Pembina Pipeline Reports 14% Q4 EBITDA Decline and Secures 50,000 bpd Export Capacity
Q4 2025 adjusted EBITDA fell 14% yoy, driven by lower marketing and new ventures contributions and reduced pipeline asset revenues from capital recoveries. Pembina secured 50,000 barrels per day of propane export capacity through a new LPG agreement and Prince Rupert optimization, with key projects on time and under budget.
1. Q4 2025 Financial Performance
Adjusted EBITDA for Q4 2025 declined 14% year-over-year, driven by lower marketing and new ventures contributions and reduced revenue from specific pipeline assets following earlier capital recoveries.
2. Propane Export Capacity Expansion
Pembina secured 50,000 barrels per day of competitive propane export capacity through a new LPG export agreement and the sanctioning of the Prince Rupert Terminal optimization project.
3. Strategic Project Progress
Key capital projects—the RFS4 propane-plus fractionator, Wapiti natural gas processing expansion, and K3 cogeneration facility—remain on schedule and on or under budget, reinforcing the company’s execution discipline.
4. Investment Outlook Through 2027
Management aims to fund annual capital projects with approximately $1.5 billion in cash flow after dividends, anticipates a slight free cash flow deficit in 2026 due to peak investment in Cedar LNG, and expects meaningful free cash flow from 2027, supporting mid-single-digit growth.