We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pembina Pipeline Q4 Earnings and Revenues Beat Estimates
Read MoreHide Full Article
Key Takeaways
Pembina Pipeline posted Q4 EPS of 56 cents, topping estimates on strong Facilities volumes.
Revenues fell 10.5% YoY to $1.4B, hurt by Pipelines and Marketing & New Ventures weakness.
Pembina declared a 71-cent quarterly dividend and sees 2026 EBITDA at C$4.13B-C$4.43B.
Pembina Pipeline Corporation (PBA - Free Report) 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
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.
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 - Free Report) 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 Company(BKR - Free Report) 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 - Free Report) 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.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
Pembina Pipeline Q4 Earnings and Revenues Beat Estimates
Key Takeaways
Pembina Pipeline Corporation (PBA - Free Report) 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 - Free Report) 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 Company(BKR - Free Report) 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 - Free Report) 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.