Pembina Pipeline Corporation has announced its financial and operating results for the fourth quarter and full year 2020.

Pembina reported record fourth quarter adjusted EBITDA of C$866 million and record full year adjusted EBITDA of C$3,281 million, representing a ten percent and seven percent increase, respectively, over the same periods in the prior year and within its original guidance range.

Fourth quarter and annual adjusted EBITDA were positively impacted primarily by contributions from the assets acquired in the Kinder acquisition; Duvernay II, Phase VI expansion and Empress infrastructure coming into service in November 2019, June 2020 and October 2020, respectively; lower operating expenses in pipelines; and lower general and administrative expenses.

In addition, relative to the prior year, both periods were negatively impacted by lower margins on crude oil sales and a lower contribution from Alliance Pipeline due to a narrower AECO-Chicago natural gas price differential.

Fourth quarter adjusted EBITDA also was positively impacted by higher deferred revenue recognised on the Peace Pipeline system and from monetising a portion of storage positions built up during the second and third quarters of 2020 in marketing & new ventures.

Full year adjusted EBITDA was negatively impacted by lower margins on NGL sales, and a lower contribution from Aux Sable as a result of lower NGL margins, offset by higher realised gains on commodity-related derivatives.

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1st March 2021