CALGARY, Alberta, April
21, 2016 /PRNewswire/ -- Pembina Pipeline Corporation
("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) is pleased to announce that the Company has
received approval from the Alberta Energy Regulator ("AER")
relating to the construction of two 270 kilometre, 24 and 16 inch
pipelines between Fox Creek and
Namao, Alberta (the "Fox Creek to Namao Pipelines"), as part of a
series of projects that form the Company's Phase III Expansions
("Phase III Expansion").
Once complete, Pembina will
have four pipelines in the Fox
Creek to Namao corridor,
with an initial total design capacity across the Company's Peace
and Northern systems of approximately 900,000 barrels per day that
can be further expanded through the addition of pump stations to
reach an ultimate capacity of approximately 1.2 million barrels per
day. Each of the four pipelines will transport different products
(crude oil, condensate, propane-plus and ethane-plus) creating
optimal flexibility for Pembina's
customers. The construction of the Fox
Creek to Namao Pipelines represents a significant portion of
the overall Phase III Expansion program.
"Our Phase III Expansion program is the largest capital project
in Pembina's history and is poised
to have a transformative impact on the future of our company," said
Paul Murphy, Pembina's Senior Vice President, Pipeline and
Crude Oil Facilities.
"Receiving the approvals to complete the Fox Creek to Namao Pipelines is a major
milestone for us and concludes the comprehensive and rigorous
regulatory and environmental review that we had initiated over two
years ago. Our company has devoted extensive time and effort
working on this thorough review and I am pleased by the positive
outcome," said Mr. Murphy. "I also personally want to thank all of
our staff and external stakeholders that participated in the
hearing process and commend all of their considerable efforts and
dedication throughout this undertaking."
"Further, we believe the Fox
Creek to Namao pipeline
approval is encouraging news for our customers, as additional
capacity on our system continues to be in demand post our recent
NGL, crude oil and condensate Phase II Expansion that went into
service in 2015," concluded Mr. Murphy.
Overall, the project is tracking on time and under budget and
the Company continues to anticipate an in service date of mid-2017
for the entire Phase III Expansion program.
Pembina is committed to working
with all stakeholders by building trusting relationships and
operating its business in a safe and responsible manner.
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 over 60 years. Pembina owns and operates an integrated system
of pipelines that transport various products derived from natural
gas and hydrocarbon liquids produced in western Canada and North
Dakota. The Company also owns and operates gas gathering and
processing facilities and an oil and natural gas liquids
infrastructure and logistics business. Pembina's integrated assets and commercial
operations along the entire hydrocarbon value chain allow it to
offer a full spectrum of midstream and marketing services to the
energy sector. Pembina is
committed to working with its community and aboriginal neighbours,
while providing value for investors in a safe, environmentally
responsible manner. This balanced approach to operating ensures the
trust Pembina builds among all its
stakeholders is sustainable over the long-term. Pembina's common shares trade on the
Toronto and New York stock exchanges under PPL and PBA
respectively. For more information, visit www.pembina.com.
Forward-Looking Statements & Information
This news release contains certain forward-looking statements
and information (collectively, "forward-looking 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 some
cases, forward-looking statements can be identified by terminology
such as "expects", "will", "would", "can", "plans", "anticipates",
"schedule", and similar expressions suggesting future events or
future performance.
In particular, this document contains forward-looking
statements, pertaining to, without limitation, the following:
planning, construction, capital expenditure estimates, schedules,
expected capacity, incremental volumes, in-service dates, rights,
activities and operations with respect to the Phase III Expansion
program; the ongoing utilization and expansions of and
additions to Pembina's business
and asset base, growth and growth potential; the development and
expected timing of new business initiatives and growth
opportunities and the benefits thereof.
The forward-looking statements are 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 and the geographic region of such
activity; ongoing utilization and future expansion, development,
growth and performance of Pembina's business and asset base; future
demand for processing, fractionation and pipeline transportation
services and new opportunities; prevailing commodity prices and
exchange rates and the ability of Pembina to maintain current credit ratings;
future operating costs; geotechnical and integrity costs; 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 will comply
with contracts in a timely manner; that there are no unforeseen
material costs relating to the facilities which are not recoverable
from customers; interest and tax rates; prevailing regulatory, tax
and environmental laws and regulations; maintenance of operating
margins; the amount of future liabilities relating to environmental
incidents; and the availability of coverage under Pembina's insurance policies (including in
respect of Pembina's business
interruption insurance policy).
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. 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 impact of competitive entities and pricing;
labour and material shortages; strength and operations of the oil
and natural gas production industry and related commodity prices;
non-performance or default by counterparties to agreements which
Pembina or one or more of its
affiliates has entered into in respect of its business; actions by
governmental or regulatory authorities including changes in tax
laws and treatment, changes in royalty rates or increased
environmental regulation; fluctuations in operating results;
adverse general economic and market conditions in Canada, North
America and elsewhere, including changes in interest rates,
foreign currency exchange rates and commodity prices; 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, 2015
which is available at www.sedar.com. This list of risk factors
should not be construed as exhaustive.
Readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted
or projected. The forward-looking statements contained in this news
release speak only as of the date of this news release.
Pembina does not undertake any
obligation to publicly update or revise any forward-looking
statements contained herein, except as required by applicable laws.
The forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Pembina Pipeline® is a registered trademark of
Pembina Pipeline Corporation.
For further information: Investor Inquiries: Scott Burrows, Vice President, Finance &
Chief Financial Officer, (403) 231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com, www.pembina.com; Media Inquiries:
Tanis Fiss, Supervisor, External
Communications, (403) 231-7500