Pembina Pipeline Corporation. (NYSE:PBA) Q2 2024 Earnings Conference Call August 9, 2024 10:00 AM ET

Company Participants

Dan Tucunel - VP, Capital Markets
Cameron Goldade - SVP and CFO
Scott Burrows - President and CEO
Jaret Sprott - SVP and COO
Chris Scherman - SVP, Marketing and Strategy Officer
Stuart Taylor - SVP and Corporate Development Officer

Conference Call Participants

Jeremy Tonet - JPMorgan Chase
Praneeth Satish - Wells Fargo
Patrick Kenny - National Bank Financial
Rob Hope - Scotiabank
Robert Catalier - CIBC Capital Markets
Ben Pham - BMO
Robert Kwan - RBC Capital Markets

Operator

Good morning ladies and gentlemen and welcome to Pembina Pipeline Corporation Q2 2024 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, August 09th, 2024.

I would now like to turn the conference over to Dan Tucunel, VP of Capital Markets. Please go ahead.

Dan Tucunel

Thank you, Joanna. Good morning everyone. Welcome to Pembina's conference call and webcast to review highlights for the second quarter of 2024. On the call today we have Scott Burrows, President and Chief Executive Officer; Cameron Goldade, Senior Vice President and Chief Financial Officer; along with other members of Pembina's leadership team including Jaret Sprott, Janet Loduca, Stuart Taylor, and Chris Scherman.

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 08, 2024, for the period ended June 30th, 2024, as well as the press release Pembina issued yesterday. All of these documents 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 Dan. Another strong quarter was highlighted by record adjusted EBITDA of $1.091 billion, record adjusted cash flow from operating activities of $837 million, and record adjusted cash flow per share of $1.44. Record results were driven in part by the closing of the Alliance Aux Sable acquisition, effective April 1, as Pembina benefited from increased ownership in those assets. Both Aux Sable and Alliance have been performing well and we are excited to welcome new employees to the Pembina team.