PBA

A month has gone by since the last earnings report for MPLX LP (MPLX). Shares have lost about 0.5% in that time frame, outperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is MPLX LP due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for MPLX LP before we dive into how investors and analysts have reacted as of late. MPLX reported second-quarter 2026 earnings of $1.06 per unit, up 2.9% from $1.03 a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.04 per unit by 1.9%. Total revenues and other income increased 10.3% to $3.31 billion from $3 billion a year earlier. The top line beat the consensus estimate of $3.19 billion by 3.8%. The strong quarterly results were driven by higher gathering and fractionation volumes. Adjusted EBITDA increased 5% to $1.78 billion. Net income attributable to MPLX increased to $1.08 billion from $1.05 billion in the year-ago quarter. Income from operations improved 6.6% to $1.38 billion, driven by higher contributions from both operating segments. Total costs and expenses increased 13.1% to $1.93 billion from $1.71 billion recorded in the prior-year quarter. Operating expenses, including purchased product costs, increased to $1.01 billion from $821 million, while depreciation and amortization rose to $365 million from $324 million. Net interest and other financial costs increased 23.5% to $289 million. Crude Oil and Products Logistics segment adjusted EBITDA increased 2% to $1.16 billion. Higher rates across the business and increased butane blending more than offset lower crude pipeline throughput and higher operating expenses. Total pipeline throughput declined 4% to 5.88 million barrels per day (MMBbl/d). Crude oil pipeline volumes fell 5% to 3.83 MMBbl/d from 4.01 MMBbl/d, while product pipeline volumes decreased 2% to $2.05 MMBbl/d from $2.09 MMBbl/d in the prior-year quarter. Terminal throughput increased 2% to 3.26 MMBbl/d, and the average pipeline tariff rate edged up 1% to $1.07 per barrel. Natural Gas and NGL Services segment adjusted EBITDA advanced 11% to $614 million. The increase reflected higher volumes, contributions from equity affiliates and acquisitions. These benefits were partly offset by the 2025 divestiture of non-core Rockies gathering and processing assets. Gathering throughput rose 5% to 6.86 billion cubic feet per day (Bcf/d), while fractionation volumes increased 7% to 680,000 barrels per day (Bbl/d). Natural gas processed declined 2% to 9.59 Bcf/d. Excluding divested assets, gathering and processing volumes increased 15% and 5%, respectively. Net cash provided by operating activities totaled $1.70 billion compared with $1.74 billion a year ago. Distributable cash flow increased to $1.45 billion from $1.42 billion, while adjusted free cash flow totaled $668 million. MPLX declared a distribution of $1.0765 per unit, up from 95.65 cents a year earlier, resulting in 1.3X coverage. The partnership returned more than $1.1 billion to unitholders, including $50 million through unit repurchases. Management expects distribution increases of 12.5% in 2026 and 2027. The partnership ended June with $1.03 billion in cash, $2.5 billion available under its revolving credit facility and $1.5 billion available through its intercompany loan agreement with Marathon Petroleum. Total debt was $25.64 billion, while leverage remained at 3.7X. MPLX placed the 200-million-cubic-feet-per-day (MMcf/d) Secretariat I processing plant into service in April. The partnership exited the quarter with 86% utilization across its Delaware Basin processing system. Marcellus processing utilization reached 96%, supporting record volumes across the system. Harmon Creek III began operations in August, adding 300 MMcf/d of processing capacity and 40,000 Bbl/d of de-ethanization capacity. The BANGL pipeline expansion to 300,000 Bbl/d, Blackcomb pipeline and Titan sour gas treating expansion are expected to enter service in the fourth quarter. The partnership raised its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects accelerated work on its Gulf Coast fractionation project, pulling forward spending previously planned for early 2027. More than 90% of organic growth capital is directed toward natural gas and natural gas liquids infrastructure. Management expects the project sequence to drive stronger adjusted EBITDA in the third quarter than the second quarter, followed by sequential growth in the fourth quarter. MPLX continues to target mid-single-digit adjusted EBITDA growth for 2026. In the past month, investors have witnessed a flat trend in estimates revision. Currently, MPLX LP has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. MPLX LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. MPLX LP belongs to the Zacks Oil and Gas - Production and Pipelines industry. Another stock from the same industry, Pembina Pipeline (PBA), has gained 3.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Pembina Pipeline reported revenues of $1.55 billion in the last reported quarter, representing a year-over-year change of +20%. EPS of $0.48 for the same period compares with $0.47 a year ago. Pembina Pipeline is expected to post earnings of $0.46 per share for the current quarter, representing a year-over-year change of +48.4%. Over the last 30 days, the Zacks Consensus Estimate has changed -7.1%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Pembina Pipeline. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MPLX LP (MPLX) : Free Stock Analysis Report Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pembina Pipeline Corporation recently reported second-quarter 2026 results showing sales of CA$2,152 million and net income of CA$512 million, both higher than a year earlier, and also confirmed stronger earnings for the first half of 2026. Alongside these results, the board affirmed a third-quarter 2026 common share cash dividend of CA$0.735 per share, underlining a continued focus on income for shareholders while share repurchase programs remained unused. With this backdrop of higher quarterly earnings and an affirmed dividend, we’ll now examine how these results affect Pembina Pipeline’s investment narrative. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 16 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Pembina’s story still hinges on stable, fee-based midstream cash flows and long-term export and LNG growth, balanced against project, regulatory and WCSB concentration risks. The latest quarterly beat and affirmed dividend support the near term income and execution narrative, while the biggest swing factor remains how effectively Pembina can deliver large projects without stretching its balance sheet. These results do not materially change that core risk. Among the recent announcements, the board’s decision to declare a CA$0.735 per share third quarter 2026 dividend stands out in the context of stronger year to date earnings and an unused buyback. For investors focused on catalysts, this reinforces the role of ongoing cash returns alongside growth spending, while the absence of repurchases keeps attention squarely on how future capital projects and toll structures will shape Pembina’s longer term earnings power. Yet behind the higher earnings and steady dividend, investors should still be aware of how toll resets on key cross border pipelines could... Read the full narrative on Pembina Pipeline (it's free!) Pembina Pipeline's narrative projects CA$9.1 billion revenue and CA$2.1 billion earnings by 2029. This requires 4.4% yearly revenue growth and an earnings increase of about CA$0.5 billion from CA$1.6 billion today. Uncover how Pembina Pipeline's forecasts yield a CA$71.22 fair value, a 7% upside to its current price. Four Simply Wall St Community fair value estimates for Pembina range from CA$54.04 to CA$239.09, showing just how far apart individual views can be. As you weigh those opinions against the current earnings momentum and the execution risk around large capital projects, it is worth comparing several approaches to what Pembina’s future cash flows could look like. Explore 4 other fair value estimates on Pembina Pipeline - why the stock might be worth over 3x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Pembina Pipeline research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision. Our free Pembina Pipeline research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Pembina Pipeline's overall financial health at a glance. Early movers are already taking notice. See the stocks they're targeting before they've flown the coop: Uncover the next big thing with 11 elite penny stocks that balance risk and reward. Invest in the nuclear renaissance through our list of 89 elite nuclear energy infrastructure plays powering the global AI revolution. AI is about to change healthcare. These 7 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PPL.