Pembina Pipeline Corporation ('Pembina' or the 'Company') (TSX: PPL; NYSE: PBA) is pleased to announce that it has completed its previously announced acquisition of Enbridge's interest in the Alliance, Aux Sable, and NRGreen joint ventures (the 'Transaction').

'We are excited to further enhance our business by increasing our ownership in Alliance and Aux Sable. Aligning with Pembina's strategy, this acquisition grows and strengthens our existing franchise and provides greater exposure to resilient end-use markets,' said Scott Burrows, Pembina's President and Chief Executive Officer. 'With completion of the Transaction, we will prioritize integrating these businesses and pursuing the near-term synergies we have identified to extract greater value from these unique and exceptional assets.'

Subscription Receipts

The approximately $3.1 billion purchase price for the Transaction was funded, in part, from the net proceeds of Pembina's $1.28 billion bought deal offering of subscription receipts (the 'Subscription Receipts'), which closed on December 19, 2023. With the closing of the Transaction, each holder of Subscription Receipts will be entitled to receive, automatically and without additional consideration or further action on the part of the holder, one common share of Pembina (the 'Common Shares'). On March 28, 2024, Pembina made a cash payment per Subscription Receipt, to holders of Subscription Receipts of record as of March 15, 2024, of $0.6675 (a 'Dividend Equivalent Payment'), such amount being equal to the dividend per Common Share paid on such date to holders of Common Shares. No further Dividend Equivalent Payment will be paid or is payable to holders of Subscription Receipts in connection with closing of the Transaction.

Trading in the Subscription Receipts is expected to be halted, the transfer register maintained by the subscription receipt agent will be closed and the Subscription Receipts will be delisted from the Toronto Stock Exchange (the 'TSX'), in each case, effective as of the close of trading today. The Common Shares to be issued pursuant to the terms of the Subscription Receipts are expected to commence trading on the TSX and on the New York Stock Exchange tomorrow.

Revised 2024 Guidance

In conjunction with closing, Pembina has updated its 2024 adjusted EBITDA guidance range to $4.05 billion to $4.30 billion (previously $3.725 to $4.025 billion). Relative to Pembina's previous guidance, the revised outlook for 2024 primarily reflects the incremental contribution from increased ownership of Alliance and Aux Sable, as well as a stronger outlook in the marketing business.

About Pembina

Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for 70 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities.

Forward-Looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively, 'forward-looking statements'), including forward-looking statements within the meaning of the 'safe harbor' provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as 'continue', 'anticipate', 'will', 'expects', 'estimate', 'potential', 'planned', 'future', 'outlook', 'strategy', 'protect', 'plan', 'commit', 'maintain', 'focus', 'ongoing', 'believe' and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: the integration of the Alliance, Aux Sable, and NRGreen businesses into Pembina's business; Pembina's revised 2024 adjusted EBITDA guidance range and the trading and delisting of the Subscription Receipts and the trading of the Common Shares following closing of the Transaction, including the expected timing thereof.

The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on the necessary terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities, including changes in tax laws and treatment, changes in royalty rates, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, and public opinion; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 22, 2024 for the year ended December 31, 2023, and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the revised 2024 adjusted EBITDA guidance contained herein March 28, 2024. The purpose of the revised 2024 adjusted EBITDA guidance is to assist readers in understanding Pembina's current expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Contact:

Tel: (403) 231-3156

Email: investor-relations@pembina.com

(C) 2024 Electronic News Publishing, source ENP Newswire