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Cairns Don't miss out on the headlines from Cairns. Followed categories will be added to My News. In what Far North retailers say is shaping up to be the strongest sales year since before Covid, Cairns shoppers have been spending up a storm in shopping centres and at small businesses. From books and boardgames to fragrances and trading cards, Cairns retail managers have also shared the most popular gift items this festive season. Cairns Central With just two days of pre-Christmas shopping remaining, Cairns Books owner Mark Steedman said his store had recorded its largest year since the pandemic. “It’s been through the roof, we’re way up on last year, which was of course affected by Cyclone Jasper, but this week has been incredible,” Mr Steedman said. “It was a bit late this year – it looks like everyone waited until Black Friday to get into the Christmas spirit.” The independent bookseller, located in Cairns Central, said this year was shaping up to be the store’s biggest Christmas ever. “This looks like it’s going to be our busiest Christmas ever and we’ve still got two and a bit days to go, but we’re on track for record this year, back to pre-Covid levels,” he said. “People have been telling me for 11 years people don't buy books in store, but we seem to be doing all right. Books are still a great Christmas present.” Mr Steedman said this season’s bestsellers have had a local flavour with Aussie’s Tim Winton and Dr Karl leading sales. “The big sellers this year are Tim Winton’s new book Juice, Dr Karl’s biography: A Periodic Tale has been huge and Sally Rooney’s, Intermezzo has gone gangbusters as well,” he said. Mr Steedman said his top gift recommendation was Everyone This Christmas Has A Secret by Australian author Benjamin Stephenson. “He writes Agatha Christie style thrillers, but he’s really funny; really good and really witty,” he said. Department store Myer has also experienced an influx of customers, according to Cairns store manager Sharon Taylor, who said perfumes and quirky gifts were popular gift choices. “This year, fragrances have become highly sought after, alongside niche gifts like board games,” Ms Taylor said. “Food, homewares, and menswear continue to be enduring favourites, while festive fashion for the holiday season is flying off the shelves as soon as it arrives.” Last minute Christmas shopping is in full swing at shopping centres across Cairns, with car parks full and efptos machines in overdrive. Maya Charafeddine, Jade Sundman and Ashli O'Neill buy some last minute gifts for their family at Cairns Central Shopping Centre. Picture: Brendan Radke Smithfield Shopping Centre In a bumper year across the board, EB Games outlets in Cairns have been swamped with customers, but staff says they had braced themselves for a busy silly season. Senior sales associate Kirsty Brabrook said teams had been ready for a hectic shopping period, but were still surprised at how many people walked through the doors. “It’s been absolutely insane with the last couple days before Christmas,” Ms Brabrook said. “It’s been really good but we were also caught a bit off guard because were expecting it (to be busy) but not like this.” She said the most popular items were video game consoles including PlayStation and Nintendo Switch. “We’ve had a really good solid couple of deals on consoles at the moment that were specifically for Black Friday, that we’ve kept on because they’ve been doing so well,” she said. “It’s good to see that uptick in gaming and (people’s) excitement again.” In addition to consoles, Ms Brabrook said trading cards were back in popularity, with cards for anime show One Piece selling out consistently. “It’s a really nice healthy mix between young and old coming through, so you’ve got adults who’ve still got some (trading cards) and there’s that nostalgia, and then kids who are excited for trading cards,” she said. While jewellery items were still popular this season, Istvan Kormos, owner of Kormos Jewller Smithfield said the cost of living crisis had meant customers were being more budget conscious when it came to big ticket items. “Christmas (trading) started all right, but you can see the cost of living pressure on customers, who are going after the lower price point items,” Mr Kormos said. “We have such a wide range of jewellery and giftware as well, but generally speaking silver jewellery and lower price point items are the most popular right now.” He said most popular gifts this year were earrings and necklaces. “We are a manufacturing jeweller as well, so around Christmas, repairs always pick up. That’s always busy,” he said. “But there’s always a bit more pressure on us around Christmas time.” Last minute Christmas shopping is in full swing at shopping centres across Cairns, with car parks full and efptos machines in overdrive. Maya Charafeddine, Jade Sundman and Ashli O'Neill buy some last minute gifts for their family at Cairns Central Shopping Centre. Picture: Brendan Radke Earlville Shopping Town In classic Aussie style, sportswear and sporting goods have proved popular Christmas gifts, with Rebel Sports Earlville customer Service manager Seiji Gabey confirming the store had recorded a busy week. “I think everyone’s trying to get in and out as quickly as possible and get their Christmas shopping done before Christmas Eve,” Mr Gabey said. “It’s been very good end to