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Pembina Pipeline stock has delivered a strong 117.2% return over the past five years, yet current valuation checks suggest it now looks closer to fairly priced than clearly cheap. After such a run, investors are weighing that performance against signals that point to an "about right" valuation rather than an obvious discount. Over five years, a 117.2% total return indicates that Pembina Pipeline has already rewarded long term holders. Any new upside case now needs to rest more on future fundamentals than on a re rating story. For long term value, the key support may come from the stability and visibility of Pembina Pipeline's cash flows. A major risk is that higher capital needs or weaker returns on new projects could limit how much value those cash flows create for shareholders. With a valuation score of 3 out of 6, Pembina Pipeline presents a mixed picture rather than a clear bargain or clear overvaluation. The issue now is whether the current share price of C$66.69 already reflects the bulk of Pembina Pipeline's fundamentals or still leaves enough room for a reasonable margin of safety. Find out why Pembina Pipeline's 42.0% return over the last year is lagging behind its peers. The P/E ratio is a useful check for Pembina Pipeline because earnings are a core driver of how investors typically value midstream and pipeline businesses. It captures what the market is paying today for each dollar of current profit. Pembina Pipeline currently trades on a P/E of 23.5x, which sits between the broader oil and gas industry average of 21.1x and the peer group average of 28.8x. A model that looks at Pembina Pipeline's earnings, size, sector and risk profile suggests a fair P/E of about 23.1x. That is very close to where the stock trades today, so the market is not applying a big premium or discount compared with what that framework would imply. For you as an investor, this means the P/E multiple does not, on its own, signal a bargain or a stretched price. Any case for owning Pembina Pipeline at current levels rests more on your view of the quality and durability of its earnings than on a clear valuation gap. On the P/E multiple, Pembina Pipeline looks priced roughly in line with what the earnings based model suggests is fair. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Pembina Pipeline pick up where the valuation puzzle leaves off. They explain which assumptions about Pembina Pipeline's future growth, margins and earnings would need to hold for the stock to be worth materially more or less than today's price. Each narrative ties a fair value estimate to a specific mix of potential catalysts and risks so you can track which version of events appears to be unfolding over time on the Community page. You can add your voice to the Simply Wall St community by sharing a Narrative on Pembina Pipeline's valuation and what you expect from its growth, margins and execution from here. Set out a clear, number driven view on Pembina Pipeline's story and see how it stacks up as new results arrive. Do you think there's more to the story for Pembina Pipeline? Head over to our Community to see what others are saying! Pembina Pipeline now screens as about right on market multiples, so the valuation case is no longer built on an obvious discount. For you, the question becomes whether its earnings quality and cash flow durability justify staying close to this P/E range over time. The crux of the debate is how efficiently Pembina Pipeline can fund and execute new projects without eroding returns on capital. Your view on that single trade off between stable cash flows and future capital needs is what really decides whether the current price still feels attractive enough. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PPL.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

USA Compression Partners USAC reported second-quarter 2026 adjusted net profit of 31 cents per common unit, beating the Zacks Consensus Estimate of 24 cents. The metric improved from the year-ago quarter’s net profit of 22 cents per common unit, driven by a year-over-year increase in revenue-generating capacity. The largest independent provider of natural gas compression services generated revenues of $342.1 million, improving 36.8% from the year-ago quarter’s level and beating the Zacks Consensus Estimate by 0.7%. This growth was aided by higher contract operations revenues and higher revenues from the sale of parts and services. USAC’s contract operations revenues were $304.9 million, up 34% year over year, driven primarily by the addition of J-W's horsepower and average revenue per revenue-generating horsepower. Parts and service revenues were $22.1 million, reflecting the manufacturing and aftermarket services activity that J-W brought to the platform. USA Compression Partners, LP price-consensus-eps-surprise-chart | USA Compression Partners, LP Quote The Dallas, TX-based oil and gas equipment and services company’s adjusted EBITDA increased 29.2% to $193.2 million from $149.5 million in the prior-year quarter. Distributable cash flow rose to $125.3 million from $89.9 million in the year-ago period. The company reported net income of $45.7 million compared with $28.6 million in the year-ago quarter. USAC reported net operating cash flow of $145.7 million in the second quarter, up from the prior-year quarter’s $124.2 million. The company’s revenue-generating capacity increased year over year to 4.45 million horsepower from 3.55 million horsepower. Moreover, the figure exceeded our estimate of 4.26 million horsepower. Adjusted gross operating margin of 63.5% marked a decrease from the year-ago period’s 65.4%. Further, the average monthly revenue per horsepower rose to $22.84 from $21.31 in the second quarter of 2025. However, the figure missed our estimate of $24.20 million average monthly revenue per horsepower. USA Compression’s average quarterly horsepower utilization rate was 92%, down from the year-ago quarter’s 94.4%. USA Compression’s distributable cash flow available to limited partners totaled $125.3 million, providing 1.65x distribution coverage, up from the year-ago level of 1.4x. The company reported $241.8 million in costs and expenses, up from $173.5 million in the year-ago quarter. It spent $46.8 million on growth capex. Maintenance capex amounted to $16.9 million. As of June 30, 2026, USA Compression had net long-term debt of $2.9 billion. The partnership had $536.9 million of remaining unused availability under its revolving credit facility. USA Compression reaffirmed its full-year 2026 outlook. This Zacks Rank #4 (Sell) company expects adjusted EBITDA to be between $770 million and $800 million. It also expects distributable cash flow to range from $480 million to $510 million, expansion capital expenditures to be between $230 million and $250 million, and maintenance capital expenditures to total in the band of $60 million to $70 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed USAC’s second-quarter results in detail, let us take a look at three other key reports in this space. Imperial Oil Limited IMO reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations. Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments. As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%. Pembina Pipeline Corporation PBA reported second-quarter 2026 earnings per share of 48 cents, which missed the Zacks Consensus Estimate of 49 cents. However, it increased from the year-ago quarter’s level of 47 cents. This improvement was primarily driven by strong underlying operational performance and volume growth across the Pipelines and Facilities and Marketing & New Ventures divisions. This Calgary-based oil and gas storage and transportation company’s quarterly sales of $1.55 billion increased about 20% year over year, driven by higher revenue performance across all three segments. As of June 30, 2026, PBA had cash and cash equivalents worth C$153 million and C$19.8 billion in long-term debt. Debt-to-capitalization was 53.7%. Diamondback Energy, Inc. FANG reported second-quarter 2026 adjusted earnings per share of $6.48, which beat the Zacks Consensus Estimate of $5.96 and more than doubled from the year-ago adjusted profit of $2.67. The outperformance was driven by production growth and a 53.1% improvement in the year-over-year realized oil prices. This Midland, TX-based oil and gas exploration and production company’s revenues of $5.6 billion increased more than 51% from the year-ago quarter and topped the Zacks Consensus Estimate by about 17%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income. As of June 30, the Permian-focused operator had approximately $462 million in cash and cash equivalents and $11.1 billion in long-term debt, representing a debt-to-capitalization of 20.1%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report USA Compression Partners, LP (USAC) : Free Stock Analysis Report Imperial Oil Limited (IMO) : Free Stock Analysis Report Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Suncor Energy Inc. SU reported second-quarter 2026 adjusted operating earnings of $2.33 per share, which beat the Zacks Consensus Estimate of $2.14 by 8.9%. Moreover, the bottom line increased significantly from the year-ago quarter’s reported figure of 51 cents. The outperformance was driven by stronger downstream margins, higher upstream price realizations and increased refined product sales volumes. The Calgary, Alberta-based integrated oil and gas company’s operating revenues of $12.7 billion beat the Zacks Consensus Estimate of $10.3 billion by 22.4%. The top line also increased approximately 47.3% year over year, aided by record refined product sales, higher refinery production and stronger benchmark crack spreads. Suncor Energy Inc. price-consensus-eps-surprise-chart | Suncor Energy Inc. Quote Suncor Energy’s board of directors declared a quarterly dividend of 60 Canadian cents per share for its common shareholders of record as of Sept. 4, 2026. The payout, which remains unchanged from the previous quarter, will be made on Sept. 25. During the quarter, the company distributed a total of C$1.8 billion to its shareholders, including over C$1 billion in share repurchases and over C$700 million in dividends. It generated C$5.3 billion in adjusted funds from operations and