equity, diversity and
inclusion, and partner with Indigenous communities in the
development of Canadian energy projects. We are excited about these
initiatives and our strong commitment to ESG is being demonstrated
by the ambitious new projects, partnerships and targets we have
announced this year.
Alliance Pipeline
Recent open seasons on Alliance have enhanced its contractual
profile. An open season completed at the end of September, for
capacity in the 2021/2022 gas year, was nearly three times
oversubscribed, resulting in Alliance being essentially fully
contracted for the 2021/2022 gas year, beginning November 1,
2021. An additional open season was recently completed for
longer-term capacity, including the 2022/2023 gas year, which
begins November 1, 2022. As a result of the open season and
contract renewal efforts, 76 percent of the full path capacity set
to expire October 31, 2022 was successfully contracted on terms
with an average contract length of nearly four years, beginning
November 1, 2022. The desire of shippers to secure longer-term
capacity over exercising their annual renewal rights highlights the
value of Alliance's reliable and highly competitive access to
mid-western U.S. gas markets, and as a conduit to the Gulf Coast
and its robust liquefied natural gas market. The results of both
recent open seasons, along with improved market fundamentals,
support the prospects for additional contracting over the coming
months.
Peace Pipeline Expansions
In response to customer demand for services, including to
accommodate volume growth in the NEBC Montney, Pembina continues to
pursue a measured, capital efficient, economic, and orderly
expansion of its Peace Pipeline System.
- Phase
VII continues to trend under budget and ahead of schedule. As such,
the capital cost estimate for the project has been revised lower,
by $110 million, to $665 million, reflecting highly effective
project management, favorable weather conditions and well
performing contractors. Phase VII is now anticipated to be in
service in mid-2022.
- The
Phase VIII Peace Pipeline Expansion ("Phase VIII") remains
deferred. Initial contracts supporting the project remain intact
and customers continue to signal plans that will necessitate the
incremental capacity. Value engineering work is ongoing, and
Pembina continues to evaluate this project in discussions with its
producing customers. Due to ongoing uncertainty around development
timing in NEBC stemming from ongoing discussion between the British
Columbia government and First Nations communities, a reactivation
decision previously expected in the fourth quarter of 2021 is now
expected in the first half of 2022.
- The
Phase IX Peace Pipeline Expansion ("Phase IX") will add capacity in
the northwest Alberta-to-Gordondale, Alberta corridor to
accommodate increased activity in the NEBC Montney play.
Construction on a pump station has commenced and clearing activity
for the pipeline is expected to begin in January 2022. Phase IX
remains on-time and on-budget with an estimated cost of
approximately $120 million and an expected in-service date in the
second half of 2022.
NEBC Producer Commitments
As previously announced earlier in 2021, Pembina has entered into
an exclusivity agreement with, and concurrently provided an
irrevocable offer for, midstream services to a premiere NEBC
Montney producer. The exclusivity agreement provides a bridge to
negotiation of definitive agreements for transportation and
fractionation ("T&F") of a material volume of liquids and NGL
mix from certain NEBC Montney lands. Negotiations have progressed
well, and Pembina and the producer expect to execute definitive
agreements in early 2022. All new firm T&F services provided
under the proposed arrangement would be supported by long-term,
take-or-pay agreements.
In addition, Pembina recently executed a new agreement with
a second Montney producer, which commits to
Pembina volumes from a multiphase development of the
producer's NEBC Montney acreage, on a take-or-pay basis, upon the
acreage being developed. The agreement provides the
producer with certainty of transportation egress from this key area
for their future development and access to the remainder of
Pembina's integrated value chain.
Cedar LNG Project
In partnership with the Haisla Nation, development of Cedar LNG
continues to progress. Cedar LNG will have a liquefaction capacity
of approximately three million tonnes per annum of LNG and will
source natural gas from the Montney resource play in NEBC. Cedar
LNG will be the largest First Nation-owned infrastructure project
in Canada and by utilizing renewable power as its primary energy
source, will have one of the cleanest environmental profiles of any
LNG facility in the world. Front end engineering and design
("FEED") activities are currently underway and will continue
through 2022. Early FEED work has already identified opportunities
to optimize the site layout, thereby considerably reducing the
project footprint and local area disturbance.