the year.” Mr Gabey said the most popular items so far were sporting apparel and backyard games. “We’ve been getting a lot of shoes through to just random gifts with backyard games and jerseys up through men’s and kids in particular apparel,” he said. “In Cairns, it’s a pretty diverse range supporters, so we don’t really have a lot of one team that sells out ore than others, but we stock a lot more NRL in terms of Broncos and Cowboys and that sells out really well,” he said. “Matildas always do really well in our store. At the moment we’ve just got the home tops and there might be a goalkeeper jersey as well.” Despite a slow start to the festive shopping season, Bright Eyes national retail manager Robin Miller said the Earlville store, which stocks eyewear, headwear and footwear had enjoyed consistent traffic in the lead up to Christmas. “It’s about the same (traffic) as last year at this stage, but we haven’t finished yet, our busiest day is today, as is every retailer, right the way through to Boxing Day,” Ms Miller said. “We’ve got something for everyone in the family from eyewear, footwear and headwear in designer brands to affordable prices.” Among the most popular sales items were designer brand sunglasses. “Sunglasses are always a necessity,” she said. “We’ve got all the big names; Ray-Ban, Oakley, Prada, Versace and Mangrove Jacks which is more affordable.” Mount Sheridan Plaza With Christmas parties and end-of-year events in full swing, beauty salon Pacific Beauty Studio has recorded a bustling year for the books. Studio director Sam Tao, who runs the store with his wife Dee Lorbliayao, said the end of the year was always hectic. “During the Christmas period we are super busy. It’s been good for business,” Mr Tao said. “Christmas is always a rush, everyone’s waiting for the last minute, so always a rush at the end of the year. “Our regulars know what’s happening each year around Christmas so they book ahead so they don’t get disappointed.” While the store stocks a range of beauty products, Mr Tao said their beauty services were always popular. “This time of year everyone is not much interested with products but with service,” he said. “They’re doing eyelash extensions, manicures, pedicures, nail sets to get ready for Christmas and New Years.” DFO Cairns Summer fashions have been flying off the shelves this season, with clothing outlet Edge recording its biggest sales day on Saturday. “It was really hectic, like majorly busy,” sales assistant Claire Gully said. “Basically all our shorts, our boardies for hot weather are flying of the shelves.” She said men’s button up shirts were also a popular sales item and shared her top gift recommendations for last minute shoppers. “If it was for a dude, I’d get him some boardies, some linen shorts because it’s cool in the hot weather and a t-shirt, kinda like singlets or a button up,” she said. “And then for women, probably a nice dress or shorts.” catherine.duffy@news.com.au More Coverage Full guide to Far North Queensland Christmas services Catherine Duffy ‘Brighten their day’: Beauty salon pampers cancer clients Catherine Duffy Originally published as Cairns Central, Earlville Shopping Town, DFO Cairns reveal spike in pre-Christmas spending Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories Cairns Fraudster’s fake drug counselling business used to fund meth addiction A Cairns woman has been jailed after she used the guise of a drug counselling business to attempt to defraud the ATO to the tune of more than $150,000 to fuel her meth addiction. Read more Cairns Flood victims celebrate ‘small wins’ a year after Jasper A group of Holloways Beach residents gathered together to celebrate the small wins a year on from the devastation of Cyclone Jasper and the floods. Read more

B.C. ballers compete at Langley high school tournamentLOUISVILLE, Ky. (AP) — Pittsburgh quarterback Eli Holstein was carted off the field and taken to a hospital with a left leg injury sustained while being sacked in the first quarter of Saturday's Atlantic Coast Conference game at Louisville. The redshirt freshman's left ankle was caught at an awkward angle beneath Louisville defensive end Ashton Gillotte's hip on a twisting tackle for a 4-yard loss at midfield. Panthers medical personnel rushed to Holstein's aid, with a cart arriving quickly on the field within minutes. Holstein’s leg was placed in a boot before he was helped onto the cart. He gave a thumbs-up to nearby teammates as he left the field to applause before being taken a hospital. Holstein started for the Panthers (7-3, 3-3 ACC) after missing last week’s 24-20 home loss to No. 17 Clemson with a head injury sustained in the previous game against Virginia while sliding at the end of a run. He left an Oct. 24 game against Syracuse after taking a hit, but returned against SMU the following week. Holstein completed 3 of 4 passes for 51 yards before being intercepted in the end zone by Louisville's Stanquan Clark on the game-opening possession. He was relieved by junior Nate Yarnell. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football

Emma Roberts' 4-year-old son is her ‘double' in adorable birthday post

