PBA - Earnings call transcript Q2 2021 | Pembina Pipeline Corporation

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Operator

Thank you for standing by, and welcome to the Pembina Pipeline Corporation 2021 Second Quarter Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instruction] I would now like to hand the conference over to your speaker today, Cameron Goldade, Vice President, Capital Markets. sir. you, Thank ahead. Please go

Cameron Goldade

everyone. webcast And Quarter conference morning, to XXXX. welcome review the and to Second call highlights Good Pembina's from of the

On Janet and Officer. Chief and Officer Senior and Development remind and Facilities, Chief Corporate forward-looking and Dilger, Officer, Ventures, Harry Vice and based Chief comments are Sustainability Officer. New me, External President, in President Vice Chief Burrows, and Pipelines, Financial the you the are Stu President judgments, Jaret and Senior Vice projections. Chief Senior be and on I'd Scott President Officer, Loduca, Affairs, today of and and Vice to President may Officer, Taylor, Executive Pembina's made nature Mick Vice Senior Andersen, estimates, call with Operating that Operating Marketing current President, Legal Senior today some like Sprott, expectations,

imply ended uncertainties, statements at from actual subject which may I'll non-GAAP we please are and Company's period the to Discussion is Analysis things over EDGAR. turn more non-GAAP now dated both today the for measures. available see statements and online some SEDAR To Further, expectations. to and risks on provided pembina.com X/X/XX results forward-looking the learn that, of and express refers Management and Forward-looking measures, X/XX/XX, With Mick. to these information to cause could differ or about which materially

Mick Dilger

year-to-date expected original billion of growing expected billion, the confidence our EBITDA significant the year-to-date original has to now raising is of in expected were being positioning many realized Pembina everyone. net than range. and we positive pipeline Good the Cam. in low by Relative to higher are to these $X.X full-year hedging losses in range, marketing power oil the Pembina EBITDA to what stronger U.S. modestly Adjusted our of end our volumes that Similar for the due across our guidance higher seen guidance effectively its contributions results, on We morning, the offset yesterday relative upper than dollar, and conventional facilities. have costs remainder XXXX updated results Thanks and Adjusted announce to stronger of increased reflects to pipeline costs in be integrity outlook partially factors based from the higher Canadian XXXX outlook and results, us businesses, and spending, and range. pleased by operating systems assets. of sands $X.X the certain year, half lower guidance to dollar the

administrative incentive In reflects revised Pembina's costs. general addition, share in outlook higher and and compensation the the increase resulting long-term rising expenses price due the to

leverage the X Rupert customer Peace the for to targets service producers activity reactivation Pipeline the expansion long-term product demand Phase -- increased on supporting outlook believe for the incremental of totaling the Constructive and than earlier for than segregation Prince are implications system. business. While increased supports led while significant update, our sheets, a flow mean Peace stronger balance plans supporting also decisions cash better Pembina billion. many customers with by financial guidance in ever Pembina's to projects the positive drilling growth expected. more free Further volumes of on development This prices for in their spending portfolio this customers' furthering further pipeline outlook The and and expansion year. development XXXX, with WCSB are also positions later same Pipeline X $X Peace Terminal Pembina's confidence commodity expansion of expected sets the generating the into their improving stage and capital and reaching XXXX rising we

Energy pursue Pembina's indigenous Mountain Pipeline LNG strategic with Western Pathways, to important their in development, to ownership project significant A market of the Nation allow infrastructure industries partnership Corporation, with Trans Indigenous develop support attributes. and with global the the Alberta the emissions to which large-scale these partnership economy. three Pipeline announced energy meaningful participation to quarter, for Cedar strategy, the TC access envisions This of Chinook Canadian transformational, Collectively, lower-carbon the to And once the gas with and Alberta -based grid. Group Haisla carbon a assist is a that de-risked. provide greenhouse platforms ESG Pembina partnerships manage a and and compelling partnerships contribute development partnership project,

proud with solutions. communities work creating of meaningful and this our role We are in

