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Pembina boosts 2018 adjusted EBITDA guidance on higher customer demand

Pembina Pipeline Corp. raised the bottom end of its adjusted EBITDA guidance range for 2018 by C$100 million to reflect "strong customer demand," resulting in increased utilization in its pipelines and facilities business divisions.

The company's 2018 adjusted EBITDA is now expected to be within a range of C$2.65 billion to C$2.75 billion, according to a May 29 news release. The increase is based on year-to-date results and Pembina's outlook for the rest of the year.

Pembina President and CEO Mike Dilger also attributed the guidance increase to rising commodity prices leading to "solid performance" in the company's Marketing business division.

Pembina is a Calgary, Alberta-based energy transportation and midstream service provider operating gathering and processing facilities and a system of pipelines carrying oil and natural gas produced mostly in western Canada.