Pembina Pipeline Corp: 2Q in Review; Model Update

研报英文原文证据摘录

Pembina Pipeline Corp: 2Q in Review; Model Update

J P M O R G A N North America Equity Research

31 July 2026

Pembina Pipeline Corp Neutral

PPL.TO, PPL CN

2Q in Review; Model Update Price (31 Jul 26):C$68.43

▲Price Target (Dec-27):C$72.00

Prior (Dec-27):C$71.00

The 2Q26 Q&A focused on the solid WCSB outlook for Pembina, particularly

regarding condensate. Here, management highlighted ~300mbpd of potential Head of North America Power,

Utilities, Midstream, LNG, andincremental condensate required from the proposed 1mmbpd West Coast Oil

Nuclear

Pipeline (or any similar egress solution), with the vast majority sourced

domestically from growing Montney and Duvernay production, the heart of Jeremy Tonet, CFA AC

Pembina’s platform. Additonally, Cochin, now running at ~120mbpd (~85– (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

90mbpd at acquisition), remains well-positioned to serve growing oil sands diluent

Vrathan Reddy

import demand. On Greenlight, management confirmed active commercialization

(1-212) 622-4692

of future phases alongside strategic land acquisition proximal to both the vrathan.reddy@jpmchase.com

Greenlight Electricity Centre and the Redwater Complex, targeting incremental Eli Jossen, CFA

gas-to-power and data center development opportunities. Management explicitly (1-212) 622-4113

ruled out merchant power or IPP positioning. On Cedar, FLNG vessel tracks eli.jossen@jpmchase.com

slightly ahead of schedule for Kitimat delivery, with ship commissioning Francina Kolluri

representing the primary remaining a critical execution point ahead of late-2028 (1-212) 270-5796

first exports. Rounding out the quarter, PPL reaffirmed the $4.35–4.55bn adj francina.kolluri@jpmchase.com

EBITDA midpoint ($4.45/4.46bn JPMe/Street median), flagging seasonal 3Q J.P.