Pipeline. remains weeks, combined certain in Pembina is logic a and The our ultimately near recent of Finally, value and of announced Inter replicate. the between assets pipeline impossible acquisition unparalleled, Pembina industrial of proposed to its terminated creation

million will to we're acquisitions but I a part the prioritizing continue enjoying and shareholder for receipt will focused Pembina's we long-term opportunities it been the business have the we be. that with acquisition. disappointed imminent single execute signal to share over financial this will through growth a or on studying returns now, may as for available never termination debt to be disciplined, pass our of say including Pembina's while many the invest a Scott tool highlights. targets guardrails. termination seek With record and fee, that, to execution But The as are buybacks. of I'll reminder that reinvestment, remain continues acquisitions investment. that We're we is options financial our such outcome, strategy any not discuss a show a to over fee. specific of for years strategy, repayment, best to continue The $XXX success to reliant story and While

Scott Burrows

crude X% adjusted than a with Pembina last saw impact higher on of segments, assets sales Service III second Within interruptible lower million system. higher the same and and oil business, from NGL for period and and on performance year. the from into Empress we Peace volumes. volumes Prince NGL Pipeline quarter, positive infrastructure, marketing In $XXX being higher benefited Duvernay existing core market the our Terminal, placed the business Facilities, of and Thanks, the Pembina the margins strong Rupert reported of EBITDA along Mick.

in was commodity-related our marketing derivatives the gain hedging by portion a the in year. fundamentals of same systematic of increase on to an However, this offset last quarter program part as compared loss in improvement realized a

margins to U.S. the are results power year. being exchange offset were realized compensation-related general $X and the a where the portion lower majority and storage-related compared XXXX, It and for Second marketing of share Improved Further, the in for is earned second-quarter negatively a of period-over-period in to Pembina's Quarter by due $X in higher in margins incentive as costs, driven costs, rail of by expense evenly storage each higher of revenue, reposition of the the addition, a impacted the were rate, were million. the Second share margins by of administrative by $X worth were in dollar differences higher fourth due Corona quarter is million timing Quarter. transportation a business portion not which storage price in in throughout results move that noting In expenses to to XXXX, XXXX XXXX increasing long-term sale Pembina's about of overall recoverable approximately rather cost XXXX, quarter impacts price. to of XXXX, specifically, marketing propane sale than first

Rail sale for the as adjustment outlook last Second $XX to it in exchange made foreign in our in results, million it transmission Pembina's division, As been. our impacted in U.S. of changes current being Terminal the quarter is the resides Quarter business of primarily would've a better well Approximately due than was year of Quarter commodity worth well dollar. year-to-date leasing products revenue the Edmonton purchase dollars. resulted business by our XXXX as pausing contextualizing occur well, adjusted on exposure the comparatively, the assets Pipeline in in This as EBITDA, South exposed Second quarter foreign rates. one-time the primarily to the for that benchmark impact that lower otherwise primary is that with pricing full-year at of U.S. In and a as marketing currency, our XX% and

those currency frac exposure Pembina's embedded of in part we program, hedged spread hedging the hedges. As

last XX rate months, exhibited the the volatility. U.S. Canada dollar exchange Over has - significant

Canadian averaged of Second in the dollar Quarter averaged the XXXX, nearly it Quarter of During $X.XX. the Second XXXX, nearly $X.XX, while

applied for balance it in change vary to to the $X exchange the transmission assets the adjusted For $X of results. seasonal equates to EBITDA, marketing given million of each business, $X.XX rate, to with the and when being our attributable profiles marketing quarterly attributed will Canadian U.S. sensitivities these million roughly XXXX, the million Furthermore, of business. X

year. million $XXX were the in than of prior earnings X% period the same Second-quarter lower