C$4 billion in free cash flow. During the second quarter, Suncor Energy delivered upstream production of 760,900 barrels per day (bbls/d), down from 808,100 bbls/d in the year-ago quarter. However, refining throughput reached a second-quarter record of 470,600 bbls/d, compared with 442,300 bbls/d a year earlier, while refined product sales rose to 654,800 bbls/d from 600,500 bbls/d in the prior-year period. Upstream: The company recorded a total production of 760,900 bbls/d, down from 808,100 bbls/d in the year-ago quarter. However, the figure beat the consensus estimate of 755,000 bbls/d. Total Oil Sands production was 690,100 bbls/d, down from 748,400 bbls/d in the year-ago quarter. Total Oil Sands bitumen production was 815,200 bbls/d, compared with 860,800 bbls/d in the prior-year period. This decrease was caused by the planned turnaround at Firebag. Net synthetic crude oil and diesel production increased to 482,200 bbls/d from 438,200 bbls/d a year earlier, driven by fewer maintenance activities in the current quarter. Non-upgraded bitumen production decreased to 207,900 bbls/d from 310,200 bbls/d, primarily due to increased upgrader availability and decreased bitumen production. Oil Sands adjusted operating earnings were C$2.6 billion, up from C$926 million in the prior-year quarter, backed by increased price realizations. Exploration and Production (E&P) production rose to 70,800 bbls/d from 59,700 bbls/d in the year-ago period, driven by strong production across assets. Adjusted operating earnings in the segment increased to C$465 million from C$165 million, primarily driven by higher sales volumes and stronger price realizations. Downstream: The segment was the key driver of the quarter’s strength. Refining and Marketing adjusted operating earnings surged to C$2.1 billion from C$404 million in the prior-year quarter, primarily fueled by higher benchmark crack spreads, a FIFO inventory valuation gain and increased refinery production and sales volumes. Refinery utilization was 92%, up from 87% in the prior-year quarter, reflecting Suncor Energy’s increased refining network nameplate capacity of 511,000 bbls/d. Refined product sales climbed to 654,800 bbls/d, a 9% increase from 600,500 bbls/d in the prior-year quarter, supported by global market opportunities, including record jet fuel sales, while also delivering more domestic volumes through high-value retail channels. Moreover, the figure beat the consensus estimate of 596,000 bbls/d. Total expenses increased 20% to C$12.6 billion from the prior-year quarter. The cost of purchases of crude oil and products increased to C$6.4 billion in the second quarter of 2026, compared with C$5.1 billion in the prior-year quarter. Operating, selling and general expenses increased 8.1% to C$3.4 billion from the prior-year quarter, and Exploration expenses increased to C$17 million compared with C$4 million in the previous-year quarter. Suncor Energy generated C$5.3 billion in adjusted funds from operations, up from C$2.7 billion in the prior-year quarter. Free funds flow increased to almost C$4 billion from C$981 million. The company returned nearly C$1.8 billion to its shareholders, including C$1 billion in share repurchases and over C$700 million in dividends. Capital expenditures totaled C$1.3 billion, decreasing from the year-ago quarter of C$1.6 billion. As of June 30, 2026, Suncor Energy had cash and cash equivalents of C$5.4 billion and long-term debt of C$9.2 billion. Its debt-to-capitalization was 16%. Suncor Energy’s 2026 corporate guidance targets total production of 840,000-870,000 bbl/d, including 785,000-810,000 bbl/d from Oil Sands and 55,000-60,000 bbl/d from Exploration and Production. Refinery throughput is expected at 460,000-475,000 bbl/d, with utilization of 90%-93% and refined product sales of 600,000-620,000 bbl/d. Capital expenditures are guided at C$5.6-C$5.8 billion, led by C$3.8-C$3.9 billion for Oil Sands. Cash operating costs are expected at C$26-C$29/bbl for Oil Sands operations, C$33-C$36/bbl at Fort Hills and C$34-C$37/bbl at Syncrude. The guidance assumes Brent at $87/bbl and WTI at $80/bbl, while the company highlights operational reliability, maintenance execution, commodity prices and infrastructure as key factors that could affect results. SU currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed SU’s second-quarter results in detail, let us take a look at three other key reports in this space. Imperial Oil Limited IMO reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations. Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments. As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%. Pembina Pipeline Corporation PBA reported second-quarter 2026 earnings per share of 48 cents, which missed the Zacks Consensus Estimate of 49 cents. However, it increased from the year-ago quarter’s level of 47 cents. This improvement was primarily driven by strong underlying operational performance and volume growth across the Pipelines and Facilities and Marketing & New Ventures divisions. This Calgary-based oil and gas storage and transportation company’s quarterly sales of $1.55 billion increased about 20% year over year, driven by higher revenue performance across all three segments. As of June 30, 2026, PBA had cash and cash equivalents worth C$153 million and C$19.8 billion in long-term debt. Debt-to-capitalization was 53.7%. Diamondback Energy, Inc. FANG reported second-quarter 2026 adjusted earnings per share of $6.48, which beat the Zacks Consensus Estimate of $5.96 and more than doubled from the year-ago adjusted profit of $2.67. The outperformance was driven by production growth and a 53.1% improvement in the year-over-year realized oil prices. This Midland, TX-based oil and gas exploration and production company’s revenues of $5.6 billion increased more than 51% from the year-ago quarter and topped the Zacks Consensus Estimate by about 17%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income. As of June 30, the Permian-focused operator had approximately $462 million in cash and cash equivalents and $11.1 billion in long-term debt, representing a debt-to-capitalization of 20.1%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Suncor Energy Inc. (SU) : Free Stock Analysis Report Imperial Oil Limited (IMO) : Free Stock Analysis Report Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Pembina Pipeline Corporation PBA reported second-quarter 2026 earnings per share of 48 cents, which missed the Zacks Consensus Estimate of 49 cents. However, it increased from the year-ago quarter’s level of 47 cents. This improvement was primarily driven by strong underlying operational performance and volume growth across the Pipelines and Facilities and Marketing & New Ventures divisions. PBA’s Pipelines, Facilities and Marketing & New Ventures volumes for the period were 2,809 thousand barrels of oil equivalent per day (mboe/d), 889 mboe/d and 372 mboe/d, respectively, beating the consensus estimates of 2,777 mboe/d, 302 mboe/d and 362mboe/d. This Calgary-based oil and gas storage and transportation company’s quarterly sales of $1.55 billion increased about 20% year over year, driven by higher revenue performance across all three segments. Pembina Pipeline Corp. price-consensus-eps-surprise-chart | Pembina Pipeline Corp. Quote The company’s operating cash flow increased 13.5% to C$897 million. Adjusted EBITDA increased about 5% year over year to C$1.06 billion. Pembina Pipeline’s board of directors declared a quarterly cash dividend of 73.5 Canadian cents per share to its common shareholders of record as of Sept. 15. The payout will be made on Sept. 29, 2026. During the second quarter, Pembina Pipeline advanced major pipeline and facilities projects, approved nearly C$3 billion (net) for the Greenlight Electricity Center and Heartland Extraction Plant, joined a West Coast oil pipeline initiative, and expanded long-term ethane agreements, supporting its 3Cs strategy and 5-7% annual fee-based adjusted EBITDA per-share growth target through 2030. Pipelines: Adjusted EBITDA of C$626 million decreased about 3.1% from the year-ago quarter’s level. This was caused primarily by lower net revenues on Alliance Pipeline as a result of the Alliance New Toll Structure. Volumes in this segment saw a 1.5% year-over-year increase to 2,809 mboe/d. Facilities: Adjusted EBITDA of C$386 million increased from the year-ago quarter’s C$331 million, driven primarily by higher revenues from the Redwater Complex as a result of RFS IV entering service in May 2026 and no comparable planned outage as occurred in the second quarter of 2025 and higher contributions from certain PGI assets due to higher volumes from the Wapiti Expansion entering service in March 2026, stronger performance at the Dawson assets, fewer planned outages compared to the prior period and higher recoveries driven by an asset upgrade. Volumes of 889 mboe/d increased by about 7.6% year over year. Marketing & New Ventures: Adjusted EBITDA of C$111 million increased from the year-ago quarter’s C$74 million. This increase was driven by wider WCSB and U.S. NGL frac spreads resulting from higher NGL prices, including the benefits from exposure to premium propane prices in Asian markets through West Coast exports, higher crude oil prices and sales volumes and higher realized losses on NGL-based derivatives and lower realized gains on crude oil-based derivatives. Volumes of 372 mboe/d increased 23.2% year over year. The company spent C$218 million as capital expenditure in the quarter under review compared with C$197 million a year ago. As