Pembina Pipeline Announces Renewal of Share Repurchase Program

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CALGARY, Alberta — Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of Pembina’s (“NCIB”) initial public offering bid to purchase up to five percent of its issued and outstanding common shares.

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Under the NCIB, purchases of common shares may be made through the facilities of the TSX, the New York Stock Exchange and/or other trading systems, beginning on May 19, 2026 and expiring on the earlier of May 18, 2027 and the date on which Pembina acquires the maximum number of common shares permitted under the NCIB or the date on which NCIB cannot make any further purchases under the NCIB Pembina. As of May 5, 2026, Pembina had 581,435,185 common shares issued and outstanding and therefore authorized to repurchase up to 29,071,759. common shares, which is five percent of its common shares issued and outstanding, according to NCIB. Common shares purchased under NCIB will be cancelled.

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Pembina believes that, from time to time, the market price of its common shares may not adequately reflect their underlying value and the repurchase of common shares for cancellation may represent an attractive use of the Company’s financial resources. The actual number of common shares that may be purchased, if any, the timing of any such purchase, and the price at which the common shares are acquired will be determined based on several factors. These factors include Pembina’s financial performance and flexibility in the context of its financial principles, the availability of cash flow in excess of dividend and capital fund requirements, and the risk-adjusted return on common stock repurchases compared to other uses, including favorable capital investment opportunities and debt reduction.

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NCIB will operate in accordance with the TSX common stock provider bid rules and/or Rule 10b-18 under the US Industrial Exchange Act of 1934, as amended, which contain restrictions on the manner and time of repurchases, and the number of common shares that may be purchased in one day, subject to normal daily purchases, without a certain amount of daily trading of Petmbina. shares on an active exchange. Subject to block purchase exceptions, Pembina will limit daily purchases of common shares on the TSX with respect to NCIB to no more than 25 percent (693,233 common shares) of the six-month average daily trading volume of common shares on the TSX from November 1, 2025 through April 30, 20726 or any other regular trading day. 20726 Purchases under NCIB will be made through open market purchases at the prevailing market price.

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Pembina has entered into an automatic purchase arrangement with a broker-dealer that will enable Pembina to issue regular orders and purchase common shares in the open market during scheduled periods. Outside of these blackout periods, common shares may be purchased at the discretion of management.

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Pembina’s previous NCIB for purchases is up to 29,045,408 common shares will expire on May 15, 2026. Under its previous NCIB, Pembina did not repurchase common shares.

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About Pembina

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Pembina Pipeline Corporation is a leading transportation and midstream service provider serving the North American energy industry for more than 70 years. Pembina has a broad portfolio of well-positioned assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and transportation facilities, and an export facilities business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers worldwide, support a sustainable future and benefit our customers, investors, workers and communities. For more information, please visit www.pembina.com.

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Pembina’s mission: We deliver incredible energy solutions for the world to thrive.

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Pembina is organized into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

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Forward-Looking Information and Statements

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This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities law, which are based on Pembina’s current expectations, estimates, assumptions and assumptions based on its historical experience and its historical view of how it is applied. In some cases, forward-looking statements can be identified by words such as “continue”, “anticipate”, “will”, “anticipate”, “estimate”, “potential”, “planned”, “future”, “vision”, “strategy”, “project”, “plan”, “commit”, “continue, continue” “continuous speech” “continue” suggests future events or future performance.

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In particular, this news release contains forward-looking statements regarding, without limitation, Pembina’s intention to start NCIB and the timing, manner and amount of any purchase of common shares under NCIB.

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Forward-looking statements are based on certain assumptions that Pembina has made as of the date of the news release regarding, among other things: current commodity prices, margins, rates and exchange rates; that Pembina’s businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management’s expectations in that regard; availability and sources of funds; future operating costs; continued use and future expansion; ability to reach necessary trade agreements; and the ability to obtain the necessary regulatory approvals.

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Although Pembina believes that the expectations and material factors and assumptions expressed 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 accurate. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: regulatory environment and decisions, including the outcome of regulatory hearings, and Aboriginal and landowner consultation requirements; the impact of competing businesses and pricing; relying on third parties to effectively operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; lack of jobs and materials; the strength and performance of the oil and natural gas production industry and related commodity prices; the failure or failure of affiliates in agreements entered into by Pembina or one or more of its subsidiaries in connection with its business;