Pembina Pipeline reported third quarter results on November 5. Pipeline revenue volumes and facility volumes were up year-over-year by 1.7% and 0.7%, respectively, to 2.796 million Boe/d and 867,000 Boe/d. The company now expects 2026 adjusted EBITDA to come in near the high end of the prior CAD$4.35-$4.55 billion guidance range, thanks primarily to strong Asian propane pricing, and Pembina now expects better H2 2026 interruptible volumes on its Cochin diluent import pipeline than it had warned three months ago, thanks to wider price differentials.
In terms of project updates, the Lator infrastructure built to support Whitecap Resources’ production went into service in October. Construction of Cedar LNG Phase 1, which can handle 440 MMcf/d, has an export license for 500 MMcf/d, and has 400 MMcf/d of capacity on the Coastal GasLink pipeline, is 80% complete. Now that Phase 2 of the Coastal GasLink pipeline is moving forward, discussions are starting now on a second phase for Cedar. Site work on the 932 MW initial phase of the Greenlight Electricity Centre is underway, and customer agreements for Phase 2 are targeted for this winter. Greenlight is licensed for 1.8 GW.
No updates were provided on the 750 MMcf/d Heartland Extraction Plant (2029 start-up), the three NGL pipeline projects in British Columbia scheduled for start-up in 2027, and potential opportunities to expand the 100 Mb/d Nipisi oil pipeline.
The proposed 1 million b/d West Coast oil pipeline - now called Pacific Link - which Pembina has a 10% economic interest in through construction, was designated a Project of National Interest on October 1. A Conditions Assessment Application is expected to be filed with Canada’s Major Projects Office in early 2027 with finalized conditions expected in H2 2027.
Cedar LNG Facility Rendering Source: Pembina Pipeline Corporation
