Pembina Pipeline Corporation (PBA) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 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 Q2 2023 Results Conference Call. 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, August 04, 2023.

I would now like to turn the conference over to Cameron Goldade. Please go ahead.

Cameron Goldade

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

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

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 MD&A dated August 03, 2023, for the period ended June 30, 2023, 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 second quarter, Pembina reported earnings of $363 million and adjusted EBITDA of $823 million. Where we face challenges in tandem with the broader industry, Pembina’s business remains strong. Early results reflect Pembina's resilience.

In the second quarter we continued to observe growth and volumes and higher tolls on certain systems and a solid contribution for our crude oil marketing business. These positive factors were offset most notably by the impact of the wildfires in Alberta and British Columbia on Pembina's and its customer's operations; the impact of third-party outages; and reduced operating pressure on the Northern Pipeline system until mid-May. Second quarter results also reflect a typical seasonality in Pembina’s NGL marketing business and lower NGL crises.

We are hopeful that the worst of the wildfire season is behind us and are extremely grateful for all of our employees, contractors, and customers in the affected areas were kept safe.