Pembina Pipeline Corporation (NYSE:PBA) Q1 2023 Earnings Call Transcript

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Jaret Sprott: Yeah, I would say, it’s sort of an around or less than about a third of that estimate, Robert.

Robert Kwan: Got it. And just, can you talk a little bit more about the path to getting full rates what do you need — what’s the regulatory interline? When do you expect to get that approval?

Stuart Taylor: Yeah, you bet. Great question. So although we don’t have formal approval yet, we have been working with the AER, the Alberta Energy Regulator throughout this time to ensure we’re aligned on bringing this pipeline back in safely. So I’d mentioned in, I think in Pat’s question, the incremental integrity work we’ve done. So everything is pointing that we don’t have a systemic problem, like I mentioned, but we will be working with the regulator to get this pipeline back on safely. And I would like to mention, Robert, that if there were any indications that this pipeline couldn’t be operated safely and we were going to put our people, the communities or the environment in jeopardy, we obviously wouldn’t be pursuing that path. So, what we’ve seen so far is giving us the confidence that we can get back to maintain the current operation at the restricted rate and get back to a full operation, in short order.

Robert Kwan: Okay. I don’t know, are you willing to disclose what full operation date is embedded in the $25 million to $30 million?

Cameron Goldade: It’s a range, Robert, and the reason we haven’t disclosed it is that there’s still a couple hurdles with the regulator, and so it would be — it’d be presumptive to be finer on that until we’ve obviously crossed those hurdles. So, it’s obviously sort of the second half of the quarter here, but, hopefully we’ll be able to be clear on that soon.

Robert Kwan: Understood. If I can just finish with the NGL recontracting year, if you just give some color as to how that shook out both volume and pricing wise and frame that against what would’ve been embedded in guidance.

Scott Burrows: Chris, do you want to take that one?

Chris Sherman: Yeah, sure. Happy to take that. Hi, Robert. I think contracts here really went as expected. We had some volume impact here from Northern, but in general, everything sort of termed up like we thought it would. In addition pricing really was relatively positive when you looked at it with some new — some new demand coming on, with the new PDH as well as continued strong numbers off the West Coast. Pricing was shaking out really as expected through contractor.

Robert Kwan: Okay. That’s great. Thank you very much.

Operator: Thank you. There are no further questions. I’ll now turn it back over for closing comments.

Scott Burrows: Well, thanks again, everyone. We’re pretty proud of our strong start to the year and thanks to all of our employees and our customers and our contractors for helping us along and I’d invite everyone to join into our AGM presentation this morning where we’ll update you again on the business and our outlook for the year. Thanks everyone.

Operator: Ladies and gentlemen, this concludes your conference for today. We thank you for participating and we ask that you please disconnect your lines.

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