Pembina Pipeline Corporation is a Canadian midstream company headquartered at 4000, 585 - 8th Avenue S.W. in Calgary, Alberta, and listed on the Toronto and New York stock exchanges under the symbols PPL and PBA. Its divisions cover pipelines, facilities, and marketing and new ventures, serving crude oil, condensate, natural gas liquids and natural gas producers and customers in Canada and the United States.

Pipeline systems and capacity

The pipelines division manages transportation capacity of 3.0 million barrels of oil equivalent per day on a net basis, above-ground storage of 10 million barrels of oil and rail terminalling capacity of about 105 thousand barrels of oil equivalent per day. In total the company says it safely operates approximately 18,000 kilometres of conventional, transmission, oil sands and heavy oil pipelines across North America. The conventional assets include pipelines and terminalling hubs that move product from producing regions to refineries, fractionators and market hubs in Alberta, British Columbia and Illinois, as well as to other regions of the continent. The oil sands and heavy oil systems serve producers in northern Alberta: the company's Horizon project, completed in 2008, provided transportation service to an oil sands operation north of Fort McMurray and raised contracted oil sands transportation capacity by 250,000 barrels per day to 775,000 barrels per day at the time. The transmission assets connect the western Canadian network with markets in the United States.

Gas processing and NGL facilities

The facilities division handles natural gas gathering and processing plus natural gas liquids fractionation. Pembina handles sweet and sour gas gathering, compression, condensate stabilization and processing at both shallow cut and deep cut plants, with capacity of approximately 6.3 billion cubic feet per day available to its customers. The processing and gathering assets sit in liquids-rich parts of the Western Canadian Sedimentary Basin and the Williston Basin and are integrated with the company's pipelines, so that condensate and NGLs extracted at most Canadian facilities can move on Pembina's own systems. The division also covers related infrastructure including the Aux Sable complex in Illinois, which became part of Pembina through the 2024 Alliance and Aux Sable transaction, the Prince Rupert Terminal completed in 2021 and the Vancouver Wharves terminal on the west coast.

Partnerships and joint ventures

  • Alliance Pipeline and Aux Sable: Pembina acquired Enbridge's interests, closing the transaction in 2024 and consolidating the assets into its own portfolio.
  • Pembina Gas Infrastructure: a joint venture with KKR created in 2022 to hold gas processing and infrastructure assets, which has since acquired working interests from producers such as Veren and Whitecap Resources.
  • Cedar LNG: a liquefied natural gas project on the British Columbia coast developed with the Haisla Nation, which took a positive final investment decision in 2024; Pembina and PETRONAS have signed a long-term capacity agreement for the terminal.
  • Alberta Carbon Grid: an emissions infrastructure concept developed with TC Energy since 2021.
  • Chinook Pathways: an initiative with the Western Indigenous Pipeline Group.
  • Greenlight Electricity Centre: a power project that received a positive final investment decision in 2026.

Company history

Pembina Pipe Line Ltd. was incorporated in Alberta in 1954 to run an oil pipeline inside the Pembina field. The company shipped its billionth barrel of oil in 1978, adopted SCADA monitoring in 1980 and acquired Peace Pipe Line in 1991. It became a publicly traded entity in 1998 through the Pembina Pipeline Income Fund, which began trading on the Toronto Stock Exchange under the symbol PIF.UN, and converted from an income fund to a dividend-paying corporation in 2010. Expansion followed through acquisitions including Provident Energy in 2012, Veresen in 2017 and Kinder Morgan Canada together with the Cochin Pipeline for $4.35 billion in 2019, which remains the largest single purchase in its history alongside the Veresen transaction. The 2020s have been marked by the KKR joint venture, the Cedar LNG partnership and the Alliance and Aux Sable consolidation.

Recent results and activity

Pembina reported fourth-quarter and full-year 2025 results in early 2026 and set out 2026 guidance alongside a business update and an agreement covering Cedar LNG capacity. First-quarter 2026 results, published with a quarterly common share dividend increase and updated full-year guidance, were followed by second-quarter 2026 results. During 2026 the company also announced a positive final investment decision on the Greenlight Electricity Centre, renewed its share repurchase programme, reported the voting results of its 2026 annual meeting of shareholders and received Canada Energy Regulator approval for the Alliance Pipeline settlement reached with shippers. Financing activity in the period included subordinated note offerings and the redemption of preferred shares.