All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), which is a financial measure that is not defined by Generally Accepted Accounting Principles ("GAAP"). For more information see "Non-GAAP Measures" herein.

CALGARY, AB, Dec. 14, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) is pleased to provide its 2021 financial guidance, announce the reactivation of two previously deferred growth projects, and deliver an end-of-year business update. The Company is also providing an update on its joint venture petrochemical facility.

Summary

• Pembina expects 2021 adjusted EBITDA of $3.2 to $3.4 billion and a 2021 capital investment program of $785 million.
• The Company is re-activating the Phase VII Peace Pipeline Expansion and Empress Co-generation Facility growth projects.
• Pembina and its partner continue to evaluate their joint venture petrochemical facility, however the significant risks arising from the ongoing COVID-19 pandemic, most notably with respect to project costs, require the joint venture to suspend execution of the project indefinitely.
• The Company's 2021 capital investment program is fully funded by cash flow from operating activities after dividends at the low end of the adjusted EBITDA guidance range. Progressing towards the higher end of the guidance range will see Pembina generate incremental discretionary cash, which will be available for debt reduction, or opportunistic common share repurchases.
• Pembina intends to make an application for a normal course issuer bid, which would enable the repurchase of up to five percent of its outstanding common shares over a 12-month period.

Executive Comment

Pembina is proud of the results we have delivered throughout 2020 in the face of unprecedented challenges arising from the COVID-19 pandemic. Operationally, our staff, and the front-line workers in particular, have delivered safe, reliable and uninterrupted service for our customers despite a difficult and uncertain environment. Financially, the resilience and predictability of Pembina's business has once again been proven, as it was during the 2009 financial crisis and 2015 commodity price downturn, further validating our long-term strategy, recent diversification efforts and steadfast commitment to the Company's financial guardrails. Finally, everyone at Pembina has demonstrated great personal leadership and fortitude in adapting to new ways of working and supporting each other and our communities during this difficult year.

As we close out 2020, our attention is firmly on the future and the role Pembina will continue to play in providing essential transportation and midstream services to our customers and end users. These services ultimately ensure that our society has the essential energy needed to power businesses and hospitals, fuel cars, heat homes, cook food and support overall quality of life.

While the topic of energy transition has become more prominent over the past few months, Pembina believes that significant structural changes to the world's energy systems will have to evolve over many decades. Most credible third-party forecasts highlight the continued importance of oil and natural gas in powering the global economy. Even by 2050, it is estimated that total energy demand will continue to be met primarily by hydrocarbon energy, alongside a growing contribution from renewable energy. It remains our view that population growth and rising global living standards will continue to drive energy demand higher, and without affordable, reliable and clean energy, social progress may be significantly delayed or entirely at risk. That is why Pembina remains a proud provider of the services that get energy to where the world needs it. We are well positioned to support the growing use of natural gas to reduce global emissions and our proximity to Asia, and its growing energy demand, represents another strategic opportunity. Further, Pembina has many of the core competencies to adjust to a changing energy mix and is positioned to provide infrastructure services for new forms of energy, including energy produced from hydrogen, and carbon sequestration. Moreover, we stand shoulder-to-shoulder with our customers in ensuring Canadian energy is developed and delivered with leading environmental, social and governance ("ESG") standards and practices in place, making it the most ethically produced energy in the world. Pembina was proud to recently release our second full-length sustainability report, which highlights our strong track record as well as priorities for improvement going forward.

Looking more closely at the North American energy industry, for the first time in a while, Pembina views the opportunities in Canada more favorably than the U.S. in the near term owing to relatively lower decline rates, and producers, particularly in the mid-cap space, having comparably stronger balance sheets and a proven ability to live within their own cash flow.

The resilience that Pembina has demonstrated this year is due, in part, to the producing customers that have taken steps to protect their balance sheets and continue generating positive free cash flow despite the decline in commodity prices. While in most cases producers will need to see higher oil prices to grow production, their long-term development plans have been re-affirmed, as has the opportunity for Pembina to grow to meet their infrastructure needs. Overall industry activity levels have stabilized and are increasing, with a particularly promising growth outlook for the northeast British Columbia Montney and Duvernay areas. Pembina views the recent consolidation of oil and gas producers positively and expects more in the coming year. In our view, this consolidation will improve Pembina's overall counterparty credit profile and the combined entities will be generally better positioned to allocate capital to growth opportunities.

Pembina's positive outlook for the energy sector supports the re-start of two important growth projects, which is reflected in our 2021 guidance and capital budget, as discussed in detail below. After a challenging 2020, there is a renewed sense of focus and optimism at Pembina. In responding decisively to the COVID-19 pandemic, we effectively 'hit the pause button' and there is a sense of being able to 'hit play' again in early 2021 given progress on numerous vaccines and an expectation of a return to some economic normalcy.

Business Update

Conventional Pipelines

Pembina has seen activity in its conventional pipelines business steadily improve since the second quarter of 2020, following the rapid decline in commodity prices. Physical throughput in November and December remains stable and trending upward. Since the production lows experienced in late April and early May, Pembina has seen a recovery of approximately 100,000 barrels per day ("bpd") across its conventional pipeline systems, with 2020 exit rates equaling rates seen at the beginning of 2020. With the conventional systems currently operating at, or near, take-or-pay levels, there is tremendous operational leverage as incremental volumes will contribute directly to the Company's financial results.

Pembina has continued to secure firm service commitments on the Peace Pipeline system while extending many existing contracts in the process. Firm volume commitments will reach approximately one million bpd in 2023 and currently, the weighted average term of Peace and Northern pipeline contracts is approximately eight years.

Further, Pembina has minimal contracts expiring on Peace Pipeline in 2021 and continues to progress the renewal of the legacy Phase I and II contracts, which have staggered expiries through to 2027. Pembina has successfully renewed or replaced the Phase I and II contracts that expired in 2019 and 2020 and remains highly confident that the majority of the remaining contracts nearing maturity will be renewed, or their firm capacity resold, thus preserving the current earnings profile. This expectation is based on a variety of compelling factors including:

• the renewal rates on existing contracts are highly competitive;
• Pembina has the ability to transport the full spectrum of liquids, including crude oil, condensate, ethane-plus natural gas liquids ("NGL") mix and propane-plus NGL mix. Further, given the breadth and connectivity of its asset base, Pembina has the unmatched ability to manage off spec or 'grey-zone' condensate for its customers;
• Pembina's Peace, Northern and NEBC pipelines have been developed over decades including more than 150 laterals connecting remote production; storage for all commodity types; connectivity to all major fractionators and LVP delivery points; and integration with the Canadian Diluent Hub and storage terminals, providing unmatched flexibility and certainty, for all key resource plays in Alberta and British Columbia; and
• the Peace and Northern systems can facilitate transfers of capacity for customers with contracts across the system. Receipt point flexibility materially de-risks customer production decisions, allowing them to respond to market forces and changes to their drilling plans.

New Integrated Service Offering

Pembina is pleased to announce that it has entered, directly and through its joint venture affiliates, into long-term, take-or-pay agreements with Pipestone Energy Corp. ("Pipestone Energy") for a fully integrated service offering, including natural gas gathering and processing by Veresen Midstream and liquids transportation and fractionation services by Pembina. Pipestone Energy has also committed to acquire, subject to availability and compliance with regulatory and tariff requirements, long-term natural gas transportation on Alliance Pipeline. This arrangement will utilize available firm capacity at Veresen Midstream's Hythe expansion project and is underpinned by approximately 10-year take-or-pay contracts commencing in the fourth quarter of 2022. Volumes are expected to flow in advance of the commencement of the contracts, beginning in the fourth quarter of 2021. With this arrangement, the Hythe expansion project is now fully committed.

Acquisition of Empress Interest

Pembina has acquired an additional 11.25 percent interest in the Pembina Empress Extraction Plant, of which Pembina currently is the majority owner and operator. The acquisition provides Pembina with 135 million cubic feet per day ("mmcf/d") of incremental ethane-plus extraction capacity at the Empress NGL Extraction Facility.

Ruby Pipeline

Pembina owns a 50 percent convertible, cumulative preferred interest in the Ruby Pipeline ("Ruby"), which provides for distributions of US$91 million annually in priority to distributions on common equity. Ruby has approximately one billion cubic feet per day of capacity under firm contracts, which expire in 2021 and 2026. Ruby has served as a reliable source of natural gas supply for the California market, with throughput averaging nearly 700 mmcf/d since the beginning of 2018. Furthermore, Ruby is a carbon-neutral pipeline and responsible source of natural gas supply to the Pacific Northwest region, providing optimism for its future value. 

At the same time, the existing tariff rate on firm contracts that expire in mid-2021 are well in excess of the current spot rates. As such, based on the upcoming expiries and prevailing interruptible tariff rates, along with Rockies basin fundamentals, and the ongoing uncertainty with respect to the timing of the ultimate approval of the Jordan Cove LNG Project, which would ultimately be expected to utilize capacity on Ruby, Pembina expects to take a material impairment on its investment in Ruby in the fourth quarter of 2020. As of September 30, 2020, the carrying value of Pembina's investment in Ruby was $1.3 billion.

Project Updates

Peace Pipeline Expansions

Pembina is reactivating the Phase VII Peace Pipeline Expansion ("Phase VII"). Phase VII includes a new 20-inch, pipeline and associated infrastructure in the LaGlace-Valleyview-Fox Creek corridor and is aimed at meeting transportation needs arising from the growth of condensate supply in the Western Canadian Sedimentary Basin ("WCSB").