Researchers, advocacy group team up to map Surrey's toxic drug crisisDespite a series of government decisions impacting international student enrolment, Niagara College finds itself in a strong financial position to start the new year. The college projected a 2024-25 budget with about $368 million in total revenue, $349 million in expenditures and a $19-million contribution to its reserves. Following several federal announcements, the budget took into account a drop in international student enrolment of about 1,000 at its Niagara campuses (a tuition and fees loss of about $5 million), as well as a deficit of about $71 million due to new policy around public-private college partnerships. The federal decision around international work permits saw Niagara’s revenue from its Toronto-based campus fall to $107.8 million from $179 million. While those announcements created concern, president Sean Kennedy said Niagara College supported putting limits on international students and strengthening the integrity of Canada’s international program. But just after the school year got underway, another policy announcement shifted the institution onto a financially uncertain path. Immigration, Refugees and Citizenship Canada introduced tighter restrictions to its postgraduate work permit programs — allowing eligible applicants to temporarily stay and work in Canada — with policy limiting permit eligibility to students at colleges graduating from a field of study linked to occupations in five eligible areas of education. The decision (which does not impact international students graduating from university programs) was not only “a huge surprise and a head-scratcher,” but a “profound disappointment,” said Kennedy. Work permits will continue to be eligible at a reduced number for international students graduating from five college programs of study: agriculture and agri-food; health care; science, technology, engineering and mathematics; skilled trades; and transportation. “This has had a huge impact on us and that’s the part that now we have to factor into our budget process for next year because there are the core sectors where we have strong international student interest, where those students will no longer be eligible for postgraduate work permits,” Kennedy said in an interview. “The (program eligibility) list is so limited that it has had a hugely disproportionate impact on colleges.” The policy is expected to impact college enrolment in business, manufacturing, culinary and hospitality and tourism, and will have “a huge impact on the local economy and local employers.” If there is no option to work following graduation, foreign students are not likely to attend Niagara College. “For so many international students, one of the things that draws them to Canada compared to going to other countries is the opportunity to both receive an excellent education and then to gain Canadian workforce experience,” said Kennedy. “If it wasn’t for the postgraduate work permits eligibility restriction, (our) whole budget situation would look entirely different — both for Niagara College and for colleges across Ontario and across Canada.” For Niagara College, full-time international tuition and fees accounted for $117.5 million of the college’s proposed 2024-25 revenue, down slightly from 2023-24’s number of about $122.5 million. Domestic tuition accounted for about $30 million of the college’s proposed 2024-25 budget, with grants and reimbursements worth about $52 million. In recent months, colleges across Ontario have announced program reductions and job cuts amid the changing policies. More than a dozen programs have been suspended, and the City School is closed. Hamilton’s Mohawk College cut 20 per cent of administration jobs, with more layoffs expected in January. Peterborough’s Fleming College cut 29 programs, expecting to lose $40 million in tuition. Sault College, in Sault Ste. Marie, expects a drop of 63 per cent in foreign students, about $40 million in lost revenue. And Sheridan College in Halton and Peel is suspending 28 per cent of its programs and expects to lose $112 million in revenue in the next fiscal year while it reduces its workforce by up to 30 per cent. Kennedy said Niagara College is fortunate to have been fiscally prudent over the years, but the college is facing “stiff financial headwinds.” “Unlike many colleges and universities, we have no debt. And, of course, when budgets get tighter, it means that we’re not having to find dollars for debt servicing to pay interest and to make the debt payments,” he said. “We’re really focused on the opportunity that lies ahead for us and making sure that we’re maximizing those to help us navigate through these choppy financial waters.” The college said the restructuring is also driven by chronic provincial underfunding, That means relying on the college’s brand and reputation as the top-ranked research college in the country, as well as on its organizational culture and a trail-blazing, entrepreneurial, business mindset that “always served us well.” It’s a balance between being strategic and selective in aligning and allocating resources to areas with greatest opportunities and mitigating financial losses. Kennedy said the college will be aggressive in growing enrolment in areas where there is high-student, high-employer demand — including accelerating efforts to expand its health and community services building to expand programs such as personal support workers, practical nursing and early childhood education. It also wants to grow its trades and technology facilities and programs. The college is also looking to expedite the introduction of new programs with