higher volumes Total represent to outlined day X.X various factors X% impacted Overall, Duvernay commodity-related In earnings as Facilities, for tax in on the approximately III we a now expense, system, derivatives economic are for by In largely and a very current these second for outlook as in lower positively into unrealized quarter as offset remains improved on Mick factors were barrels things million being at assets other lower second-quarter due energy increase the the our however, results, XXXX, In EBITDA, our of report. by interruptible levels. the strong the well over outlook with Peace into XXXX of turn lower addition NGL loss per have exist reflecting seen impacting processed supply over volumes of higher to were from the the increased for on a same pipelines, Alliance for fourth volumes NGL Redwater positive, backdrop, and I'll Ruby volumes robust Cochin the offset interruptible East their on quarter contract comments. to highlighted, volumes end-users year as and volumes Mick lower facility. complex source extraction year. an pipelines prices, associated Vantage, being as to year-to-date supply in on closing seasonal the activity well and market producer remainder stronger Pipeline by placed lower conditions revenue expires. volumes period the Empress as prior was on as and service now

Mick Dilger

months a exciting progress clear vision for Thanks, Scott. In has reflects future. emerged towards past an closing, the over continued few course Pembina's of what

to communities, the our access providing global total products. to like ESG forward customers, out stable remain once returns, investors. time, and things the integrated Our questions. our ambitions to that, open are and of a chain, up wrap employees, and Operator, committed thank realized, We'd and our service an again collectively providing we'll including support. industry-leading offering, same build growing exceptional we shareholder diversified please to all market And and we including their At customer for being stakeholders our value their for furthering up. look service line of continuing with dividend, in strategy for

Operator

comes BMO. from [Operator first Ben from Pham instruction] question Your

Ben Pham

timing the first you wanted a Pipeline an I'll referenced Hi, fact not person opportunity Company. off Margaret. set your with with still you project that forward acquisition, Inter regardless and When to in thanks, a this the have of start I that you moving that -- morning. IPO? breaker -- the project of out just I package Great. as Is

Mick Dilger

Yes, it is.

Ben Pham

Okay.

Ben Pham

Okay. And think then on then, you USRFX forward? going hedges could hedging, strategy, -- natural about how that do you the comment

Cameron Goldade

question? you. had We Ben, trouble the can Sorry. you hearing repeat

Ben Pham

Yes. you think X about or of I the sensitivity an had [Indiscernible] Cam. sensitivity a expense see months? and question up our the strategy share next I XX strategy. do hedging about goals to -- USRFX the how

Cameron Goldade

naturally some And Yeah. that Ben, talking a a at enterprise our dollar, I for more as strategy. global the for to looking about think being time, -- currencies core that, diversification occurring. as of U.S. we've we global been Pembina about and through mean,

the been as has in time, well So as cash is the spread we of been that marketing to there part variable flows a on of foreign in more of the U.S. flows same our cash our business. exchange some business, that and the hedge reasonably capital spend knowing large the frac strategy as commodities, including across-the-board At past have obvious dollar-denominated having well. some because the the

strategy. we've always look so always the that bit But we mean, something thinking somewhat forward, as a we're less been I naturally so the as hedged quarters, last it's which execute little we've is we couple of left in And about why our unhedged. currency

Ben Pham

I'm to could for acquisitions maybe sources you years? curious. biggest been on And close consolidating the great. of the think more You've off next couple Okay, What side. acquisitions, do Canadian of your be

exposure. U.S. landscape, with you up names in at Canada. look many are left not just the come have assets if Canadian now, But there Some

to U.S. need the to lot more, is a opportunities of go If sell. still there you to

Canada, You tuck-ins, process the of what's next thought years? the some see, for in in couple

Mick Dilger

talked we've -- that. on focused believe we're Listen, We advantaged Canada. about

think have I for most that But right importantly, nice very tremendous think to And the middle us. it's with. buy I everything. synergy is Everything for acquirer, only well we playing about in thing the things out we're you we the look of sale. are Pembina can

on continue relates vertically scope. has see integrating to to most those everything which at goals chain two products. generally tidewater our and and what Things look us, biggest the value and realize importance us help are pushing all have strategic We to to that in

Ben Pham

Thank Got Okay. you. it.