Pembina's decision to re-commence construction of Phase VII was based on extensive discussions with its producing customers, validating long-term development plans and leading to a clear understanding and consensus regarding their need for future intra-basin transportation. These discussions confirmed both the need for, and the timing of, Phase VII. Additionally, these discussions confirmed that beyond 2021, there is growing customer demand for transportation services to support development of the Montney resource play, particularly within the liquids-rich LaGlace to Kakwa corridor and northeast British Columbia.

As part of the discussions undertaken with customers, the Company has renegotiated terms with certain customers to align long-term objectives and ultimately secure an additional nearly 600,000 net acres through area-of-dedication agreements ("AODs") or similar instruments, resulting in production from more than two million acres of total land now dedicated to the Peace Pipeline system. Much of the production in respect of land recently dedicated is behind third-party midstream processing plants, the volumes from which, absent these AODs, may have otherwise been available to flow on proposed competing projects.

In addition, Pembina's joint-venture entity, Veresen Midstream, has secured an option from two key customers for NGL extraction rights on up to 750 mmcf/d of natural gas. If the option is exercised by Veresen Midstream, the 15-year agreement would allow for incremental ethane-plus mix of approximately 50,000 bpd.

The capital cost estimate for Phase VII has been revised lower, by approximately $175 million, to $775 million, reflecting a reimagining of the project to optimize the scope with customers' current development plans and transportation requirements. The initial capacity of Phase VII has been reduced from the previous 240,000 bpd, to 160,000 bpd. However, the ability to quickly and efficiently return the project to its original capacity has been retained. The lower capital cost reflects fewer pump stations, as well as additional savings achieved through value engineering and an optimized construction and procurement strategy. Approximately $300 million, or 40 percent, had been invested in the project as of September 30, 2020. Phase VII is now anticipated to be in service in the first half of 2023.

Once Phase VII is complete, Pembina will have 1.1 million bpd of Edmonton area market delivery capacity across the Company's Peace and Northern pipeline systems. Through the re-scoping of Phase VII, Pembina has maintained the ability to reach the previously envisioned ultimate capacity of the Peace system, and will pursue this through a more measured, capital efficient, economic and orderly expansion program focused on higher utilization rates, making the entire system even more competitive.

The previously announced Phase VIII and IX Peace Pipeline expansions were designed to accommodate further customer demand in the Montney area by debottlenecking constraints, accessing downstream capacity, and further enhancing product segregation on the Peace Pipeline system. While these two projects remain deferred, the initial contracts supporting the project are still in place and there remain strong indications of interest for incremental capacity. Value engineering work is ongoing and given strong customer interest, Pembina expects to make a decision in 2021 to re-activate these projects. As of September 30, 2020, Pembina had invested a combined $40 million in these two projects. Reactivation of these projects would have minimal impact on Pembina's 2021 capital program.

Phase VIII and Phase IX would complete the segregation of LVP and HVP products across the system supporting further optimization opportunities. As well, Pembina continues to have the ability to add approximately 200,000 bpd of capacity to its market delivery pipelines from Fox Creek, Alberta to Namao, Alberta through the relatively low-cost addition of pump stations on these mainlines, bringing the total capacity of the Peace and Northern pipelines to 1.3 million bpd. Full segregation of commodities on Peace Pipeline would allow system optimization opportunities due to the reduction of batching and quality management issues. This optimization, previously referred to as Phase X, could create up to an incremental 100,000 bpd of capacity with minimal capital spending.

Empress Co-generation Facility

Pembina is also pleased to announce it is proceeding with the restart of the co-generation facility at the Empress NGL Extraction Facility ("Empress Co-generation Facility"). This is the Company's second co-generation project following the very successful development of a co-generation facility at the Redwater Complex. The Empress Co-generation Facility will use natural gas to generate up to 45 megawatts of electrical power, thereby reducing overall operating costs by providing power and heat to the existing Empress NGL Extraction Facility. All the power will be consumed on site, thereby supplying approximately 90 percent of the site's power requirements. Further, this project will contribute to annual greenhouse gas emission reductions at the Empress NGL Extraction Facility through the utilization of the co-generation waste heat and the low-emission power generated. Pembina anticipates a reduction of approximately 88,000 tonnes of carbon dioxide equivalent per year based on the current energy demand of the Empress NGL Extraction Facility. 

The expected capital cost of the project is $120 million, of which approximately 10 percent had been invested as of September 30, 2020. While this project was deferred, Pembina maintained the necessary level of investment to ensure the project remained 'shovel ready', with turbine fabrication now complete and delivery scheduled to occur in the fourth quarter of 2020. The project is trending under budget, having similarly gone through a value engineering exercise during the project deferral period. The revised expected in-service date of this project is now the first quarter of 2023, subject to regulatory and environmental approvals.

Pembina is evaluating two additional opportunities for co-generation facilities at other locations, which would allow the Company to predictably reduce operating costs as well as continue to reduce emissions intensity within the Facilities Division.

CKPC's PDH/PP Facility

Pembina and its partner, Petrochemical Industries Company K.S.C. ("PIC"), continue to evaluate the integrated propane dehydration ("PDH") plant and polypropylene upgrading facility ("PDH/PP Facility") through their joint venture, Canada Kuwait Petrochemical Limited Partnership ("CKPC").

While Pembina continues to believe in the strategic rationale of this project, the significant risks arising from the ongoing COVID-19 pandemic, most notably with respect to costs under the lump sum contract for construction of the PDH plant, which remains under force majeure condition, require CKPC to suspend execution of the project indefinitely. CKPC is working through a process to manage, defer or cancel existing agreements with, among others, the lump-sum consortium, lenders, and technology licensers, in order to minimize the need for additional capital contributions. CKPC will continue to take action to safeguard its existing investment associated with long-lead equipment and intellectual property.

As a result of the uncertainty, in the fourth quarter of 2020 Pembina will be recognizing a material impairment on its investment in CKPC.

Pembina remains committed to its global market access strategy and helping to ensure that hydrocarbons produced in the WCSB, and the other basins where the Company operates, can reach the highest value markets throughout the world.

Prince Rupert Terminal Expansion

Construction of the Prince Rupert Terminal is ongoing and is expected to be completed in the first quarter of 2021. Pembina continues to engineer an expansion of the Prince Rupert Terminal and the ongoing evaluation of this project now contemplates incremental volumes of 25,000 bpd, as well as the use of mid-size gas carriers, which would increase the vessel capacity from 150,000 barrels, to 250,000 barrels, thereby improving economies of scale and competitiveness of the facility by lowering per unit lifting and vessel transport costs to premium markets. In addition, the mid-size gas carriers are fully refrigerated, opening up additional opportunities to serve markets with fully refrigerated terminals, as well as continuing to service other niche markets with smaller, semi-refrigerated handy-size ships. Pembina's rail yard in Redwater, Alberta, is built for unit train capability that provides unique transportation, logistics and cost advantages to Pembina, and will cost-effectively supply the anticipated growth of the terminal. Engineering of the expansion is well advanced, and Pembina expects to make a final investment decision in the first half of 2021.

2021 Guidance

Based on the Company's expectations and outlook for 2021, Pembina is anticipating adjusted EBITDA of $3.2 to $3.4 billion. Relative to 2020, adjusted EBITDA next year will be positively impacted by approximately $1 billion of new assets that will have entered service in 2020 and during the first quarter of 2021, including the Phase VI Peace Pipeline Expansion, Duvernay III, fractionation and terminalling facilities at the Empress NGL Extraction Facility, the Hythe Developments project and the Prince Rupert Terminal. The contribution from new assets will be partially offset by a lower contribution from Ruby Pipeline and the Edmonton South Rail Terminal, and the currently prevailing outlook for a stronger Canadian dollar, relative to the U.S. dollar, in 2021. The Company has hedged approximately 50 percent of its 2021 frac spread exposure, excluding Aux Sable, with these hedges having been systematically entered into throughout 2019 and 2020.

The outlook for 2021 also reflects $100 million of sustained cost savings achieved in 2020. Extending and enhancing 2020 cost savings and efficiencies into 2021 and beyond will be a major focus in 2021. The Company continuously evaluates and implements initiatives to drive efficiency, aiming to create sustainable long-term value for customers, employees, communities and investors. Pembina has engaged a third-party to support the continuation of work underway to consider, configure, and implement high-impact initiatives to create sustainable value through optimization. Pembina expects to further leverage digital technology and predictive analytics to optimize system capacity, increase asset utilization and performance, optimize power requirements, improve margins and create more efficient workflows. Ultimately, these efforts will result in reduced costs and improved organizational productivity.

In addition to the drivers mentioned above, the following factors could contribute to actual results within the 2021 guidance range:

Current income tax expense in 2021 is anticipated to be $180 to $220 million as Pembina will continue to benefit from the availability of tax pools from assets recently placed into service. This outlook represents a slight decrease compared to the expected expense for 2020, reflecting primarily the reduction of the corporate tax rates in the Province of Alberta, new rules for accelerated capital cost allowances, and a reduction in taxable earnings in certain deferred partnerships.

2021 Capital Expenditures

Pembina's 2021 capital program is expected to be allocated as follows:

Pembina's Pipelines Division capital investments will be primarily related to the construction of Phase VII, in addition to remaining capital to be spent on projects previously placed into service and smaller growth projects including various new laterals and terminals.

Capital investments in the Facilities Division will be focused on completion of the Prince Rupert Terminal, the Empress Co-generation Facility and the Vancouver Wharves diesel handling expansion project.

Marketing and New Ventures Division capital investments will be focused on ongoing regulatory and permitting requirements related to the Jordan Cove LNG project and advancing Pembina's remaining portfolio of unsecured development opportunities.

Spending within the Corporate segment is primarily targeted at information technology enhancements to further the Company's optimization initiatives.

