Pembina Pipeline Corp. says it benefited from strong propane demand in Asia during the third quarter and that it has the flexibility to capitalize on shifting market dynamics.
Pembina said higher propane prices in Asian markets were largely the result of rising global demand and geopolitical supply concerns.
“The outperformance over our initial expectations for the quarter was mostly due to the benefits of our exposure to premium propane prices in Asian markets late in the quarter, through West Coast exports, which provided a significant uplift for the quarter,” Pembina CEO Scott Burrows said on the company’s earnings call Friday.
Cameron Goldade, Pembina’s chief financial officer, said he recognizes that markets can ebb and flow but the company is benefiting from its diversified market access.
He said the company has strong access to Asian markets, partly through its Prince Rupert Terminal, but also has a wider network it can leverage.
“We ship NGLs (natural gas liquids) through the Alliance pipeline down into the Midwest. We ship NGLs east into the Eastern Canada Sarnia market. Then we obviously have an extensive rail platform to be able to move NGLs all throughout North America,” he said.
Burrows also cheered improving government policy support and a strong outlook for the Western Canadian Sedimentary Basin.
“We believe the Western Canadian Sedimentary Basin is entering a period where expanding market access, growing energy demand, and infrastructure investment can reinforce one another in a powerful growth cycle across all hydrocarbons,” he said.
Pembina has a growing backlog of projects, sanctioning about $3 billion worth since April, Burrows said, including the proposed Pacific Link crude oil pipeline that would connect Alberta to the West Coast and could move about one million barrels per day.
During the third quarter, the company announced it entered into a non-binding agreement to participate in Pacific Link. It said the project also reached a key milestone in October when it was listed by the federal government as a project of national interest under the Building Canada Act.
Pembina will have an economic interest of 10 per cent in the project through its construction with the opportunity for an additional 10 per cent when it enters commercial operation.
Pembina reported on Thursday evening that it earned $570 million during the third quarter, rising from $286 million a year earlier.
On a per share basis, its earnings amounted to 92 cents, compared with 43 cents during the prior-year quarter.
The Calgary-based natural gas processor and shipper says its revenue reached $2.18 billion during the period, rising year-over-year from $1.79 billion.
It also updated its 2026 guidance and now expects earnings before deductions to be between $4.45 billion and $4.55 billion, after previously expecting between $4.35 billion and $4.55 billion.
---
Daniel Johnson, The Canadian Press
This report by The Canadian Press was first published Nov. 6, 2026.