strong demand and align with the work permit eligibility, such as cybersecurity. At the same time, Kennedy said, the college is looking operationally to save money in ways that doesn’t hurt its “amazing momentum,” while navigating a drop in enrolments. Earlier last week, the college introduced a retirement incentive initiative which could create additional vacancies. It also is managing its hiring levels. What I find remarkable about the frenzy to deal with the apocalypse is that it was all “We continue to hire in areas where there’s strong enrolment growth or core areas of support — student success and retention — but we’re going to be very careful and selective in our hiring moving forward,” he said. Even with all the international student policy changes, the underlying factor exacerbating financial challenges facing higher education is provincial funding. As a result of Ontario’s post-secondary sector being the lowest funded in the country, as well as a domestic tuition cut and freeze (put in place in 2019), public colleges and universities have relied on international students as a revenue source. When federal decisions are added to the mix, Kennedy said, it’s a “perfect storm” of government policies that have landed us in this really challenging budget situation.” He said colleges and universities continue to advocate to the province to implement recommendations from its own blue-ribbon panel, created to examine the post-secondary sector. In November 2023, the panel came back with recommendations that included addressing full-time student grant funding levels and removing the tuition freeze, putting in a framework to allow for reasonable, predictable increases. Kennedy said if the province could implement those suggestions, “it would go a long way to providing a much more solid financial footing.” “It really would reset the course for colleges and universities in Ontario and (an) investment in Ontario’s higher education system will start to move us back to the national average,” he said. “One of the best investments any government can make is in strong education system — both K-to-12 and higher education — because that’s an investment in human capital. And for any country and any province and any economy to succeed and to grow, it’s absolutely essential that employers have access to a highly skilled, well-trained workforce. Colleges and universities are key to accomplishing that goal.”Researchers, advocacy group team up to map Surrey's toxic drug crisis

CALGARY, Alberta--(BUSINESS WIRE)--Dec 12, 2024-- Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its 2025 financial guidance and provided a business update. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241212048876/en/ Highlights Business Update Pembina anticipates a record setting financial year in 2024 reflecting the positive impact of recent acquisitions, growing volumes in the WCSB, and a strong contribution from the marketing business. As expected, volumes in the conventional pipelines business have strengthened in the fourth quarter relative to the first three quarters of the year. In 2024, the Company meaningfully advanced its strategy through the full consolidation of Alliance Pipeline and Aux Sable (the "Alliance/Aux Sable Transaction"), and by reaching a positive final investment decision on the Cedar LNG Project. These two accomplishments highlight Pembina’s focus on strengthening the existing franchise, increasing exposure to resilient end-use markets, and accessing global market pricing for Canadian energy products. In addition, Pembina Gas Infrastructure ("PGI") announced transactions with Veren Inc. and Whitecap Resources Inc., creating opportunities with attractive economics that are expected to enhance asset utilization, capture future volumes, and benefit Pembina’s full value chain. Through these two transactions, we are realizing the vision set forth with the creation of PGI in 2022. Other accomplishments over the past year include the completion of the $430 million Phase VIII Peace Pipeline Expansion and the $90 million NEBC MPS Expansion, on time and under budget; sanctioning $210 million (net to Pembina) of new projects, including the Wapiti Expansion and K3 Cogeneration Facility; and entering into long-term agreements with Dow Chemical Canada to supply up to 50,000 barrels per day ("bpd") of ethane for their Path2Zero Project (the "Dow Supply Agreement"). Through its extensive asset base and integrated value chain, Pembina can provide a full suite of transportation and midstream services across multiple hydrocarbons – natural gas, crude oil, condensate, and NGL. This uniquely positions the Company to benefit from a robust, multi-year growth outlook for the WCSB driven by transformational developments that include the recent completion of the Trans Mountain Pipeline expansion, new West Coast liquefied natural gas ("LNG") and NGL export capacity, and the development of new petrochemical facilities creating significant demand for ethane and propane. Growing production and demand for services in the WCSB continues to provide opportunities to increase utilization on existing assets and pursue expansion opportunities. As attention turns to 2025, Pembina is focused on several key priorities including: Alliance Pipeline CER Toll Review The CER initiated a review of Alliance Pipeline’s tolls, which were previously approved by the CER. As such, the CER has ordered Alliance