Contributions to Equity Accounted Investees & Advances to Related Parties primarily relate to various projects at Veresen Midstream.

The Company's 2021 capital program includes:

• $110 million of non-recoverable sustaining capital to support safe and reliable operations;
• $25 million related to the Jordan Cove LNG project;
• $40 million for digital transformation, technology and commercial systems investments; and
• $65 million of flow-through capital that is recoverable from customers.

2021 Capital Allocation and Funding

Pembina has a strong track record of value creation through disciplined capital allocation and the creation of long-term annuities. Over the past 10 years, Pembina has generated 9 and 11 percent compound annual per share growth in earnings and adjusted cash flow from operating activities, respectively. Capital investments have not only grown the Company, but also diversified and de-risked the business.

As a result, Pembina has confidence in its ability to generate long-term shareholder value through capital investment and will continue to first prioritize allocating capital to growth projects with attractive risk-adjusted returns. Unlike other options for capital allocation, investing in growth projects will further enhance Pembina's capabilities, improve customer service and extend the longevity of its long-term, stable cash flow streams.

In 2021, at the low end of the Company's adjusted EBITDA guidance range, the 2021 capital investment program is fully funded by cash flow after dividends. Towards the middle and upper end of the 2021 adjusted EBITDA guidance range, Pembina will generate excess discretionary cash flow, which will be available for debt reduction, or opportunistic common share repurchases, based on the relative risk-adjusted returns of each option. Pembina expects to remain within its financial guardrails with ample liquidity. Leverage metrics are expected to remain within the ranges for a strong 'BBB' credit rating. Pembina has received board approval, and intends to make an application to the TSX, to establish a normal course issuer bid which, subject to TSX approval, would enable the Company to repurchase up to five percent of its outstanding common shares over a 12-month period.

Pembina's commitment to its dividend can be evidenced by examining history. Throughout past commodity and financial cycles, as well as the conversion from a non-taxable to taxable entity, Pembina has maintained and grown its dividend. Dividend increases are typically approved by the Board of Directors in May of each year. Pembina will continue to evaluate the merits of dividend growth relative to other opportunities for capital allocation as 2021 evolves, particularly in consideration of the yield on the dividend.

Earlier this year, prior to the onset of the COVID-19 pandemic and based on unsolicited expressions of interest, Pembina began to explore the potential monetization of certain assets, in the range of $200 to $500 million, which had lower strategic fit or integration potential. These asset sales processes were independent of Pembina's efforts to bolster its financial strength in response to the COVID-19 pandemic. The COVID-19 pandemic, including most notably the resulting physical distancing protocols, as well as the impact to financial markets, were not conducive to full value maximization. As such, Pembina is unlikely to proceed with the sale of material non-core assets in the immediate future. The Company remains open to monetizing assets where a third-party view of intrinsic value exceeds its own.

Advancing Pembina's Portfolio of Other Growth Opportunities

Pembina continues to find opportunities to grow its business and improve customer netbacks by capitalizing on the competitive advantages provided by its diverse and integrated value chain. The Company remains uniquely positioned to drive synergies from previous acquisitions and benefit from new third-party infrastructure set to provide enhanced access to global markets for WCSB-based hydrocarbons. The Canadian energy industry is not egress constrained for the first time in many years and additional third-party egress in the form of Trans Mountain Pipeline expansion, LNG Canada, and Enbridge's Line 3 Replacement should improve relative pricing for Canadian hydrocarbons, support future growth in the WCSB and provide new opportunities for Pembina. Notably, the various oil pipeline projects represent approximately one million bpd of incremental WCSB egress capacity.

The scale, breadth and diversification of Pembina's business inherently provides a strong suite of greenfield, brownfield, optimization and new market development opportunities. These opportunities range in size from a hundred million dollars to several billion dollars and have risk-adjusted rates of return consistent with Pembina's track record. While the timeline is not certain, the Company is diligently advancing several opportunities.

Cochin expansion and reactivation

Pembina has evaluated the capacity of the Cochin Pipeline system and identified opportunities to increase the capacity of the system by up to 50 percent, including 25,000 bpd with little to no capital requirements and an additional 25,000 bpd by investing modest capital in integrity and other upgrades of the system. Pembina also has been approached about several opportunities to reactivate the idle east leg of the Cochin Pipeline system with various service offerings.

The Company is advancing commercial discussions for this incremental Cochin Pipeline capacity, including potential open seasons, all subject to customary regulatory and other approvals, as required.

In combination with these capacity increases, Pembina is evaluating new connections near Chicago, Illinois; Bakken, North Dakota; Hardisty, Alberta; and Empress, Alberta to add high quality condensate and diversify receipt locations on the system. The combination of Peace, Cochin, Drayton Valley and Redwater condensate, all connected to Pembina's Canadian diluent hub, provides superior flexibility, flow assurance and enhanced value to Pembina customers across North America.

Positioned to capitalize on new third-party egress

Pembina's Edmonton Terminals are positioned to be the landing spot for heavy crude oil destined for overseas markets via the Trans Mountain Pipeline expansion, which is currently under construction and has an expected in-service date at the end of 2022. Given close operational ties with Trans Mountain, the largest number of inbound connections in the Edmonton area (12 inlets), and premium in-place assets, including pumps and manifolds, Pembina's terminals will be uniquely valuable to current and future customers as the Company supports Trans Mountain in maximizing operational efficiency and enhancing customers' netbacks. Current opportunities for customers to secure tank positions, as well as the flexibility to build out incremental storage in 2023, further solidify Pembina's footprint in the Edmonton market.

Further, as LNG Canada is expected to come on stream in 2025, providing liquefied natural gas export capability off Canada's West Coast, the incremental gas required to fill that capacity will generate incremental condensate and NGL that will require transportation from northeast British Columbia and NGL processing in Fort Saskatchewan, Alberta. Pembina is well situated to accommodate demand for these services through existing or new infrastructure, being the primary conduit to bring hydrocarbons from the field to the export pipelines.

"Pembina has a proven track record of disciplined and strategic capital allocation and this remains one of the Company's top priorities. Our history is one of developing strong franchises that are advantaged by their integration with the existing value chain, and ensuring new projects are supported by significant contractual underpinnings, strong counterparties, and robust underlying geology. Further, we have been, and will continue to be, unwavering in executing our strategy within Pembina's financial guardrails," concluded Mick Dilger, President and Chief Executive Officer." Mr. Dilger added, "Prudent financial stewardship through 2020 set the groundwork for 2021 and a return to growth, commencing with the reactivation of the Phase VII Peace Pipeline Expansion and Empress Co-generation Facility. These projects highlight the economic growth opportunities afforded by Pembina's industry-leading footprint, even during a period of overall slower industry growth."

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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently evaluating a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: expectations regarding adjusted EBITDA; 2021 guidance and the capital budget; Pembina's capital allocation plans, Pembina's corporate strategy and the development and expected timing of new business initiatives and growth opportunities and the expected timing thereof; expectations regarding global energy demand; expectations about industry activities and development opportunities; expectations about future growth opportunities and the demand for our services; expectations regarding new corporate developments and their impact on access to markets; planning, construction, capital expenditure and cost estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, power output, completion and in-service dates, rights, activities and operations with respect to planned construction of, or expansions on, deferred projects, existing pipelines systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; plans and activities related to deferred projects and estimated project costs; expected volumes and exit rates across Pembina's conventional pipelines business; levels and types of contracted volumes; expected contract expiries and renewals; greenhouse gas emissions reductions; the recognition of an impairment of Pembina's investments in CKPC and the Ruby Pipeline; the impact of current market conditions on Pembina; Pembina's hedging strategy and expected results therefrom; expected cost savings and efficiencies; Pembina's options for allocating capital, including any potential common share repurchases; Pembina's credit ratings; Pembina's ability to maintain its financial guardrails; Pembina's commitment to and the future level and sustainability and potential growth of cash dividends that Pembina intends to pay its shareholders, including the expected future cash flows, the sufficiency and expected uses thereof; and plans regarding the monetization of assets.

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; the success of Pembina's operations and growth projects; that impacts from the COVID-19 pandemic on Pembina's business and growth projects are not materially greater than expected; the approval and availability of one or more vaccines for COVID-19 and the efficient distribution thereof and the resultant lessening of the impact of the COVID-19 pandemic into 2021; prevailing commodity prices, interest rates and exchange rates and the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity costs; that the TSX will approve Pembina's normal course issuer bid as expected; 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 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; the technology will be sufficient to obtain greenhouse gas emissions reductions and targets; that there are no unforeseen material costs relating to the facilities which are not recoverable from customers; prevailing interest and tax rates; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions, integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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 AIF for the year ended December 31, 2019, and in Pembina's management's discussion and analysis dated November 5, 2020 for the three and nine month period ended September 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

Non-GAAP Measures

In this news release, Pembina has used the terms adjusted EBITDA and adjusted cash flow from operating activities, which do not have any standardized meaning under GAAP. Since non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures be clearly defined, qualified and reconciled to their most directly comparable GAAP measure. These non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The intent of non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under GAAP. The measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with GAAP.

Other issuers may calculate this non-GAAP measure differently. Investors should be cautioned that this measure should not be construed as an alternative to earnings or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance. For additional information regarding non-GAAP measures, including reconciliations to, the most directly comparable measure recognized by GAAP, please refer to Pembina's management's discussion and analysis for the year ended December 31, 2019, which is available online at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com. 

