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Mar 31
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Pembina Q1 2025 Earnings Report
Pembina delivered a strong Q1 2025 performance, achieving record revenue, robust earnings, and increasing its dividend.
Key Takeaways
Pembina Pipeline Corporation posted impressive first-quarter 2025 results, with revenue rising to $2.28 billion and adjusted EBITDA reaching $1.17 billion. Strong performance across all segments and strategic asset integration contributed to solid operating cash flow and financial growth, supporting an increased dividend.
Revenue increased to $2.282 billion, a gain of $742 million YoY
Adjusted EBITDA rose to $1.167 billion, up 12% from Q1 2024
Cash flow from operations more than doubled to $840 million
Quarterly dividend increased by 3% to $0.71 per share
Pembina
Pembina
Pembina Revenue by Segment
Revenue by Segment
Pipelines Revenue
CapyFin.comFacilities Revenue
CapyFin.comMarketing & New Ventures Revenue
CapyFin.com Forward Guidance
Pembina is on track to meet its full-year adjusted EBITDA guidance, supported by strong fundamentals, strategic growth projects, and market resilience.
Positive Outlook
- Trending toward midpoint of 2025 adjusted EBITDA guidance range ($4.2–$4.5B)
- Steady growth in conventional pipeline and gas processing utilization
- Marketing business performance exceeded Q1 budget expectations
- Progress on major projects including Cedar LNG and RFS IV
- Expanded agreements with Montney producer supporting long-term infrastructure use
Challenges Ahead
- Revenue volume growth may trail physical volume growth due to contract structure
- Maintenance at PGI and Redwater may impact Q2 results
- Higher integrity and geotechnical pipeline costs expected in H2 2025
- Lower commodity prices forecasted for remainder of year
- Unrealized losses on derivative instruments affected segment earnings
Revenue & Expenses
Visualization of income flow from segment revenue to net income