Operator

Your next question UBS. from is from Shneur Gershuni

Shneur Gershuni

discussion with me a off about PDH. start Let

Just -- be fact probably Are you I at you're longer following needs, respect the early an a to thinking control, given project MDC? what that pursuing is and the basis just an PDH how I'm should equity IPL it's very potentially you consider recognize it merger can process wondering stake with on the thinking of Pembina. go-forward that that -- looking the build the proceeding, thinking now. through JB of with option -- just we in amount that actually to strategy get your truly Do how just right volume and about a boast? sort potentially about wondering Brookfield's you you're the in still

Mick Dilger

away When we us, said and on said hammers project the contracts no. sum it laid was it of down canceled; got but and turnkey LNG from lump Yes in PDH projects we we never pandemic was we value-added first and suspended, strategy. remained the was the really that said because the time,

extent the polypropylene, propylene then and or the products exporting and products if propylene markets. get different. to zoom to We're to can propane products. To and fee-for-service -- demand all exports infrastructure that, to into or direct for avenue local us or get our for turning that's And the into the about create same out our demand be to sometimes it's of customer's highest create it And need you we customers' business, route. we build so might turn into petrochemical propane value trying to for that from an us them something tidewater,

sometimes, current product the that's its And in form.

when that you've but scope to got demand. same think methane long to route, Sometimes that remains is and world-leading growing know to us, liquefy in there is we don't it. long America be we the which to All that, in has demand hydrocarbon North we for move after demand that connect it and peak America. our internationally, stabilizes, demand basin But North will need after

Shneur Gershuni

Okay.

So the is you're the takeaway? option? still that Is that probably point pursuing is that with this

Mick Dilger

petrochemical they They guardrails. yes. commodity projects, of Yes. the polypropylene, including necessarily in They stated infrastructure. being LNG Yes. not value-added And We've chemical and business. in production provided remain our meet are a strategy,

Shneur Gershuni

just as our with Right. the about respect From rate Perfect. that for Maybe exit pivot means for curious about you're up your out. yet, as year. to guidance XQ what that have guidance kind to start laid a you to do definitely -- thinking you've I'm your a of about raised with a of quick XXXX. your but you to think this we we for set perspective, discussion bit just challenge, what

Mick Dilger

we're building the think year. We Yeah. through

raising the -- good end, what I I And analysts were the thing. I'm in top lower hoping next to raise know pretty some read in it's clearly we newspaper no, end -- early our year. still boy, don't the the sure would know think the going a week. but I is

done, year. there's still evidence of we've to a that pieces. just do so the what moving building than didn't And definitely more through there we're compelling was but We lot think

I've spending think CNRL, I for read, results I quarterly Some the bump their they capital of think year. like the

a starting one XX,XXX gas So day can one and pad, of drill example, a see be liquid. to pad XXX day million we're extra and for people of barrels

their generalists targets for into have point buying targets stepped matter, they things But But is at point think they debt a of investment a debt their share them point, going can't lot too. a where X to some buying are that's like are going does pretty this and XXXX don't to there necessary producers tipping see basin waiting wells a I flow, of rate When When times trading back our lots up, reached. it's of And producers, until been is, earlier. tipping talking think XXX% have go prices think be back for because for return the customers. reaching but I'm we shares, shares. we now people as a X than or capital that space are start for cash blame at better what because about exciting are and those you drill to next. shares. change. So Christmas, I'm And that's to waiting it's going guidance, their kid the to their

Mick Dilger

in going are Alliance some second basis The haven't little way differential like from that. pretty feel actually at signs of the the is the money. the think around prices We're quarter. seen Canadian I seeing finish. dollar to back -- end the stabilizing about dollar a Oil bit, year is The we $XX. nice We good dropped

some our raise us go are just with to end had that positive we're given there it early, was now think, -- So guidance. little a like I I things that. going said, But what the on low beyond reporting of

our think guidance end raising was -- of our prudent. the I low

Shneur Gershuni

very appreciate and you We the weekend. really much. a color Thank Perfect. today, great have

Mick Dilger

as You well.