_______________________________

For further information:

Investor Relations
Scott Arnold
(403) 231-3156
1-855-880-7404
e-mail: investor-relations@pembina.com
www.pembina.com

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-2021-guidance-and-provides-business-update-301192002.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Dec. 8, 2020 /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 December 2020 of $0.21 per share to be paid, subject to applicable law, on January 15, 2021 to shareholders of record on December 31, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the December 2020 cash dividend is expected to be approximately U.S. $0.1641 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7812. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated November 5, 2020 for the three and nine month period ended September 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301188962.html

SOURCE Pembina Pipeline Corporation

CALGARY, Dec. 3, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina", "our", "we" or "the Company") (TSX: PPL) (NYSE: PBA) today released its 2020 Sustainability Report (the "2020 Report").  This marks our second full-length report outlining the Company's approach, recent performance and our future initiatives for environmental, social and governance ("ESG") factors that are most material to our stakeholders and business.  The 2020 Report details the Company's progress since 2018 and further establishes Pembina's commitment to continuous improvement in this area through the inclusion of enhanced disclosures on additional metrics.

"As we continue our ESG journey, our focus will remain on continuous improvement, transparency and engagement. Building upon our strong foundation, we will seek to further integrate sustainable business practices throughout the Company", said Mick Dilger, Pembina's President and Chief Executive Officer. "Today, I am pleased to announce the addition of Janet Loduca, who has joined Pembina as General Counsel and Vice President, Legal and Sustainability. With over 30 years of legal, environmental, regulatory and sustainability experience, Janet will be instrumental in advancing our ESG priorities and developing a long-term sustainability strategy", added Mr. Dilger.

Pembina recognizes the growing risks and opportunities of climate change and the role our industry must play in reducing greenhouse gas ("GHG") emissions while supplying the world with affordable and reliable energy. As a company we are committed to pursuing emissions reduction initiatives across our businesses. We assess opportunities and employ new practices that can lower our emissions footprint, including investing in co-generation facilities. We recently completed the construction of a co-generation facility at our Redwater Complex, which will reduce our emissions intensity, and are evaluating similar opportunities at other locations.

We have also launched a process to enhance ESG integration across the Company, including establishing a governance framework to develop a longer-term GHG strategy and emissions intensity reduction targets. Our targets will guide business decisions, drive emissions reductions and improve overall emissions intensity performance, while increasing our long-term value and resilience. Finally, we believe that linking compensation to corporate performance on these important factors aligns with long-term value creation and our stakeholders' interests.  As such, we are focused on redesigning our compensation methodologies for 2021 with ESG performance as a significant component. 

Sustainability Performance Highlights

• Working safely is a way of life at Pembina and our safety record continues to exceed the industry average;
• Pembina is proud to once again be recognized as one of Canada's Top 100 Employers;
• Demonstrated our support to the communities in which we have a presence, with a direct investment of $10 million in 2019, a 30 percent increase over the prior year;
• Increased the number of Aboriginal suppliers utilized in 2019, a 32 percent jump over the prior year;
• Successfully leased and remediated a historically contaminated site to create a key income generating asset, Pembina's Prince Rupert Terminal, a propane export facility anticipated to be in-service in 2021;
• Advanced the implementation strategy for our Carbon Stand as well as our Inclusion and Diversity Stand; and
• Increased Board diversity with women now representing 36 percent of Pembina's Board of Directors.

For more information about our updated metrics and other performance data, please find the Company's 2020 Report on Pembina's website.

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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

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 statements and information that are based on Pembina's expectations, estimates, projections and assumptions considering its experience and its perception of historical trends as well as current market conditions and perceived business opportunities. In some cases, forward-looking information can be identified by terminology such as "will", "would", "estimates", "develop", "continue", "could", "create", "believe", "commit", "focus" and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements pertaining to, without limitation: plans to develop greenhouse gas emissions targets; intended outcomes resulting from the Carbon Stand; plans and strategies to improve environmental, social and governance performance, including as such relates to the timing of the development of compensation methodologies to integrate ESG considerations; future opportunities related to hydrocarbon production; anticipated development of and in-service dates for growth projects; further expansion opportunities; and anticipated community and economic benefits of growth projects.

Undue reliance should not be placed on these forward-looking statements and information as they are based on assumptions made by Pembina as of the date hereof regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; that the technology available to the company will be sufficient to achieve GHG emissions targets; the success of Pembina's operations; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; broad compliance with Pembina's plans, strategies, programs and goals across its reporting and monitoring systems among its employees, stakeholders and service providers; the continued availability of capital at attractive prices to fund future capital requirements relating to existing assets and projects; the willingness of Aboriginal and Tribal stakeholders to engage in consultation and reconciliation efforts; the success of growth projects; the availability of data, samples and information necessary to develop and evaluate targets, goals, programs and strategies; that counterparties to agreements will continue to perform their obligations in a timely manner; that there are no unforeseen material construction or other costs related current projects or operations; prevailing regulatory, tax, and environmental laws and regulations; and the amount of future liabilities relating to lawsuits and environmental incidents and the availability of coverage under Pembina's insurance policies.

While Pembina believes the expectations and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Forward-looking statements are subject to known and unknown risks and uncertainties which may cause actual performance and financial results to differ materially from the results expressed or implied, including but not limited to: the regulatory environment and decisions, and Aboriginal and landowner consultation requirements; the failure to realize the benefits or synergies from acquired assets; reliance on third parties to successfully operate and maintain certain assets; labour, human capital and material shortages; reliance on key relationship and agreements and the outcome of stakeholder engagement; the strength and operations of the oil and natural gas industry and related commodity prices; non-performance or default by counterparties to agreement which Pembina or one or more of its subsidiaries has entered into in respect of its business; actions by joint venture partners or other partners which hold interests in certain of Pembina's assets; actions by governmental and regulatory authorities, including changes in regulatory processes or increased environmental regulation; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide; risks related to the current and potential impacts of the COVID-19 pandemic and depressed commodity prices; constraints on, or the unavailability of adequate infrastructure and technology; changes in the political environment, in North America and elsewhere, and public opinion; ability to access sources of debt and equity capital; changes in credit ratings; technology and security risks including cyber-security risks; and natural catastrophes.

Additional information on these factors as well as other risks that could impact Pembina's operational and financial results are contained in Pembina's annual information form and annual management discussion and analysis (MD&A) for the year ended December 31, 2019, and Pembina's interim MD&A for the three and nine months ended September 30, 2020 and described in our public filings available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this news release speak only as of the date of this news release. Except as expressly required by applicable securities laws, Pembina and its subsidiaries assume no obligation to update forward-looking statements and information should circumstances or management's expectations, estimates, projections or assumptions change. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-releases-2020-sustainability-report-301186175.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Nov. 16, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 ("Series 9 Shares") (TSX: PPL.PR.I) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 10 of Pembina ("Series 10 Shares") on December 1, 2020.

After taking into account all the conversion notices received from holders of its outstanding Series 9 Shares by the November 16, 2020 deadline for the conversion of the Series 9 Shares into Series 10 Shares, less than the 1,000,000 Series 9 Shares required to give effect to conversions into Series 10 Shares were tendered for conversion.

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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-conversion-results-for-series-9-preferred-shares-301174148.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Nov. 5, 2020 /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 November 2020 of $0.21 per share to be paid, subject to applicable law, on December 15, 2020 to shareholders of record on November 25, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the November 2020 cash dividend is expected to be approximately U.S. $0.1599 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7612. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated November 5, 2020 for the period ended September 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301167569.html

SOURCE Pembina Pipeline Corporation

Solid results continue to demonstrate the Company's resilience

CALGARY, AB, Nov. 5, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today its financial and operating results for the third quarter of 2020.

Financial and Operational Overview

Financial and Operational Overview by Division

Financial & Operational Highlights

• Earnings in the third quarter of $318 million represent a 14 percent decrease over the same period in the prior year. Earnings were positively impacted by higher gross profit in Pipelines and Facilities, as the contribution from additional assets following the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline (the "Kinder Acquisition") offset weaker global energy demand resulting from the ongoing COVID-19 pandemic. Marketing and New Ventures was impacted by lower margins on crude oil and NGL sales during the quarter as a result of reduced crude activities due to the impact of the COVID-19 pandemic on market conditions, in addition to lower frac spreads impacting NGL margins. General & administrative expense net of other income decreased due to lower incentive costs.
  
  
• Third quarter adjusted EBITDA of $796 million represents an eight percent increase over the same period in the prior year. The third quarter was positively impacted largely by the contribution from new assets following the Kinder Acquisition, partially offset by lower margins on crude oil and NGL sales in the marketing business as a result of lower commodity prices and frac spreads during the third quarter of 2020, and a lower contribution from Alliance due to less interruptible volumes and from Aux Sable due largely to lower NGL margins and a narrower AECO-Chicago natural gas price differential, which reduced revenue.
  
  
• Cash flow from operating activities of $434 million for the third quarter was a decrease of 19 percent over the same period in the prior year. The decrease was primarily driven by an increase in taxes paid, as corporate tax installments were deferred until the third quarter of 2020 due to the COVID-19 pandemic, an increase in net interest paid, a decrease in distributions from equity accounted investees and a change in non-cash working capital, partially offset by the increase in operating results after adjusting for non-cash items. On a per share (basic) basis, cash flow from operating activities for the third quarter decreased by 25 percent, compared to the same period in the prior year, due to the same factors, as well as additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Adjusted cash flow from operating activities of $524 million in the third quarter represents a one percent decrease over the same period in the prior year. The same factors impacting cash flow from operating activities, discussed above, were largely offset by the change in taxes paid, net of the change in non-cash working capital. On a per share (basic) basis, adjusted cash flow from operating activities for the third quarter decreased by nine percent compared to the same period in the prior year, due to the same factors, as well as additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Total volume of 3,451 mboe/d for the third quarter was consistent with the same period in the prior year.