Hythe Deep Cut
Veresen Midstream is evaluating the opportunity to construct a 200
million cubic feet per day ("mmcf/d") deep cut NGL extraction
facility ("Hythe Deep Cut") at the Hythe Gas Plant. As previously
announced, Veresen Midstream has secured an option from two key
customers for NGL extraction rights on up to 750 mmcf/d of natural
gas. The design would leverage Pembina's existing Saturn I/II
design and enable recovery of approximately 6,000 barrels per day
("bpd") of propane-plus, as well as the ability to recover
approximately 8,500 bpd of ethane for minimal incremental capital.
With existing connectivity between the Hythe Gas Plant and Peace
Pipeline, the extracted NGL would be transported, fractionated and
marketed by Pembina. A final investment decision on the Hythe Deep
Cut is expected in the first half of 2022.
2022 Guidance
Based on the Company's expectations and outlook for 2022, Pembina
is anticipating adjusted EBITDA of $3.35 to $3.55 billion. Relative
to 2021, adjusted EBITDA next year is expected to be impacted
largely by the following factors:
-
Continued strength in NGL pricing and lower realized losses on
commodity-related derivatives; the Company has hedged approximately
50 percent of its 2022 frac spread exposure, excluding Aux Sable,
offset by higher average cost of inventory.
-
Higher volumes on existing assets within the conventional pipelines
and gas processing businesses.
-
Contributions from assets to be placed into service in 2022
including Phase VII, Phase IX and Empress Cogeneration.
-
Higher volumes at Veresen Midstream's Dawson Assets and a full-year
contribution from assets placed into service in the Facilities
Division in 2021, including Hythe Developments and Prince Rupert
Terminal.
-
Higher integrity costs and other operating expenses, a portion of
which are not recoverable from customers.
- Lower
contribution from select assets due to contract expirations.
-
Increased spending on continuous improvement initiatives to support
long-term cost reduction efforts.
Current income tax expense in 2022 is anticipated to be $325 to
$375 million, as Pembina will continue to benefit from the
availability of tax pools from assets recently placed into service.
After adjusting for the 2021 current tax expense on the termination
fee payment related to the proposed acquisition of Inter Pipeline
Ltd., the year-over-year increase reflects primarily higher current
tax expense on increased earnings.
Pembina's 2022 adjusted EBITDA may be directly impacted by certain
commodity prices and foreign exchange rates, amongst other items,
including the impact of Pembina's hedging program as follows:
Key
Variable |
Impact on Adjusted EBITDA
($ millions)
|
|
|
AECO ±
$0.50 CAD/GJ |
±
39 |
Propane
± $0.10 USD/usg |
±
38 |
Foreign
Exchange Rate ± $0.05 USD/CAD |
±
37 |
Share
Price ± $5.00 CAD/share |
±
11 |
2022 Capital Investment
Pembina's 2022 capital program is expected to be allocated as
follows:
($
millions) |
2022
Budget (1) |
Pipelines
Division |
$350 |
Facilities
Division |
$140 |
Marketing
& New Ventures Division |
$40 |
Corporate |
$35 |
Capital
Expenditures |
$565 |
Contributions
to Equity Accounted Investees & Advances to Related
Parties |
$90 |
Capital
Expenditures and Contributions to Equity Accounted Investees &
Advances to Related Parties |
$655 |
(1)
Capital budget shown in Canadian dollars based on a forecasted
average USD/CAD exchange rate of 1.27. |
Pembina's Pipelines Division capital investments will be primarily
related to the construction of Phase VII and Phase IX, in addition
to remaining capital to be spent on projects previously placed into
service and smaller growth projects, including various new laterals
and terminals.
Capital investments in the Facilities Division will be focused on
completion of Empress Co-generation Facility.
Marketing and New Ventures Division capital investments include the
cost of line fill for Phase VII and Phase IX and advancing
Pembina's portfolio of unsecured development opportunities,
including Alberta Carbon Grid.
Spending within the Corporate segment is primarily targeted at
information technology enhancements to further the Company's
continuous improvement initiatives to support long-term cost
reduction efforts.
Contributions to Equity Accounted Investees & Advances to
Related Parties primarily relate to development of Cedar LNG and
contributions to Veresen Midstream.
The Company's 2022 capital program includes:
- $125
million of non-recoverable sustaining capital to support safe and
reliable operations.
- $60
million for administrative capital including technology and
commercial systems investments.