of June 30, 2026, PBA had cash and cash equivalents worth C$153 million and C$19.8 billion in long-term debt. Debt-to-capitalization was 53.7%. This Zacks Rank #4 (Sell) company reiterated its 2026 adjusted EBITDA guidance of C$4.35 billion-C$4.55 billion, noting that it is currently trending to the midpoint of the range. At the midpoint of its guidance range, Pembina Pipeline expects third-quarter adjusted EBITDA to be lower than the second quarter due to seasonal trends, spending timing and certain one-time items, with stronger earnings anticipated in the fourth quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed PBA’s second-quarter results in detail, let us take a look at three other key reports in this space. Halliburton Company HAL reported second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. Meanwhile, HAL’s second-quarter revenues of $5.7 billion were up 3.7% year over year and beat the Zacks Consensus Estimate of $5.5 billion. The outperformance was driven by higher revenues in both segments of the company — the Completion and Production segment and the Drilling and Evaluation segment. Halliburton reported second-quarter capital expenditure of $235 million. As of June 30, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Liberty Energy Inc. LBRT reported a second-quarter 2026 adjusted net profit of 9 cents per share, beating the Zacks Consensus Estimate of 7 cents. The outperformance was driven by the company’s focus on AI-driven technology advancements and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 12 cents due to increased year-over-year costs and expenses. LBRT's revenues totaled $1.2 billion, which beat the Zacks Consensus Estimate of $1.1 billion. The top line also increased from the prior-year quarter’s $1 billion by 14%, supported by record utilization and a modest pricing uplift along with higher product sales. As of June 30, Liberty Energy had approximately $555.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $1.3 billion represented a debt-to-capitalization of 39.5%. Houston, TX-based oil and gas storage and transportation company Kinder Morgan Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents in the year-ago quarter. KMI’s revenues increased 10.8% year over year to $4.48 billion from the prior year’s figure of $4.04 billion. Revenues surpassed the consensus estimate of $4.29 billion by 4.43%. Cash flow from operations was $1.96 billion in the quarter. Meanwhile, free cash flow was $978 million and free cash flow after dividends reached $313 million. As of June 30, 2026, KMI reported $89 million in cash and cash equivalents. Net debt stood at $32.03 billion at quarter-end. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pembina Pipeline Corp. (PBA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report Liberty Energy Inc. (LBRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Adjusted EBITDA: $1.064 billion in Q2 2026, a 5% increase year-over-year. Earnings: $512 million in Q2 2026, a 23% increase from the prior year. Adjusted Earnings: $415 million in Q2 2026, a 10% increase year-over-year. Total Volumes: 3.7 million barrels of oil equivalent per day in Q2 2026, up 3% from the same period last year. 2026 Adjusted EBITDA Guidance: Reaffirmed at $4.35 billion to $4.55 billion, trending toward the midpoint. Pipelines Division: Higher contracted volumes on the Nipisi pipeline and higher revenue on the Cochin pipeline due to tariff adjustments, partially offset by a lower contribution from the Alliance pipeline. Facilities Division: Benefited from RFS IV fractionator entering service in May and the Wapiti expansion in PGI entering service at the end of March. Marketing and New Ventures: Results reflected wider WCSB and U.S. NGL frac spreads, benefits from West Coast exports, and higher crude oil prices and sales volumes. Corporate Segment: Lower results due to higher long-term incentive costs driven by an increase in Pembina's share price. Warning! GuruFocus has detected 9 Warning Signs with PBA. Is PBA fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Adjusted EBITDA of $1.064 billion in Q2 2026, a 5% increase year-over-year, driven by strong operational performance and new assets like RFS IV and Wapiti expansion. RFS IV fractionator and Wapiti expansion entered service on time and under budget, enhancing NGL and PGI capabilities. Sanctioned Heartland Extraction Plant and expanded ethane supply agreement with Dow by 15%, strengthening the integrated NGL platform. Positive FID on Greenlight Electricity Center, a 932-MW gas-fired facility for Meta, creating a new growth platform with stable cash flows and incremental natural gas demand. Cedar LNG project on track for late 2028 first exports, with key milestones achieved including pipeline mechanical completion and vessel hull transfer. Participation in the proposed West Coast oil pipeline positions Pembina to benefit from expanded market access and condensate demand, with disciplined capital allocation. Reaffirmed 2026 adjusted EBITDA guidance of $4.35-$4.55 billion, trending toward midpoint, with confidence in 5%-7% fee-based adjusted EBITDA per share growth through 2030. Lower contribution from Alliance Pipeline due to new toll structure and revenue sharing mechanism, partially offsetting gains. Higher long-term incentive costs in Q2 due to share price increase, negatively impacting corporate segment results. Third quarter 2026 expected to be seasonally weaker, with lower NGL frac spread contribution and higher integrity and maintenance spend. Cochin Pipeline expected to have lower contribution in H2 2026 due to advanced take-or-pay commitments and price correlation. Hedged only 40% of Q4 NGL frac spread exposure, leaving potential volatility in marketing results. West Coast oil pipeline remains pre-FID with regulatory, cost, and volume uncertainties, requiring 18 months of development. Greenlight Phase 2 and other gas-to-power opportunities are still in early stages, with no clear timeline or size guidance. Q: There's a lot of talk in the industry with regards to incremental WCSB oil egress, Pembina, one of the projects being proposed. But I was just wondering if you could help me think a bit about the picture as a whole and how it impacts Pembina as it relates to condensate. It seems if there's sizable egress that's going to come on, that means there's sizable condensate needs. And I was just wondering how that gets solved? Is this Cochin expandable in any sense? Is in-basin production going to really tick up? Is it going to be a combination? I mean if it seems like in-basin is going to be part of the solution, that's a lot of volumes, a lot of growth to hit Pembina's system. Am I thinking about that the right way?A: J. Scott Burrows (President and CEO): That's one of our key fundamental tenets from our April strategy session. We talk about the flywheel, and we always start with oil sands growth. If the West Coast oil pipeline goes ahead 1 million barrels a day, that's going to require somewhere in the neighborhood of 300,000 barrels a day of incremental condensate. We have a firm view that the vast majority of that condensate needs to come from the WCSB, which is some of the reason we were getting ahead of some of our expansions in Northeast BC. Of course, you don't drill for condensate alone; you drill for natural gas that condensate comes along with. So we are going to need to find incremental home for natural gas, whether that's LNG Canada Phase 2, potential pushing incremental throughput through Cedar, as well as incremental data center demand. Cameron Goldade (CFO): When we acquired Cochin, that asset was running at about 85,000 to 90,000 barrels a day. Through some great operational work, we've managed to increase the capacity of that system to about 120,000 barrels a day, and it's running very firmly. That said, the opportunity for more imported condensate is also a potential solution. Q: I wanted to revisit the 2030 growth outlook. I guess since you've provided that update, you've now sanctioned another $3 billion of projects, which I believe underwrites about 6% of that 5% CAGR range. So first, am I sort of thinking about that right? And as you think about that sort of remaining $2 billion bucket still up to sanction, how do you think about the ability to grow that opportunity set beyond $2 billion, but still be within that 2030 time frame that could maybe even take you above that 7% high end?A: Cameron Goldade (CFO): We would look at it similarly to you, meaning that we've crystallized or derisked a material portion of what was in that growth outlook from 2026 through 2030. As a reminder, that was somewhere between $1.50 to $2.15 of fee-based adjusted EBITDA per share growth between 2026 and 2030. What remains in that is a combination of some core volume growth within our business and some core capital investment opportunities. The biggest near-term lever for us on that 5% to 7% within the time frame is overall industry activity. The level of organic volume growth that was really embedded in our 5% to 7% was more historical looking, in the sort of 2% to 3% range for liquids. Some of our large customers are talking about multiyear volume growth in excess of that number through 2030, which would be very capital efficient for us. What we're really getting excited about, whether it's future phases of Greenlight or the West Coast pipeline opportunity, is the ability to extend that growth that we've signaled through 2030 into the next decade. Q: Following up on the Greenlight side of things. With Phase 1 underway and as you have