Divisional Highlights

• Pipelines reported adjusted EBITDA for the third quarter of $541 million, which represents an 18 percent increase compared to the same period in the prior year. The quarter was positively impacted by higher revenue associated with Cochin Pipeline and Edmonton Terminals following the Kinder Acquisition, partially offset by increased operating expenses associated with the larger asset base and a lower contribution from Alliance due to lower interruptible volumes driven by the narrower AECO-Chicago natural gas price differential.
  
  
• Pipelines volumes of 2,580 mboe/d in the third quarter were consistent with the same period in the prior year. Volumes were positively impacted by the contribution from Cochin Pipeline following the Kinder Acquisition, combined with higher temporary interruptible volumes on Ruby Pipeline, partially offset by lower throughput on Alberta Ethane Gathering System and lower interruptible volumes on the Alliance and Vantage pipelines. Additionally, lower interruptible volumes on Peace Pipeline and lower volumes on Drayton Valley Pipeline were largely offset by the Peace Pipeline Phase VI Expansion coming into service in June 2020 and additional revenue on the NEBC Pipeline.
  
  
• Facilities reported third quarter adjusted EBITDA of $251 million, which represents an eight percent increase compared to the same period in the prior year. The third quarter was positively impacted by the contribution from Vancouver Wharves, following the Kinder Acquisition, and Duvernay II being place into service, combined with increased revenue at Kakwa River, partially offset by lower revenue at the Resthaven facility and the Cutbank Complex, as well as lower volumes at the Younger facility.
  
  
• Facilities volumes of 871 mboe/d in the third quarter represent a one percent increase compared to the same period in the prior year. Volumes during the third quarter were impacted by higher supply volumes at the Redwater Complex and revenue volumes associated with Duvernay II being placed into service, largely offset by lower volumes at the Younger facility due to a regularly scheduled turnaround.
  
  
• Marketing & New Ventures reported third quarter adjusted EBITDA of $34 million, which represents a 59 percent decrease compared to the same period in the prior year. The decrease was largely due to lower margins on crude oil and NGL sales as a result of the lower crude oil differentials and frac spreads during the third quarter of 2020, combined with a lower contribution from Aux Sable due to lower NGL margins and the narrower AECO-Chicago natural gas price differential, which resulted in lower revenues.
  
  
• Marketed NGL volumes of 169 mboe/d in the third quarter, represent a four percent decrease compared to the same period in the prior year. Volumes for the third quarter decreased as Pembina proactively increased storage positions for NGL with the intention to monetize them during the upcoming winter season, partially offset by increased volumes at Aux Sable.

Executive Overview

Pembina's results for the third quarter of 2020 again reinforced the stability and resiliency of our business and the strategy that underpins it. Our focus on integration across the hydrocarbon value chain began over 10 years ago with the acquisition of the Cutbank Complex. It was furthered in 2012, by an expansion into the natural gas liquids midstream business, and then more so in 2017 with an expansion into the natural gas value chain. Along with integration came diversification of customers, commodities and currencies. Finally, an unwavering commitment to Pembina's financial guardrails has been a common thread through this cycle and those which have preceded it, including the 2015-16 oil price collapse and the 2008-09 financial crisis. Evidence of Pembina's resilience include:

• Pembina continues to expect 2020 adjusted EBITDA to be within the Company's original guidance range set in the fourth quarter of 2019, albeit near the lower end of that range, or 96 percent of the midpoint of the original range. Based on our current outlook for the remainder of the year, the Company has narrowed its guidance range and expects to generate adjusted EBITDA of $3.25 billion to $3.30 billion in 2020. The primary drivers of the range include the results of the crude oil and NGL marketing business, the amount of interruptible volumes, the timing and completion of typical fourth quarter integrity and maintenance expense spending and the Company's share price, specifically relating to the impact on share-based incentive compensation;
  
  
• The underlying business is highly contracted, with approximately 95 percent of 2020 adjusted EBITDA supported by long-term, fee-based contracts, including approximately 72 percent coming from cost-of-service or take-or-pay contracts with no volume or price risk;
  
  
• Approximately 75 percent of the Company's credit exposure is with investment grade and split-rated counterparties or with counterparties secured by letters of credit. Non-investment grade and split-rated counterparty exposure is well diversified across various industries. Our counterparty portfolio is well diversified across approximately 200 counterparties, with our top 20 customers accounting for approximately 70 percent of our exposure;
  
  
• We serve the full hydrocarbon value chain, with approximately 40 percent of our business derived from the crude oil and condensate value chain, approximately 30 percent from the natural gas liquids value chain and approximately 30 percent from the natural gas value chain. While crude and condensate pricing has been weaker during the COVID-19 pandemic, natural gas prices have strengthened and supported stable results in our Facilities Division;
  
  
• Direct commodity exposure in Pembina's business is limited to the Marketing & New Ventures Division. For the last two years, our Marketing & New Ventures Division generated adjusted EBITDA in excess of $400 million annually, and in 2020, we expect to generate less than half of that under unprecedented circumstances. We have remained steadfast in our systematic natural gas liquids hedging program. By the fall of 2019, we had hedged 50 percent of our 2020 frac spread exposure, excluding Aux Sable, which to date has generated approximately $40 million of realized gains. We have secured hedges for 50 percent of our 2021 frac spread exposure, excluding Aux Sable, thus achieving our objective for the upcoming year. The 2021 hedges were executed throughout 2019 and 2020 and therefore reflect a combination of higher and lower frac spread environments but overall, provide protection against further narrowing of 2021 frac spreads;
  
  
• The balance sheet is strong and resilient. During the second quarter, Pembina's credit ratings were affirmed at BBB by both Standard & Poor's and DBRS Limited, with the outlook or trend maintained as Stable. It is worth noting that Pembina remains among a select group within the energy infrastructure sector that has not suffered a negative rating action over the past five years. In 2020 and 2021, we will reduce equity accounted investee debt by $158 million and $130 million, respectively, through scheduled amortization. Furthermore, at the end of the third quarter, available liquidity totaled $2.5 billion; and
  
  
• During the first nine months of 2020, Pembina's ratio of common share dividends to adjusted cash flow from operating activities was approximately 60 percent. Pembina's commitment to its dividend can be evidenced by examining its history. Throughout past commodity and financial cycles, as well as the conversion from a non-taxable to taxable entity, Pembina has maintained and grown its dividend.

While it is easy to become mired in the challenges facing the energy industry, a number of opportunities are beginning to come into greater focus and we remain optimistic as we approach 2021.

Firstly, the disruptions and challenges of the COVID-19 pandemic, deferral of major capital projects and new work-from-home protocols have afforded Pembina the opportunity to sharpen its focus on the productivity and efficiency of the business. Our focus has been overwhelmingly growth oriented for many years and current circumstances have created space to enhance another capability, ultimately benefiting all our stakeholders – customers, investors, employees and communities. In March, we announced a target of reducing full year operating and general and administrative expenses by $100 million relative to the Company's 2020 budget. We currently expect that 2020 cost savings will exceed our original target by approximately 50 percent.  A significant portion of those savings are expected to be sustainable into 2021 and beyond.

Secondly, activity levels have stabilized and are beginning to improve. In Pembina's conventional pipelines business, physical volumes in July and August were consistent with levels seen at the end of the second quarter, or roughly eight percent below first quarter levels and well above the lows experienced in late April and early May.  As is typical for the third quarter of each year, physical volumes declined in September as operators elected to perform routine maintenance and turnaround activities. Additional unplanned outages at third-party facilities also contributed to lower physical volumes. October physical volumes have since recovered to levels slightly above those in July and August. Notably, despite slightly lower and more volatile physical volumes, due to the take-or-pay nature of the underlying contracts, revenue volumes in the conventional pipeline business during the third quarter were relatively unaffected.

Finally, Pembina continues to evaluate its portfolio of deferred projects. As it relates to the Phase VII Peace Pipeline Expansion in particular, engineering work is ongoing and focused on optimizing the scope of the project to meet customers' needs. As a result of this work, estimated project costs are trending materially lower. Phase VII and the other deferred projects, including CKPC's PDH/PP Facility, and the conditions under which they may be restarted, continue to be evaluated within the context of our customers' future plans and the ongoing COVID-19 pandemic and resulting global economic outlook. Further options for allocating capital include funding a growing backlog of other uncommitted growth projects, debt repayment and returning capital to shareholders. Pembina looks forward to providing a fulsome business update in early December, including an update on each of the Company's currently deferred capital projects, as well as its 2021 outlook, capital budget and funding plan.

Projects and New Developments¹

Pipelines:

• While the Phase VII Peace Pipeline Expansion remains deferred, the Company continues to advance engineering work and optimize scope to meet customers' needs.

Facilities:

• Subsequent to the quarter, Pembina completed the startup of new fractionation and terminalling facilities at the Empress NGL Extraction Facility. This project was placed into service on time and on budget. These new assets add approximately 30,000 barrels per day ("bpd") of propane-plus fractionation capacity and enable Pembina to optimize propane marketing from the facility between eastern and western markets.
  
  
• Pembina continues to progress Duvernay III, which includes a 100 MMcf/d sweet gas, shallow cut processing train; 20,000 bpd of inlet condensate stabilization; and other associated infrastructure. Construction is substantially complete and commissioning work is currently progressing as planned. The capital budget is $200 million and the project is trending under budget with an expected in-service date in the fourth quarter of 2020.
  
