Pembina Pipeline Corporation has announced its financial and operating results for 1Q23 and raised their quarterly common share dividend.
Highlights include:
- 1Q23 results - reported earnings of CAN$369 million and adjusted EBITDA of CAN$947 million.
- Common share dividend increase - the board of directors declared a common share cash dividend for 2Q23 of CAN$0.6675 per share, representing an increase of 2.3%, to be paid, subject to applicable law, on 30 June 2023, to shareholders of record on 15 June 2023.
- KAPS - the sale of Pembina Gas Infrastructure's (PGI) interest in the Key Access Pipeline System (KAPS) was completed on 26 April 2023.
- Cedar LNG - during the quarter, Cedar LNG received its Environmental Assessment Certificate from the British Columbia Environmental Assessment Office and a positive Decision Statement from the federal Minister of Environment and Climate Change.
- Guidance - reiterated 2023 adjusted EBITDA guidance range of CAN$3.5 billion to CAN$3.8 billion.
- Strong balance sheet - at 31 March 2023 the ratio of proportionately consolidated debt-to-adjusted EBITDA was 3.6 times and Pembina expects to exit the year with a ratio of 3.3 to 3.6 times.
For further details on the Company's significant assets, including definitions for capitalised terms used herein that are not otherwise defined, please refer to Pembina's Annual Information Form for the year ended 31 December 2022.