Pembina Pipeline reports record earnings in 2021
Canadian energy infrastructure company Pembina Pipeline reported record earnings for 2021 on February 24, as adjusted EBITDA rose to C$3.4bn (US$2.7bn) from C$3.3bn in 2020. Adjusted EBITDA in Q4 was a record C$970mn.
“Strong financial results reflected much improved commodity prices across all products within Pembina's value chain – crude oil, natural gas and natural gas liquids,” Pembina said. “Volumes on many of Pembina’s systems improved throughout 2021 and higher prices and margins on crude oil and NGL, as well as higher NGL sales volumes in the year, also led to strong annual results in our marketing business.”
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Net earnings for the year increased to C$1.24bn from a C$316mn loss in 2020, which included impairments of C$1.6bn, while Q4 net earnings rebounded to C$80mn from a C$1.2bn loss a year earlier.
Earlier this week, Pembina has made permanent the appointment of Scott Burrows as its president and CEO and has appointed him to its board of directors. Jaret Sprott has been named senior vice president and COO Pipelines & Facilities, while Eva Bishop has joined Pembina as senior vice president, corporate services.