  
• Development continues at Pembina's Prince Rupert Terminal located on Watson Island, British Columbia. The approximately 25,000 bpd project will primarily source propane from the Company's Redwater Complex. All site construction activities have restarted since being temporarily halted during March, April and May as a result of the COVID-19 pandemic. Facility piping and on-site sphere construction, as well as marine and electrical work continue to progress to completion. The project has a capital budget of $250 million and is trending over budget with an expected in-service date in the first quarter of 2021.
  
  
• Pembina continues to progress the Hythe Developments project whereby Pembina and its 45 percent owned joint venture, Veresen Midstream, will construct natural gas gathering and processing infrastructure in the Pipestone Montney region. Construction is substantially complete. The capital budget for the Hythe Developments project is $240 million, net to Pembina, with an anticipated in-service date of late 2020.

Financing

• Subsequent to quarter end, on November 2, 2020, Pembina announced that it did not intend to exercise its right to redeem the currently outstanding 9,000,000 Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 ("Series 9 Shares") on December 1, 2020 (the "Conversion Date"). As a result, subject to the terms of the Series 9 Shares, the holders of the Series 9 Shares will have the right to convert all or part of their Series 9 shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 10 ("Series 10 Shares") on the Conversion Date. Holders who do not exercise their right to convert their Series 9 Shares into Series 10 Shares will retain their Series 9 Shares. The deadline to provide notice of exercise of the right to convert Series 9 Shares into Series 10 Shares is 3:00 (MST) / 5:00 (EST) on November 16, 2020. For more information on the terms of the Series 9 Shares and the Series 10 Shares, please see the prospectus supplement dated April 2, 2015, which can be found under Pembina's profile on SEDAR at www.sedar.com or on the Company's website at www.pembina.com and the news release dated November 2, 2020.

Dividends

• Pembina declared and paid dividends of $0.21 per common share in July, August and September 2020 for the applicable record dates.
  
  
• Pembina declared and paid quarterly dividends per Class A preferred share of: Series 1: $0.306625; Series 3: $0.279875; Series 5: $0.285813; Series 7: $0.27375; Series 9: $0.296875; Series 11: $0.359375; Series 13: $0.359375; and Series 21: $0.30625 to shareholders of record as of August 4, 2020. Pembina also declared and paid quarterly dividends per Class A preferred share of: Series 15: $0.279; Series 17: $0.301313; and Series 19: $0.29275 to shareholders of record on September 15, 2020. Pembina also declared and paid quarterly dividends per Class A preferred share of Series 23: $0.328125; and Series 25: $0.3250 to shareholders of record on July 31, 2020.

Third Quarter 2020 Conference Call & Webcast

Pembina will host a conference call on Friday, November 6, 2020 at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives to discuss results for the third quarter of 2020. 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 November 13, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 4396278.

A live webcast of the conference call can be accessed on Pembina's website at pembina.com under Investor Centre/ Presentation & Events, or by entering:

https://produceredition.webcasts.com/starthere.jsp?ei=1290111&tp_key=6417bd122e 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

Pembina is a leading transportation and midstream service provider that has been serving North America's energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 and Information

This document contains certain forward-looking statements and forward looking information (collectively, "forward-looking statements"), including 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 "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "protect", "trend", "commit", "maintain", "focus", "ongoing" and similar expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's corporate strategy and the development and expected timing of new business initiatives and growth opportunities and the expected timing thereof; expectations about industry activities and development opportunities; expectations about future growth opportunities and the demand for our service; expectations regarding new corporate developments and their impact on access to markets; planning, construction, capital expenditure estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, completion and in-service dates, rights, activities and operations with respect to planned new construction of, or expansions on, existing pipelines systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; plans and activities related to deferred projects and estimated project costs; the impact of current market conditions on Pembina; expectations regarding adjusted EBITDA; Pembina's hedging strategy and expected results therefrom; expected sources of liquidity; expected cost savings and Pembina's ability to maintain such cost savings into the future; expectations regarding Pembina's NGL storage positions and its intentions with respect thereto; expected volumes across Pembina's conventional pipelines business; levels and types of contracted volumes; Pembina's options for allocating capital; timing of the provision of the 2021 outlook; Pembina's intentions with respect to the conversion of the Series 9 Shares; Pembina's commitment to and the future level and sustainability of cash dividends that Pembina intends to pay its shareholders, including the expected future cash flows and the sufficiency 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; the success of Pembina's operations and growth projects; prevailing commodity prices, interest rates and exchange rates and the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity 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 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; that there are no unforeseen material costs relating to the facilities which are not recoverable from customers; prevailing interest and tax rates; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and 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 regulatory environment and decisions; the impact of competitive entities and pricing; labour and material shortages; reliance on key relationships and agreements; the 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, climate change initiatives or policies or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions (including the Kinder Acquisition) due to the factors set out herein, integration issues or otherwise; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; and certain other risks detailed from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.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 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. Readers are cautioned that management of Pembina approved the financial outlook contained herein as of the date of this press release. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Non-GAAP Measures

In this news release, Pembina has used the terms net revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), cash flow from operating activities per common share, adjusted cash flow from operating activities, and adjusted cash flow from operating activities per common share, which do not have any standardized meaning under International Financial Reporting Standards ("IFRS"). Since these non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures be clearly defined, qualified and reconciled to their most directly comparable GAAP measure. These non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The intent of non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. 

Non-GAAP Proportionate Consolidation of Investments in Equity Accounted Investees Results 

In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are net into a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Net earnings from Investments in Equity Accounted Investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Earnings, "Share of Profit from Equity Accounted Investees". Cash contributions and distributions from Investments in Equity Accounted Investees represent Pembina's proportionate share of cash paid and received in the period to and from the equity accounted investment.  

To assist the readers' understanding and evaluation of the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP disclosure of Pembina's proportionately consolidated interest in the Investments in Equity Accounted Investees. Pembina's proportionate interest in Investments in Equity Accounted Investees has been included in adjusted EBITDA. 

Other issuers may calculate these non-GAAP measures differently. Investors should be cautioned that these measures should not be construed as alternatives to revenue, earnings, cash flow from operating activities, gross profit or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance. For additional information regarding non-GAAP measures, other than as described herein, including reconciliations to, the most directly comparable measures recognized by GAAP, please refer to Pembina's management's discussion and analysis for the three and nine months ended September 30, 2020, which is available online at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-reports-third-quarter-results-301167559.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Nov. 2, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 ("Series 9 Shares") (TSX: PPL.PR.I) on December 1, 2020 (the "Conversion Date").

As a result, subject to certain terms of the Series 9 Shares, the holders of the Series 9 Shares will have the right to convert all or part of their Series 9 Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 10 of Pembina ("Series 10 Shares") on the Conversion Date. Holders who do not exercise their right to convert their Series 9 Shares into Series 10 Shares will retain their Series 9 Shares.

As provided in the terms of the Series 9 Shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than 1,000,000 Series 9 Shares, then all remaining Series 9 Shares will be automatically converted into Series 10 Shares on a one-for-one basis effective December 1, 2020; or (ii) if Pembina determines that there would be less than 1,000,000 Series 10 Shares after December 1, 2020, no Series 9 Shares will be converted into Series 10 Shares on the Conversion Date. There are currently 9,000,000 Series 9 Shares outstanding.

With respect to any Series 9 Shares that remain outstanding after December 1, 2020, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate for the Series 9 Shares for the five-year period from and including December 1, 2020 to, but excluding, December 1, 2025 will be 4.302 percent, being equal to the five-year Government of Canada bond yield of 0.392 percent determined as of today plus 3.91 percent, in accordance with the terms of the Series 9 Shares.

With respect to any Series 10 Shares that may be issued on December 1, 2020, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate applicable to Series 10 Shares for the three-month floating rate period from and including December 1, 2020 to, but excluding, March 1, 2021 will be 3.996 percent, being equal to the annual rate of interest for the most recent auction of 90-day Government of Canada treasury bills of 0.086 percent plus 3.91 percent, in accordance with the terms of the Series 10 Shares (the "Floating Quarterly Dividend Rate"). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 9 Shares who wish to exercise their right of conversion during the conversion period, which runs from November 2, 2020 until 3:00 (MT) / 5:00 pm (ET) on November 16, 2020, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with the time to complete the necessary steps. Any notices received after this deadline will not be valid.

As previously announced, the dividend payable on December 1, 2020 to holders of the Series 9 Shares of record on November 2, 2020 will be $0.296875 per Series 9 Share, consistent with the dividend rate in effect since issuance of the Series 9 Shares. For more information on the terms of the Series 9 Shares and the Series 10 Shares, please see the prospectus supplement dated April 2, 2015 which can be found on SEDAR, under the profile of Pembina Pipeline Corporation, at www.sedar.com.

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 more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 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 "should", "may", "intend", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to the timing and process applicable to the conversion of the Series 9 Shares into the Series 10 Shares, conversion rights, future dividend rates and payment terms for the Series 9 Shares and the Series 10 Shares. 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: prevailing commodity prices, margins and exchange rates; that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto; the availability and sources of capital, operating costs; ongoing utilization and future expansions, the ability to reach required commercial agreements; the ability to obtain required regulatory approvals; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions, integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated August 6, 2020 for the three and six-months ended June 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-provides-notice-of-series-9-preferred-share-conversion-right-and-announces-reset-dividend-rates-301164990.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Oct. 6, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today that its Board of Directors has declared a common share cash dividend for October 2020 of $0.21 per share to be paid, subject to applicable law, on November 13, 2020 to shareholders of record on October 23, 2020. The common share 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.

