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PEMBINA Pembina Pipeline Corporation Announces 2022 Guidance , Business Update and Additional ESG Targets News Release All financial figures are approximate and in Canadian dollars unless otherwise noted . This news release refers to adjusted earnings before interest , taxes , depreciation and amortization ( " adjusted EBITDA " ) , which is a financial measure that is not defined by Generally Accepted Accounting Principles ( " GAAP " ) , being international Financial Reporting Standards , as issued by the International Accounting Standards Board . For more information see " Non - GAAP Financial Measures " herein . CALGARY , ALBERTA , December 8 , 2021 - Pembina Pipeline Corporation ( " Pembina " or the " Company " ) ( TSX : PPL ; NYSE : PBA ) is pleased to provide its 2022 financial guidance and deliver an end - of - year business update . Highlights 2022 adjusted EBITDA of $ 3.35 to $ 3.55 billion and a 2022 capital investment program of $ 655 million . Cash flow from operating activities is expected to exceed dividends and the capital investment program in 2022. As such , Pembina expects to allocate up to the first $ 200 million of the excess towards common share repurchases , with the balance available for incremental capital investment if sanctioned , debt repayment , or additional distribution to shareholders . The estimated capital cost of Peace Pipeline Expansion Phase VII ( " Phase VII " ) has been revised lower by $ 110 million , to $ 665 million , and the expected in - service date has been advanced to mid - 2022 . Executed an agreement with a second Montney producer for liquids transportation service for volumes from development of the producer's northeast British Columbia ( " NEBC " ) Montney acreage . Successfully contracted 76 percent of the capacity on Alliance Pipeline ( " Alliance " ) , which was set to expire on October 31 , 2022 , with an average contract length of nearly four years . Set additional environmental , social and governance ( " ESG " ) targets related to employee equity , diversity and inclusion , with a focus on advancing representation of women and other underrepresented groups at all levels of the organization . Continue to progress pre - final investment decision development activities for the Cedar LNG project ( " Cedar LNG " ) . Business Update As we close out 2021 and look ahead to 2022 , it is with a continued sense of optimism at what is possible for Pembina and its stakeholders . Our energy producing customers continue to generate significant discretionary cash flow , consolidate smaller companies , thereby improving their execution capabilities and overall credit profiles , and strengthen their balance sheets . Pembina is poised to benefit from a promising outlook for the For more information on Pembina's significant assets , including as such relate to definitions for capitalized terms used here in and not otherwise defined , refer to Pembina's Annual Information Form ( the " AIF " ) filed at www.sedar.com ( filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40 - F ) and at www.pembina.com .