CALGARY, AB: Pembina Pipeline Corporation (Pembina or the Company) (TSX: PPL) (NYSE: PBA) is pleased to provide its 2021 financial guidance, announce the reactivation of two previously deferred growth projects, and deliver an end-of-year business update. The Company is also providing an update on its joint venture petrochemical facility.

Summary

Pembina expects 2021 adjusted EBITDA of $3.2 to $3.4 billion and a 2021 capital investment program of $785 million.
The Company is re-activating the Phase VII Peace Pipeline Expansion and Empress Co-generation Facility growth projects.
Pembina and its partner continue to evaluate their joint venture petrochemical facility, however the significant risks arising from the ongoing COVID-19 pandemic, most notably with respect to project costs, require the joint venture to suspend execution of the project indefinitely.
The Company's 2021 capital investment program is fully funded by cash flow from operating activities after dividends at the low end of the adjusted EBITDA guidance range. Progressing towards the higher end of the guidance range will see Pembina generate incremental discretionary cash, which will be available for debt reduction, or opportunistic common share repurchases.
Pembina intends to make an application for a normal course issuer bid, which would enable the repurchase of up to five percent of its outstanding common shares over a 12-month period.

Executive Comment

Pembina is proud of the results we have delivered throughout 2020 in the face of unprecedented challenges arising from the COVID-19 pandemic. Operationally, our staff, and the front-line workers in particular, have delivered safe, reliable and uninterrupted service for our customers despite a difficult and uncertain environment. Financially, the resilience and predictability of Pembina's business has once again been proven, as it was during the 2009 financial crisis and 2015 commodity price downturn, further validating our long-term strategy, recent diversification efforts and steadfast commitment to the Company's financial guardrails. Finally, everyone at Pembina has demonstrated great personal leadership and fortitude in adapting to new ways of working and supporting each other and our communities during this difficult year.

Pembina Pipeline Corporation Announces 2021 Guidance and Provides Business Update

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