For shareholders receiving their common share dividends in U.S. funds, the October 2020 cash dividend is expected to be approximately U.S. $0.1583 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7536. 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, 11, 13, 15, 17, 19, 21, 23 and 25. Series 1, 3, 5, 7, 9, 11, 13 and 21 preferred share dividends are payable on December 1, 2020 to shareholders of record on November 2, 2020. Series 15, 17 and 19 preferred share dividends are payable on December 31, 2020 to shareholders of record on December 15, 2020. Series 23 and 25 preferred share dividends are payable on November 16, 2020 to shareholders of record on November 2, 2020.

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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory holiday becomes the payment date.

Dividends on the preferred shares Series 1, 3, 5, 7, 9, 11, 13 and 21 are payable on the first calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first calendar day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15, 17 and 19 are payable on the last calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15^th calendar day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 23 and 25 are payable on the 15^th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last business day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.

Conference Call and Webcast Details for Third Quarter 2020 Results

Pembina will release its third quarter 2020 results on Thursday, November 5, 2020 after markets close. A conference call and webcast have been scheduled for Friday, November 6, 2020, 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 November 13, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 4396278.

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:

https://produceredition.webcasts.com/starthere.jsp?ei=1290111&tp_key=6417bd122e 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to: future dividends which may be declared on Pembina's common shares and preferred shares; the timing and the amount of the dividend payments and the tax treatment thereof; and the timing for release of the Company's third quarter 2020 results 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated August 6, 2020 for the three and six-months ended June 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR at www.sedar.com, , filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-october-2020-common-share-dividend-quarterly-preferred-share-dividend-and-announces-third-quarter-2020-results-conference-call-and-webcast-301147150.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Sept. 3, 2020 /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 September 2020 of $0.21 per share to be paid, subject to applicable law, on October 15, 2020 to shareholders of record on September 25, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the September 2020 cash dividend is expected to be approximately U.S. $0.1607 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7653. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated August 6, 2020 for the period ended June 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301124195.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, Aug. 6, 2020 /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 August 2020 of $0.21 per share to be paid, subject to applicable law, on September 15, 2020 to shareholders of record on August 25, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the August 2020 cash dividend is expected to be approximately U.S. $0.1583 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7540. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis dated Augusts 6, 2020 for the period ended June 30, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301108096.html

SOURCE Pembina Pipeline Corporation

2020 full year guidance reiterated; strength of Pembina's fee-based business continues to drive resilience

CALGARY, AB, Aug. 6, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today its financial and operating results for the second quarter of 2020.

Pembina continues to demonstrate its resilience even during the challenging environment created by the COVID-19 pandemic and concurrent decline in global energy prices.

• Pembina's assets have continued to operate safely and reliably throughout the pandemic, ensuring uninterrupted service to our customers, which is a testament to the Company's dedicated staff;
  
  
• Based on management's evaluation of current market conditions and the COVID-19 dynamic, Pembina continues to expect 2020 adjusted EBITDA to remain within the previously disclosed guidance range of $3.25 billion to $3.55 billion, albeit near the lower end of the range, based on current estimates. This outlook includes an expectation that the 2020 adjusted EBITDA contribution from the Marketing & New Ventures segment will be approximately $125 million lower than was assumed in the mid-point of the original guidance range. The impact of lower interruptible revenue in the Pipelines and Facilities segments is expected to be largely offset by operating and administrative cost savings and efficiencies, which have been implemented throughout the business, the majority of which management believes are sustainable into 2021;
  
  
• During the second quarter, the impact of low crude oil and NGL prices was seen through lower producer activity and a temporary decline in physical volumes in certain of Pembina's businesses. Yet, the impact to Pembina's financial results has not been as significant, as a highly contracted commercial framework, paired with broad diversification of customers and commodities, ensured a resilient business foundation even during these difficult times;
  
  
• The Company's counterparties have managed well through the pandemic. Pembina's accounts receivables remain 97 percent current, meaning they are paid within 30 days, and Pembina's counterparty portfolio is approximately 75 percent investment grade, secured or split-rated; and
  
  
• Pembina's longstanding commitment to its financial guardrails and the steps taken recently to preserve its balance sheet and enhance its liquidity are expected to allow the Company to exit 2020 in a strong financial position, ensuring its ability to restart various capital projects when it is deemed prudent to do so and providing confidence in the Company's ability to fund a stable and growing dividend.

Financial and Operational Overview

Financial and Operational Overview by Division

Financial & Operational Highlights

• Earnings in the second quarter of $253 million represent a 62 percent decrease over the same period in the prior year. Earnings were positively impacted by higher gross profit in Pipelines and consistent gross profit in Facilities, as the contribution from additional assets following the acquisition of Kinder Morgan Canada and the U.S. portion of the Cochin Pipeline (the "Kinder Acquisition") offset weaker global energy demand resulting from the ongoing COVID-19 pandemic. Marketing & New Ventures was impacted by lower margins on crude oil and NGL sales during the quarter as a result of reduced crude oil activities due to market conditions in addition to lower frac spreads, which impacted NGL margins. Additionally, Marketing & New Ventures recognized higher unrealized losses on commodity-related derivatives, due to contracts maturing and increasing forward prices for crude oil and NGL compared to contract positions, and a lower contribution from Aux Sable as a result of lower NGL margins and a narrower AECO-Chicago natural gas price differential. Deferred taxes increased as the enactment of Alberta's Bill 3, which reduced the Alberta corporate income tax rate from 12 percent to eight percent, resulted in a large deferred tax recovery during the second quarter of 2019. General & administrative and other expense decreased due to the recognition of other income associated with the Canadian Emergency Wage Subsidy, combined with lower incentive costs.
  
  
• Second quarter adjusted EBITDA of $789 million represents a three percent increase over the same period in the prior year. The second quarter was positively impacted largely by the contribution from new assets following the Kinder Acquisition, combined with a realized gain on commodity-related derivatives. This was partially offset by lower margins on crude oil and NGL sales in the marketing business as a result of lower commodity prices and frac spreads during the second quarter of 2020, and a lower contribution from Alliance due to lower interruptible volumes and from Aux Sable due largely to lower NGL margins.
  
  
• Cash flow from operating activities of $642 million for the second quarter was a decrease of three percent over the same period in the prior year. The decrease was primarily driven by a change in non-cash working capital, a decrease in distributions from equity accounted investees and an increase in net interest paid, partially offset by the increase in operating results after adjusting for non-cash items, an increase in payments that were received and deferred and a decrease in taxes paid. On a per share (basic) basis, cash flow from operating activities for the second quarter decreased by nine percent, compared to the same period in the prior year, due to the same factors, as well as additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Adjusted cash flow from operating activities of $586 million in the second quarter was a seven percent increase over the same period in the prior year. The increase was largely due to the same factors impacting cash flow from operating activities, net of the change in non-cash working capital and higher current tax expense. On a per share (basic) basis, adjusted cash flow from operating activities for the second quarter decreased by one percent compared to the same period in the prior year, due to the same factors, offset by additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Total volumes of 3,427 mboe/d for the second quarter represented a one percent increase over the same period in the prior year.

Divisional Highlights

• Pipelines reported adjusted EBITDA for the second quarter of $540 million, which represents a 14 percent increase compared to the same period in the prior year. The quarter was positively impacted by higher revenue associated with the Cochin Pipeline and Edmonton Terminals following the Kinder Acquisition, partially offset by lower conventional revenue, increased operating expenses associated with the larger asset base and a lower contribution from Alliance due to lower interruptible volumes driven by the narrower AECO-Chicago natural gas price differential.
  
  
• Pipelines volumes of 2,555 mboe/d in the second quarter represent a one percent increase compared to the same period in the prior year. Volumes were positively impacted by the contribution from the Cochin Pipeline following the Kinder Acquisition, combined with higher temporary interruptible volumes on Ruby, partially offset by lower interruptible volumes on the Peace Pipeline system and Drayton Valley Pipeline as a result of the ongoing COVID-19 pandemic.
  
  
• Facilities reported second quarter adjusted EBITDA of $250 million, which represents a six percent increase compared to the same period in the prior year. The second quarter was positively impacted by additional revenue from Vancouver Wharves and Duvernay II, combined with lower long-term incentive costs, partially offset by higher operating expenses related to Vancouver Wharves and the Duvernay Complex.
  
  Facilities volumes of 872 mboe/d in the second quarter, represent a one percent increase compared to the same period in the prior year. Volumes during the second quarter were impacted by higher supply volumes at the Redwater Complex and revenue volumes associated with Duvernay II, partially offset by the temporary shut-in of the Saskatchewan Ethane Extraction Plant due to low commodity prices, combined with lower volumes at the Younger Facility due to increased competition as a result of a competitor pipeline that was placed into service.
  
  
• Marketing & New Ventures reported second quarter adjusted EBITDA of $29 million, which represents a 70 percent decrease compared to the same period in the prior year. The second quarter decrease was largely due to lower margins on crude oil and NGL sales, as a result of the lower crude oil and NGL prices and frac spreads during the second quarter of 2020, combined with a lower contribution from Aux Sable due to lower NGL margins and the narrower AECO-Chicago natural gas price differential, partially offset by the increased realized gain on commodity-related derivative financial instruments.
  
  NGL sales volumes of 156 mboe/d in the second quarter, represent an 11 percent decrease compared to the same period in the prior year. Volumes for the second quarter were negatively impacted by increased storage positions for NGL with the intention to monetize them during the upcoming winter season of 2020-2021, partially offset by increased volumes at Aux Sable.

Executive Overview

Management believes that Pembina's second quarter financial and operational results reflect the full impact of the ongoing COVID-19 pandemic and the concurrent decline in global energy prices. While much uncertainty remains, based on management's evaluation of current market conditions and the COVID-19 dynamic, the expectation is that the second quarter will be the quarter most impacted by these events in 2020. The outlook for the remainder of the year is more positive as economies around the world have entered various stages of re-opening and global energy prices have rebounded significantly from the lowest levels seen during this crisis.

