May 27th, 2024

Pembina Pipeline Corp. sees earnings rise to $439 million in first quarter

By The Canadian Press on May 9, 2024.

The corporate logo of Pembina Pipeline Corp. is shown. THE CANADIAN PRESS/HO

CALGARY – Pembina Pipeline Corp. says it earned $439 million in the first quarter, up from $369 million a year earlier.

The Calgary-based company says its revenue for the quarter ended March 31 was $1.54 billion, down from $1.62 billion during the same quarter last year.

Diluted earnings per common share were 73 cents, up from 61 cents.

Pembina says it’s increasing its dividend for the second quarter by 3.4 per cent to 69 cents per common share.

On April 1, Pembina closed its $3.1-billion purchase of Enbridge Inc.’s stakes in the Alliance pipeline and Aux Sable gas processing facility.

It also updated its 2024 adjusted EBITDA guidance to between $4.05 billion and $4.30 billion, up from previous guidance of between $3.7 billion and $4.0 billion.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:PPL)

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