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Pembina Pipeline Corporation Reports Results for the First Quarter 2021 and Provides Business Update pembina.com/media-centre/news/details/135501/ Business fundamentals returning to pre - pandemic levels ; important ESG and global market access milestones achieved All financial figures are in Canadian dollars unless otherwise noted . This news release refers to certain financial measures that are not defined by Generally Accepted Accounting Principles ( " GAAP " ) , including net revenue ; adjusted earnings before interest , taxes , depreciation and amortization ( " adjusted EBITDA " ) ; cash flow from operating activities per common share ; adjusted cash flow from operating activities ; and adjusted cash flow from operating activities per common share . For more information see " Non - GAAP Measures " herein . CALGARY , AB , May 6 , 2021 / CNW / - Pembina Pipeline Corporation ( " Pembina " or the " Company " ) ( TSX : PPL ) ( NYSE : PBA ) announced today its financial and operating results for the first quarter of 2021 . Highlights ● Strong start to the year - First quarter earnings of $ 320 million and adjusted EBITDA of $ 835 million , both being consistent with the same period in the prior year , yet reflecting an improving business environment relative to most of 2020. Excluding the impact of hedging in the quarter , adjusted EBITDA reached new record levels . Notably , the first quarter benefited from higher natural gas liquids ( " NGL " ) and crude oil prices and margins , which drove improved results in Pembina's marketing business and steady increases in volumes on many of Pembina's systems compared to the average levels in 2020. These positive contributions were offset by certain hedging losses . • Global market access - Prince Rupert Terminal ( " PRT " ) entered service at the end of the quarter and as of April 22 , two vessels had departed PRT , destined for international markets . In addition , Pembina has entered into a one - year agreement with a subsidiary of Mitsui & Co. , Ltd. ( " Mitsui " ) for the purchase of substantially all of the post - commissioning cargos shipped from the terminal . • Emissions reductions - Signed a long - term , 100 megawatt ( " MW " ) power purchase agreement ( " PPA " ) that supports development of the 130 MW Garden Plain Wind Project ( " Garden Plain " ) in Alberta . The PPA provides cost - competitive renewable energy and will generate approximately 135,000 tonnes of carbon dioxide equivalent emission ( " CO2e " ) offsets annually , or an estimated total of 1.8 million tonnes of CO2e emission offsets . The emissions reductions collectively available from the PPA and the Empress cogeneration facility represent approximately seven percent of Pembina's 2019 reported greenhouse gas emissions . • Executive transitions - Retirement of two of Pembina's long - standing executive officers , Paul Murphy , Senior Vice President & Corporate Services Officer , and Jason Wiun , Senior Vice President & Chief Operating Officer , Pipelines . As a result of these retirements , Janet Loduca has been promoted to Senior Vice President , External Affairs and Chief Legal and Sustainability Officer , and Harry Andersen has been appointed Senior Vice President & Chief Operating Officer , Pipelines . • New assets in service - Pembina , through its joint venture Veresen Midstream , safely completed the start - up of the Hythe Developments project at the existing Hythe Gas Plant . • Credit rating upgrade - On April 28 , 2021 , DBRS Limited upgraded its ratings to ' BBB ( high ) ' in respect of Pembina's senior unsecured medium - term notes . Financial and Operational Overview ( $ millions , except where noted ) ( unaudited ) Infrastructure and other services revenue 3 Months Ended March 31 2021 745 2020 ( 3 ) 748 1/12