CALGARY, May 8, 2014 /PRNewswire/ - 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