CALGARY, July 7, 2016 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA)
announced today that its Board of Directors declared a common share
cash dividend for July 2016 of
$0.16 per share to be paid, subject
to applicable law, on August 15, 2016
to shareholders of record on July 25,
2016.
For shareholders receiving their common share dividends in U.S.
funds, the July 2016 cash dividend is
expected to be approximately U.S. $0.1235 per share (before deduction of any
applicable Canadian withholding tax) based on a currency exchange
rate of 0.7717. 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.
Pembina's Board of Directors
also declared quarterly dividends for the Company's preferred
shares, Series 1, 3, 5, 7, 9 and 11, and an initial dividend on the
Series 13 Preferred Shares. Future dividends on the Series 13
Preferred Shares are expected to be $0.359375 quarterly, or $1.4375 per share on an annualized basis for the
initial fixed rate period to but excluding June 1, 2021. All preferred share dividends are
payable on September 1, 2016 to
shareholders of record on August 1,
2016.
Series
|
|
|
|
Dividend
Amount
|
Preferred Shares,
Series 1 (PPL.PR.A)
|
|
|
|
$0.265625
|
Preferred Shares,
Series 3 (PPL.PR.C)
|
|
|
|
$0.293750
|
Preferred Shares,
Series 5 (PPL.PR.E)
|
|
|
|
$0.312500
|
Preferred Shares,
Series 7 (PPL.PR.G)
|
|
|
|
$0.281250
|
Preferred Shares,
Series 9 (PPL.PR.I)
|
|
|
|
$0.296875
|
Preferred Shares,
Series 11 (PPL.PR.K)
|
|
|
|
$0.359375
|
Preferred Shares,
Series 13 (PPL.PR.M)
|
|
|
|
$0.5002
|
These dividends are designated "eligible dividends" for Canadian
income tax purposes. For non-resident shareholders, Pembina's common share dividends should be
considered "qualified dividends" and may be subject to Canadian
withholding tax.
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. Dividends on the preferred shares
are payable on the 1st day of March, June, September and
December in each year, if, as and when declared by the Board of
Directors. Should the record date or payment date fall on a weekend
or holiday, the business day prior to the weekend or holiday
becomes the record or payment date, as applicable.
Second Quarter Conference Call and Webcast
Pembina will release its second
quarter 2016 results on Thursday, August 4,
2016 after markets close. A conference call and webcast have
been scheduled for Friday, August 5,
2016 at 8:00 a.m. MT
(10:00 a.m. ET) for interested
investors, analysts, brokers and media representatives.
The conference call dial-in numbers for Canada and the U.S. are 647-427-7450 or
888-231-8191. A recording of the conference call will be available
for replay until August 12, 2016 at
11:59 p.m. ET. To access the replay,
please dial either 416-849-0833 or 855-859-2056 and enter the
password 92807889.
A live webcast of the conference call can be accessed on
Pembina's website at
www.pembina.com under Investor Centre, Presentation & Events,
or by entering:
http://event.on24.com/r.htm?e=1102323&s=1&k=86B5BF77743D6BB8EF8F433AEBA485ED
in your web browser. Shortly after the call, an audio archive will
be posted on the website for a minimum of 90 days.
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 of
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 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 and preferred shares, the dividend payment and the tax
treatment thereof. 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, 2015,
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