Midstream Infrastructure · Senior · Midstream · Canada · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Pembina Pipeline Corporation Consolidated
Portfolio · Other · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Leading North American integrated energy infrastructure company operating through three divisions: Pipelines (transportation, terminalling and storage for crude oil, condensate, NGL and natural gas), Facilities (gas gathering and processing, NGL fractionation, storage and LPG export), and Marketing & New Ventures (commodity marketing plus large-scale growth platforms in LNG, power and emissions reduction). Assets span the Western Canadian Sedimentary Basin, the Williston Basin and long-haul links into the U.S. The company acquired a controlling interest in Alliance Pipeline and Aux Sable on April 1, 2024, now fully consolidated. Adjusted EBITDA was $4,289 million in 2025.
Portfolio Aggregate · Processing facilities
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Processing facilities · 11 projects
Facilities Division
Segment · Gas Processing · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Natural gas, condensate and NGL infrastructure providing sweet and sour gas gathering, compression, condensate stabilization, and shallow-cut and deep-cut gas processing, plus NGL fractionation, cavern storage, oil batteries, rail terminalling and a West Coast liquefied propane export facility. Includes Pembina's interest in PGI (Pembina Gas Infrastructure) and the Aux Sable/Channahon facility at the Alliance Pipeline terminus, plus a bulk marine import/export terminal in Vancouver.
Processing facilities
Multiple effective dates
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Pipelines Division
Segment · Pipeline Crude · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Pipeline transportation, terminalling and storage in key Canadian and U.S. market hubs for crude oil, condensate, NGL and natural gas. Comprises conventional assets (light/medium crude, condensate, NGL gathering from western Alberta and northeast BC to Edmonton), oil sands and heavy oil assets (heavy and synthetic crude to Edmonton with storage/terminalling), and transmission assets (natural gas, ethane and condensate on long-haul lines). Named systems include the Peace, Cochin, Alliance, Vantage, Nipisi, Western and NEBC pipelines and the Edmonton Terminals.
Processing facilities
Multiple effective dates
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Marketing & New Ventures Division
Segment · Marine Terminal · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Value-added commodity marketing (natural gas, ethane, propane, butane, condensate, crude oil, electricity and carbon credits), commodity arbitrage and storage optimization, leveraging Pembina's integrated network plus the Prince Rupert Terminal and 30,000 bpd of export capacity secured at AltaGas' Ridley Island facilities. The division also develops large-scale, value-chain-extending projects, including LNG (Cedar LNG), natural gas-fired power generation (Greenlight) and large-scale GHG emissions reductions.
Processing facilities
Multiple effective dates
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Greenlight Electricity Centre
Asset · Power Renewables · Development · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Proposed multi-phased natural gas-fired combined-cycle power generation facility in Sturgeon County, Alberta, with capacity of up to approximately 1,800 MW, developed as a joint venture with Kineticor (an OPTrust portfolio company). In 2025 the partners secured a 907 MW power-grid allocation (assigned to a potential customer) and signed agreements for land and turbine availability; a final investment decision is pending.
Processing facilities
As at 31 December 2025
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Wapiti Plant Expansion
Asset · Gas Processing · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
PGI-led expansion increasing natural gas processing capacity at the Wapiti Plant by 115 MMcf/d (gross to PGI), with a capital budget of approximately $140 million net to Pembina and an expected in-service date at the end of Q1 2026.
Processing facilities
As at 31 December 2025
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Redwater Fractionator IV (RFS IV)
Asset · Fractionation · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
A 55,000 bpd propane-plus fractionator at the existing Redwater fractionation and storage complex, including additional rail loading capacity. Expected in-service Q2 2026 at a revised capital cost of approximately $500 million (budget $525 million); field construction approximately 90% complete. Brings total Redwater Complex fractionation capacity to 256,000 bpd.
Processing facilities
As at 31 December 2025
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Cedar LNG
Asset · Lng Export · Construction · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Floating LNG export facility with nameplate capacity of 3.3 mtpa, located in the traditional territory of the Haisla Nation on Canada's West Coast and powered by renewable BC Hydro electricity, making it one of the lowest-emitting LNG facilities in the world. A 50/50 joint venture between Pembina and the Haisla Nation; at year-end 2025 the floating LNG vessel was over 35% complete. Liquefaction capacity is fully contracted under 20-year take-or-pay tolling agreements: ARC Resources (1.5 mtpa), Pembina (1.5 mtpa), PETRONAS (1.0 mtpa) and Ovintiv (0.5 mtpa, 12-year).
Processing facilities
As at 31 December 2025
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Alliance Pipeline
Asset · Pipeline Gas · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Integrated, high-pressure natural gas and rich-gas transmission pipeline system extending from the WCSB and Williston Basin to the Channahon, Illinois delivery point near Chicago, where NGLs are extracted at the Aux Sable Channahon facility. Pembina acquired a controlling ownership interest on April 1, 2024 and now fully consolidates Alliance; a new toll structure and revenue-sharing mechanism (the Alliance Negotiated Settlement) took effect in November 2025.
Processing facilities
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Cochin Pipeline
Asset · Pipeline Ngl · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Condensate import pipeline transporting diluent from U.S. markets to the Edmonton/Fort Saskatchewan area to support oil sands operations. 2025 volumes were lower year over year.
Processing facilities
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Peace Pipeline System
Asset · Pipeline Ngl · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Pembina's largest conventional gathering and transportation system, moving light and medium crude oil, condensate and NGL from western Alberta and northeast British Columbia to the Edmonton area. 2025 earnings increased on higher contracted volumes and toll inflation adjustments.
Processing facilities
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Redwater Complex
Asset · Fractionation · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Pembina's flagship NGL fractionation and storage complex near Redwater, Alberta, providing propane-plus fractionation, cavern storage and rail loading. With the addition of the RFS IV fractionator (Q2 2026), total fractionation capacity at the complex will reach 256,000 bpd.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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