CALGARY, Alberta, April 27, 2015 /PRNewswire/ -- Pembina Pipeline
Corporation ("Pembina" or "the
Company") (TSX: PPL; NYSE: PBA) announced that it has placed its
Phase II low vapour pressure ("LVP"), crude oil and condensate
pipeline expansion ("Phase II LVP Expansion") into service.
The Phase II LVP Expansion, which is underpinned by long-term
contracts with Pembina's
customers, was commissioned on April 8,
2015 and was placed into service on April 24, 2015, adding an incremental 55,000
barrels per day ("bpd") on the Company's Peace Pipeline System and
bringing total capacity on this line to over 250,000 bpd.
"We are very pleased to be placing this expansion into service
as it will help alleviate volume constraints on our systems for our
customers," said Jason Wiun,
Pembina's Vice President,
Conventional Pipelines. "With the additional capacity this
expansion will provide, we're better able to get our customers'
product to market. Further, the completion of this project is good
news for our shareholders as it adds to our growing
fee-for-service-based cash flow stream."
Including capital to be spent on post-construction clean up,
Pembina expects the cost of the
Phase II LVP Expansion to be $350
million.
Mick Dilger, Pembina's President and Chief Executive
Officer commented: "I am happy to report that the Phase II LVP
Expansion was completed on budget with an impressive safety record.
Employees worked over 350,000 man hours on this project and drove
over 1.8 million kilometres with no lost time injuries, yet another
demonstration of Pembina's
commitment to executing our growth projects safely and
responsibly."
"Our other pipeline expansion programs are also progressing
well," added Mr. Dilger. "So far in 2015, we've brought into
service 70 kilometers of new pipeline associated with our Phase III
crude oil, condensate and natural gas liquids expansion and we're
on track to bring the 53,000 bpd natural gas liquids component of
the Phase II expansion into service in the third quarter of this
year. These projects are directly aligned with our goal of meeting
our customers' needs through a truly integrated approach across the
value chain."
Revised Time for Pembina's
First Quarter 2015 Conference Call and Webcast
Pembina has revised the time of
its first quarter 2015 conference call and webcast to 9:00 a.m. MT (11:00 a.m.
ET) on May 6, 2015 to avoid
scheduling conflicts with other issuers hosting their conference
calls the same morning. The Company will release its first quarter
2015 results on Tuesday, May 5, 2015
after markets close as originally planned.
The conference call dial in numbers and webcast information
remain the same:
Dial-in: 647-427-7450 or 888-231-8191
Webcast:
http://event.on24.com/r.htm?e=908217&s=1&k=3CBBA333217BC5D02A0E39F7BF79BF93
Replay: 416-849-0833 or 855-859-2056, password 45391386
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 hydrocarbon liquids including
conventional and synthetic crude oil, heavy oil and oil sands
products, condensate (diluent) and NGL 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 NGL infrastructure and logistics business. With facilities
strategically located in western Canada and in NGL 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 Statements & Information
This document contains certain forward-looking statements and
information (collectively, "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation 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" and similar expressions suggesting future events or future
performance.
In particular, this document contains forward-looking
statements pertaining to, without limitation, the following: the
Phase II LVP Expansion including the anticipated benefits of the
Phase II LVP Expansion to Pembina;
the planned capacity of the Phase II LVP Expansion; the anticipated
capital expenditures related to the Phase II LVP Expansion; the
expected in-service date of the natural gas liquids component of
the Phase II expansion; and the ongoing utilization and expansions
of and additions to Pembina's
business and asset base, growth and growth potential. These
forward-looking statements and information are being made by
Pembina based on certain
assumptions that Pembina has made
in respect thereof as at the date of this document including those
discussed below.
With respect to forward-looking statements contained in this
document, Pembina has made
assumptions regarding, among other things: ongoing utilization and
future expansion, development, growth and performance of
Pembina's business and asset base;
future demand for transportation services; future levels of oil and
natural gas development; that third parties will provide any
necessary support; that any third-party projects relating to the
growth projects will be sanctioned and completed as expected; 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 events preventing the performance of contracts or the
completion of the relevant facilities; and that there are no
unforeseen material costs relating to the facilities which are not
recoverable from customers.
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. Readers are cautioned
that events or circumstances could cause results to differ
materially from those predicted, forecasted or projected. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements and
information.
None of the forward-looking statements described above are
guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties, including, but not
limited to: the failure to realize the anticipated benefits of the
the Phase II LVP Expansion; 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; tax laws and treatment;
fluctuations in operating results; lower than anticipated results
of operations and accretion from Pembina's business initiatives; the ability of
Pembina to raise sufficient
capital (or to raise capital on favourable terms) to complete
future projects and satisfy future commitments.
The forward-looking statements contained in this document
speak only as of the date of this document. 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. The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
Pembina Pipeline® is a registered trademark of
Pembina Pipeline Corporation.
Investor Inquiries: Scott
Burrows, Vice President, Finance & Chief Financial
Officer, (403) 231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com; Media Inquiries: Tanis Fiss, Supervisor, External Communications,
(403) 817-7131, e-mail: media@pembina.com