Q2 Performance Overview: Pembina Pipeline reported an adjusted EBITDA of $1.013 billion for Q2 2025, representing a 7% decrease from the prior year. Key revenue drivers included lower firm tolls due to recontracting on the Cochin Pipeline and reduced volumes related to planned outages and third-party restrictions, while the Peace Pipeline system showed improved performance due to higher contracted volumes.

Guidance and Long-Term Outlook: The company's adjusted EBITDA guidance for the full year 2025 has been updated to a range of $4.225 billion to $4.425 billion, reflecting a consistent performance trajectory despite challenges in Q2. Pembina expects low to mid-single-digit annual volume growth across the Western Canadian Sedimentary Basin (WCSB) through the decade, supported by strong fundamentals in the Montney and oil sands regions.

Capital Investments and Opportunities: Pembina has increased its 2025 capital investment program by $200 million to $1.3 billion, largely due to core business expansions and bolt-on acquisitions. Projects currently in progress, such as the Cedar LNG and RFS IV, are on track, with the Cedar LNG expected online by late 2028 and RFS IV anticipated in the first half of 2026.