|Pembina Pipeline Corporation - PPL.t is using a strong record of profitable growth to expand beyond the core business of operating conventional crude oil and natural gas liquids feeder pipelines.|
The company now provides a full spectrum of midstream and marketing services, gas gathering and processing, as well as transportation support to Alberta’s oil sands industry.
"Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the first quarter of 2016.
- Realized record revenue volumes for the second consecutive quarter; Conventional Pipelines also reached record volumes with an average of 670 mbpd;
- Safely placed over $740 million assets into service, including $226 million in the first quarter of 2016 and an estimated$515 million subsequent to quarter end relating to RFS II, Musreau III and the Resthaven Expansion (as defined below);
- Achieved Adjusted EBITDA of $269 million, 12 percent or $28 million higher than the first quarter of 2015;
- Cash flow from operating activities increased by 126 percent to $271 million ($0.72 per common share-basic) as compared to the first quarter of 2015;
- Closed a $566 million (including closing adjustments) acquisition of a 250 MMcf/d gas processing plant and associated midstream infrastructure from Paramount Resources subsequent to quarter end;
- Received regulatory and environmental approval for the 270 kilometre, 24 and 16 inch Fox Creek to Namao, Albertapipeline portion of Pembina's Phase III Expansion;
- Increased the monthly dividend by 4.9 percent from $0.1525 per common share per month (or $1.83 annually) to $0.16per common share per month (or $1.92 annually), effective for the dividend payable on May 13, 2016;
- Raised $765 million including $170 million through a preferred share issuance, $345 million through a common share issuance and, subsequent to quarter end, an additional $250 million through a preferred share issuance; and
- Increased Pembina's unsecured revolving credit facility from $2 billion to $2.5 billion.