Operator

from Markets. Robert Your is from question Capital next Kwan RBC

Robert Kwan

Good how to just morning. approaching back or you approach come you're how I'm acquisition.

have the some I seamless -- IPO know is price. had corporate other equity seamless friction deals; fairly there You hits and where but you the

into As deal pursue about take seller the financing factor just the where to of you discrete magnitude size the you want think a asset doing doesn't that from how does much equity, what say deal, perspective? let's size

Mick Dilger

the I'll give you after to That I of at perspective, look it our was, seller bit funded and buyer the Those knowledge. or with Pembina if the the you But actually conquered little between cents a generally turn made of look if of our who mean, over and But million, our example. back been deeper $XXX you equity. they things much a dollar was equity. negotiating went They maybe or to was that year spread. they've large all of you a at are real-life well Kinder, at give who on retain with it the I'll then important I taking that And point, while give just Kinder and for a and spread leakage. held equity. layman's close back, money. think, the really Cameron by has seller. dollars a was And point to the if Scott, bid-ask XXX often, I'll at take you got the look people acquisitions, my took

unfolded. Some the of if rung bunch Provident, happiest as ECBs, been say have shareholders and really close they've to meeting Inter I would privilege we happy at bell, came have Pipe, a shareholders as those of and wouldn't the synergies the of hazard they and had really to really, in well very low I have

So important to buyers part anything do it's and to that? have Scott, value of an between you sellers. add sharing Cameron,

Scott Burrows

in that with that. pretty the that there Maybe do obviously, I come we I the are will just in costs jump public friction anything along extent Robert, here. mean, to significant market,

of Our directly. and always been answering preference kind sellers step directly it more question has shares to relates work to up meet our discrete a assets. with as and backing But the directly

not pretty markets, transaction by access capital. of own just perspective, our that's with across a capital. I what ability raise markets, to comfortable, the to our advice We think the debt our I our can but been say the inhibited advisors opinion, our haven't is feel and preps, run significant pretty from ability to we third-party of that access hybrids, equity

by the years has it sense. to around our are couple think the I of makes Now last what that being that evolved said, Capital Markets, thinking extent we or limited is recycling, capital over

to that. a to relates also, partnerships various relationships JV years, as help any the we options certainly it major developed significant opportunities about, last some something to haven't look pretty capital into All be that run have We we recycling. to as could that it's and over it of date, we've but couple bridge financing. said, lot And roadblocks to relates as think at or well

Robert Kwan

Got it.

you did lower or contribution from part expected just Just certain with had a assets. lower guidance, you the as a temporary of quote, what contribution

some Just are wondering And the which you maybe Ruby part comments ones give situation? specifically? that, on can referring to you just as of

Mick Dilger

wants Who that? Scott?

Cameron Goldade

Scott, want take you to that?

Scott Burrows

Sure.

looked lower we Ruby. Alliance okay. as think we at to slightly contributions volumes specifically, had relates as QX I it were

was lower. slightly I think the interruptible [Indiscernible]

of we assets. tanks as revenue couple Our one Vantage, lower small And previously, It wouldn't asset. a different lower a amount were of across Robert, volumes had there Kinder interruptible on so say, was it quarter. this some slightly kind I was specific stated any

Robert Kwan

on Got if with just can here And hedging. question finish I a it.

frame, that for just had if think 'XX of book quarter were the based disclosure, pricing 'XX? the additional you your against if can, to it the I don't what had out or that all in Can you've just today? the you activity. hedges, QX realized looks on either you've on can do you I hedge subsequent elimination losses like best know the

Cameron Goldade

maybe Scott, sure, [Indiscernible] go ahead. -- I -- can I can

Scott Burrows

ahead. No, you go

Cameron Goldade

there then, and October to a was XXXX, are. I context, recognize that's hedges I losses of of answer. think end And throughout those are today. fairly from bit have the a across the when a frac of half the going put to close just till through ratable put on But is numbers relatively levels good to that forward look sort QX where obviously, terms ratable been of basis. have basis. hedges a look on looking your where for you I XXXX the year realized accurate I back, into realized if those losses, are balance just your of And you relative we this about for were added. consistent think spreads QX can the the for And And to on proxy to been that been say, in have point think

bit gives and the that we might currently of see how think to a calibrate I what a framework losses So forward of XXXX. looking you to

Robert Kwan

Thanks is so That much. great.