Pipeline to submit for approval a detailed toll application justifying why the current tolling methodology remains compliant with the Canadian Energy Regulator Act, or a new tolling methodology application. Likewise, the CER has ordered that the current tolls shall be deemed interim tolls until resolution of the above. Alliance Pipeline's tolls for the Canadian segment of the pipeline are approved by the CER, while its tolls for the United States segment are approved by the Federal Energy Regulatory Commission. Alliance Pipeline's Canadian long-term firm service tolls have remained level since they were approved by the CER in 2015, while its full path tolls to Chicago have declined by approximately 15 percent. In comparison, tolls on alternative systems have increased by approximately 30 percent. Likewise, Alliance Pipeline has operated at an industry leading reliability rate. Furthermore, Alliance Pipeline remains an ‘at-risk’ commercial model where returns and cost recovery are squarely driven by the customer demand for its service and Alliance Pipeline's ability to efficiently provide such service. By contrast, the competitive alternatives and the majority of CER regulated Group 1 natural gas pipelines' returns are not materially exposed to volume or cost recovery risk. Alliance Pipeline is working collaboratively with its stakeholders through the CER review process and will remain focused on delivering the highest standards of service that customers have come to expect. Pembina will work expeditiously throughout 2025 with shippers towards a negotiated solution, in accordance with all CER direction. Approximately 60 percent of the adjusted EBITDA contribution from Alliance Pipeline is generated from the Canadian portion of the pipeline. Pembina’s 2025 adjusted EBITDA guidance, discussed below, assumes the existing toll is in effect for the full year. Board of Directors Appointment Pembina is pleased to announce that Mr. Alister Cowan has been appointed to the board of directors effective December 3, 2024. Mr. Cowan has over 20 years of experience in the energy industry and has significant financial executive level experience at various public companies. In 2023, he was Executive Advisor of Suncor Energy Inc. ("Suncor") and was previously Chief Financial Officer of Suncor from 2014 to 2023 where he oversaw financial operations, accounting, investor relations, treasury, tax, internal audit, and enterprise risk management. Prior to joining Suncor, Alister was Chief Financial Officer of Husky Energy Inc. from 2008 to 2014. Before that, he was Executive Vice President and Chief Financial Officer and Chief Compliance Officer of British Columbia Hydro and Power Authority. Mr. Cowan is a non-executive director of The Chemours Company and of Smiths Group PLC. He has a Bachelor of Arts in Accounting and Finance from Heriot-Watt University and is a member of the Institute of Chartered Accountants of Scotland. Mr. Cowan has also been appointed to the audit committee. "The board of directors is excited to welcome Alister, and we look forward to working with him. Alister is a seasoned financial executive with extensive experience in Canadian energy. We are sure to benefit from his contribution as we work together to ensure Pembina's continued success during a transformational period of growth in the Canadian oil and gas industry," said Henry Sykes, Chair of the Board. 2025 Guidance Pembina is anticipating 2025 adjusted EBITDA of $4.2 billion to $4.5 billion. Relative to the midpoint of Pembina’s adjusted EBITDA guidance range for 2024, the major factors driving the outlook for 2025 adjusted EBITDA include: Pembina has hedged approximately 32 percent of its 2025 frac spread exposure. For 2025, the weighted average price of Pembina's frac spread hedges, excluding transportation and processing costs, is approximately C$36 per barrel, which compares to the prevailing 2025 forward price at the end of November 2024 of approximately C$37 per barrel. The mid-point of the 2025 adjusted EBITDA guidance range includes a forecasted contribution from the Marketing & New Ventures segment of $550 million. Excluding the contribution from the Marketing & New Ventures segment, the midpoint of the 2025 guidance range reflects an approximately 5.5 percent increase in fee-based adjusted EBITDA, relative to the forecast for 2024. Further, Pembina remains on-track to achieve four to six percent compound annual growth of fee-based adjusted EBITDA per share from 2023-2026. The lower and upper ends of the guidance range are framed primarily as a function of (1) commodity prices and the resulting contribution from the marketing business; (2) interruptible volumes on key systems; and (3) the U.S./Canadian dollar exchange rate. Current income tax expense in 2025 is anticipated to be $415 million to $470 million as Pembina will continue to benefit from the availability of tax pools from assets recently placed into service. Pembina's 2025 adjusted EBITDA may be directly impacted by market-based prices as follows: 2025 Capital Investment Pembina's 2025 capital program is expected to be allocated as follows: Pipelines Division capital expenditures primarily relate to sustaining capital, a terminal expansion within the conventional pipeline system, development spending on potential future projects, including the Fox Creek-to-Namao Peace Pipeline Expansion, and investments in smaller