Pembina Pipeline (NYSE: PBA) reported Q2 EPS of Cdn$0.65, Cdn$0.18 better than the analyst estimate of Cdn$0.47. Revenue for the quarter came in at Cdn$1.79 billion versus the consensus estimate of Cdn$1.53 billion.

2025 Guidance

Based on results through the first half of 2025 and the outlook for the remainder of the year, Pembina has updated its 2025 adjusted EBITDA guidance range to $4.225 billion to $4.425 billion (previously $4.2 billion to $4.5 billion). Further, due to seasonal and asset specific factors, Pembina expects third quarter results to be largely consistent with second quarter results, with stronger results expected in the fourth quarter.

In addition to the year-to-date results, the 2025 guidance range reflects the following:

Pembina continues to benefit from rising utilization throughout its conventional pipeline and gas processing assets that aligns with volume growth across the WCSB. However, in 2025, revenue volume growth at these assets is expected to be lower than physical volume growth as customers expand into their contractual take-or-pay commitments;

typical seasonality positively impacting Alliance in the fourth quarter due to the ability to transport higher volumes during colder periods, offset by the impact of the previously announced settlement agreement with shippers;

higher integrity and geotechnical costs on the conventional pipeline assets in the third and fourth quarters, relative to the first half of the year;

a higher contribution from PGI in the second half of 2025, compared to the first half of the year, including at the Dawson Assets, due to third-party restrictions impacting the first half of the year and the start-up of LNG Canada benefiting the second half of the year, and at the Duvernay Complex due to higher second half volumes; and

stronger fourth quarter contribution from the natural gas liquids (\"NGL\") marketing business, relative to the second and third quarters, due to typical seasonality of the WCSB frac spread business.

For earnings history and earnings-related data on Pembina Pipeline (PBA) click here.