Pembina Signs Agreement to Participate in a Proposed Nation-Building Energy Corridor

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In particular, this news release contains forward-looking statements relating to: the development, scope, capacity, location and development path, regulatory approval process, timing and benefits of the Project; the terms and conditions of the definitive agreements with respect to the Project and timing for completion of such agreements; Pembina’s review of the development plans and initial capital cost estimates for the Project, including the timing thereof; Pembina’s potential participation in the Project and the contemplated structure, ownership and governance of the Project; the anticipated role of Pembina, the Government of Canada, the Province of Alberta, Indigenous partners and Trans Mountain Corporation; the nature, timing and extent of Pembina’s potential capital commitments, including its assessment against its investment framework, and the economic protections contemplated; the anticipated designation of the Project as being in the national interest; the expected approach to Indigenous consultation and ownership; and the timing of a potential FID in respect of the Project.

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These forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release, including, among other things: the completion of satisfactory due diligence and with respect to the Project; prevailing commodity prices, cost estimates, financing conditions and market conditions; the continued participation and alignment of the other stakeholders in the Project; oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina’s operations; prevailing commodity prices (including long-term average historical pricing and frac spreads), interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects, including the Project, and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any required definitive agreements with respect to the Project, including commercial agreements, can be reached in the manner and timing and on the terms expected by Pembina; that all required corporate, regulatory, governmental and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects, including the Project; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).

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Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: that the stakeholders will be unable to reach an agreement on the definitive agreements with respect to the Project in the manner and timing and on the terms expected by Pembina or otherwise; that FID in respect of the Project may not occur on the timing expected by Pembina or otherwise; the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; geopolitical risks; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina’s Annual Information Form and Management’s Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina’s public disclosure documents available at

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and through Pembina’s website at

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This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking information and financial outlooks contained in this news release have been approved by management as of the date of this news release.

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The purpose of these financial outlooks is to assist readers in understanding Pembina’s expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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