CALGARY — Pembina Pipeline Corp. is raising its 2022 guidance after posting record quarterly results due to higher natural gas and crude oil prices.

The Calgary-based company says it expects adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to range between $3.45 billion and $3.6 billion, up from its prior forecast of $3.35 billion to $3.55 billion.

Pembina reported a record $1 billion in adjusted EBITDA in the first quarter as net profits surged 50 per cent to $481 million or 81 cents per share, up from $320 million or 51 cents per share a year earlier.

Revenues for the three months ended March 31 were about $3 billion, up from $2 billion in the first quarter of 2021.

Pembina was expected to earn 66 cents per share on $2.33 billion of revenues, according to financial data firm Refinitiv.

Total volumes decreased about three per cent to 3,369 mboe/d due to contract expirations, with pipeline volumes decreasing 3.6 per cent to 2,493 mboe/d and facilities output dipping 2.1 per cent to 876 mboe/d.

This report by The Canadian Press was first published May 5, 2022.

Companies in this story: (TSX:PPL)

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