already consolidated the contiguous lands and in the process of commercializing Phase 2 and maybe beyond, would you expect the time line for further phases to be a little quicker? And anything to say on size and scope at this point?A: Chris Scherman (Chief Marketing & Strategy Officer): I don't think we can get into timing a lot. There's a few things happening in the market that you can look to for a little bit of guidance, the AESO's Phase 2 large load allocation that's underway and the continuation of the bring your own power strategy is a bit of a guide to think about timing. We've got a relatively proven model on how to progress these projects. We're really focused now on getting those front-end strategic sort of first-mover components in place, and we're working with customers to derisk them much like we did on Phase 1. I can't really give a guide on exact timing, but I can tell you we're moving quickly and with pace, but very much in a similar vein to how we've done on the last round. Q: Maybe just staying on Greenlight here. I guess just broadly speaking, I know it's still early, but when you think about Phase 2 and when you think about another potential site, should we expect the economics and commercial structure and risk profile broadly to look like Phase 1 now that you've got that out there? Is that kind of like the blueprint or the rough template for how you're pursuing some of these other projects? Or do you think they're all kind of a little bit different?A: Chris Scherman (Chief Marketing & Strategy Officer): We really feel like we've proved out our thesis on gas-to-power as a midstream business in Alberta. Part of that is certainly the commercial construct and how we've thought about the risk profile and the fit of the project with how we think about our broader business. Future phases, we're targeting to structure them in a similar way to Phase 1. They're going to be long term. They're going to be fixed fee, low-risk arrangements that align with Pembina's business model. As you get out into expansions, not necessarily everything always looks the same out in time, but we've been really effective across all of our businesses of keeping that risk profile and keeping that structure in line with our business model, and this will be no different. Q: So maybe just going back to the potential for incremental gas tier opportunities. I acknowledge kind of your comments, Terry, on the commercial structure there. But how should we think about the ownership structure if Greenlight is expanded, would that be with Connecticut or if you are looking for other opportunities, could you be a lead developer and 100% owner of those opportunities?A: Chris Scherman (Chief Marketing & Strategy Officer): We're really happy For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Pembina Pipeline Corp.? Here are five stocks we like better. Strong second-quarter results: Adjusted EBITDA rose 5% year over year to C$1.064 billion, while net earnings increased 23% to C$512 million. Higher pipeline and facilities performance, new assets and stronger marketing results offset lower contributions from Alliance Pipeline. 2026 guidance reaffirmed: Pembina maintained its adjusted EBITDA outlook of C$4.35 billion to C$4.55 billion and is trending toward the midpoint, although third-quarter results are expected to decline seasonally before improving in the fourth quarter. Growth pipeline expanding: Key initiatives include the Heartland Extraction Plant, the 932-megawatt Greenlight power center serving Meta’s Alberta data center, Cedar LNG—targeting first exports in late 2028—and participation in a proposed West Coast oil pipeline. Opportunity Knocks: Buy the Dip on Permian Resources Stock? Pembina Pipeline (NYSE:PBA) reported second-quarter adjusted EBITDA of C$1.064 billion, up C$51 million, or 5%, from the same period a year earlier, as solid pipeline and facilities operations and stronger marketing results offset the impact of a revised Alliance Pipeline toll structure and revenue-sharing mechanism. President and Chief Executive Officer Scott Burrows said the quarter reflected “a constructive industry environment” alongside operational performance and new assets entering service. The company reaffirmed its 2026 adjusted EBITDA guidance range of C$4.35 billion to C$4.55 billion and said it was trending toward the midpoint. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Net earnings for the quarter were C$512 million, a 23% increase from the prior-year period. Adjusted earnings rose 10% to C$415 million. Total volumes across Pembina’s pipelines and facilities businesses increased 3% year over year to 3.7 million barrels of oil equivalent per day. Chief Financial Officer Cameron Goldade said the pipelines segment benefited from higher contracted volumes on the Nipisi Pipeline, which serves the Clearwater formation, and higher Cochin Pipeline revenue related to prior-period tariff adjustments. Those factors were partly offset by a lower Alliance Pipeline contribution under its negotiated settlement with shippers. → Microsoft Just Flipped the AI Spending Narrative Overnight The facilities business benefited from the late-May startup of the RFS IV fractionator at the Redwater Complex and the Wapiti Expansion in Pembina Gas Infrastructure, or PGI, which entered service at the end of March. Both projects were completed on time and at or below budget, according to management. RFS IV added 55,000 barrels per day of propane-plus fractionation capacity at Redwater. Pembina also cited improved performance at Dawson-area assets, fewer unplanned outages and higher recoveries from an asset upgrade as contributors to facilities results. → Carrier Earnings Could Send the Stock to a New All-Time High Marketing and new ventures results were supported by wider Western Canadian Sedimentary Basin and U.S. natural gas liquids fractionation spreads, higher NGL prices, higher crude oil prices and higher sales volumes. Goldade said Pembina also benefited from its exposure to premium propane markets through West Coast exports, though realized NGL derivative losses were higher and realized crude-oil derivative gains were lower. While maintaining its annual outlook, Pembina expects third-quarter adjusted EBITDA to be lower than the second quarter before a stronger seasonal fourth-quarter contribution. Goldade said the third quarter historically has represented 23% to 27% of annual adjusted EBITDA, with the company’s current outlook placing this year’s third-quarter contribution at the low end of that range. Factors expected to affect the second half include seasonal weakness in WCSB NGL fractionation spreads during the third quarter, higher integrity and maintenance spending, lower Cochin Pipeline contributions compared with the first half, and seasonal Alliance Pipeline volumes. Pembina has hedged approximately 90% of its NGL fractionation-spread exposure for the third quarter and 40% for the fourth quarter. The company said its marketing business remains sensitive to commodity prices, while annual results are also influenced by interruptible volumes, the U.S.-Canadian dollar exchange rate and share-price-driven incentive compensation costs. Burrows highlighted projects across Pembina’s “3Cs” strategy of capturing basin volumes, connecting them to markets and catalyzing additional hydrocarbon demand. Beyond RFS IV, Pembina sanctioned the Heartland Extraction Plant, which will use existing infrastructure and monetize extraction rights on the Yellowhead Pipeline. The project was accompanied by an expansion of Pembina’s commercial relationship with Dow that increases contracted ethane supply volumes by 15%. The company also reached a positive final investment decision on the 932-megawatt Greenlight Electricity Center, a gas-fired power facility intended to provide dedicated power to a new Alberta data center being developed by Meta. Burrows described Greenlight as a new growth platform that is expected to generate long-term cash flows while creating incremental demand for Western Canadian natural gas. Chief Marketing and Strategy Officer Chris Scherman said Pembina intends to pursue future gas-to-power developments using a structure similar to Greenlight: long-term, fixed-fee and low-risk arrangements. He said the company is not pursuing a merchant-power model or a broader independent power producer strategy. Pembina has acquired additional land near the Greenlight site and Redwater Complex and is advancing discussions with potential customers for future phases. Construction on Cedar LNG is also advancing toward expected first exports in late 2028. During the quarter, Pembina completed the pipeline that will supply the facility and moved the floating LNG vessel hull from dry dock to wet dock in South Korea. Burrows said the remaining major uncertainty is the vessel hookup and commissioning process, while other workstreams are tracking well. Pembina also announced participation in the proposed West Coast oil pipeline, where it expects to contribute development and execution capabilities. Management said the project’s path to a final investment decision will require regulatory approvals, a competitive cost estimate and sufficient contracted volumes. Burrows said incremental oil-sands production and new crude export capacity could require substantial additional condensate supply, much of which Pembina expects to come from the WCSB’s Montney and Duvernay regions. That growth could also increase demand for natural gas processing, NGL fractionation and exports. Goldade said Pembina’s 2026-to-2030 outlook incorporated