Pembina Pipeline (PPL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a land acknowledgment and recognition of Indigenous partnerships and stewardship.

• Emphasis on virtual meeting format, ensuring shareholder participation, voting, and Q&A.

• Introduction of board members, executive team, and auditors; appointment of meeting secretary and scrutineer.

• Executive team introduced, including CEO, CFO, and senior vice presidents overseeing corporate services, legal, sustainability, operations, marketing, and development.

Board and executive committee updates

• Eleven director nominees, including one new member with significant energy sector experience, were presented.

• All nominees except the CEO are independent and currently serve on the board.

• Recognition of retiring director Gordon Kerr for his decade of service and leadership.

• Leadership team highlighted, with roles in finance, operations, legal, sustainability, marketing, and development.

Financial performance review

• Achieved record annual adjusted EBITDA of $4.4 billion for 2024, surpassing guidance; Q1 2025 adjusted EBITDA was ~$1.2 billion.

• Record volumes in pipelines and facilities at 3.5 million barrels of oil equivalent per day.

• Maintained a strong balance sheet and reiterated 2025 adjusted EBITDA guidance of $4.2–$4.5 billion.

• Fee-based contribution to adjusted EBITDA reached 84% in 2024.