Pembina Pipeline Corporation Announces Renewal of Share Repurchase Program – Pem… – Press Release

Pembina Pipeline Corporation (“Pembina” or the “Company”) PPLPBA announced today that the Toronto Stock Exchange (the “TSX”) has approved the renewal of Pembina’s normal course issuer bid (the “NCIB”) to purchase up to five percent of its issued and outstanding common shares.

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Under the NCIB, purchases of common shares may be made through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems, commencing on March 10, 2023 and expiring on the earlier of March 9, 2024 and the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. As of February 28, 2023, Pembina had 550,336,701 common shares issued and outstanding and is, therefore, permitted to repurchase up to 27,516,835 common shares, being five percent of its issued and outstanding common shares, pursuant to the NCIB. Common shares purchased under the NCIB will be cancelled.

Pembina believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value and the repurchase of common shares for cancellation may represent an attractive use of the Company’s financial resources. The actual number of common shares that may be purchased, if any, the timing of any such purchases, and the price at which the common shares are acquired will be determined based on a number of factors, including Pembina’s financial performance and flexibility in the context of its financial guardrails, the availability of discretionary cash flow in excess of dividend and capital funding requirements, and the risk-adjusted returns of repurchasing common shares compared to other uses of cash, including accretive capital investment opportunities and debt reduction.

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