Pembina Pipeline (PBA) said late Wednesday that the Toronto Stock Exchange approved the renewal of its normal course issuer bid to buy up to 5% of its issued and outstanding common shares.

Under the NCIB, Pembina may repurchase common shares starting May 19. The program will remain in effect until May 18, 2027, unless the company repurchases the maximum number of shares allowed or decides to end the buyback earlier.

As of May 5, Pembina had 581.4 million common shares issued and outstanding and may repurchase up to 29.1 million common shares under the NCIB.

The company said shares purchased under the NCIB will be cancelled.

Pembina's previous NCIB, which allowed for the repurchase of up to 29 million common shares, expires Friday. The company said it did not repurchase any shares under the program.