All financial figures are in Canadian dollars unless otherwise
noted. This news release refers to certain financial measures and
ratios that are not specified, defined or determined in accordance
with Generally Accepted Accounting Principles ("GAAP"), including
net revenue; adjusted earnings before interest, taxes, depreciation
and amortization ("adjusted EBITDA"); adjusted cash flow from
operating activities; adjusted cash flow from operating activities
per common share; and proportionately consolidated debt-to-adjusted
EBITDA. For more information see "Non-GAAP and Other Financial
Measures" herein.
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) announced today its financial and operating results
for the second quarter of 2024.
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the full release here:
https://www.businesswire.com/news/home/20240808017231/en/
Highlights
- Record Quarterly Results - reported quarterly earnings
of $479 million, record quarterly adjusted EBITDA of $1,091
million, and record quarterly adjusted cash flow from operating
activities of $837 million ($1.44 per share).
- Recent Business Updates - developments during and
following the second quarter included:
- closing the $3.1 billion acquisition of additional interests in
Alliance and Aux Sable (the "Alliance/Aux Sable Acquisition") on
April 1, 2024. Further, subsequent to the second quarter, Pembina
acquired the remaining 14.6 percent interest in Aux Sable's U.S.
operations from certain subsidiaries of The Williams Companies,
Inc. and now has fully consolidated ownership of all Aux Sable
assets.
- Pembina and the Haisla Nation, partners in Cedar LNG Partners
LP ("Cedar LNG"), announced a positive final investment decision on
the US$4 billion Cedar LNG Project on June 25, 2024; and
- Pembina Gas Infrastructure Inc. ("PGI") announced a $420
million (gross) transaction (the "Whitecap Transaction") with
Whitecap Resources Inc. ("Whitecap") on July 2, 2024, including the
acquisition of a 50 percent interest in Whitecap's Kaybob Complex
and an obligation to fund future infrastructure development.
- Phase VIII Peace Pipeline Expansion - during the second
quarter, the Phase VIII Peace Pipeline Expansion ("Phase VIII")
entered service, on-time and significantly under the original
budget, marking the culmination of a more than 10 year and $4
billion multi-phase expansion to meet growing customer demand for
transportation services to support development in the Western
Canadian Sedimentary Basin ("WCSB").
- 2024 Guidance: Pembina has raised its adjusted EBITDA
guidance range to $4.20 billion to $4.35 billion (previously $4.05
billion to $4.30 billion); in addition, the 2024 capital investment
program has been revised to $1.3 billion, including approximately
$0.3 billion of contributions to equity accounted investees.
- Common Share Dividend Declared - the board of directors
declared a common share cash dividend for the third quarter of 2024
of $0.69 per share to be paid, subject to applicable law, on
September 27, 2024, to shareholders of record on September 16,
2024.
- Strong Balance Sheet - at June 30, 2024, the ratio of
proportionately consolidated debt-to-adjusted EBITDA was 3.6 times,
at the low end of the Company's targeted range.
Financial and Operational Overview
3 Months Ended June 30
6 Months Ended June 30
($ millions, except where noted)
2024
2023
2024
2023
Revenue(1)
1,855
1,422
3,395
3,040
Net revenue(1)(2)
1,222
906
2,134
1,842
Gross profit
815
659
1,545
1,331
Adjusted EBITDA(2)
1,091
823
2,135
1,770
Earnings
479
363
917
732
Earnings per common share – basic
(dollars)
0.75
0.60
1.49
1.21
Earnings per common share – diluted
(dollars)
0.75
0.60
1.48
1.21
Cash flow from operating activities
954
653
1,390
1,111
Cash flow from operating activities per
common share – basic (dollars)
1.64
1.19
2.46
2.02
Adjusted cash flow from operating
activities(2)
837
606
1,619
1,240
Adjusted cash flow from operating
activities per common share – basic (dollars)(2)
1.44
1.10
2.87
2.25
Capital expenditures
265
123
451
260
(1)
Comparative 2023 period has been adjusted.
See "Accounting Policies & Estimates - Change in Accounting
Policies" in Pembina's Management's Discussion and Analysis dated
August 8, 2024 for the three and six months ended June 30, 2024 and
Note 2 to the Interim Financial Statements for the three and six
months ended June 30, 2024.
(2)
Refer to "Non-GAAP and Other Financial
Measures".
Financial and Operational Overview by Division
3 Months Ended June 30
6 Months Ended June 30
2024
2023
2024
2023
($ millions, except where noted)
Volumes(1)
Earnings (Loss)
Adjusted EBITDA(2)
Volumes(1)
Earnings (Loss)
Adjusted EBITDA(2)
Volumes(1)
Earnings (Loss)
Adjusted EBITDA(2)
Volumes(1)
Earnings (Loss)
Adjusted EBITDA(2)
Pipelines
2,716
485
655
2,438
350
501
2,657
940
1,254
2,452
726
1,026
Facilities
855
181
340
749
153
272
830
358
650
734
288
570
Marketing & New Ventures
319
135
143
261
115
96
307
199
331
264
235
265
Corporate
—
(828)
(47)
—
(161)
(46)
—
(995)
(100)
—
(317)
(91)
Income Tax Expense
—
506
—
—
(94)
—
—
415
—
—
(200)
—
Total
479
1,091
363
823
917
2,135
732
1,770
(1)
Volumes for the Pipelines and Facilities
divisions are revenue volumes, which are physical volumes plus
volumes recognized from take-or-pay commitments. Volumes are stated
in mboe/d, with natural gas volumes converted to mboe/d from MMcf/d
at a 6:1 ratio. Volumes for Marketing & New Ventures are
marketed crude and NGL volumes.
(2)
Refer to "Non-GAAP and Other Financial
Measures".
For further details on the Company's significant assets,
including definitions for capitalized terms used herein that are
not otherwise defined, refer to Pembina's Annual Information Form
for the year ended December 31, 2023 filed at www.sedarplus.ca
(filed with the U.S. Securities and Exchange Commission at
www.sec.gov under Form 40-F) and on Pembina's website at
www.pembina.com.
Financial & Operational Highlights
Adjusted EBITDA
Pembina reported record second quarter adjusted EBITDA of $1,091
million, representing a $268 million or 33 percent increase over
the same period in the prior year.