growth projects, including various laterals and terminals. Capital expenditures in the Facilities Division primarily relate to construction of the RFS IV Expansion, smaller growth projects, and sustaining capital spending. Capital expenditures within the Marketing and New Ventures Division and the Corporate segment are primarily targeted at information technology enhancements to further the Company's continuous improvement aspirations. Contributions to Equity Accounted Investees includes approximately $200 million of contributions to Cedar LNG to fund the construction of the Cedar LNG Project, and contributions to PGI to fund development of the Wapiti Expansion, K3 Cogeneration Facility, as well as development activities related to the previously announced agreements with Veren Inc. and Whitecap Resources Inc. The Company's 2025 capital program includes: In addition to the 2025 capital investment program detailed above, Pembina is in development of potential additional projects that, if sanctioned, would increase the 2025 capital program by up to $200 million. These projects primarily include pipeline and terminal upgrades in support of volume growth in NEBC, the Fox Creek-to-Namao Peace Pipeline Expansion, investments related to the Dow Supply Agreement, including the addition of a de-ethanizer tower at RFS III within the Redwater Complex, and optimization of the Prince Rupert Terminal to allow for the use of larger vessels, which would reduce per unit costs. Capital Allocation Pembina continues to execute its strategy within a fully funded model and consistent with its financial guardrails. Within the 2025 adjusted EBITDA guidance range, Pembina expects to generate positive free cash flow with all 2025 capital investment program scenarios being fully funded by cash flow from operating activities, net of dividends. Under prevailing market and economic conditions, Pembina expects to prioritize the use of excess free cash flow to debt repayment in 2025. As has been our approach since 2021, Pembina will continue to evaluate the merits of debt repayment relative to share repurchases while considering expected future funding requirements along with prevailing market conditions and the risk-adjusted returns of the associated alternatives. Pembina expects to exit 2025 with a proportionately consolidated debt-to-adjusted EBITDA ratio of 3.4 to 3.7 times. Excluding the debt related to the construction of the Cedar LNG project this ratio would be 3.2 to 3.5 times. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for 70 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com . Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. 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 . Forward-Looking Information and Statements This news release contains certain forward-looking information and statements (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "trend", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's anticipated 2025 adjusted EBITDA, 2025 capital investment program costs, 2025 year-end proportionately consolidated debt-to-adjusted EBITDA ratio and current income tax expenses in 2025; Pembina's capital allocation plans, including with respect to debt repayment and share repurchases; expected cash flow from operating activities in 2025 and the uses thereof; 2024 year-end financial results, including the expectation that 2024 will be a record setting financial year; expectations with respect to the impacts of the Dow Supply Agreement and the transactions with Veren Inc. and Whitecap Resources Inc., as well as future actions taken in relation thereto; future pipeline, processing, fractionation and storage facility and system operations and throughput levels; Pembina's corporate strategy and the development and expected timing of new business initiatives and growth opportunities, including the anticipated timing and impacts thereof; expectations about industry activities and development opportunities, as well as the anticipated benefits and timing thereof; expectations about the demand for services, including expectations in respect of increased utilization across Pembina's assets, future tolls and volumes; planning, construction, capital expenditure and cost estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, power output, project completion and in-service dates, rights, activities and operations with respect to planned construction of, or expansions on, pipelines systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or infrastructure; the development and anticipated benefits of Pembina's new projects and developments, including the K3 Cogeneration Facility, the Cedar LNG Project, the Wapiti Expansion, the Taylor to Gordondale Project, Fox Creek-to-Namao Peace Pipeline Expansion and the RFS IV Expansion, including the completion and timing thereof; expectations regarding CER's review of Alliance Pipeline's tolls, including the timing and outcome thereof and steps taken in connection therewith; the impact of current and future market conditions on Pembina; Pembina's hedging strategy and expected results therefrom; Pembina's capital structure, including future actions that may be taken with respect thereto and expectations regarding future uses of cash flows and uses thereof, repayments of existing debt, new borrowings and securities issuances; and Pembina's commitment to, and ability to maintain, its financial