Pembina Pipeline is a Canadian energy midstream company that owns and operates an integrated network of pipelines, gas processing plants, NGL fractionation facilities, storage terminals, and export infrastructure, primarily serving the Western Canadian Sedimentary Basin. Pembina's assets form a "wellhead-to-market" value chain, capable of serving producers from field-level gas processing through to final product sales in North American and global markets. Pembina operates through three divisions: Pipelines (~60% of EBITDA), which includes the Peace, Alliance, and Cochin pipelines; Facilities (~33% of EBITDA), which includes gas processing via a 60%-owned JV with KKR, the Redwater fractionation complex, and a propane export terminal at Prince Rupert; and Marketing & New Ventures (~12% of EBITDA), which buys and sells NGL, crude oil, and natural gas to capture frac spread and arbitrage opportunities. The core Pipelines and Facilities businesses are predominantly fee-based, with long-term take-or-pay contracts providing stable, volume-driven revenue with some inflation linkage. Key growth projects include Cedar LNG, a 3.3 mtpa floating LNG facility in Kitimat, BC (targeting late 2028 in-service), a new fractionator at Redwater, and several conventional pipeline expansions in northeast BC and Alberta, all backed by long-term take-or-pay contracts.