Pipelines reported adjusted EBITDA of $655 million for the
second quarter, representing a $154 million or 31 percent increase
compared to the same period in the prior year, reflecting the net
impact of the following factors:
- higher adjusted EBITDA from Alliance due to stronger asset
performance combined with increased ownership following the
Alliance/Aux Sable Acquisition;
- the Northern Pipeline system outage and wildfires in the second
quarter of 2023, which had an impact of $29 million, with no
similar impacts in the second quarter of 2024;
- contractual inflation adjustments on tolls and the earlier
recognition of take-or-pay deferred revenue on the Peace Pipeline
system; and
- the reactivation of the Nipisi Pipeline in the third quarter of
2023.
Facilities reported adjusted EBITDA of $340 million for the
second quarter, representing a $68 million or 25 percent increase
over the same period in the prior year, reflecting the net impact
of the following factors:
- the inclusion within Facilities of adjusted EBITDA from Aux
Sable following the Alliance/Aux Sable Acquisition;
- the Northern Pipeline system outage and wildfires in the second
quarter of 2023, which had an impact of $18 million, with no
similar impacts in the second quarter of 2024; and
- higher interruptible volumes at certain PGI assets.
Marketing & New Ventures reported adjusted EBITDA of $143
million for the second quarter, representing a $47 million or 49
percent increase compared to the same period in the prior year,
reflecting the net impact of the following factors:
- increased ownership interest in Aux Sable following the
Alliance/Aux Sable Acquisition, as well as higher NGL margins at
Aux Sable;
- higher margins from the western Canadian NGL marketing business
due to higher marketed volumes, lower natural gas prices, and
higher propane, butane, and condensate prices;
- realized losses on NGL-based derivatives compared to gains in
the second quarter of 2023, partially offset by higher realized
gains on crude oil-based commodity-related derivatives; and
- higher general and administrative expense.
Corporate reported adjusted EBITDA of negative $47 million for
the second quarter, representing a $1 million or two percent
decrease compared to the same period in the prior year.
Earnings
Pembina reported second quarter earnings of $479 million,
representing a $116 million or 32 percent increase over the same
period in the prior year.
Pipelines had earnings in the second quarter of $485 million,
representing a $135 million or 39 percent increase over the prior
period. The increase in Pipelines earnings over the prior period
was largely due to the same factors impacting adjusted EBITDA, as
noted above, partially offset by higher depreciation and
amortization expense.
Facilities had earnings in the second quarter of $181 million,
representing a $28 million or 18 percent increase over the prior
period. The increase in Facilities earnings was largely due to the
same factors impacting adjusted EBITDA, as noted above, partially
offset by losses recognized by PGI on interest rate derivative
financial instruments compared to gains in the second quarter of
2023.
Marketing & New Ventures had earnings in the second quarter
of $135 million, representing a $20 million or 17 percent increase
over the prior period. In addition to the factors impacting
adjusted EBITDA, as noted above, the change over the prior period
was due to gains associated with the de-recognition of the
provisions related to financial assurances provided by Pembina,
which were transferred to Cedar LNG following the positive final
investment decision on the Cedar LNG Project in June 2024, an
unrealized loss on NGL-based derivatives compared to a gain in the
second quarter of 2023, and larger unrealized losses on power
purchase agreements.
In addition to the changes in earnings for each division
discussed above, the increase in second quarter earnings compared
to the prior period was due to a deferred tax recovery recognized
from the Alliance/Aux Sable Acquisition, partially offset by a loss
recognized on the Alliance/Aux Sable Acquisition, higher net
finance costs, and higher acquisition fees and integration costs
related to the Alliance/Aux Sable Acquisition.
Cash Flow From Operating Activities
Cash flow from operating activities of $954 million for the
second quarter represents a 46 percent increase over the same
period in the prior year. The increase was primarily driven by
higher operating results, as discussed above, and the change in
non-cash working capital, partially offset by lower distributions
from equity accounted investees, higher taxes paid, and a decrease
in payments collected through contract liabilities.
On a per share (basic) basis, cash flow from operating
activities was $1.64 per share for the second quarter, representing
an increase of 38 percent compared to the same period in the prior
year, due to the same factors, as well as additional common shares
issued in connection with the Alliance/Aux Sable Acquisition.
Adjusted Cash Flow From Operating Activities
Record adjusted cash flow from operating activities of $837
million for the second quarter represents a 38 percent increase
over the same period in the prior year. The increase was primarily
driven by the same items impacting cash flow from operating
activities, discussed above, excluding the change in non-cash
working capital and taxes paid, combined with lower current income
tax expense, partially offset by higher accrued share-based payment
expense.
On a per share (basic) basis, adjusted cash flow from operating
activities was $1.44 per share for the second quarter, representing
an increase of 31 percent compared to the same period in the prior
year. The increase was due to the same factors, as well as
additional common shares issued in connection with the Alliance/Aux
Sable Acquisition.
Volumes
Pipelines volumes of 2,716 mboe/d in the second quarter
represent an 11 percent increase compared to the same period in the
prior year. The increase was primarily due to the increase in
ownership interest in Alliance, the impact of the Northern Pipeline
system outage and the wildfires in the second quarter of 2023,
higher volumes on the Peace Pipeline system resulting from earlier
recognition of take-or-pay deferred revenue, and the reactivation
of the Nipisi Pipeline. In the second quarter of 2023, the impact
of the Northern Pipeline system outage and the wildfires on
Pipelines volumes was approximately 60 mboe/d.
Facilities volumes of 855 mboe/d in the second quarter represent
a 14 percent increase compared to the same period in the prior
year. The increase was primarily due to Aux Sable volume
recognition following the Alliance/Aux Sable Acquisition, higher
volumes at Younger as the second quarter of 2023 was impacted by
the Northern Pipeline system outage and the wildfires, and higher
interruptible volumes at certain PGI assets. In the second quarter
of 2023, the impact of the Northern Pipeline system outage and the
wildfires on Facilities volumes was approximately 55 mboe/d at the
Redwater Complex and Younger.
In Marketing & New Ventures, crude oil sales volumes of 100
mboe/d in the second quarter represent a two percent increase,
largely consistent with the same period in the prior year. NGL
sales volumes of 219 mboe/d in the second quarter represent a 34
percent increase compared to the same period in the prior year,
primarily due to higher ethane, propane, and butane sales due to
the increase in ownership interest in Aux Sable and the impact of
lower supply volumes from the Redwater Complex in the second
quarter of 2023 due to the impacts of the Northern Pipeline system
outage.