more historically based liquids-volume growth assumptions of roughly 2% to 3%. Faster basin growth could provide an additional, capital-efficient upside, he said, although it could eventually require more fractionation capacity and potentially further infrastructure investments. The company continues to target 5% to 7% compound annual growth in fee-based adjusted EBITDA per share through 2030. Burrows said potential future Greenlight phases, the proposed West Coast oil pipeline and condensate-related opportunities could support growth into the following decade. Pembina Pipeline Corporation (NYSE: PBA) is a North American energy infrastructure company that develops, owns and operates midstream assets that transport, store and process hydrocarbons. Its core business focuses on the transportation of crude oil, natural gas liquids (NGLs) and condensate, along with gas processing, fractionation, storage and related marketing services. Pembina serves producers, refiners and other energy companies by providing pipeline capacity, terminal services and midstream solutions that link upstream production to downstream markets and export facilities. The company's asset base is concentrated in Western Canada, including major operations in Alberta and British Columbia, and it also has operations and commercial activities that extend into the United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Pembina Pipeline Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted earnings; adjusted earnings per common share; adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see "Non-GAAP and Other Financial Measures" herein. CALGARY, Alberta, July 30, 2026--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the second quarter of 2026. Highlights Quarterly Results - reported second quarter earnings of $512 million, adjusted earnings of $415 million, adjusted EBITDA of $1,064 million, and adjusted cash flow from operating activities of $778 million ($1.34 per share). Strategy Execution Highlights Growth Visibility - during the second quarter, Pembina completed and progressed ongoing projects in the Pipelines and Facilities divisions, sanctioned two significant new growth projects totalling approximately $3 billion (net to Pembina) - the Greenlight Electricity Centre and the Heartland Extraction Plant, announced participation in a nation-building West Coast oil pipeline project, and further strengthened a key customer relationship through integrated ethane solutions backed by expanded long-term commercial agreements. These developments demonstrate tangible execution across each pillar of the Company's 3Cs Strategy to Capture volumes, Connect them to markets, and Catalyze new hydrocarbon demand platforms, while providing additional visibility to the Company's targeted 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030. RFS IV - the RFS IV project was placed into service in late May on time and under budget. RFS IV adds 55,000 barrels per day ("bpd") of propane-plus fractionation capacity at the Redwater Complex, further strengthening Pembina's industry-leading NGL infrastructure platform. Common Share Dividend - the board of directors declared a common share cash dividend for the third quarter of 2026 of $0.735 per share to be paid, subject to applicable law, on September 29, 2026, to shareholders of record on September 15, 2026. Financial and Operational Overview for the Three Months Ended June 30 Financial and Operational Overview by Division For further details on the Company's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's Annual Information Form for the year ended December 31, 2025, and Pembina's Management's Discussion and Analysis dated July 30, 2026 for the three and six months ended June 30, 2026, filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com. Executive Overview and Business Update Executing the 3Cs Strategy and Highlighting Visibility to Growth Since outlining our 3Cs Strategy and establishing a target of 5-7 percent compound annual fee-based adjusted EBITDA per share growth through 2030 at our April 7 Business Update, we have built significant momentum across our business. We have completed and progressed ongoing projects, sanctioned two new growth projects, announced participation in a nation building pipeline project, and further strengthened a key customer relationship through expanded long-term commercial agreements with Dow. Together, these developments demonstrate tangible execution across each pillar of the Company's 3Cs Strategy to Capture volumes, Connect them to markets, and Catalyze new hydrocarbon demand platforms, while reinforcing visibility to long-term growth. Capture: Strengthening Pembina's Leading NGL Franchise The RFS IV project was placed into service in late May on time and under budget and further strengthens our industry-leading NGL infrastructure platform. The addition of 55,000 bpd of propane-plus fractionation capacity at the Redwater Complex increases total fractionation capacity to approximately 256,000 bpd and positions Pembina to better serve its customers and support growing NGL production across Western Canada. Benefiting from existing infrastructure at the Redwater Complex, including storage caverns and extensive unit train capable rail facilities, Pembina was able to offer its customers incremental fractionation capacity in a timely manner and at a competitive cost. Connect: Expanding Market Access for Canadian Energy Cedar LNG will connect Canadian natural gas to global markets and continues to make significant progress toward first exports expected in late 2028 with the recent achievement of two key milestones. In British Columbia, crews completed the final weld and achieved mechanical completion of the pipeline that will supply natural gas to the Cedar LNG facility. Overseas, Cedar LNG team members joined our partners at the Samsung-Heavy-Industries shipyard in Geoje, South Korea, to celebrate the launching of the hull of the floating LNG vessel, moving from dry dock to wet dock. Construction of the vessel is now more than 70 percent complete and remains on track for delivery to Kitimat in the first half of 2028. Pembina announced a non-binding agreement to participate in a proposed nation-building energy infrastructure initiative that would connect Western Canadian crude oil production to global markets through a new approximately one million barrel per day export pipeline and marine terminal on Canada's West Coast (the "West Coast Oil Pipeline" or "WCOP").Pembina's economic interest through construction will be 10 percent with the opportunity for up to an additional 10 percent once the project enters commercial operation. Trans Mountain Corporation will serve as the lead project proponent, responsible for construction, the regulatory process, stakeholder and Indigenous engagement, and subsequent operation of the asset. Pembina will participate as an experienced industry operator able to provide an independent perspective on cost, schedule, and execution - complementing, rather than replacing, the lead project proponent.Consistent with our long-standing approach to capital allocation, we will evaluate participation in the WCOP through a disciplined and rigorous investment framework and have ensured key protections related to matters such as cost overruns and returns. Pembina has full discretion over any final investment decision for its interest and shall have no at-risk development capital prior to that decision.We are proud to bring our development and execution expertise to a project of national significance and intend to provide updates at appropriate milestones as the evaluation of the WCOP progresses. Catalyze: Creating New Sources of Demand Pembina sanctioned the Heartland Extraction Plant ("HEP"), a $570 million project that exemplifies the Company's ability to create additional value from its existing infrastructure footprint. HEP is a capital efficient, low-risk monetization of Pembina's liquids extraction rights on the Yellowhead Pipeline, with future growth potential from additional straddle opportunities. In addition to supplying Dow with 22,500 bpd of ethane under a long-term agreement at HEP, Pembina will retain the associated propane-plus production related to the project and will benefit from downstream fractionation and marketing of up to 9,500 bpd of propane-plus natural gas liquids.Importantly, the sanctioning of HEP was accompanied by amendments to an existing ethane supply agreement with Dow that increased total contracted volumes to 57,500 bpd, a 15 percent increase from the original agreement.By leveraging our integrated value chain, including gas processing, extraction, transportation, fractionation and marketing, we were able to develop a mutually beneficial solution that supports Dow's Path2Zero project while enhancing the value of Pembina's NGL franchise. The announcement demonstrates Pembina's ability to deepen strategic customer relationships, secure long-term demand for its services and create capital-efficient growth opportunities. Pembina and its partners reached a positive final investment decision on the Greenlight Electricity Centre ("GLEC"), a $4.6 billion (gross), 932-megawatt gas-fired power generation facility that will provide dedicated power to a major Alberta-based data centre being developed by Meta.Pembina will benefit directly from its investment in GLEC through a new long-term, low-risk, stable cash flow stream and increased business and customer diversification. Additionally, GLEC will Catalyze intra-basin natural gas demand and provide a valuable