2022 Capital Allocation
Pembina has a proven track record of generating long-term
shareholder value through capital investment and over the long term
will continue to prioritize allocating capital to growth projects
with attractive risk-adjusted returns. Cash flow from operating
activities is expected to exceed dividends and the capital
investment program in 2022. Pembina expects to allocate up to the
first $200 million of excess cash flow to common share repurchases
during the first half of the year, representing approximately one
percent of the Company's common shares. Additional cash flow will
be available for incremental capital investment if sanctioned, debt
repayment, or additional distribution to shareholders.
Pembina will also continue to evaluate the merits of dividend
growth relative to other opportunities for capital allocation as
2022 evolves, particularly in consideration of the dividend yield
on Pembina's common shares.
Pembina expects to remain firmly within its financial guardrails
with ample liquidity. Leverage metrics are expected to remain
within the ranges for a strong 'BBB' credit rating with a
debt-to-adjusted EBITDA ratio of 3.4 to 3.6 times.
Additional Environmental, Social and Governance Targets
Committed to diversity, equal opportunity and ensuring a safe and
inclusive workplace, Pembina is pleased to announce the following
employee equity, diversity and inclusion targets. These targets
support the work being done across the organization to advance ESG
priorities, including to increase the representation of women and
other underrepresented groups at all levels of the organization.
Pembina is committed to achieving the following targets over the
next three years:
- 35
percent women in the overall workforce by 2025.
- 30
percent women in executive leadership by 2022.
- 45
percent overall diversity in the workforce by 2025.
- 40
percent overall diversity in executive leadership by 2025.
The targets announced today are in addition to previously announced
Board diversity targets including:
- To
maintain gender diversity of Board representation of at least 30
percent.
- That
at least 40 percent of the independent directors be individuals who
belong to one of the four designated groups in the Employment
Equity Act: Indigenous persons, people with disabilities, people
who are visible minorities, and women.
Building on a strong foundation, these targets are an important
next step in the Pembina's work to integrate sustainable business
practices throughout the Company.
Conference Call & Webcast
Pembina will host a webcast and conference call
on Wednesday, December 8, 2021 at 9:00 a.m.
MT (11:00 a.m. ET) where the Company's executive team will
provide a general business update, including progress on
environmental, social and governance priorities, and outline the
Company's 2022 outlook. Randy Findlay, Chair of Pembina's Board of
Directors will also be joining the call to provide a message from
the Board. The conference call dial-in numbers
for Canada and the U.S. are 647-792-1240 or 800-437-2398.
A recording of the conference call will be available for replay
until December 15, 2021 at 11:59 p.m. ET. To access
the replay, please dial either 647-436-0148 or 888-203-1112 and
enter the password 6464560.
A live webcast of the conference call can be accessed
on Pembina's website at www.pembina.com under
Investor Centre/ Presentation & Events, or by entering:
https://produceredition.webcasts.com/starthere.jsp?ei=1499099&tp_key=9492e908e4
in your web browser. Shortly after the call, the presentation and
an archive of the webcast will be posted on Pembina's website for a
minimum of 90 days at
https://www.pembina.com/investors/presentations-events/.
About Pembina
Calgary-based Pembina Pipeline Corporation is 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 primarily in
western Canada. The Company also owns gas gathering and processing
facilities; an oil and natural gas liquids infrastructure and
logistics business; and is growing an export terminals business.
Pembina's integrated assets and commercial operations along the
majority of the hydrocarbon value chain allow it to offer a full
spectrum of midstream and marketing services to the energy sector.
Pembina is committed to identifying additional opportunities to
connect hydrocarbon production to new demand locations through the
development of infrastructure that would extend Pembina's service
offering even further along the hydrocarbon value chain. These new
developments will contribute to ensuring that hydrocarbons produced
in the Western Canadian Sedimentary Basin and the other basins
where Pembina operates can reach the highest value markets
throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure solutions
connecting global markets:
-
Customers choose us first for reliable and value-added
services.
-
Investors receive sustainable industry-leading total
returns.
-
Employees say we are the 'employer of choice' and value our
safe, respectful, collaborative and inclusive work culture.
-
Communities welcome us and recognize the net positive impact
of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New York stock
exchanges under PPL and PBA, respectively. For more information,
visit www.pembina.com.