Quarterly Common Share Dividend
Pembina's board of directors has declared a common share cash
dividend for the third quarter of 2024 of $0.69 per share to be
paid, subject to applicable law, on September 27, 2024, to
shareholders of record on September 16, 2024. The common share
dividends are designated as "eligible dividends" for Canadian
income tax purposes. For non-resident shareholders, Pembina's
common share dividends should be considered "qualified dividends"
and may be subject to Canadian withholding tax.
For shareholders receiving their common share dividends in U.S.
funds, the cash dividend is expected to be approximately US$0.5023
per share (before deduction of any applicable Canadian withholding
tax) based on a currency exchange rate of 0.7279. The actual U.S.
dollar dividend will depend on the Canadian/U.S. dollar exchange
rate on the payment date and will be subject to applicable
withholding taxes.
Quarterly dividend payments are expected to be made on the last
business day of March, June, September and December to shareholders
of record on the 15th day of the corresponding month, if, as and
when declared by the board of directors. Should the record date
fall on a weekend or on a statutory holiday, the record date will
be the next succeeding business day following the weekend or
statutory holiday.
Executive Overview
We are delighted to have delivered another record quarter,
driven by a resilient and growing base business and continued
strength in Pembina's marketing business. Momentum across the
Canadian energy industry remains strong and we continue to observe
robust year-over-year volume growth in the WCSB, which is reflected
in our expectation for annual growth of approximately six percent
in Pembina's conventional pipelines volumes and four percent in gas
processing volumes.
Beyond 2024, Pembina’s core business, at the centre of the
western Canadian energy industry, positions the Company to benefit
from multi-year volume growth expected through the balance of the
decade driven by transformational developments that include the
recent completion of the Trans Mountain Pipeline expansion, new
West Coast liquefied natural gas ("LNG") and natural gas liquids
("NGL") export capacity, and new petrochemical facilities creating
significant demand for ethane and propane.
Pembina’s strategy is underpinned by investing and growing the
core business in response to growing energy demand and the
important role Canada plays in ensuring global energy supply and
security. In addition to strong financial and operational results,
2024 to date has been marked by several accomplishments that
highlight the successful execution of this strategy and our focus
on strengthening Pembina’s existing franchise, increasing our
exposure to resilient end-use markets, and accessing global market
pricing for Canadian energy products. Highlights during, and
subsequent to, the second quarter include:
- Alliance / Aux Sable Acquisition – closing the
Alliance/Aux Sable Acquisition on April 1, 2024 provided a full
quarter of financial contribution. In addition, we were excited to
welcome new employees to the Pembina team and are focused on
integrating these businesses and pursuing near-term synergies we
have identified to extract greater value from these unique
assets.
- Aux Sable U.S. - subsequent to the second quarter, on
August 1, 2024, Pembina acquired the remaining 14.6 percent
interest in Aux Sable's U.S. operations from certain subsidiaries
of The Williams Companies, Inc. (the "Williams Acquisition") for
US$160 million. Since the Alliance/Aux Sable Acquisition, the Aux
Sable U.S. assets have been outperforming Pembina's expectations
and the Company is pleased to now have fully consolidated ownership
of all Aux Sable assets, thereby further simplifying corporate
reporting and enhancing the ability to pursue long-term synergies.
The Williams Acquisition was funded by amounts drawn under
Pembina's existing credit facilities and cash on hand.
- Cedar LNG – a positive final investment decision on the
US$4 billion (gross) Cedar LNG Project was a historic moment for
Pembina and our partner, the Haisla Nation. We are excited to be
moving forward with a project that will deliver industry-leading,
low-carbon, cost-competitive Canadian LNG to overseas markets and
contribute to global energy security, while delivering jobs and
economic prosperity to the local region. The Cedar LNG Project
aligns squarely with Pembina’s strategy, offers attractive
economics, and is supported by a contracting strategy that
prudently mitigates cost risk.
- Whitecap Transaction - PGI’s transaction with Whitecap,
including the acquisition of a 50 percent interest in Whitecap's
Kaybob Complex and an obligation to fund future Lator area
infrastructure development is another example of PGI and Pembina’s
ability to provide unique and value-added solutions to support the
growth demands of our customers. Through the Whitecap Transaction
and related agreements, PGI and Pembina have further aligned
themselves with a strong growth company, creating opportunities
with attractive economics that are expected to enhance asset
utilization, capture future volumes, and benefit Pembina’s full
value chain.
- Phase VIII - Phase VIII was brought into service during
the second quarter. The completion of Phase VIII is the culmination
of an orderly, capital efficient, and economic investment program
that began with the announcement in 2013 of the Phase III expansion
from Fox Creek, Alberta to Namao, Alberta, which was completed in
2017, followed by several upstream expansions (Phases IV, V, VI,
VII, VIII and IX). Executed over more than 10 years and totaling
more than $4 billion, the scaled intra-Alberta expansion of the
Peace Pipeline system was driven by growing customer demand for
transportation services to support development in the WCSB,
including the Montney, Duvernay, and other resource plays. The
current total capacity of the Peace Pipeline and Northern Pipeline
systems is approximately 1.1 million barrels per day ("bpd") and
Pembina has the ability to add approximately 200,000 bpd of
additional capacity to its market delivery pipelines from Fox Creek
to Namao through the relatively low-cost addition of pump stations
on these mainlines, bringing the total capacity of the Peace
Pipeline and Northern Pipeline systems to 1.3 million bpd. With the
completion of Phase VIII, Pembina has largely completed its
objective to achieve unequaled segregated liquids transportation
service for ethane-plus, propane-plus, crude oil, and condensate
across multiple pipeline systems between Gordondale, Alberta and
the Edmonton, Alberta area. Pembina is now focused on enabling
further system optimization opportunities due to the reduction of
batching and need for quality management. Optimization, along with
other continuous improvement activities, will create material
incremental capacity with minimal capital spending. The Peace
Pipeline system plays an important role within Pembina’s extensive
and integrated value chain. As a result of the multi-phase
expansions and ongoing optimization efforts, Pembina is confident
that its extensive and highly connected pipeline systems are best
positioned to capture future volume growth and allow the Company to
continue to offer customers unparalleled advantages through safe,
reliable, flexible, and cost-competitive service together with
differentiated market access.
