Pembina Signs Agreement to Participate in Proposed Nation Building Corridor

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In particular, this news release contains forward-looking statements regarding: the development, scope, capacity, location and method of development, regulatory approval process, timing and benefits of the Project; the terms and conditions of specific agreements regarding the Project and the timing of the completion of such agreements; Pembina’s review of development plans and preliminary estimates of Project costs, including timing thereof; Pembina’s potential participation in the Project and the proposed structure, ownership and governance of the Project; the expected role of Pembina, the Government of Canada, the Province of Alberta, indigenous partners and the Trans Mountain Corporation; the nature, timing and extent of Pembina’s potential capital commitments, including its assessment of its investment framework, and economic protections envisaged; the expected designation of the Project as being of national interest; the expected approach to consultation and Indigenous ownership; and the timing of a potential FID in relation to the Project.

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

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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 unknown risks and uncertainties including, but not limited to: that the participants may not be able to reach agreement on specific agreements with respect to the Project in the manner and at the time and on the terms expected by Pembina or otherwise; that the FID with respect to the Project may not occur within the time frame anticipated by Pembina or otherwise; regulatory environment and decisions, including the outcome of regulatory hearings, and consultation requirements with indigenous peoples and landowners; 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 resources; the strength and performance of the oil and natural gas production industry and related commodity prices; inaction or default by contractual partners; actions by governmental or regulatory authorities, including changes in laws and regulations, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; Pembina’s ability to acquire or develop necessary infrastructure in connection with future development projects; fluctuations in operating results; general adverse economic and market conditions, including potential economic downturns in Canada, North America and the rest of the world leading to changes, or prolonged weakness, as applicable, in interest rates, foreign exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or US trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; the dangers of the world; barriers to, or unavailability of, adequate resources, infrastructure or personnel; the political situation in North America and elsewhere, including changes in trade relations between Canada and the US, and public opinion thereon; the ability to access various sources of debt and equity financing; adverse changes in credit ratings; third party credit risk; technology and cyber security risks; natural disasters; and other risks specified in the 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

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

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The purpose of this financial overview is to help readers understand Pembina’s expected and intended financial results, and this information may not be suitable for other purposes. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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