Pembina Pipeline Corp
Pembina Pipeline Corp. operates a North American midstream network that moves, gathers, processes, stores, fractionates and exports hydrocarbons and related products. Its business combines pipelines, gas processing, NGL infrastructure, terminals, logistics and commodity marketing across the Western Canadian Sedimentary Basin, the Williston Basin and connected North American markets.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueLong-haul pipelines and related transportation capacity for liquids and gas.
Gathering, processing, fractionation, storage and terminal infrastructure.
Commodity marketing, logistics optimization and new project development.
Marine, rail and terminal services that connect volumes to market.
Customers
Pembina serves producers, shippers, refiners, petrochemical users and other energy-market participants that need reliable takeaway, processing and market access. Customers use its network to move hydrocarbons from producing basins to higher-value demand centers, export outlets and industrial end markets. Its marketing business also transacts with counterparties across North America and globally to optimize storage, transport and product placement.
Buy gathering, processing and transportation services to move produced gas, condensate and NGLs out of basin.
Contract pipeline and terminal capacity for secure, long-term flow assurance.
Buy ethane, propane and related NGL supply for feedstock and manufacturing use.
Use condensate, crude and logistics services to source and move products efficiently.
Engage in marketing, arbitrage and storage opportunities for hydrocarbons and power.
Strategy
Pembina's strategy centers on using its integrated asset network to move molecules from producing basins to higher-value demand points and export markets. It also seeks to add value through infrastructure development, customer-linked capacity expansion and marketing activities that extend the hydrocarbon value chain. A further priority is to support lower-emission solutions and new business platforms that complement its core midstream system.
The company creates value by linking pipelines, processing, storage and terminals into one system.
Longer-term growth depends on projects backed by producer and industrial demand.
Access to higher-value markets improves utilization and commercial flexibility.
Energy-transition-related services can diversify the asset base and support customer needs.
Geography
Pembina is based in Calgary and its asset base is concentrated in Western Canada, especially the WCSB, with additional exposure to the Williston Basin and U.S.-linked market corridors. Its export and logistics footprint extends to Canada's West Coast and to North American and global market access points through terminals, rail and third-party capacity. Geography matters because basin connectivity, export outlets and downstream demand locations determine utilization, pricing optionality and growth opportunities.
Risks
Pembina is exposed to commodity-cycle volatility, throughput risk and counterparty demand changes because its assets depend on production volumes and market access. Its marketing and export activities add commercial complexity, while capital-intensive infrastructure requires long project lead times, regulatory approvals and efficient execution. Accounting and reporting risk also reflects heavy use of estimates, fair-value judgments and evolving IFRS standards for a rate-regulated and asset-intensive business.
- Volume and utilization riskImpact: HighLikelihood: High
Pipeline and processing economics depend on producer volumes, plant utilization and contracted capacity.
Exposure - Regulatory and permitting delaysImpact: HighLikelihood: Medium
New pipelines, terminals and processing projects require approvals and can face policy or stakeholder delays.
Exposure: New projects and expansions
- Commodity marketing volatilityImpact: MediumLikelihood: High
Buying, selling and arbitraging hydrocarbons and power exposes results to spreads, pricing and storage conditions.
Exposure: Marketing & New Ventures
- Counterparty credit and contract riskImpact: MediumLikelihood: Medium
The business relies on long-term customer contracts and third-party infrastructure commitments.
Exposure: Capacity contracts and marketing counterparties
Accounting
Judgemental itemsMarketing activities involve buying and selling hydrocarbons and related products, creating fair-value and inventory measurement judgments.
Impact: Can cause volatility in reported earnings and working capital
Pipelines, processing plants and terminals require useful-life and recoverability assumptions.
Impact: Affects operating profit and balance-sheet carrying values
Midstream assets require future abandonment and site-restoration estimates.
Impact: Affects provisions, accretion expense and cash planning
IFRS 18 and IFRS 20 can change presentation, disclosure and regulated-asset accounting.
Impact: May alter comparability and line-item classification
Similar listed companies
Publicly listed companies with a comparable business focus.
TransCanada PipeLines Limited 6.250% Junior Subordinated Notes due 2085
TCPA · Natural Gas Transmission
TransCanada PipeLines Limited is a North American energy infrastructure company focused on natural gas transmission and related pipeline system operations.
PBF Energy Inc.
PBF · Petroleum Refining
Obsidian Energy Ltd
OBE · Crude Petroleum & Natural Gas
Petroleo Brasileiro S.A. Petrobras ADS
PBR · Crude Petroleum & Natural Gas
Petrobras is a Brazil-based integrated energy company engaged in the exploration, development, production, refining, transportation, and marketing of crude oil and natural gas.
Plains All American Pipeline, L.P
PAA · Pipe Lines (No Natural Gas)
Plains All American Pipeline LP is a U.S.-based midstream energy partnership that gathers, transports, stores, and terminates crude oil and, to a lesser extent, natural gas liquids.
BP p.l.c
BP · Petroleum Refining
BP PLC is a multinational energy company engaged in oil and gas exploration and production, pipeline and terminal operations, refining, and the marketing of fuels, lubricants, and aviation products.
Last updated: 28/09/2026