2024 Guidance Update
Pembina has updated its 2024 adjusted EBITDA guidance range to
$4.20 billion to $4.35 billion (previously $4.05 billion to $4.30
billion). Relative to Pembina's previous guidance, the revised
outlook for 2024 primarily reflects a higher contribution from the
NGL marketing business, an incremental contribution from Aux Sable
following the Williams Acquisition, a higher contribution from PGI,
higher volumes on Nipisi, and lower corporate segment costs.
The 2024 capital investment program has been revised to $1.3
billion, including approximately $1.0 billion of capital
expenditures and approximately $0.3 billion of contributions to
equity accounted investees. The revised outlook reflects an
approximate $140 million net increase when compared to our original
2024 budget of $1.16 billion, inclusive of then unsanctioned
additional growth capital of $70 million and Cedar pre-FID
contributions of $210 million.
Key drivers of the revised outlook are the sanctioning of PGI's
Wapiti Expansion and K3 Cogeneration Facility; other increases in
revenue generating capital within Pipelines; and additional
non-recoverable sustaining capital as detailed below. The 2024
capital investment program is expected to be funded with cash flow
from operating activities, net of dividends.
The revised outlook for contributions to equity accounted
investees is inclusive of $240 million of equity contributions to
Cedar LNG incurred in the first half of 2024. No further equity
contributions to Cedar LNG are expected in 2024.
The revised 2024 capital program includes approximately $200
million of non-recoverable sustaining capital to support safe and
reliable operations. Relative to Pembina's previous guidance, the
revised outlook for 2024 sustaining capital includes the impacts of
a $60 million increase due to increased ownership interests and
presentation differences for sustaining capital at Alliance and Aux
Sable following the Alliance/Aux Sable Acquisition and incremental
expenditures at certain jointly-owned assets.
Projects and New Developments
Pipelines
- The ongoing NEBC MPS Expansion includes a new mid-point pump
station, terminal upgrades, and additional storage, which will
support approximately 40,000 bpd of incremental capacity on the
NEBC Pipeline system. This expansion is expected to cost $90
million and will fulfill customer demand in light of growing
production volumes from northeastern British Columbia ("NEBC") and
previously announced long-term midstream service agreements with
three premier NEBC Montney producers. The project is trending on
time and on budget and is expected to enter service in the fourth
quarter of 2024.
- Pembina continues to evaluate further expansions to support
volume growth in NEBC, including new pipelines and terminal
upgrades on the NEBC Pipeline.
- On April 23, 2024, Pembina filed its project application for
the Taylor to Gordondale Project (an expansion of the Pouce Coupe
system) with the Canada Energy Regulator.
Facilities
- Pembina is constructing a new 55,000 bpd propane-plus
fractionator ("RFS IV") at its existing Redwater Complex. RFS IV
will leverage the design, engineering and operating best practices
of its existing facilities. The project includes additional rail
loading capacity at the Redwater Complex. With the addition of RFS
IV, the fractionation capacity at the Redwater Complex will total
256,000 bpd. The estimated project cost has been revised to $525
million (previously $460 million), reflecting project scope changes
as well as higher equipment, material and labour costs in light of
Alberta construction activity. Pembina has now entered into a
lump-sum engineering, procurement and construction agreement for
more than 70 percent of the project cost. This approach reduces the
risk of further capital cost escalation by ensuring access to top
tier contractors and fabrication facilities. Customer demand for
fractionation capacity post-2026 remains robust and ongoing
contracting efforts have been constructive, allowing Pembina to
improve project economics relative to expectations at the time RFS
IV was originally sanctioned. Site clearing activities have been
completed, engineering and procurement activities continue, and
site construction began in the second quarter of 2024. RFS IV is
expected to be in-service in the first half of 2026.
- PGI is developing an expansion (the "Wapiti Expansion") that
will increase natural gas processing capacity at the Wapiti Plant
by 115 mmcf/d (gross to PGI). The Wapiti Plant is fully integrated
into Pembina’s value chain and the liquids processed at the plant
are transported on the Peace Pipeline system. The Wapiti Expansion
is being driven by strong customer demand supported by growing
Montney production and will be fully underpinned by long-term,
take-or-pay contracts. The Wapiti Expansion, which includes a new
sales gas pipeline and other related infrastructure, is expected to
cost $230 million ($140 million net to Pembina) with an estimated
in-service date in the first half of 2026, subject to regulatory
and environmental approval.
- PGI is developing a 28 MW cogeneration facility at its K3 Plant
(the "K3 Cogeneration Facility"), which is expected to cost $115
million ($70 million net to Pembina). The K3 Cogeneration Facility
is expected to reduce overall operating costs by providing power
and heat to the gas processing facility, while reducing customers’
exposure to power prices. The K3 Cogeneration Facility is expected
to fully supply the K3 Plant's power requirements, with excess
power sold to the grid at market rates. Further, through the
utilization of the cogeneration waste heat and the low-emission
power generated, the K3 Cogeneration Facility is expected to
contribute to a reduction in annual emissions compliance costs at
the K3 Plant. The K3 Cogeneration Facility is expected to be
in-service in the first half of 2026.
Marketing & New Ventures
- Pembina has formed a partnership with the Haisla Nation and in
June 2024 announced a positive final investment decision on the
Cedar LNG Project, a 3.3 million tonne per annum ("mtpa") floating
LNG facility in Kitimat, British Columbia, within the traditional
territory of the Haisla Nation. The Cedar LNG Project will provide
a valuable outlet for WCSB natural gas to access global markets and
is expected to achieve higher prices for Canadian producers and
enhance global energy security. Given it will be a floating LNG
facility, manufactured in the controlled conditions of a shipyard,
it is expected that the Cedar LNG Project will have lower
construction and execution risk. Further, powered by BC Hydro, the
Cedar LNG Project is expected to be one of the lowest emissions LNG
facilities in the world. Cedar LNG has secured a 20-year
take-or-pay, fixed toll contract with ARC Resources Ltd. for 1.5
mtpa of LNG. As part of the agreement, ARC Resources Ltd. will
supply Cedar LNG approximately 200 million cubic feet per day of
natural gas via the Coastal GasLink pipeline from its production
base in the Montney. Pembina has also entered into an identical
bridging agreement with Cedar LNG for 1.5 mtpa of capacity.
