CALGARY, Sept. 4, 2013 /CNW/ - The Board of Directors of Pembina
Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA)
announced today that Bob Michaleski, Pembina's Chief Executive Officer
("CEO"), plans to retire at the end of 2013 after 35 years of service
with the Company. The Board also announced that Mick Dilger, Pembina's
President and Chief Operating Officer ("COO"), will succeed Bob as CEO
effective January 1, 2014, at which time, he will also be appointed to
the Company's Board of Directors. Mr. Michaleski will continue to serve
as a member of Pembina's Board of Directors.
"Bob has had a distinguished career at Pembina and has worked tirelessly
on behalf of Pembina's employees, customers and shareholders to deliver
on our promises," says Lorne Gordon, Chairman of the Board. "On behalf
of the Board of Directors, management and Pembina's employees, I'd like
to thank him and recognize him for his role in creating the Pembina we
know today. When Bob took over leadership, Pembina's total enterprise
value was $450 million and, at present, it is over $12.5 billion.
Further, over his tenure, the Company's annual shareholder return based
on dividends and price appreciation has been an impressive 600 percent,
representing a compound annual growth rate of approximately 16 percent,
and total dividends paid to shareholders are approximately $2.5
billion."
"Mr. Michaleski has overseen Pembina's transformation from an
Alberta-based oil pipeline company into one of North America's leading
integrated energy transportation and midstream service companies. The
success of this transformation is, in part, due to Bob's focus on
developing talent and allowing emerging leaders, like Mick, the
opportunity to steer Pembina towards new, value-added initiatives,"
added Mr. Gordon.
Mr. Gordon also noted: "Mick, who has worked closely with Bob and the
Board for many years, was identified early on in his career with
Pembina as a potential candidate for the role of CEO due to his strong
operational focus, business development acumen and leadership
abilities. He was the driving force behind the development of Pembina's
midstream services in 2005 and his vision for the Company helped lead
to the acquisition of Provident Energy Ltd. ("Provident") in 2012. In
his various roles at Pembina, Mick has also demonstrated his unwavering
commitment to safe and reliable operations by implementing
industry-leading programs and procedures designed to ensure Pembina
maintains its social license to operate. We look forward to Mick
joining the Board and working with both him and Bob during this
transitional period over the next few months."
Bob joined Pembina in 1978. He was appointed Vice President of Finance
in 1992 and added the responsibility of Chief Financial Officer to his
role in connection with Pembina's initial public offering in 1997. Bob
held the position of President and Chief Executive Officer from January
2000 until February 2012, when he transitioned the role of President to
Mick.
"It has been an honour to have led Pembina over the past 14 years. I
have been privileged to work with such a supportive and respected Board
of Directors, a top-notch management team and fellow employees whose
dedication and motivation inspire me every day," said Mr. Michaleski.
"The successes of our Company have truly been a team effort and I'm
proud of what we have accomplished together. The future for Pembina has
never looked brighter and I know the Company we have built is in the
best of hands as I transition the role of CEO over to Mick and pursue
retirement. Mick has the expertise, business skills and most
importantly, the vision, to see Pembina into the future."
Mick Dilger joined Pembina as Vice President, Business Development in
2005 - a role he held until 2008. In November 2008, he was appointed
Chief Operating Officer and in 2012 he added the role of President to
his portfolio. Mick has over 26 years of experience in the energy
industry and has provided leadership in the areas of operational
performance and improvement, strategic development, acquisitions and
divestitures and finance.
"I am looking forward to all this role brings - both the opportunities
and the challenges," said Mick. "Through and after the change in
leadership, it will be business as usual at Pembina and I am confident
the future will look much like the past. As always, our main focus will
be on ensuring the safety and reliability of our operations, while
executing on our business strategy to help maximize long-term and
sustainable returns for our shareholders."
Stu Taylor, VP Gas Services, and Paul Murphy, VP Conventional Pipeline
Services, have also been promoted to the newly created positions of
Senior VP, NGL & Natural Gas Facilities and Senior VP, Pipeline & Crude
Oil Facilities, respectively. This structure better reflects the
bundled integrated services being sought by Pembina's customers.
After 28 years of service with Pembina, Peter Robertson, the Company's
CFO, has advised that he intends to retire at the end of 2014.
Today's announcement follows several key milestones for Pembina:
including the successful acquisition of Provident and associated
dividend increase in 2012 and 2013; record financial and operating
results for the full year of 2012 and first two quarters of 2013; and
the Company's un-risked capital spending portfolio of approximately $6
billion.
About Pembina
Calgary-based Pembina Pipeline Corporation is a leading transportation
and midstream service provider that has been serving North America's
energy industry for nearly 60 years. Pembina owns and operates:
pipelines that transport conventional and synthetic crude oil,
condensate and natural gas liquids produced in western Canada; oil
sands, heavy oil and diluent pipelines; gas gathering and processing
facilities; and, an oil and natural gas liquids infrastructure and
logistics business. With facilities strategically located in western
Canada and in natural gas liquids markets in eastern Canada and the
U.S., Pembina also offers a full spectrum of midstream and marketing
services that span across its operations. Pembina's integrated assets
and commercial operations enable it to offer services needed by the
energy sector along the hydrocarbon value chain.
Forward-Looking Statements & Information
This document contains certain forward-looking statements and
information (collectively, "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation that are based on Pembina's current expectations,
estimates, projections and assumptions in light of its experience and
its perception of historical trends. In some cases, forward-looking
statements can be identified by terminology such as "expects", "will",
"estimate", "expand", "would", "could", "possible" and similar
expressions suggesting future events or future performance.
In particular, this document contains forward-looking statements
pertaining to, without limitation, the following: Pembina's business
objectives; the ongoing utilization and expansions of and additions to
Pembina's business and asset base and Pembina's growth and growth
potential. These forward-looking statements and information are being
made by Pembina based on certain assumptions that Pembina has made in
respect thereof as at the date of this document including those
discussed below.
With respect to forward-looking statements contained in this document,
Pembina has made assumptions regarding, among other things: ongoing
utilization and future expansion, development, growth and performance
of Pembina's business and asset base; future demand for gas processing
and transportation services; and future levels of oil and natural gas
development.
Although Pembina believes the expectations and material factors and
assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that these
expectations, factors and assumptions will prove to be correct. Readers
are cautioned that events or circumstances could cause results to
differ materially from those predicted, forecasted or projected. By
their nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements and
information.
None of the forward-looking statements described above are guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties, including, but not limited to: the impact of
competitive entities and pricing; reliance on key industry partners,
alliances and agreements; the strength and operations of the oil and
natural gas production industry and related commodity prices; the
continuation or completion of third- party projects; regulatory
environment and inability to obtain required regulatory approvals; tax
laws and treatment; fluctuations in operating results; lower than
anticipated results of operations and accretion from Pembina's business
initiatives; reduced amounts of cash available for dividends to
shareholders; the ability of Pembina to raise sufficient capital (or to
raise capital on favourable terms) to complete future projects and
satisfy future commitments.
The forward-looking statements contained in this document speak only as
of the date of this document. Pembina does not undertake any obligation
to publicly update or revise any forward-looking statements or
information contained herein, except as required by applicable laws.
The forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
All financial figures are in Canadian dollars, unless otherwise noted.
Pembina Pipeline® is a registered trademark of Pembina Pipeline
Corporation.
SOURCE: Pembina Pipeline Corporation
