CALGARY, Aug. 9, 2013 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA)
announced today that its Board of Directors approved an 3.7 percent
increase in its monthly dividend rate (from $0.135 per common share to $0.14 per common share) and declared a monthly
dividend of $0.14 payable, subject to
applicable law, on September 13, 2013
to shareholders of record on August 25,
2013. This dividend is designated an "eligible dividend" for
Canadian income tax purposes. For non-resident shareholders,
Pembina's dividends are considered "qualified dividends" and are
subject to Canadian withholding tax.
Bob Michaleski, Pembina's Chief
Executive Officer, commented: "We are very pleased to report an
increase in our dividend, reflecting our continued commitment to
enhance long-term returns for our shareholders. This increase
demonstrates our ongoing confidence in the Company's solid
fundamentals, growing and sustainable cash flows from existing
businesses, and fee-for-service focused growth profile."
For shareholders receiving their dividends in U.S. funds, the
August 2013 cash dividend is expected
to be approximately U.S. $0.136 per
share (before deduction of any applicable Canadian withholding tax)
based on a currency exchange rate of 0.9706. 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 Date Policy
Pembina pays cash dividends 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), 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.
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.
SOURCE Pembina Pipeline Corporation