Pembina Pipeline (PBA) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 24, 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 Q4 2022 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Friday, February 24, 2023.

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

Cameron Goldade

Thank you, Colin, and good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the fourth quarter of 2022.

On the call today, we also have Scott Burrows, President and Chief Executive Officer; Jaret Sprott, Senior Vice President and Chief Operating Officer; and Janet Loduca, Senior Vice President, External Affairs and Chief Legal and Sustainability Officer; and [Technical Difficulty].

I would 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 February 23, 2023, for the period ended December 31st, 2022, as well as the press release Pembina issued yesterday, which is 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. In the fourth quarter, Pembina delivered strong financial results, highlighted by adjusted EBITDA of $925 million, leading to full year record adjusted EBITDA of $3.746 billion, which exceeded the high end of the company's revised guidance range.

As we have referenced throughout the year, in 2022, we benefited from rising volumes on key systems and very strong performance within the marketing business. 2022 was also highlighted by a number of accomplishments, the largest of which was the creation of Pembina Gas Infrastructure or PGI. Along with our partner, KKR, we were excited to bring together three complementary platforms to create a premier, highly competitive Western Canadian gas processing entity with the ability to serve customers from North Central Alberta to Northeast British Columbia and to pursue future growth opportunities in a capital-efficient manner.