Pembina Pipeline Q4 Earnings and Revenues Beat Estimates

Pembina Pipeline Corporation PBA reported fourth-quarter 2025 earnings per share of 56 cents, which beat the Zacks Consensus Estimate of 50 cents. This improvement was primarily driven by strong performance in the company’s Facilities segment. PBA’s Facilities volume for the period was 898 thousand barrels of oil equivalent per day (mboe/d), beating the consensus expectation of 749 mboe/d. However, the bottom line decreased from the year-ago quarter’s level of 66 cents.

Calgary-based oil and gas storage and transportation company’s quarterly revenues of $1.4 billion decreased about 10.5% year over year. This was caused by weak year-over-year revenue performance in the Pipelines and Marketing & New Ventures segments. However, the metric beat the Zacks Consensus Estimate by 22.9%.

Pembina Pipeline Corp. Price, Consensus and EPS Surprise

Pembina Pipeline Corp. price-consensus-eps-surprise-chart | Pembina Pipeline Corp. Quote

The company’s operating cash flow decreased approximately 4.5% to C$861 million. Adjusted EBITDA decreased 14.3% year over year to C$1.1 billion.

Pembina’s board of directors declared a quarterly cash dividend of 71 Canadian cents per share to its common shareholders of record as of March 16. The payout will be paid on March 31, 2026.

In the fourth quarter, the oil and gas storage and transportation company witnessed volumes of 4,050 mboe/d compared with 4,016 mboe/d reported in the prior-year quarter.

PBA’s Segmental Information

Pipelines: Adjusted EBITDA of C$643 million decreased about 6.3% from the year-ago quarter’s level. This was primarily due to lower operating expenses on the Cochin Pipeline, reduced revenues from the Canadian segment of the Alliance Pipeline, caused by lower long-term firm tolls and the effects of a new revenue-sharing agreement (effective Nov. 1, 2025) with shippers and stakeholders, and a decline in interruptible volumes on the Cochin Pipeline due to narrower condensate price differentials.

Volumes in this segment also saw a 0.9% year-over-year increase to 2,815 mboe/d.

Facilities: Adjusted EBITDA of C$366 million decreased from the year-ago quarter’s C$373 million, primarily due to lower revenue contributions from period-specific capital recoveries recognized in the fourth quarter of 2024 on certain assets at PGI, along with higher operating expenses.

Volumes of 898 mboe/d increased about 2.4% year over year.

Marketing & New Ventures: Adjusted EBITDA of C$116 million decreased from the year-ago quarter’s C$118 million. This decrease resulted from tighter NGL frac spreads and lower realized gains on crude oil-based derivatives, caused by reduced volumes and narrower price spreads.

Volumes of 337 mboe/d decreased about 3.4% year over year.

PBA’s Capital Expenditure & Balance Sheet

Pembina spent C$235 million as capital expenditure in the quarter under review compared with C$242 million a year ago.

As of Dec. 31, 2025, PBA had cash and cash equivalents worth C$106 million and C$19.6 billion in long-term debt. Debt-to-capitalization was 53.9%.

PBA’s 2026 Guidance

This Zacks Rank #3 (Hold) company expects 2026 adjusted EBITDA to be in the range of C$4.13 billion to C$4.43 billion.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a Glance

While we have discussed PBA’s fourth-quarter results in detail, let us take a look at three other key reports in this space.

Valero Energy Corporation VLO posted fourth-quarter 2025 adjusted earnings of $3.82 per share, which beat the Zacks Consensus Estimate of $3.22. The bottom line improved from the year-ago quarter’s level of 64 cents. The better-than-expected quarterly results can be mainly attributed to a surge in refining margins, higher ethanol production volumes and lower total cost of sales.

Valero Energy had cash and cash equivalents of $4.7 billion at the end of the fourth quarter. As of Dec. 31, 2025, the leading independent refiner and marketer of transportation fuels and petrochemical products had total debt of $8.3 billion and finance lease obligations of $2.4 billion.

Baker Hughes CompanyBKR posted fourth-quarter 2025 adjusted earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 67 cents. The bottom line also increased from the year-ago level of 70 cents. The strong quarterly results were primarily driven by solid performance from BKR’s Industrial & Energy Technology business segment.

Baker Hughes Company’s net capital expenditure in the fourth quarter was $321 million. As of Dec. 31, 2025, it had cash and cash equivalents of $3.7 billion. Houston, TX-based oil and gas equipment and services provider had a long-term debt of $5.4 billion at the end of the reported quarter, with a debt-to-capitalization of 24.3%.

Halliburton Company HAL posted fourth-quarter 2025 adjusted net income per share of 69 cents, beating the Zacks Consensus Estimate of 54 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line marginally fell from the year-ago adjusted profit of 70 cents due to softer activity in the North American region.

Halliburton reported fourth-quarter capital expenditure of $337 million, well below our projection of $390.4 million. As of Dec. 31, 2025, the Houston, TX-based oil and gas equipment and services provider had approximately $2.2 billion in cash and cash equivalents, and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.5.  

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