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Overview of Pembina Pipeline Corporation
Pembina Pipeline Corporation (NYSE: PBA) is a leading North American energy transportation and midstream service provider with over 70 years of experience in the industry. The company owns and operates an extensive network of pipelines, gas gathering and processing facilities, and hydrocarbon storage and export terminals. These assets are strategically located in Western Canada, Eastern Canada, and the United States, enabling Pembina to play a critical role in connecting energy producers with end markets across the continent and beyond.
Core Business Areas
Pembina's operations are organized into three primary segments:
- Pipeline Transportation: Pembina owns and operates pipelines that transport a wide range of hydrocarbon products, including conventional and synthetic crude oil, heavy oil, oil sands products, condensate, and natural gas liquids (NGLs). These pipelines provide reliable and cost-effective transportation solutions for producers in Western Canada and the U.S.
- Gas Gathering and Processing: The company operates an extensive network of gas gathering systems and processing facilities. These assets are designed to capture and process natural gas and its associated liquids, ensuring efficient and environmentally responsible operations.
- Midstream and Marketing Services: Pembina offers a full spectrum of midstream services, including fractionation, storage, and marketing of natural gas liquids. Its integrated approach allows the company to provide customized solutions that meet the diverse needs of its customers.
Integrated Value Chain
One of Pembina's key differentiators is its integrated value chain, which spans the entire hydrocarbon lifecycle. From transportation and processing to storage and marketing, Pembina's interconnected assets and commercial operations enable it to deliver seamless energy solutions. This integration not only enhances operational efficiency but also provides customers with a one-stop-shop for their midstream needs.
Geographic and Strategic Advantage
Pembina's assets are strategically located in energy-rich regions such as Western Canada and key natural gas liquids markets in Eastern Canada and the U.S. This geographic positioning allows Pembina to capitalize on proximity to major production basins like the Montney and Duvernay formations, as well as access to export markets. The company's export terminals further extend its reach, enabling international trade and enhancing its competitive positioning.
Competitive Landscape
Pembina operates in a highly competitive midstream sector, facing competition from other large players such as Enbridge and TC Energy. However, Pembina's integrated asset base, geographic focus, and ability to provide end-to-end solutions set it apart. Its commitment to operational excellence and customer service further strengthens its market position.
Challenges and Opportunities
Like other companies in the energy sector, Pembina faces challenges such as regulatory scrutiny, environmental concerns, and market volatility. However, its diversified asset portfolio and integrated business model provide resilience against these challenges. Additionally, Pembina's focus on innovation and strategic partnerships positions it to capitalize on emerging opportunities in the energy transition and infrastructure development.
Significance in the Energy Industry
As a critical link in the energy value chain, Pembina plays a vital role in ensuring the safe and efficient transportation and processing of hydrocarbons. Its operations not only support energy producers but also contribute to the reliability and sustainability of North America's energy infrastructure. By leveraging its extensive experience and strategically located assets, Pembina continues to deliver value to its customers, investors, and communities.
Pembina Pipeline Corporation (NYSE: PBA) has declared a cash dividend of $0.2175 per share for November 2022, payable on December 15, 2022, to shareholders recorded by November 25, 2022. This dividend is considered an "eligible dividend" for Canadian tax purposes. For U.S. investors, the expected dividend is approximately $0.1596 per share, subject to exchange rates and withholding taxes. Pembina plans to transition to quarterly dividends beginning in March 2023, moving away from the current monthly payment structure.
Pembina Pipeline Corporation (PBA) reported strong third-quarter results for 2022, with earnings of CAD 1.8 billion, including a CAD 1.1 billion gain from asset sales. Adjusted EBITDA rose to CAD 967 million, driven by high marketing performance and increased pipeline volumes. The company raised its 2022 adjusted EBITDA guidance to CAD 3.625 - 3.725 billion. Pembina increased its dividend by 3.6% and repurchased 6.3 million common shares since late 2021. Notably, the Ruby Pipeline faced challenges due to bankruptcy, impacting overall contributions. The company remains optimistic about future growth amid strong industry dynamics.
Pembina Pipeline Corporation (NYSE: PBA) announced the redemption of its 12 million issued Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 23 on November 15, 2022, at a price of $25.00 per share, totaling $300 million. This redemption will occur after the final quarterly dividend of $0.328125 on the same date. The company has informed the registered holder of the shares and advised non-registered holders to consult their brokers for redemption procedures.
Pembina Pipeline Corporation has declared a common share cash dividend of $0.2175 per share for October 2022, payable on November 15, 2022. Shareholders of record on October 25, 2022 will qualify. The dividend is designated as an 'eligible dividend' for Canadian tax purposes. For non-residents, it is a 'qualified dividend,' subject to withholding tax. Additionally, various preferred share dividends were announced with payment dates from December 1, 2022, to January 3, 2023. Pembina will also release its third quarter results on November 3, 2022.
Pembina Pipeline Corporation announced that none of its Series 15 Preferred Shares will convert into Series 16 Shares on October 3, 2022. The decision comes after the company confirmed that fewer than 1,000,000 Series 15 Shares were tendered for conversion by the September 19, 2022 deadline. Pembina, a leading North American energy transportation and midstream service provider, has a robust infrastructure network supporting oil and gas logistics. The company continues to focus on delivering safe and reliable energy solutions.
Pembina Pipeline Corporation has declared a cash dividend of $0.2175 per share for September 2022, with payment scheduled for October 14, 2022. Shareholders on record by September 23, 2022 will qualify for this dividend. This reflects an increase of $0.0075 per share following the closing of the Pembina Gas Infrastructure transaction. For U.S. dividends, the payment is expected to be around $0.1655 per share, depending on the Canadian/U.S. exchange rate. The company maintains a monthly dividend policy, ensuring shareholder returns.
Pembina Pipeline Corporation (TSX: PPL, NYSE: PBA) announced it will not redeem the Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 15, on September 30, 2022. Shareholders can convert these into Series 16 Shares on October 3, 2022, subject to specific conditions. The Series 15 Shares will yield a 6.164% annual dividend from September 30, 2022, to September 30, 2027, while Series 16 Shares will offer a 6.238% floating rate for the first quarter. The dividend on Series 15 Shares payable on October 3, 2022, is $0.2790 per share.
Pembina Pipeline Corporation has appointed Cameron Goldade as Chief Financial Officer, concluding a thorough executive search. Goldade, who was interim CFO since November 2021, has extensive experience in energy finance. Concurrently, Henry Sykes will take over as Chair of the Board of Directors starting January 1, 2023, succeeding Randall Findlay, who will retire after 16 years. The leadership changes aim to enhance Pembina's strategic positioning in the midstream energy sector.
Pembina Pipeline Corporation (NYSE: PBA) has successfully completed its joint venture with KKR, establishing Pembina Gas Infrastructure Inc. (PGI), a major gas processing entity in Western Canada. PGI combines natural gas processing assets with a capacity of 5 billion cubic feet per day, enhancing service offerings in the Montney and Duverney formations. The Board of Directors has also approved a dividend increase of 3.6%, with the first increased dividend expected in September. This partnership aims to drive growth and operational efficiencies while benefiting stakeholders.
Pembina Pipeline Corporation (TSX: PPL, NYSE: PBA) has declared a cash dividend of $0.21 per common share for August 2022, payable on September 15, 2022, to shareholders of record by August 25, 2022. For U.S. shareholders, the dividend is expected to be approximately $0.1633 per share, subject to applicable Canadian withholding tax. Pembina distributes monthly dividends, emphasizing its commitment to delivering sustainable returns to its investors.
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