guardrails. The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; that favourable market conditions exist, and that Pembina has available capital for share repurchases, repayment of debt and funding its capital expenditures; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; and certain other assumptions in respect of Pembina's forward-looking statements detailed in Pembina's Annual Information Form for the year ended December 31, 2023 (the "AIF") and Management's Discussion and Analysis for the year ended December 31, 2023 (the "Annual MD&A"), which were each filed on SEDAR+ on February 22, 2024, as well as in Pembina's Management's Discussion and Analysis dated November 5, 2024 for the three and nine months ended September 30, 2024 (the "Interim MD&A") and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca , www.sec.gov and through Pembina's website at www.pembina.com . Although Pembina believes the expectations and material factors and assumptions reflected 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 correct. 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: the regulatory environment and decisions and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements with Pembina or one or more of its affiliates; actions taken by governmental or regulatory authorities and changes in legislation (including uncertainty with respect to the interpretation of the recently enacted Bill C-59 and related amendments to the Competition Act (Canada)); the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide; the ability to access various sources of debt and equity capital on acceptable terms; changes in credit ratings; counterparty credit risk; and certain other risks and uncertainties detailed in the AIF, Annual MD&A, Interim MD&A and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca , www.sec.gov and through Pembina's website at www.pembina.com . This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the 2025 adjusted EBITDA, 2025 capital investment program costs, 2025 proportionately consolidated debt-to-adjusted EBITDA and 2025 income tax expense guidance contained herein as of the date of this news release. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Non-GAAP and Other Financial Measures Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts. In this news release, Pembina has disclosed adjusted EBITDA, a non-GAAP financial measure, and proportionately consolidated debt-to-adjusted EBITDA, a non-GAAP ratio, which that do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance or cash flows specified, defined or determined in accordance with IFRS, including revenue or earnings. Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods. Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this news release, together with, as applicable, disclosure of the most directly comparable financial measure that is determined in accordance with GAAP to which each non-GAAP financial measure relates and a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure. Additional information relating to such non-GAAP financial measures and non-GAAP ratios, including disclosure of the composition of each non-GAAP financial measure and non-GAAP ratio, an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure; an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed; and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the Annual MD&A, which information is incorporated by reference in this news release. The Annual MD&A is available on SEDAR+ at www.sedarplus.ca , EDGAR at www.sec.gov and Pembina's website at www.pembina.com . Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in operations and general and administrative expense) and unrealized gains or losses on commodity-related derivative financial instruments. The exclusion of unrealized gains or losses on commodity-related derivative financial instruments eliminates the non-cash impact of such gains or losses. Adjusted EBITDA also includes adjustments to earnings for losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. In addition, Pembina's proportionate share of results from investments in equity accounted investees with a preferred interest is presented in adjusted EBITDA as a 50 percent common interest . These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. The equivalent historical non-GAAP financial measure to 2025 adjusted EBITDA guidance is adjusted EBITDA for the year ended December 31, 2023. Adjusted EBITDA from Equity Accounted Investees In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Net earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA. Proportionately Consolidated Debt-to-Adjusted EBITDA Proportionately Consolidated Debt-to-Adjusted EBITDA is a non-GAAP ratio that management believes is useful to investors and other users of Pembina’s financial information in the evaluation of the Company’s debt levels and creditworthiness. View source version on businesswire.com : https://www.businesswire.com/news/home/20241212048876/en/ CONTACT: For further information:Pembina Investor Relations (403) 231-3156 1-855-880-7404 investor-relations@pembina.com www.pembina.com KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: OIL/GAS ENERGY LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT UTILITIES SOURCE: Pembina Pipeline Corporation Copyright Business Wire 2024. PUB: 12/12/2024 05:05 PM/DISC: 12/12/2024 05:06 PM http://www.businesswire.com/news/home/20241212048876/en