Anything to explain such a drop?
EPS of 80c beat estimates of 76c; revenue of $2.28B beat estimates of $2.07B. EBITDA of $1.16B beat estimates by 3.3%. But the stock declined as EBITDA could decline slightly in 2Q as comparisons after the Alliance Pipeline and Aux Sable acquisitions that closed in April 2024 become more challenging. Tolls at Alliance could come down following a regulatory review set to conclude June 30. Planned maintenance at Aux Sable, certain PGI facilities and its Redwater Complex will likely limit throughput and EBITDA in 2Q. The Pipelines business may also be limited by lower Cochin tolls, while the Whitecap and Veren deals might offset some weakness and aid the Facilities unit. Following 1Q outperformance in Marketing and New Ventures, NGL margin and volume could decrease, driving a drop in Ebitda. Despite a strong 1Q, Pembina just reiterated and did not raise 2025 Ebitda guidance at C$4.2-C$4.5 billion. Debt reduction has been a priority for excess free cash flow, though Pembina could consider buybacks amid share price volatility. The stock had been strong prior to this report, and we would stay comfortable here longer term, with valuation at 17X earnings and a solid 5.5% dividend, which was raised 2.8% on Thursday.