Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) announced that the Toronto Stock Exchange has approved the renewal of its normal course issuer bid to repurchase up to 5% of its outstanding common shares.

The Calgary-based energy transportation company can purchase up to 29,071,759 common shares under the program, which runs from May 19, 2026 through May 18, 2027. As of May 5, 2026, Pembina had 581,435,185 common shares outstanding. All repurchased shares will be cancelled.

Share purchases may occur through the TSX, New York Stock Exchange and alternative trading systems. Daily purchases on the TSX will be limited to 25% of the six-month average daily trading volume, or 693,233 shares, based on trading data from November 2025 through April 2026.

The company stated it believes the market price of its shares may not adequately reflect their underlying value at times. Purchase decisions will depend on factors including financial performance, available discretionary cash flow beyond dividend and capital requirements, and risk-adjusted returns compared to other cash uses such as capital investments and debt reduction.

Pembina has established an automatic purchase plan with a broker to enable share buybacks during self-imposed blackout periods. Outside these periods, purchases will be made at management's discretion.

Under its previous buyback program, which expires May 15, 2026, Pembina repurchased no common shares. The prior program authorized the purchase of up to 29,045,408 shares.

The company operates an extensive network of hydrocarbon liquids and natural gas pipelines, processing facilities, and export terminals across North America.