Operator

CIBC from Catellier Capital Robert from is question next Markets. Your

Robert Catellier

bit wondered use if the a best fee. Mostly morning. of color little be the Good I but provide more to you could going break on follow-ups, its

internally, cycles. more And hand, have does but point one more a we're you in one projects of some back the projects do stock use could best just you what lot projects color the major could have to development the buy always finance if On quickly the on sense the At of of the long you it was I of next if you -- fee the six can months. the break suggesting? wondering later. then provide hits, really make

Scott Burrows

have it's the and buy to we're shame well, it a then we sitting a commission. to I to money. Robert invest think back others and finance a our grows. always It Robert, want when comment, big it's really be big assessing raise pay and little and same alive stock -- The Kwan's to want debt, I is because a debate team and to off want management Further debate business down commission as new would we internally. support and and how think to guys in pay pay it's stock the future very yield projects, underappreciated. and is high, the That a

You'd little foolish look a then.

On a ago, windfall, it the weren't other counting of hand, on money and we is. XX and days here it's that kind

but have use among so, is the know, a Every three choices. And we fun some don't good with it, use honestly.

Robert Catellier

be capacity, question a crude or [Indiscernible] little answer. for on or, of terminal for biofuels but What's repurposed example, detailed bit for plan the else? anything here, puts Alberta That can that there? just a more the A

Cameron Goldade

contract our but we've there. it's about, think repurposed, be as long-term I partner Yeah, a talked It question. with can under great

negotiated arrangements our be partner. with to would that subject obviously, So

Mick Dilger

you're Yeah. I a way rate mean, Robert. of of under-utilization mean, it's shame spot on. the asset. underused, that It's I

on our that's to-do So list.

Robert Catellier

And great. Okay, last question there. just

Given the seen volumes, that not inactivity you change taking, efforts? the much on re-contracting in Alliance basis but differential, improvement have

Cameron Goldade

signs. more uptick positive And about probably shorter-term in the Robert. seen it, Yeah, until the see direction of an before, we've really Feeling basis really that improvement interest. positive we even in

Mick Dilger

it at always a of when little great fitting expected. cargo It's got period to tend long it's not a you to if over I'm It's valuable look the things is consider But lie. in money, and But -- that particularly pipe. pinch. to the money, and carries. though, We'll hard when come we you time, That's revert mean what the going the unique, to nice, of a back see pipes there. back NGLs doing you it's -- like it

Cameron Goldade

feel still On really think in from the basis, that Haisla's align U.S. is a we to being LNG see more longer-term structural we that I macro the and perspective net advantages constructed short. a market our strong XXBCF and of facility exports basis be with some is the going LNG commissioning, on

So basis, on we feel like a Alliance longer-term position. positive a structural really is,

Robert Catellier

thanks, great guys. a weekend. Cheers. Okay, Have

Operator

from Your is Bank Kenny Patrick National next from question Financial.

Patrick Kenny

Maybe Hey, with and just good start the morning, the everybody. to of some quarter. costs higher in maintenance integrity

going of Just any there were actually might geotechnical acceleration unforeseen issues if curious expense or that integrity any reduce forward? activities

Cameron Goldade

the From perspective, Patrick, no been geotechnical there have surprises.

deferred that The pool to around driven on side, they heads group Given integrity working really a was we the year on last relatively prices. we rollover our through happen. spend integrity perspective. dry some with by for And it's our that of spring work all the season had, Alberta cost from it's operating then, good work when been get were cost to needs power