new egress option to support Canadian natural gas production growth. This growth is expected to benefit Pembina's existing businesses, including natural gas processing and transportation, and NGL transportation, fractionation and marketing.Greenlight establishes an entirely new growth platform at the intersection of energy infrastructure, artificial intelligence, and data centre development and together with our Greenlight partners we are working to advance potential additional gas-to-power for data centre projects. Future opportunities include a second phase of GLEC as well as additional power-to-data centre developments, creating a potentially meaningful new source of growth extending beyond 2030.Pembina has recently acquired additional land proximal to the Greenlight Electricity Centre and the Redwater Complex to support future gas-to-power for data centre projects. Increasing Momentum Towards Our Growth Plan to 2030 and Beyond Recent developments highlight the breadth of opportunities available within Pembina's integrated business and demonstrate our ability to identify, originate, and advance high-quality growth projects across Pembina's franchise. The Heartland Extraction Plant, Greenlight Electricity Centre, and the proposed West Coast Oil Pipeline project advance Pembina's 3Cs Strategy while further underpinning our confidence in achieving the growth targets to 2030 and into the next decade. Together, they reflect a continued focus on disciplined capital allocation, long-term contracted cash flows, and creating value for shareholders. 2026 Guidance Pembina is reiterating its 2026 adjusted EBITDA guidance range of $4.35 billion to $4.55 billion while noting that it is currently trending to the midpoint of the range. At the midpoint of the range, due to seasonal factors, timing of spending, and certain one time items, Pembina anticipates that the adjusted EBITDA contribution in the third quarter is expected to be below the second quarter, with a higher contribution expected in the fourth quarter. The specific factors expected to impact the second half of the year include: Seasonality in the Western Canadian Sedimentary Basin ("WCSB") NGL frac spread business resulting in a lower contribution in the third quarter and higher contribution in the fourth quarter. On a quarterly basis, for the remainder of the year, Pembina has hedged approximately 90 percent of its NGL frac spread exposure in the third quarter and 40 percent in the fourth quarter. For the period 2025-2026 the frac spread businesses is expected to account for approximately two-thirds of Pembina's marketing business; Higher integrity and maintenance spend in Pipelines in the second half of the year compared to the first half of the year; Lower contribution in the third quarter and higher contribution in the fourth quarter on Alliance Pipeline due to seasonality and the ability to transport higher volumes during colder periods; Lower contribution from Cochin Pipeline in the second half of the year compared to the first half of the year, reflecting stronger first-half throughput as certain firm shippers advanced a greater portion of their annual take-or-pay commitments into the earlier part of the year. As a result, throughput above the remaining annual commitments for the second half of the year is expected to be highly correlated with condensate price spreads; and A higher contribution from PGI in the fourth quarter due to new assets entering service and non-recurring revenue recognition. The lower and upper ends of the 2026 guidance range are framed primarily as a function of (1) commodity prices and the resulting contribution from the marketing business; (2) interruptible volumes on key systems; (3) the U.S./Canadian dollar exchange rate; and (4) Pembina's share price performance and its impact on incentive compensation costs. Financial & Operational Highlights Adjusted EBITDA Pembina reported adjusted EBITDA of $1,064 million in the second quarter. This represents a $51 million or five percent increase over the same period in the prior year. The variance over the prior period primarily reflects wider NGL frac spreads, mainly as a result of rising NGL prices, combined with strong underlying operational performance and volumes across the Pipelines and Facilities divisions, offset by the impact of the new toll structure and revenue-sharing mechanism on the Alliance Pipeline effective November 1, 2025 ("Alliance New Toll Structure"). Pipelines reported adjusted EBITDA of $626 million for the second quarter, representing a $20 million or three percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors: lower net revenue on Alliance Pipeline as a result of the Alliance New Toll Structure, partially offset by higher interruptible revenue and lower operating expenses; higher contracted volumes on Nipisi Pipeline; and higher revenue on the Cochin Pipeline due to prior period tariff adjustments. Facilities reported adjusted EBITDA of $386 million for the second quarter, representing a $55 million or 17 percent increase over the same period in the prior year, reflecting the net impact of the following factors: higher revenue from the Redwater Complex as a result of RFS IV entering service in May 2026 and no comparable planned outage as occurred in the second quarter of 2025; and higher contributions from certain PGI assets due to higher volumes from the Wapiti Expansion entering service in March 2026, stronger performance at the Dawson assets, fewer planned outages compared to the prior period, and higher recoveries driven by an asset upgrade. Marketing & New Ventures reported adjusted EBITDA of $111 million for the second quarter, representing a $37 million or 50 percent increase compared to the same period in the prior year, reflecting the net impact of the following factors: wider WCSB and U.S. NGL frac spreads resulting from higher NGL prices, including the benefits from exposure to premium propane prices in Asian markets through West Coast exports; higher crude oil prices and sales volumes; and higher realized losses on NGL-based derivatives and lower realized gains on crude oil-based derivatives. Corporate reported adjusted EBITDA of negative $59 million for the second quarter, representing a $21 million or 55 percent decrease compared to the same period in the prior year, reflecting higher long-term incentive costs driven by Pembina's relative performance compared to peers and the change in Pembina's share price in the second quarter of 2026. Earnings Pembina reported second quarter earnings of $512 million, representing a $95 million or 23 percent increase over the same period in the prior year. Pipelines had earnings in the second quarter of $458 million, representing a $15 million or three percent decrease over the prior period. The factors impacting second quarter earnings are the same factors as noted above for Pipelines adjusted EBITDA. Facilities had earnings in the second quarter of $203 million representing a $61 million or 43 percent increase over the prior year. The factors impacting second quarter earnings are the same factors as noted above for Facilities adjusted EBITDA. Marketing & New Ventures had earnings in the second quarter of $204 million representing a $90 million or 79 percent increase over the prior year. In addition to the factors impacting Marketing & New Ventures adjusted EBITDA, as noted above, the change in earnings in the second quarter was due to higher unrealized gains on NGL-based and crude oil-based derivatives, and unrealized losses from Cedar LNG compared to unrealized gains in the second quarter of 2025. In addition to the changes in earnings for each division discussed above, the change in Corporate second quarter earnings compared to the prior period was due to the same factors impacting Corporate adjusted EBITDA, as noted above. Quarterly Common Share Dividend Pembina's board of directors has declared a common share cash dividend for the third quarter of 2026 of $0.735 per share to be paid, subject to applicable law, on September 29, 2026, to shareholders of record on September 15, 2026. The common share dividends are designated as "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax. For shareholders receiving their common share dividends in U.S. dollars, the cash dividend is expected to be approximately U.S.$0.5219 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7101. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes. Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 15th day of the corresponding month, if, as and when declared by the board of directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday. Second Quarter 2026 Conference Call & Webcast Pembina will host a conference call on Friday, July 31, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers, and media representatives to discuss results for the second quarter of 2026. The live webcast can be accessed on Pembina's website at Pembina – Presentations & Events or via the following URL: https://events.q4inc.com/attendee/472444185. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. 