Pembina Pipeline Corporation (PBA) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 5, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q1 2023 Results. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Friday, May 05, 2023.

I would now like to turn the conference over to Cameron Goldade, Chief Financial Officer. Please go ahead.

Cameron Goldade

Thank you, Joanna, and good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2023.

On the call today, we also have Scott Burrows, President and Chief Executive Officer along with other members of Pembina Senior Officer team including; Jaret Sprott, Janet Loduca, Stu Taylor, and Chris Sherman.

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 and Analysis dated May 04, 2023, 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. For the first quarter, Pembina reported earnings of $369 million and adjusted EBITDA of $947 million, which reflects continued strength in the Western Canadian Sedimentary Basin, growing demand for services from customers and another strong contribution from our marketing business.

Overall, we maintained first quarter volumes across the conventional pipelines, consistent with same period in the prior year and we were happy to see volume growth from rising industry activity sufficiently offset the impact of the previously disclosed Northern Pipeline system outage.

We resumed partial service of the Northern system on February 23 and look forward to the resumption of full service sometime in the latter half of the second quarter and with that, seeing our full impact of growing producer activity reflected in Pembina's results for the rest of the year.