Patrick Kenny

X/X? are maybe on and about exposure? like opportunities the thinking might great. on color And That'd how you be longer-term Perhaps for are X/X across your able be just some on hedge thanks front, mitigating co-gen great. How your the to Portfolio? other a FX correctly. of refresh But if flow-through the it go far remaining looks sensitivities, out you power the Okay, about exposure, Scott, but just I'm power maybe that costs reading on that cost

Jaret Sprott

X/X Jaret is The that in Good co-gen here. morning, in you're going With recoverable. Pat, accurate respect to the fairly that's at Empress. co-gen, the

a asset. marketing Pembina is that So

will co-gens, the pretty costs which will forward mitigate power mitigate another those then the mitigate business we costs. PPA actively that'll signed feed recent gas XXXX, QX big We're of power. go our Stu our help And -- processing have let other service, front-end two and in pursuing doing sites that's once there So and to significant of that we're exposure future. that also chunk we a with I'll that those about in engineering the talk in chunk

Stu Taylor

Patrick. Hey

yeah, So benefits our the of credits on megawatts really and being will really is TransAlta pricing with like that That come XXX time, contract, built. the pleased We same the will PPA power. -- first while and, at obviously working we're with that. power the

and will on XXX coming megawatts some grow additional the in and XX power years. over some megawatts benefits next are to are that We from two short-term

excited first we're megawatts. XXX So about the

pricing in recent looking seen. beneficial to conversation PPA -- additional contracts. are We scale We those on power we've at of contracts. Pembina of see some believe Jaret's the assets we PPA of pricing to in the assets, smaller that the both believe the and cheaper at larger We some our itself customers. as power to active opportunities We're active the for we Pembina's there as additional but side, for power, what positives We're the uptick lock pricing co-gens, for it's relation particularly very is opportunities on our are in. some and the in look well, some pursue mentioned benefit

Patrick Kenny

color, for great me. a That's Last Excellent. one guys.

Cedar the on LNG. Just

overall any it's now, color returns a still have FID sensitive project guess project. Coastal might make be right pipeline to reaching you the be curious your of would chances given XXXX itself? call. the how very Just economics, I on GasLink great. until $X the But jeopardize overrun the cost how and and cost the billion I situation capital to on a that know positive might fluid the

Stu Taylor

the we the our factored and was the lump some benefit that still a cost believe Coastal Cedar aware there. work obviously, into size overseas, Patrick, LNG project, of project, were that GasLink sum into of a floating As -- we of challenges to the securing a We'd the economics. ability We experiencing. Haisla in, went We've that have it here, great the capacity. that by uniqueness taken built-in the account, done that environment the in bring I'll to increase LNG call

on there'll LNG GasLink We economically GasLink advantageous the basis. and LNG on working a taken account a Canada and are obviously go-forward still the we've with -- major into from the markets structure But themselves. cost as working many of believe contractor with closely into be the is perspective SEDAR Coastal delivering economics pipeline conversations that Asian Coastal

said, the a many next already be work do and So be over got engineering. there's ground people. while. of FID as as lots from those many, intense you accelerated we through the believe money conversations little work we've I many There'll lot the of as to on will

watching, anxiously of benefit the do that capacity great And on the enjoy commercial the did work GasLink. the so the Coastal but arrangements Haisla we're we in securing in

Patrick Kenny

for and Stu, enjoy that, of guys. Thanks the great. summer, the rest Okay,

Stu Taylor

Thanks.

Mick Dilger

Pat. Thanks,

Operator

conference questions Dilger to queue. comments. turn There now for are like Mick closing further the no to would Mr. I back in

Mick Dilger

the think outcome at the wasn't all support a Well, into do can and all for we future kind colleagues years Kwan the be for it but good through over us. thanks of it mentioned, work. Thanks saga. we for, things everybody the It great (ph) a my was call And to as what and I we'll window here was for IPL on your still hoped the Pembina for the to focused I come.

you see and summer, I everybody, person soon. in great to So, sometime hope have a

Mick Dilger

Bye.

Operator

conference Thank call. This today's you participation. your conclude for does

may You disconnect. now

Pembina Pipeline (PBA) 8 Aug 212021 Q2 Earnings call transcript