Canada’s Pembina Pipeline Corp. increased its investor EBITDA guidance for 2024 to CA$4.025 billion (US$2.95 billion) from CA$3.725 billion (US$2.73 billion) with the expectation of a record setting financial year, the midstream company released in a Dec. 11 statement.

“Given the scope and reach of its assets, highly economic expansion opportunities, existing long-term contracts and agreements with three premier NEBC (National Energy Board of Canada) producers, Pembina is uniquely positioned to capture new volumes and benefit from the growth in the WCSB (Western Canada Sedimentary Basin),” Pembina said in a release.

Pembina expects to see a growth of 2.8 Bcf/d in natural gas in the WCSB, along with greater LNG export capacity in facilities along Canada’s west coast. By the middle of 2024, Pembina forecasts that the higher volumes on its network will increase its conventional pipeline business by 9% and its gas processing business by 3%, compared to the same time in 2023.

In 2024, the company allocates CA$880 million (US$646.5 million) in capex, and expects to use free cash flow to pay down debt.