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Pembina Pipeline Equity Research Summary

• Rating and Price Target: Pembina Pipeline Corp. (PPL CN) is rated BUY with a current price of C$51.75 and a price target of C$61.00, representing an 18% upside.

• Alliance Negotiations: The company has applied to extend negotiations with CER shippers over the Alliance tolling dispute to July 31. Negotiations have been constructive, with interim milestones agreed upon, though toll levels remain disputed. The company is confident in reaching a compromise.

• WCSB Liquids Supply/Demand: PPL anticipates increased demand for fractionation and gas processing capacity to handle production growth, including 55k bpd from its RFS IV expansion and related projects. Supply may face headwinds from faster-declining liquids cuts, but demand growth from oil sands projects should offset this.

• LPG Export Opportunities: Management is exploring options for expanded LPG exports, given recent facility announcements. Current exports are around 20k bpd, but capacity constraints at Prince Rupert limit expansion; alternatives being considered include sites on the other side of the island.

• Cedar LNG Offtake Arrangements: No off-take agreement has been announced for PPL's share of Cedar LNG (1.5 mtpa). The company seeks a long-term tolling deal linked to JKM prices to minimize risk and retain price upside. Construction is advancing, with in-service expected by 2028.