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Pembina Pipeline tops Q2 adjusted EBITDA estimates

Pembina Pipeline Corp. on Aug. 1 posted second-quarter adjusted EBITDA of C$765 million, an increase from the C$700 million reported in the prior-year quarter.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the most recent quarter was C$713.8 million.

Pembina's second-quarter earnings surged year over year to C$664 million from C$246 million. The company attributed the increase to a deferred tax recovery related to the enactment of a bill that will cut the Alberta corporate tax rate, as well as new assets put into service, among other factors.

The Calgary, Alberta-based transportation and midstream service provider reported second-quarter revenue of C$1.81 billion, up from the C$1.74 billion posted a year ago.