Commercial negotiations with multiple other potential customers
continue to progress as Pembina plans to assign its capacity to a
third-party. The Cedar LNG Project has an estimated cost of
approximately US$3.4 billion (gross), including US$2.3 billion
(gross), or approximately 70 percent, for the floating LNG
production unit, which is being constructed under a fixed-price,
lump-sum agreement with Samsung Heavy Industries and Black &
Veatch, and US$1.1 billion (gross) related to onshore
infrastructure, owner’s costs, commissioning and start-up costs,
financial assurances during construction, and other costs. The
total Cedar LNG Project cost, including US$0.6 billion (gross) of
interest during construction and transaction costs, is expected to
be approximately US$4.0 billion (gross). The anticipated in-service
date of the Cedar LNG Project is in late 2028.
Second Quarter 2024 Conference Call & Webcast
Pembina will host a conference call on Friday, August 9, 2024,
at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts,
brokers and media representatives to discuss results for the second
quarter of 2024. The conference call dial-in numbers for Canada and
the U.S. are 1-289-819-1520 or 1-800-549-8228. A recording of the
conference call will be available for replay until Friday, August
16, 2024, at 11:59 p.m. ET. To access the replay, please dial
either 1-289-819-1325 or 1-888-660-6264 and enter the password
10542 #.
A live webcast of the conference call can be accessed on
Pembina's website at www.pembina.com under Investor Centre/
Presentation & Events, or by entering:
https://events.q4inc.com/attendee/817166977 in your web browser.
Shortly after the call, an audio archive will be posted on the
website for a minimum of 90 days.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation
and midstream service provider that has served North America's
energy industry for 70 years. Pembina owns an integrated network of
hydrocarbon liquids and natural gas pipelines, gas gathering and
processing facilities, oil and natural gas liquids infrastructure
and logistics services, and an export terminals business. Through
our integrated value chain, we seek to provide safe and reliable
energy solutions that connect producers and consumers across the
world, support a more sustainable future and benefit our customers,
investors, employees and communities. For more information, please
visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so
the world can thrive.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New York stock
exchanges under PPL and PBA, respectively. For more information,
visit www.pembina.com.
Forward-Looking Statements and Information
This news release contains certain forward-looking statements
and forward-looking information (collectively, "forward-looking
statements"), including forward-looking statements within the
meaning of the "safe harbor" provisions of applicable securities
legislation, that are based on Pembina's current expectations,
estimates, projections and assumptions in light of its experience
and its perception of historical trends. In some cases,
forward-looking statements can be identified by terminology such as
"continue", "anticipate", "will", "expects", "estimate",
"potential", "planned", "future", "outlook", "strategy", "project",
"plan", "commit", "maintain", "focus", "ongoing", "believe" and
similar expressions suggesting future events or future
performance.
In particular, this news release contains forward-looking
statements, including certain financial outlooks, pertaining to,
without limitation, the following: future pipeline, processing,
fractionation and storage facility and system operations and
throughput levels; Pembina's strategy and the development of new
business initiatives and growth opportunities, including the
anticipated benefits therefrom and the expected timing thereof;
expectations about industry activities and development
opportunities, as well as the anticipated benefits thereof,
including operating segment and general market conditions outlooks
and industry developments; expectations about future demand for
Pembina's infrastructure and services, including expectations in
respect of customer contracts, future volume growth in the WCSB,
increased utilization and future tolls and volumes; expectations
relating to the development of Pembina's new projects and
developments, including the Phase VIII, the Cedar LNG Project, RFS
IV, the NEBC MPS Expansion, the Wapiti Expansion and the K3
Cogeneration Facility, including the timing and anticipated
benefits thereof; expectations relating to the Whitecap Transaction
and the impact of the Williams Acquisition, including future
opportunities related thereto and the anticipated benefits thereof;
Pembina's updated 2024 guidance, including with respect to its
updated 2024 adjusted EBITDA guidance range, its revised 2024
capital investment program guidance and its expected 2024 current
income tax expense; Pembina's future common share dividends,
including the timing, amount and expected tax treatment thereof;
planning, construction, locations, capital expenditure estimates,
schedules, regulatory and environmental applications and
anticipated approvals, expected capacity, incremental volumes,
contractual arrangements, completion and in-service dates, rights,
sources of product, activities, benefits and operations with
respect to new construction of, or expansions on existing
pipelines, systems, gas services facilities, processing and
fractionation facilities, terminalling, storage and hub facilities
and other facilities or energy infrastructure, as well as the
impact of Pembina's new projects on its future financial
performance; expectations regarding commercial agreements,
including the expected timing and benefit thereof; and the impact
of current and expected market conditions on Pembina.
The forward-looking statements are based on certain factors and
assumptions that Pembina has made in respect thereof as at the date
of this news release regarding, among other things: oil and gas
industry exploration and development activity levels and the
geographic region of such activity; the success of Pembina's
operations; prevailing commodity prices, interest rates, carbon
prices, tax rates, exchange rates and inflation rates; the ability
of Pembina to maintain current credit ratings; the availability and
cost of capital to fund future capital requirements relating to
existing assets, projects and the repayment or refinancing of
existing debt as it becomes due; future operating costs;
geotechnical and integrity costs; that any third-party projects
relating to Pembina's growth projects will be sanctioned and
completed as expected; conditions to closing of the Whitecap
Transaction in a timely manner, including receipt of all necessary
approvals, that the Whitecap Transaction will be completed on terms
consistent with management's current expectations; assumptions with
respect to our intention to complete share repurchases, including
the funding thereof, existing and future market conditions,
including with respect to Pembina's common share trading price, and
compliance with respect to applicable securities laws and
regulations and stock exchange policies; that any required
commercial agreements can be reached in the manner and on the terms
expected by Pembina; that all required regulatory and environmental
approvals can be obtained on the necessary terms and in a timely
manner; that counterparties will comply with contracts in a timely
manner; that there are no unforeseen events preventing the
performance of contracts or the completion of the relevant
projects; prevailing regulatory, tax and environmental laws and
regulations; maintenance of operating margins; the amount of future
liabilities relating to lawsuits and environmental incidents; and
the availability of coverage under Pembina's insurance policies
(including in respect of Pembina's business interruption insurance
policy).
