HOUSTON, December 16, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) on a 12-year liquefaction capacity agreement with Ovintiv Inc. for 0.5 million tonnes per annum (mtpa) at Pembina's Cedar LNG facility in British Columbia.

The synthetic liquefaction service agreement provides Pembina with a stable, long-term, take-or-pay revenue stream with potential for incremental value enhancement. Under the agreement, Pembina will provide transportation and liquefaction capacity to Ovintiv, enabling the Canadian natural gas producer to access diversified, higher-value global markets.

The transaction is similar to a November transaction in which Baker Botts advised Pembina on a 20-year agreement with PETRONAS for 1.0 mtpa. Combined, the two deals lock in buyers for all of Pembina's capacity.

The US$4 billion Cedar LNG facility, a partnership between Pembina and the Haisla Nation, is designed to be among the world's lowest carbon intensity LNG facilities.

Baker Botts Lawyers/Offices Involved:

Energy Transactions: David Jetter (Partner, Houston); Megan Young (Senior Associate, Houston); Haekyong Min (Associate, Houston)

Tax: Jon Lobb (Partner, Houston)

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