Pembina Pipeline (PBA) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 6, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Pembina Pipeline Corporation 2022 First Quarter Results Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. Cameron Goldade. Please go ahead, sir.

Cameron Goldade

Thank you, Anna. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2022.

On the call with me today are Scott Burrows, President and Chief Executive Officer; Jaret Sprott, Senior Vice President and Chief Operating Officer, Janet Loduca, Senior Vice President, External Affairs and Chief Legal and Sustainability Officer; Stu Taylor, Senior Vice President, Marketing & New Ventures and Corporate Development Officer; and Eva Bishop, Senior Vice President, Corporate Services.

I'd like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations.

Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's Management's Discussion & Analysis dated May 5, 2022, for the period ended March 31, 2022 as well as the press release Pembina issued yesterday, which are available online at pembina.com and on both SEDAR and EDGAR.

I will now turn things over to Scott to make some opening remarks.

Scott Burrows

Thanks, Cam. We announced yesterday with the release of our quarterly results, 2022 is off to an excellent start. A strong contribution from our marketing business, growing volumes on many key systems and the benefit of new assets placed into service over the past year allowed us to deliver record quarterly adjusted EBITDA of $1 billion, which is a significant achievement for the company. Physical volumes on Pembina's Conventional Pipeline systems, which serve as a good proxy for Pembina's broader business, grew by nearly 5% in the first quarter of 2022, compared to the same period in 2021. That trend has continued into April with physical volumes reaching an all-time monthly high.

As Cam will detail in a moment with a strong first quarter and a positive outlook for the rest of the year, we have raised our 2022 adjusted EBITDA guidance to $3.45 billion to $3.6 billion.