Although Pembina believes the expectations and material factors
and assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties including, but not limited to: the
regulatory environment and decisions and Indigenous and landowner
consultation requirements; the impact of competitive entities and
pricing; reliance on third parties to successfully operate and
maintain certain assets; reliance on key relationships, joint
venture partners and agreements; labour and material shortages; the
strength and operations of the oil and natural gas production
industry and related commodity prices; non-performance or default
by counterparties to agreements which Pembina or one or more of its
affiliates has entered into in respect of its business; actions by
governmental or regulatory authorities, including changes in tax
laws and treatment, changes in royalty rates, changes in regulatory
processes or increased environmental regulation; the ability of
Pembina to acquire or develop the necessary infrastructure in
respect of future development projects; the ability of Pembina and
Whitecap to receive all necessary approvals and satisfy all other
conditions to the Whitecap Transaction on a timely basis or at all;
Pembina's ability to realize the anticipated benefits of the
Whitecap Transaction and the Williams Acquisition; fluctuations in
operating results; adverse general economic and market conditions,
including potential recessions in Canada, North America and
worldwide resulting in changes, or prolonged weaknesses, as
applicable, in interest rates, foreign currency exchange rates,
inflation, commodity prices, supply/demand trends and overall
industry activity levels; constraints on the, or the unavailability
of, adequate supplies, infrastructure or labour; the political
environment in North American and elsewhere, and public opinion;
the ability to access various sources of debt and equity capital;
adverse changes in credit ratings; counterparty credit risk;
technology and cyber security risks; natural catastrophes; and
certain other risks detailed in Pembina's Annual Information Form
and Management's Discussion and Analysis, each dated February 22,
2024 for the year ended December 31, 2023 and from time to time in
Pembina's public disclosure documents available at
www.sedarplus.ca, www.sec.gov and through Pembina's website at
www.pembina.com.
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
results to differ materially from those predicted, forecasted or
projected by forward-looking statements contained herein. The
forward-looking statements contained in this news release speak
only as of the date of this news release. Pembina does not
undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except
as required by applicable laws. Management approved the updated
2024 guidance contained herein on August 8, 2024. The purpose of
the updated 2024 guidance is to assist readers in understanding
Pembina's expected and targeted financial results, and this
information may not be appropriate for other purposes. The
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Non-GAAP and Other Financial Measures
Throughout this news release, Pembina has disclosed certain
financial measures and ratios that are not specified, defined or
determined in accordance with GAAP and which are not disclosed in
Pembina's financial statements. Non-GAAP financial measures either
exclude an amount that is included in, or include an amount that is
excluded from, the composition of the most directly comparable
financial measure specified, defined and determined in accordance
with GAAP. Non-GAAP ratios are financial measures that are in the
form of a ratio, fraction, percentage or similar representation
that has a non-GAAP financial measure as one or more of its
components. These non-GAAP financial measures and non-GAAP ratios,
together with financial measures and ratios specified, defined and
determined in accordance with GAAP, are used by management to
evaluate the performance and cash flows of Pembina and its
businesses and to provide additional useful information respecting
Pembina's financial performance and cash flows to investors and
analysts.
In this news release, Pembina has disclosed the following
non-GAAP financial measures and non-GAAP ratios: net revenue,
adjusted EBITDA, adjusted EBITDA from equity accounted investees,
adjusted EBITDA per common share, adjusted cash flow from operating
activities, adjusted cash flow from operating activities per common
share, and proportionately consolidated debt-to-adjusted EBITDA.
The non-GAAP financial measures and non-GAAP ratios disclosed in
this news release do not have any standardized meaning under
International Financial Reporting Standards ("IFRS") and may not be
comparable to similar financial measures or ratios disclosed by
other issuers. Such financial measures and ratios should not,
therefore, be considered in isolation or as a substitute for, or
superior to, measures and ratios of Pembina's financial
performance, or cash flows specified, defined or determined in
accordance with IFRS, including revenue, earnings, cash flow from
operating activities and cash flow from operating activities per
share.
Except as otherwise described herein, these non-GAAP financial
measures and non-GAAP ratios are calculated on a consistent basis
from period to period. Specific reconciling items may only be
relevant in certain periods.
Below is a description of each non-GAAP financial measure and
non-GAAP ratio disclosed in this news release, together with, as
applicable, disclosure of the most directly comparable financial
measure that is determined in accordance with GAAP to which each
non-GAAP financial measure relates and a quantitative
reconciliation of each non-GAAP financial measure to such directly
comparable GAAP financial measure. Additional information relating
to such non-GAAP financial measures and non-GAAP ratios, including
disclosure of the composition of each non-GAAP financial measure
and non-GAAP ratio, an explanation of how each non-GAAP financial
measure and non-GAAP ratio provides useful information to investors
and the additional purposes, if any, for which management uses each
non-GAAP financial measure and non-GAAP ratio; an explanation of
the reason for any change in the label or composition of each
non-GAAP financial measure and non-GAAP ratio from what was
previously disclosed; and a description of any significant
difference between forward-looking non-GAAP financial measures and
the equivalent historical non-GAAP financial measures, is contained
in the "Non-GAAP & Other Financial Measures" section of the
management's discussion and analysis of Pembina dated February 22,
2024 for the year ended December 31, 2023 (the "MD&A"), which
information is incorporated by reference in this news release. The
MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at
www.sec.gov and Pembina's website at www.pembina.com.
Net Revenue
Net revenue is a non-GAAP financial measure which is defined as
total revenue less cost of goods. The most directly comparable
financial measure to net revenue that is determined in accordance
with GAAP and disclosed in Pembina's financial statements is
revenue.
3 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures(1)
Corporate &
Inter-segment
Eliminations
Total(1)
($ millions)
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Revenue
890
608
294
220
925
709
(254)
(115)
1,855
1,422
Cost of goods sold
15
—
—
—
796
581
(178)
(65)
633
516
Net revenue
875
608
294
220
129
128
(76)
(50)
1,222
906
(1)
Comparative 2023 period has been adjusted.