Forward-Looking Information and Statements
This news release contains certain forward-looking statements
and forward-looking information (collectively, "forward-looking
statements"), including forward-looking statements within the
meaning of the "safe harbor" provisions of applicable securities
legislation, that are based on Pembina's current expectations,
estimates, projections and assumptions in light of its experience
and its perception of historical trends. In some cases,
forward-looking statements can be identified by terminology such as
"continue", "anticipate", "schedule", "will", "expects",
"estimate", "potential", "planned", "future", "outlook",
"strategy", "protect", "trend", "commit", "maintain", "focus",
"ongoing", "believe" and similar expressions suggesting future
events or future performance.
In particular, this news release contains forward-looking
statements, including certain financial outlooks, pertaining to,
without limitation, the following: Pembina's 2022 adjusted EBITDA
expectations and 2022 capital program; Pembina's capital allocation
plans, including with respect to share repurchases; Pembina's
corporate strategy and the development and expected timing of new
business initiatives and growth opportunities and the expected
timing thereof; expectations about industry activities and
development opportunities; expectations about future growth
opportunities and the demand for our services; expectations
regarding new corporate developments and their impact on access to
markets; planning, construction, capital expenditure and cost
estimates, schedules, locations, regulatory and environmental
applications and approvals, expected capacity, incremental volumes,
power output, completion and in-service dates, rights, activities
and operations with respect to planned construction of, or
expansions on, existing pipelines systems, gas services facilities,
processing and fractionation facilities, terminalling, storage and
hub facilities and other facilities or infrastructure; the impact
of current market conditions on Pembina; Pembina's hedging strategy
and expected results therefrom; expected cost savings and
efficiencies; Pembina's options for allocating capital, including
any common share repurchases; Pembina's credit ratings; Pembina's
ability to maintain its financial guardrails; and Pembina's
commitment to and the future level and sustainability and potential
growth of cash dividends that Pembina intends to pay its
shareholders, including the expected future cash flows, the
sufficiency and expected uses thereof.
The forward-looking statements are based on certain assumptions
that Pembina has made in respect thereof as at the date of this
news release regarding, among other things: oil and gas industry
exploration and development activity levels and the geographic
region of such activity; that favourable market conditions exist,
and that Pembina has available capital, for share repurchases; the
success of Pembina's operations; prevailing commodity prices,
interest rates, carbon prices, tax rates and exchange rates; the
ability of Pembina to maintain current credit ratings; the
availability of capital to fund future capital requirements
relating to existing assets and projects; future operating costs;
geotechnical and integrity costs; that all required regulatory and
environmental approvals can be obtained on the necessary terms in a
timely manner; prevailing regulatory, tax and environmental laws
and regulations; maintenance of operating margins; and certain
other assumptions in respect of Pembina's forward-looking
statements detailed in Pembina's Restated Annual Information Form
for the year ended December 31, 2020 (the "AIF") and Restated
Management's Discussion and Analysis for the year ended December
31, 2020 (the "Annual MD&A"), which were each filed on SEDAR on
November 18, 2021, in Pembina's Management's Discussion and
Analysis for the three and nine months ended September 30,
2021 (the "Interim MD&A") and from time to time in
Pembina's public disclosure documents available at www.sedar.com,
www.sec.gov and through Pembina's website at
www.pembina.com.
Although Pembina believes the expectations and material factors
and assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties that could cause actual events or results
to differ materially, including, but not limited to: the regulatory
environment and decisions and Indigenous and landowner consultation
requirements; the impact of competitive entities and pricing;
reliance on third parties to successfully operate and maintain
certain assets; the strength and operations of the oil and natural
gas production industry and related commodity prices;
nonperformance or default by counterparties to agreements which
Pembina or one or more of its affiliates has entered into in
respect of its business; actions by governmental or regulatory
authorities; the ability of Pembina to acquire or develop the
necessary infrastructure in respect of future development projects;
fluctuations in operating results; adverse general economic and
market conditions in Canada, North America and worldwide; risks
relating to the current and potential adverse impacts of the
COVID-19 pandemic; the ability to access various sources of debt
and equity capital; changes in credit ratings; counterparty credit
risk; and certain other risks and uncertainties detailed in the
AIF, Annual MD&A, Interim MD&A and from time to time in
Pembina's public disclosure documents available at www.sedar.com,
www.sec.gov and through Pembina's website at
www.pembina.com.
