Canada's Pembina Pipeline Q3 adjusted EBITDA rises on Facilities, Marketing divisions
PBA•Pembina Pipeline's third-quarter adjusted EBITDA rose year over year, while revenue of C$2.18 billion and adjusted EPS of C$0.77 beat analyst estimates. The company raised its 2026 adjusted EBITDA guidance to C$4.45 billion–C$4.55 billion from C$4.35 billion–C$4.55 billion.
1. Quarterly results
Pembina Pipeline reported year-over-year growth in third-quarter adjusted EBITDA, driven by its Facilities and Marketing divisions. Revenue was C$2.18 billion, compared with an analyst estimate of C$2.003 billion, and adjusted EPS was C$0.77 versus an estimate of C$0.64.
2. Guidance raised
The company raised its 2026 adjusted EBITDA guidance to C$4.45 billion–C$4.55 billion from C$4.35 billion–C$4.55 billion. Pembina said it was trending toward the upper end of the range based on its current commodity price outlook, and expects higher fourth-quarter contributions from NGL volumes, the Alliance and Cochin pipelines, and new PGI assets.
3. Division drivers
Marketing & New Ventures benefited from higher NGL margins, including premium propane prices in Asian markets and higher North American NGL prices, as well as higher realized gains on crude oil-based derivatives. Higher realized losses on NGL-based derivatives partly offset those gains. Facilities results benefited from higher revenue at the Redwater Complex, increased demand for terminalling services, and no comparable planned outage as in the third quarter of 2025.
