Pembina Pipeline guides for next year's capex at C$665M

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• Pembina Pipeline (NYSE:PBA) unveils FY 2022 financial guidance, forecasting adjusted EBITDA of C$3.35B-C$3.55B and a 2022 capital spending program of C$655M.
• Pembina expects cash flow from operating activities will exceed dividends and capex in 2022, so it plans to allocate up to the first C$200M of excess cash flow to stock buybacks during next year's H1, representing ~1% of common shares.
• The company says it has contracted 76% of the capacity on Alliance Pipeline, which was set to expire in October 2022, with an average contract length of nearly four years.
• Also, the estimated capital cost of Peace Pipeline Expansion Phase VII is revised lower to C$665M from C$775M expected previously, and the expected in-service date is advanced to mid-2022.
• Pembina recently surprised investors with the news that President and CEO Mick Dilger is stepping down.