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
actual results to differ materially from those predicted,
forecasted or projected. The forward-looking statements contained
in this news release speak only as of the date hereof. Pembina does
not undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except
as required by applicable laws. Management approved the 2022
adjusted EBITDA guidance contained herein as of the date of this
news release. The purpose of our 2022 adjusted EBITDA guidance is
to assist readers in understanding our expected and targeted
financial results, and this information may not be appropriate for
other purposes. The forward-looking statements contained in this
news release are expressly qualified by this cautionary
statement.
Non-GAAP Financial Measures
Throughout this news release, Pembina has disclosed certain
financial measures that are not specified, defined or determined in
accordance with GAAP and which are not disclosed in Pembina's
financial statements. Non-GAAP financial measures either exclude an
amount that is included in, or include an amount that is excluded
from, the composition of the most directly comparable financial
measure specified, defined or determined in accordance with GAAP.
These non-GAAP financial measures are used by management to
evaluate the performance and cash flows of Pembina and its
businesses and to provide additional useful information respecting
Pembina's financial performance, financial condition and cash flows
to investors and analysts.
In this news release, Pembina has disclosed the non-GAAP
financial measure adjusted EBITDA, which does not have any
standardized meaning under GAAP and may not be comparable to
similar financial measures disclosed by other issuers. The measure
should not, therefore, be considered in isolation or as a
substitute for, or superior to, measures of Pembina's financial
performance, financial position or cash flows specified, defined or
determined in accordance with IFRS, including earnings before
income tax.
Except as otherwise described herein, non-GAAP financial
measures are calculated on a consistent basis from period to
period. Specific reconciling items may only be relevant in certain
periods.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization
Adjusted EBITDA is a non-GAAP measure and is calculated as
earnings before net finance costs, income taxes, depreciation and
amortization (included in operations and general and administrative
expense) and unrealized gains or losses on commodity-related
derivative financial instruments. Adjusted EBITDA also includes
adjustments to earnings for losses (gains) on disposal of assets,
transaction costs incurred in respect of acquisitions, dispositions
and restructuring, impairment charges or reversals in respect of
goodwill, intangible assets, investments in equity accounted
investees and property, plant and equipment, certain non-cash
provisions and other amounts not reflective of ongoing operations.
The most directly comparable financial measure to adjusted EBITDA
that is determined in accordance with GAAP and disclosed in
Pembina's financial statements is earnings before income
tax.
($
millions, except per share amounts) |
9
Months Ended
September
30, 2021 |
12
Months Ended
December
31, 2020 |
Earnings
(loss) before income tax |
781 |
(416) |
Adjustments
to share of profit from equity accounted investees and
other |
103 |
418 |
Net
finance costs |
144 |
420 |
Depreciation
and amortization |
180 |
700 |
Unrealized
(gain) loss on commodity-related derivative financial
instruments |
(47) |
84 |
Canadian
Emergency Wage Subsidy |
8 |
(39) |
Transformation
and restructuring costs |
11 |
10 |
Transaction
costs incurred in respect of acquisitions |
8 |
18 |
Arrangement
Termination Payment |
(350) |
- |
Impairment
charges and non-cash provisions |
12 |
2,086 |
Adjusted
EBITDA |
850 |
3,281 |
Additional information relating to adjusted EBITDA, including
disclosure of the composition of adjusted EBITDA, an explanation of
how adjusted EBITDA provides useful information to investors and
the additional purposes, if any, for which management uses adjusted
EBITDA and an explanation of the reason for any change in the label
or composition of adjusted EBITDA from what was previously
disclosed, is contained in the "Non-GAAP Measures" section of the
Annual MD&A and Interim MD&A, which sections are
incorporated by reference in this news release. The Annual MD&A
and Interim MD&A are each available on SEDAR at www.sedar.com,
EDGAR at www.sec.gov and Pembina's website at
www.pembina.com.
For more information on Pembina's significant assets, including
as such relate to definitions for capitalized terms used herein and
not otherwise defined, refer to Pembina's Annual Information Form
(the "AIF") filed at www.sedar.com (filed with the U.S.
Securities and Exchange Commission at www.sec.gov under Form
40-F) and at www.pembina.com.
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For further information: Investor Relations: Scott Arnold,
(403) 231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com, www.pembina.com
CO: Pembina Pipeline Corporation
CNW 07:00e 08-DEC-21
This regulatory filing also includes additional resources:
ex991.pdf
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