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Released August 12, 2024 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Canadian midstream company Pembina Pipeline Corporation (NYSE:PBA) (Calgary, Alberta) posted an 11.5% increase in pipeline volumes year-over-year and expects more, due to new export facilities on the nation's West Coast.
Pembina on Friday joined the growing list of Canadian energy companies showing good returns during the second quarter, despite wildfires in the Canadian Rockies that threatened the regional energy sector.
The company reported net revenue of US$873 million, compared with US$659 million during the same period last year. From its pipelines alone, the company said it earned US$353 million, a 39% increase over levels from second quarter 2023.
"We are delighted to have delivered another record quarter, driven by a resilient and growing base business and continued strength in Pembina's marketing business," an executive statement read.
The Canadian energy sector faces seasonal threats from wildfires in the Rocky Mountains. Last year's wildfire season was the most destructive on record, with more than 16.5 million hectares--or some 64,000 square miles--lost. A typical wildfire season leaves 2.5 million hectares destroyed.
Pembina said its Northern Pipeline system saw volumes curtailed by 60,000 barrels of oil equivalent per day (BOE/d) due to wildfires that erupted during the second quarter of 2023.
Wildfire season got off to an early start in the Canadian Rockies this year, with parts of the municipality of Wood Buffalo, located near oil-rich Fort McMurray in northeast Alberta, placed under evacuation orders because of wildfires in March.
Parts of the resort town of Jasper, in the broader Jasper National Park area, were razed by wildfires that erupted in July. The wildfires in the park still are considered out of control, with more than 130 square miles consumed.
"Little to no precipitation is expected today, but cooler conditions should help slow the spread of the wildfire and keep the fire behavior lower," the provincial government of Alberta said Thursday. "Crews have continued to make good progress on keeping the fire spread minimal."
Pembina, however, saw no impact to its infrastructure. The company saw 2.7 million BOE/d move through its midstream infrastructure during the second quarter, an 11.5% increase from year-ago levels.
The company said Friday it likely would benefit further from new export infrastructure on the nation's West Coast. Vessels are lining up off British Columbia to deliver crude oil to California and the Asian markets through the expanded Trans Mountain network from Alberta.
More delivery options are emerging in the form of liquefied natural gas (LNG). A joint venture partnership of Pembina and the indigenous Haisla Nation reached a final investment decision (FID) on the proposed Cedar LNG project, a floating liquefied natural gas (FLNG) facility in Kitimat in British Columbia.
The project, which has a nameplate capacity of 3.3 million tons of LNG per year, is expected to be in service in late 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can learn more from a detailed project report.
Cedar LNG has an offtake agreement in place with ARC Resources Limited (Calgary) and Pembina itself for 1.5 million tons per year of LNG each.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Pembina on Friday joined the growing list of Canadian energy companies showing good returns during the second quarter, despite wildfires in the Canadian Rockies that threatened the regional energy sector.
The company reported net revenue of US$873 million, compared with US$659 million during the same period last year. From its pipelines alone, the company said it earned US$353 million, a 39% increase over levels from second quarter 2023.
"We are delighted to have delivered another record quarter, driven by a resilient and growing base business and continued strength in Pembina's marketing business," an executive statement read.
The Canadian energy sector faces seasonal threats from wildfires in the Rocky Mountains. Last year's wildfire season was the most destructive on record, with more than 16.5 million hectares--or some 64,000 square miles--lost. A typical wildfire season leaves 2.5 million hectares destroyed.
Pembina said its Northern Pipeline system saw volumes curtailed by 60,000 barrels of oil equivalent per day (BOE/d) due to wildfires that erupted during the second quarter of 2023.
Wildfire season got off to an early start in the Canadian Rockies this year, with parts of the municipality of Wood Buffalo, located near oil-rich Fort McMurray in northeast Alberta, placed under evacuation orders because of wildfires in March.
Parts of the resort town of Jasper, in the broader Jasper National Park area, were razed by wildfires that erupted in July. The wildfires in the park still are considered out of control, with more than 130 square miles consumed.
"Little to no precipitation is expected today, but cooler conditions should help slow the spread of the wildfire and keep the fire behavior lower," the provincial government of Alberta said Thursday. "Crews have continued to make good progress on keeping the fire spread minimal."
Pembina, however, saw no impact to its infrastructure. The company saw 2.7 million BOE/d move through its midstream infrastructure during the second quarter, an 11.5% increase from year-ago levels.
The company said Friday it likely would benefit further from new export infrastructure on the nation's West Coast. Vessels are lining up off British Columbia to deliver crude oil to California and the Asian markets through the expanded Trans Mountain network from Alberta.
More delivery options are emerging in the form of liquefied natural gas (LNG). A joint venture partnership of Pembina and the indigenous Haisla Nation reached a final investment decision (FID) on the proposed Cedar LNG project, a floating liquefied natural gas (FLNG) facility in Kitimat in British Columbia.
The project, which has a nameplate capacity of 3.3 million tons of LNG per year, is expected to be in service in late 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can learn more from a detailed project report.
Cedar LNG has an offtake agreement in place with ARC Resources Limited (Calgary) and Pembina itself for 1.5 million tons per year of LNG each.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
