Pembina Reports Strong First-Quarter Results and Increases Cash Dividend for Q2 2023
May 4, 2023
Pembina, a leading energy transportation and midstream service provider, recently reported its first-quarter results and shared its financial and operational overview. In addition to the positive financial performance, Pembina's board of directors declared an increase in its common share cash dividend for the second quarter of 2023. This dividend increase demonstrates the company's commitment to delivering value to its shareholders. Let's take a closer look at the details.
Pembina reported earnings of $369 million and adjusted EBITDA of $947 million for the first quarter of 2023. While there was a decrease in adjusted EBITDA compared to the same period last year, the company's financial performance remains strong.
The board of directors declared a common share cash dividend of $0.6675 per share for the second quarter of 2023, representing a 2.3% increase. The dividend will be paid on June 30, 2023, to shareholders of record on June 15, 2023, subject to applicable law. This increase reflects Pembina's commitment to providing a competitive return to its shareholders.
During the first quarter, Pembina completed the sale of Pembina Gas Infrastructure's interest in the Key Access Pipeline System (KAPS) on April 26, 2023. This transaction allows the company to focus on its core operations and strategic initiatives.
Another significant development during the quarter was the receipt of the Environmental Assessment Certificate from the British Columbia Environmental Assessment Office and a positive Decision Statement from the federal Minister of Environment and Climate Change for the Cedar LNG project. This project marks an important step towards Pembina's goal of delivering cleaner energy solutions.
Pembina reiterated its 2023 adjusted EBITDA guidance range of $3.5 billion to $3.8 billion. The company maintains a strong balance sheet, with a debt-to-adjusted EBITDA ratio of 3.6 times at the end of the first quarter. Pembina aims to further strengthen its financial position and expects to exit the year with a ratio of 3.3 to 3.6 times.
Members of LevelFields received the alert of this event on May 4, 5:20 PM ET
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