CALGARY, May 8, 2014 /CNW/ - Pembina Pipeline Corporation ("Pembina" or
the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of
Directors approved a 3.6 percent increase in its monthly common share
dividend rate (from $0.14 per common share to $0.145 per common share)
and declared a monthly dividend of $0.145 payable, subject to
applicable law, on June 13, 2014 to shareholders of record on May 25,
2014. This dividend is designated an "eligible dividend" for Canadian
income tax purposes. For non-resident shareholders, Pembina's common
share dividends are considered "qualified dividends" and are subject to
Canadian withholding tax.
"We are pleased to announce an increase in our monthly common share
dividend," said Mick Dilger, Pembina's President and Chief Executive
Officer. "This increase reflects our ongoing confidence in the
Company's solid fundamentals, growing and sustainable cash flows from
existing businesses and new assets and expansions that have been
recently placed into service, and our fee-for-service focused growth
profile totaling over $7 billion of potential projects. As always,
Pembina remains committed to enhancing long-term returns for our
shareholders."
For shareholders receiving their common share dividends in U.S. funds,
the May 2014 cash dividend is expected to be approximately U.S. $0.1335
per share (before deduction of any applicable Canadian withholding tax)
based on a currency exchange rate of 0.921. The actual U.S. dollar
dividend will depend on the Canadian/U.S. dollar exchange rate on the
payment date and will be subject to applicable withholding taxes.
Confirmation of Record and Payment Date Policy
Pembina pays cash dividends on its common shares in Canadian dollars on
a monthly basis to shareholders of record on the 25th calendar day of
each month (except for the December record date, which is December
31st), if, as and when determined by the Board of Directors. Should the
record date fall on a weekend or a statutory holiday, the effective
record date will be the previous business day. The dividend payment
date is the 15th of the month following the record date. Should the
payment date fall on a weekend or on a holiday the business day prior
to the weekend or holiday becomes the payment date.
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 60 years. Pembina owns and operates pipelines that
transport various hydrocarbon liquids including conventional and
synthetic crude oil, heavy oil and oil sands products, condensate
(diluent) and natural gas liquids produced in western Canada. The
Company also owns and operates 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
spans 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 Information and Statements
This news release contains certain forward-looking information and
statements that are based on Pembina's current expectations, estimates,
projections and assumptions in light of its experience and its
perception of historical trends. In this news release, such
forward-looking information and statements can be identified by
terminology such as "to be", "expects", and similar expressions.
In particular, this news release contains forward-looking statements and
information relating to: future dividends which may be declared on
Pembina's common shares, Pembina's corporate strategy, and capital
expenditure estimates. These forward-looking statements are being made
by Pembina based on certain assumptions that Pembina has made in
respect thereof as at the date of this news release, regarding, among
other things: oil and gas industry exploration and development activity
levels; the success of Pembina's operations and growth projects;
prevailing commodity prices, margins, volumes and exchange rates; that
Pembina's future results of operations will be consistent with past
performance and management expectations in relation thereto; the
continued availability of capital at attractive prices to fund future
capital requirements relating to existing assets and projects,
including but not limited to future capital expenditures relating to
expansion, upgrades and maintenance shutdowns; the success of growth
projects; future operating costs; that any third party projects
relating to Pembina's growth projects will be sanctioned and completed
as expected; that any required commercial agreements can be reached;
that all required regulatory and environmental approvals can be
obtained on the necessary terms in a timely manner; that counterparties
to material agreements will continue to perform in a timely manner;
that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material construction,
integrity or other costs related to current growth projects or current
operations. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties, including, but not limited to: the regulatory
environment and decisions; non-performance of agreements in accordance
with their terms; 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; actions by governmental or regulatory authorities
including changes in tax laws and treatment, changes in royalty rates
or increased environmental regulation; adverse general economic and
market conditions in Canada, North America and elsewhere; fluctuations
in operating results; construction delays; labour and material
shortages; and certain other risks detailed from time to time in
Pembina's public disclosure documents including, among other things,
those detailed under the heading "Risk Factors" in Pembina's
management's discussion and analysis and annual information form for
the year ended December 31, 2013, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by
the above statements. 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.
SOURCE Pembina Pipeline Corporation