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 Statements and Information 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", "project", "plan", "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 2026 adjusted EBITDA guidance, as well as the factors which may impact such guidance; Pembina's growth outlook to 2030, including expectations and outlooks regarding compound annual fee-based adjusted EBITDA per share growth; future pipeline, processing, fractionation and storage facility and system operations and throughput levels; treatment under existing and potential governmental policies and regulations, including expectations regarding their impact on Pembina; Pembina's strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; expectations about current and future market conditions, industry activities and development opportunities, as well as the anticipated impacts thereof, including general market conditions outlooks and industry developments; expectations about future demand for Pembina's infrastructure and services, including expectations in respect of customer contracts, future volume growth in the WCSB and the drivers thereof, increased utilization and future tolls and volumes; expectations relating to the development of Pembina's new projects and developments, including, Cedar LNG, the Greenlight Electricity Centre, the Heartland Extraction Plant, and Pembina's non-binding agreement to participate in the West Coast Oil Pipeline, including the outcomes, timing, expected costs and anticipated benefits thereof; the anticipated benefits of Pembina's recently completed projects, including RFS IV and PGI's K3 Cogeneration Facility; Pembina's future common share dividends, including the timing, amount and expected tax treatment thereof; planning, construction, locations, capital expenditure and funding estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, contractual arrangements, completion and in-service dates, sources of product, activities, benefits and operations with respect to new construction of, or expansions on existing pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's new projects on its future financial performance; and expectations regarding existing and future commercial agreements, including the expected timing and benefit thereof. The forward-looking statements are based on certain factors and 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; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that there are no supply chain disruptions impacting Pembina's ability to obtain required equipment, materials or labour; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects, and that there are no unforeseen material costs relating to the project which are not recoverable from customers; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy). 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 including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; 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, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the availability of, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, 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 results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. 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 2026 adjusted EBITDA guidance and 2030 compound annual fee-based adjusted EBITDA per share growth outlook contained herein as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's 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 and Other Financial Measures Throughout this news release, Pembina has disclosed certain financial measures and ratios 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 and determined in accordance with GAAP. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, 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 and cash flows to investors and analysts. In this news release, Pembina has disclosed the following non-GAAP financial measures and non-GAAP ratios: net revenue, earnings before interest, taxes, depreciation, and amortization ("adjusted EBITDA"), adjusted EBITDA per common share, adjusted EBITDA from equity accounted investees, adjusted earnings, adjusted earnings per common share, adjusted earnings from equity accounted investees, adjusted cash flow from operating activities and adjusted cash flow from operating activities per common share. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures disclosed by other issuers. The financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings, share of profit from equity accounted investees, cash flow from operating activities and cash flow from operating activities per share. Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods. Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this news release, together with, as applicable, disclosure of: the most directly comparable financial measure that is specified, defined and determined in accordance with GAAP to which each non-GAAP financial measure relates; a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure; the composition of each non-GAAP financial measure and non-GAAP ratio; an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; and an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed, and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the management's discussion and analysis of Pembina dated July 30, 2026 for the quarter ended June 30, 2026 (the "MD&A"), which information is incorporated by reference in this news release. The MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and Pembina's website at www.pembina.com. Net Revenue Net revenue is a non-GAAP financial measure which is defined as total revenue less cost of goods sold. Management believes that net revenue provides investors with a single measure to indicate the margin on sales before non-product operating expenses that is comparable between periods. Management utilizes net revenue to compare consecutive results, to aggregate revenue generated by each of the Company's divisions and to set comparable objectives. The most directly comparable financial measure to net revenue that is determined in accordance with GAAP and disclosed in Pembina's financial statements is revenue. Adjusted EBITDA and Adjusted EBITDA per Common Share Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in gross profit and general and administrative expense), adjustments to share of profit from equity accounted investees, and unrealized gains or losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the non-cash impact of such gains or losses. Adjusted EBITDA also includes adjustments to earnings for losses (gains) on disposal of assets, transaction and integration 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. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of Pembina's ability to generate liquidity through cash flow from operating activities, equity accounted investees, capital expenditures, and lessor lease arrangements. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Adjusted EBITDA is a measure also frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance and is often used to calculate financial and leverage ratios. The most directly comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings. Adjusted EBITDA per common share is a non-GAAP ratio which is calculated by dividing adjusted EBITDA by the weighted average number of common shares outstanding. Adjusted Earnings and Adjusted Earnings per Common Share Adjusted earnings is a non-GAAP financial measure and is calculated as earnings adjusted for adjustments to share of profit from equity accounted investees and various non-cash and other items that are not reflective of ongoing operations. These adjustments include unrealized gains or losses from derivative instruments and foreign exchange, 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. Management believes that adjusted earnings provides useful information to investors for assessing financial performance. The most directly comparable financial measure to adjusted earnings that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings. Adjusted earnings per common share is a non-GAAP financial ratio which is calculated by dividing adjusted earnings by the weighted average number of common shares outstanding. Adjusted EBITDA and Adjusted Earnings from Equity Accounted Investees In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings in adjusted EBITDA and adjusted earnings above are also made to share of profit from investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA and adjusted earnings. Adjusted EBITDA from Equity Accounted Investees Adjusted Earnings from Equity Accounted Investees Adjusted Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities per Common Share Adjusted cash flow from operating activities is a non-GAAP measure which is defined as cash flow from operating activities adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation payments, and deducting preferred share dividends paid. Adjusted cash flow from operating activities deducts preferred share dividends paid because they are not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued share-based payment expense, and to include the impact of cash paid for taxes and share-based compensation, as it allows management to better assess the obligations discussed below. Management believes that adjusted cash flow from operating activities provides comparable information to investors for assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating activities to set objectives and as a key performance indicator of the Company's ability to meet interest obligations, dividend payments and other commitments. Adjusted cash flow from operating activities per common share is a non-GAAP financial ratio which is calculated by dividing adjusted cash flow from operating activities by the weighted average number of common shares outstanding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260730920620/en/ Contacts For further information:Investor Relations(403) [email protected] www.pembina.com