See "Accounting Policies & Estimates - Change in Accounting
Policies" in Pembina's Management's Discussion and Analysis dated
August 8, 2024 for the three and six months ended June 30, 2024 and
Note 2 to the Interim Financial Statements for the three and six
months ended June 30, 2024.
6 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures(1)
Corporate &
Inter-segment
Eliminations
Total(1)
($ millions)
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Revenue
1,578
1,236
525
428
1,725
1,588
(433)
(212)
3,395
3,040
Cost of goods sold
26
—
—
—
1,547
1,321
(312)
(123)
1,261
1,198
Net revenue
1,552
1,236
525
428
178
267
(121)
(89)
2,134
1,842
(1)
Comparative 2023 period has been adjusted.
See "Accounting Policies & Estimates - Change in Accounting
Policies" in Pembina's Management's Discussion and Analysis dated
August 8, 2024 for the three and six months ended June 30, 2024 and
Note 2 to the Interim Financial Statements for the three and six
months ended June 30, 2024.
Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization
Adjusted EBITDA is a non-GAAP financial measure and is
calculated as earnings before net finance costs, income taxes,
depreciation and amortization (included in operations and general
and administrative expense), and unrealized gains or losses from
derivative instruments. The exclusion of unrealized gains or losses
from derivative instruments eliminates the non-cash impact of such
gains or losses.
Adjusted EBITDA also includes adjustments to earnings for
non-controlling interest, losses (gains) on disposal of assets,
transaction costs incurred in respect of acquisitions, dispositions
and restructuring, impairment charges or reversals in respect of
goodwill, intangible assets, investments in equity accounted
investees and property, plant and equipment, certain non-cash
provisions and other amounts not reflective of ongoing operations.
These additional adjustments are made to exclude various non-cash
and other items that are not reflective of ongoing operations.
Following completion of the Alliance/Aux Sable Acquisition,
Pembina revised the definition of adjusted EBITDA to deduct
earnings for the 14.6 percent non-controlling interest in the Aux
Sable U.S. operations.
Adjusted EBITDA per common share is a non-GAAP ratio which is
calculated by dividing adjusted EBITDA by the weighted average
number of common shares outstanding.
3 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures
Corporate &
Inter-segment
Eliminations
Total
($ millions, except per share amounts)
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Earnings (loss)
485
350
181
153
135
115
(828)
(161)
479
363
Income tax (recovery) expense
—
—
—
—
—
—
—
—
(506)
94
Adjustments to share of profit from equity
accounted investees and other
—
41
111
76
2
8
—
—
113
125
Net finance cost
7
8
3
2
1
(4)
130
103
141
109
Depreciation and amortization
164
102
45
41
17
11
14
12
240
166
Unrealized loss (gain) from derivative
instruments
—
—
—
—
45
(34)
—
—
45
(34)
Non-controlling interest(1)
—
—
—
—
(10)
—
—
—
(10)
—
Loss on Alliance/Aux Sable Acquisition
—
—
—
—
—
—
616
—
616
—
Derecognition of insurance contract
provision
—
—
—
—
(34)
—
—
—
(34)
—
Transaction and integration costs in
respect of acquisitions
—
—
—
—
—
—
14
—
14
—
Gain on disposal of assets, other non-cash
provisions, and other
(1)
—
—
—
(13)
—
7
—
(7)
—
Adjusted EBITDA
655
501
340
272
143
96
(47)
(46)
1,091
823
Adjusted EBITDA per common share – basic
(dollars)
1.88
1.50
(1)
Presented net of adjusting items.
6 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures
Corporate &
Inter-segment
Eliminations
Total
($ millions, except per share amounts)
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Earnings (loss)
940
726
358
288
199
235
(995)
(317)
917
732
Income tax (recovery) expense
—
—
—
—
—
—
—
—
(415)
200
Adjustments to share of profit from equity
accounted investees and other
44
85
211
203
9
13
—
—
264
301
Net finance costs
13
15
5
4
3
(3)
228
204
249
220
Depreciation and amortization
259
201
78
75
32
23
27
22
396
321
Unrealized loss from derivative
instruments
—
—
—
—
147
—
—
—
147
—
Non-controlling interest(1)
—
—
—
—
(10)
—
—
—
(10)
—
Loss on Alliance/Aux Sable Acquisition
—
—
—
—
—
—
616
—
616
—
Derecognition of insurance contract
provision
—
—
—
—
(34)
—
—
—
(34)
—
Transaction and integration costs in
respect of acquisition
—
—
—
—
—
—
14
—
14
—
Gain on disposal of assets, other non-cash
provisions, and other
(2)
(1)
(2)
—
(15)
(3)
10
—
(9)
(4)
Adjusted EBITDA
1,254
1,026
650
570
331
265
(100)
(91)
2,135
1,770
Adjusted EBITDA per common share – basic
(dollars)
3.78
3.22
(1)
Presented net of adjusting items.
2024 Adjusted EBITDA Guidance
The equivalent historical non-GAAP financial measure to 2024
adjusted EBITDA guidance is adjusted EBITDA for the year ended
December 31, 2023.
12 Months Ended December 31,
2023
Pipelines
Facilities
Marketing &
New Ventures
Corporate &
Inter-segment
Eliminations
Total
($ millions, except per share amounts)
Earnings (loss)
1,840
610
435
(696)
1,776
Income tax expense
—
—
—
—
413
Adjustments to share of profit from equity
accounted investees and other
172
438
84
—
694
Net finance costs
28
9
4
425
466
Depreciation and amortization
414
159
46
44
663
Unrealized loss from derivative
instruments
—
—
32
—
32
Impairment reversal
(231)
—
—
—
(231)
Transaction costs incurred in respect of
acquisitions, gain on disposal of assets and non-cash
provisions
11
(3)
(4)
7
11
Adjusted EBITDA
2,234
1,213
597
(220)
3,824
Adjusted EBITDA per common share – basic
(dollars)
6.95
Adjusted EBITDA from Equity Accounted
Investees
In accordance with IFRS, Pembina's jointly controlled
investments are accounted for using equity accounting. Under equity
accounting, the assets and liabilities of the investment are
presented net in a single line item in the Consolidated Statement
of Financial Position, "Investments in Equity Accounted Investees".
