CALGARY, May 5, 2015 /CNW/ - Pembina Pipeline Corporation
("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today
that its Board of Directors approved a 5.2 percent increase in its
monthly common share dividend rate (from $0.145 per common share to $0.1525 per common share) and declared a monthly
dividend of $0.1525 payable, subject
to applicable law, on June 15, 2015
to shareholders of record on May 25,
2015. This dividend is designated an "eligible dividend" for
Canadian income tax purposes. For non-resident shareholders,
Pembina's common share dividends
should be considered "qualified dividends" and are subject to
Canadian withholding tax.
"For the fourth consecutive year, we are pleased to provide our
shareholders with an increase in our monthly common share
dividend", said Scott Burrows,
Pembina's Vice President Finance
and Chief Financial Officer. "This increase reflects management's
confidence in our diversified asset portfolio and our growing
fee-for-service-based cash flows which, combined with our strong
operations, continue to add stability to our overall business.
Maintaining Pembina's ongoing
commitment to enhancing shareholder value through the growth of our
business and dividend increases remains a key focus for our
Company."
For shareholders receiving their common share dividends in U.S.
funds, the May 2015 cash dividend is
expected to be approximately U.S. $0.1267 per share (before deduction of any
applicable Canadian withholding tax) based on a currency exchange
rate of 0.8306. 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 over 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 and ethane produced in North Dakota. 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, the dividend payment date, and the tax treatment thereof,
and Pembina's corporate strategy.
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, 2014,
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