Net earnings from investments in equity accounted investees are
recognized in a single line item in the Consolidated Statement of
Earnings and Comprehensive Income "Share of Profit from Equity
Accounted Investees". The adjustments made to earnings, in adjusted
EBITDA above, are also made to share of profit from investments in
equity accounted investees. Cash contributions and distributions
from investments in equity accounted investees represent Pembina's
share paid and received in the period to and from the investments
in equity accounted investees.
To assist in understanding and evaluating the performance of
these investments, Pembina is supplementing the IFRS disclosure
with non-GAAP proportionate consolidation of Pembina's interest in
the investments in equity accounted investees. Pembina's
proportionate interest in equity accounted investees has been
included in adjusted EBITDA.
3 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures
Total
($ millions)
2024
2023
2024
2023
2024
2023
2024
2023
Share of profit (loss) from equity
accounted investees
—
20
63
69
(2)
8
61
97
Adjustments to share of profit from equity
accounted investees:
Net finance costs
—
5
42
1
2
—
44
6
Income tax expense
—
—
18
21
—
—
18
21
Depreciation and amortization
—
36
53
41
—
8
53
85
Unrealized loss (gain) on
commodity-related derivative financial instruments
—
—
(3)
9
—
—
(3)
9
Transaction costs incurred in respect of
acquisitions and non-cash provisions
—
—
1
4
—
—
1
4
Total adjustments to share of profit from
equity accounted investees
—
41
111
76
2
8
113
125
Adjusted EBITDA from equity accounted
investees
—
61
174
145
—
16
174
222
6 Months Ended June 30
Pipelines
Facilities
Marketing &
New Ventures
Total
($ millions)
2024
2023
2024
2023
2024
2023
2024
2023
Share of profit from equity accounted
investees
43
55
138
117
31
7
212
179
Adjustments to share of profit from equity
accounted investees:
Net finance costs
6
10
69
54
2
—
77
64
Income tax expense
—
1
41
34
—
—
41
35
Depreciation and amortization
38
74
102
96
7
13
147
183
Unrealized (gain) loss on
commodity-related derivative financial instruments
—
—
(3)
9
—
—
(3)
9
Transaction costs incurred in respect of
acquisitions and non-cash provisions
—
—
2
10
—
—
2
10
Total adjustments to share of profit from
equity accounted investees
44
85
211
203
9
13
264
301
Adjusted EBITDA from equity accounted
investees
87
140
349
320
40
20
476
480
Adjusted Cash Flow from Operating
Activities and Adjusted Cash Flow from Operating Activities per
Common Share
Adjusted cash flow from operating activities is a non-GAAP
financial measure which is defined as cash flow from operating
activities adjusting for the change in non-cash operating working
capital, adjusting for current tax and share-based compensation
payment, and deducting distributions to non-controlling interest
and preferred share dividends paid. Adjusted cash flow from
operating activities deducts distributions to non-controlling
interest and preferred share dividends paid because they are not
attributable to common shareholders. The calculation has been
modified to include current tax and share-based compensation
payment as it allows management to better assess the obligations
discussed below.
Following completion of the Alliance/Aux Sable Acquisition,
Pembina revised the definition of adjusted cash flow from operating
activities to deduct distributions related to non-controlling
interest in the Aux Sable U.S. operations.
Management believes that adjusted cash flow from operating
activities provides comparable information to investors for
assessing financial performance during each reporting period.
Management utilizes adjusted cash flow from operating activities to
set objectives and as a key performance indicator of the Company's
ability to meet interest obligations, dividend payments and other
commitments.
Adjusted cash flow from operating activities per common share is
a non-GAAP ratio which is calculated by dividing adjusted cash flow
from operating activities by the weighted average number of common
shares outstanding.
3 Months Ended June 30
6 Months Ended June 30
($ millions, except per share amounts)
2024
2023
2024
2023
Cash flow from operating activities
954
653
1,390
1,111
Cash flow from operating activities per
common share – basic (dollars)
1.64
1.19
2.46
2.02
Add (deduct):
Change in non-cash operating working
capital
(82)
(11)
106
188
Current tax expense
(64)
(78)
(140)
(177)
Taxes paid, net of foreign exchange
91
66
290
113
Accrued share-based payment expense
(19)
7
(39)
(13)
Share-based compensation payment
—
—
86
77
Preferred share dividends paid
(33)
(31)
(64)
(59)
Distributions to non-controlling
interest
(10)
—
(10)
—
Adjusted cash flow from operating
activities
837
606
1,619
1,240
Adjusted cash flow from operating
activities per common share – basic (dollars)
1.44
1.10
2.87
2.25
Proportionately Consolidated
Debt-to-Adjusted EBITDA
Proportionately Consolidated Debt-to-Adjusted EBITDA is a
non-GAAP ratio that management believes is useful to investors and
other users of Pembina’s financial information in the evaluation of
the Company’s debt levels and creditworthiness.
12 Months Ended
($ millions, except as noted)
June 30, 2024
December 31, 2023
Loans and borrowings (current)
1,101
650
Loans and borrowings (non-current)
11,110
9,253
Loans and borrowings of equity accounted
investees
2,749
2,805
Proportionately consolidated debt
14,960
12,708
Adjusted EBITDA
4,189
3,824
Proportionately consolidated
debt-to-adjusted EBITDA (times)
3.6
3.3
($ millions)
12 Months Ended June 30,
2024
6 Months Ended June 30,
2024
12 Months Ended December 31,
2023
6 Months Ended June 30,
2023
Earnings before income tax
1,759
502
2,189
932
Adjustments to share of profit from equity
accounted investees and other
657
264
694
301
Net finance costs
495
249
466
220
Depreciation and amortization
738
396
663
321
Unrealized loss on derivative
instruments
179
147
32
—
Non-controlling interest(1)
(10)
(10)
—
—
Loss on Alliance/Aux Sable Acquisition
616
616
—
—
Derecognition of insurance contract
provision
(34)
(34)
—
—
Transaction and integration costs in
respect of acquisitions
16
14
2
—
Gain on disposal of assets, other non-cash
provisions, and other
4
(9)
9
(4)
Impairment reversal
(231)
—
(231)
—
Adjusted EBITDA
4,189
2,135
3,824
1,770
=A+B-C
A
B
C
(1)
Presented net of adjusting items.
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