Despite the challenging environment there are notable positives:

• Pembina's assets have continued to operate safely and reliably throughout the pandemic, ensuring uninterrupted service to our customers, which is a testament to the Company's dedicated staff;
  
  
• Pembina continues to expect 2020 adjusted EBITDA to remain within the previously disclosed guidance range of $3.25 billion to $3.55 billion, albeit near the lower end of the range, based on current estimates. This outlook includes an expectation that the 2020 adjusted EBITDA contribution from the Marketing & New Ventures segment will be approximately $125 million lower than was assumed in the mid-point of the original guidance range. The impact of lower interruptible revenue in the Pipelines and Facilities segments is expected to be largely offset by operating and administrative cost savings and efficiencies, which have been implemented throughout the business, the majority of which management believes are sustainable into 2021. Approximately 70 percent of the forecasted 2020 adjusted EBITDA is derived from cost-of-service or take-or-pay contracts with no volume or price risk;
  
  
• During the second quarter, the impact of low crude oil and NGL prices was seen through lower producer activity and a temporary decline in physical volumes in certain of Pembina's businesses. Yet, the impact to Pembina's financial results has not been as significant, as a highly contracted commercial framework, paired with broad diversification of customers and commodities, ensured a resilient business foundation even during these difficult times;
  
  
• The Company's counterparties have managed well through the pandemic. Pembina's accounts receivables remain 97 percent current, meaning they are paid within 30 days, and Pembina's counterparty portfolio is approximately 75 percent investment grade, secured or split-rated; and
  
  
• Pembina's longstanding commitment to its financial guardrails and the steps taken recently to preserve its balance sheet and enhance its liquidity are expected to allow the Company to exit 2020 in a strong financial position, ensuring its ability to restart various capital projects when it is deemed prudent to do so and providing confidence in the Company's ability to fund a stable and growing dividend.

In Pembina's conventional pipeline business, the second quarter saw an approximately nine percent decrease in physical volumes compared to an average of the prior two quarters. Systems such as Peace, which are underpinned by a high degree of take-or-pay contracts, were slightly less impacted and systems without those contractual underpinnings, such as Drayton Valley, were slightly more impacted. Overall, physical volumes reached their lows in early May, at levels approximately 16 percent below the average levels from the prior two quarters. This represents a decrease of approximately 135,000 barrels per day ("bpd"), resulting from a combination of producer shut-ins and advancement of turnarounds and maintenance work.  For Pembina, this low point was relatively short-lived and since early May, physical volumes in the conventional pipeline business have been steadily improving, albeit still approximately seven percent below first quarter levels. With stronger commodity prices driving higher interruptible volumes, and the placement into service of the Phase VI Peace Pipeline Expansion, physical volumes in the second half of the year are expected to continue to improve.

The marketing business endured one of the toughest periods in its history during the second quarter. The crude oil component of the business has been negatively impacted by reduced crude oil activities due to lower prices and tighter price differentials. Similarly, the NGL component of the business has seen relatively strong natural gas prices combined with weaker NGL prices, resulting in narrower frac spreads. With weaker NGL prices during the quarter, Pembina took the proactive approach to store additional NGL volumes, with the intent to monetize those volumes during the upcoming winter of 2020-2021. Fortunately, the recovery in both crude oil and NGL forward prices from second quarter lows continues to look more favourable.

Pembina has hedged 50 percent of its NGL frac spread exposure for 2020, excluding Aux Sable, and these hedges were entered into systematically throughout 2019 at prices higher than those experienced to date in 2020. This has resulted in significant realized hedging gains in the year-to-date results and provides ongoing protection for the remainder of the year. To date, Pembina has hedged approximately 40 percent of its 2021 frac spread exposure, excluding Aux Sable. The 2021 hedges have been entered into throughout 2019 and 2020 and therefore reflect a combination of higher and lower frac spread environments but overall, provide protection against further narrowing of 2021 frac spreads. Pembina intends to continue to execute on its 2021 derivative program through the third quarter of 2020 with an intent to hedge approximately 50 percent of its 2021 frac spread exposure, excluding Aux Sable.

During the first quarter, the Company took the unprecedented, but prudent, step to defer $4.5 billion of capital projects, reducing its 2020 capital investment plans by between $900 million and $1.1 billion. At the midpoint of 2020, Pembina is on track to realize a reduction in its capital investment plan of approximately $1.1 billion. Challenging weather conditions and COVID-19 related precautions and delays resulted in capital cost overruns in 2020 of approximately $100 million. Additionally, during the second quarter Pembina added approximately $90 million of additional growth capital investment into 2020. These investments are accretive, commercially-supported projects in key focus areas. Pembina's 2020 capital program is now expected to total approximately $1.5 billion.

Looking beyond 2020, Pembina remains focused on growing the business and meeting its customers' needs. Pembina continues to evaluate its portfolio of both new and deferred projects for conditions under which they can commence.

The Phase VII, VIII and IX Peace Pipeline Expansions will continue to be evaluated based on customer needs and an assessment of future transportation requirements in the Western Canadian Sedimentary Basin, including greater stability in volumes and prices and a clearer forecast of basin activity. In the interim, Pembina is well positioned to handle all customers' volumes, with approximately 250,000 bpd of currently available physical capacity on the Peace and Northern systems and the option to provide additional low-cost solutions such as targeted minor capital projects to meet specific producers' needs.

Regarding Canada Kuwait Petrochemical Limited Partnership's ("CKPC") PDH/PP Facility, the project team has substantially completed the activities to safely and cost-effectively defer the project. The fabrication of critical long-lead items has continued, and key talent and knowledge have been retained, all to preserve project value for an efficient potential re-start. Pembina and its joint-venture partner continue to evaluate a number of factors related to the project. First, a necessary condition is that the safety of all personnel can be assured. Second, while the immediate incremental costs associated with COVID-19 were contained by the decision to defer the project, the future and ongoing risks need to be understood and priced into the project cost estimate. Third, the full impact of COVID-19 on the global economy and future demand for polypropylene remains uncertain and needs to be carefully evaluated. Fourth, with both Federal and Provincial governments, as well as our project financing syndicate, indicating extensions have, or will be, granted, we remain confident that the original investment parameters can be re-confirmed. Finally, the project restart is subject to CKPC Management Committee approval and each partners' board approval.

The Prince Rupert Terminal Expansion and the Empress Co-generation Facility are progressing to be in a position for a potential re-start and we are adding other projects to this list, which could expand or extend Pembina's existing value chain and customer service offering.

The capital project deferrals discussed above ensure Pembina will maintain liquidity and leverage levels to preserve its strong financial position even in the event of a prolonged downturn. Pembina further enhanced its liquidity position during the second quarter by terming out approximately $850 million of debt drawn on the Company's credit facility and establishing a new $800 million revolving credit facility. Following the early redemption in July of $200 million of senior notes originally due in 2021, Pembina's liquidity position currently stands at $2.8 billion. With no debt maturities for the balance of 2020 and $600 million of maturities distributed throughout 2021, Pembina's liquidity position is ample.

The recent debt issuances, at a weighted average term to maturity of 17 years and a rate of approximately 3.2 percent, provided a strong endorsement from a broad cross section of the debt capital markets. Combined with the recent affirmation of Pembina's BBB credit rating by both Standard & Poor's and DBRS Limited, this validates the Company's strong financial position.  The previously announced initiatives on non-core asset sales in the range of $200 to $500 million is progressing as planned. Pembina expects to be able to provide more details with the release of the Company's third quarter results in the fall.

The first half of 2020 has seen Pembina rise to an unprecedented challenge, reacting quickly and effectively in service of its stakeholders. Pembina's growth and diversification over recent years, combined with an unwavering commitment to its financial guardrails, ensured the Company was well positioned for a black swan event such as COVID-19. As a result of the decisive intervention taken early in the pandemic, Pembina expects to deliver financial results within its original guidance range and exit 2020 in a strong financial position. This will allow the Company to resume its deferred capital projects and continue its long track record of growth and providing its customers with exceptional value through its unmatched integrated value chain. As our employees begin a prudent transition back to our offices, we expect things to continue to normalize and we feel fortunate, all things considered.

Projects and New Developments¹

Pipelines:

• Pembina's Phase VI Peace Pipeline Expansion was placed into service during the quarter.
  
  
• Pacific Gas and Electric Company ("PG&E"), the largest shipper on Ruby, emerged from bankruptcy in early July after filing for Chapter 11 protection in late January 2019. PG&E's contracts on Ruby have been affirmed with certain mutually beneficial amendments.

Facilities:

• Pembina continues to progress Duvernay III, which includes a 100 MMcf/d sweet gas, shallow cut processing train; 20 mbpd of inlet condensate stabilization; and other associated infrastructure. All equipment and pipe racks have been installed onsite. Mechanical construction was substantially complete at the end of July, electrical work is underway and the commissioning team mobilized in July to commence final walk-downs and dry commissioning. The capital budget is $200 million and the project is trending under budget with an expected in-service date in the fourth quarter of 2020.
  
  
• Pembina continues with the construction of new fractionation and terminalling facilities at the Company's Empress NGL Extraction Facility. These facilities are expected to add approximately 30 mbpd of propane-plus fractionation capacity to the facility, enabling Pembina to optimize propane marketing from that facility between eastern and western markets. Pipeline and rail track construction is complete, mechanical and electrical construction is progressing on the fractionation and rail sites and pre-commissioning work has commenced. The project has a total capital budget of $120 million and an anticipated in-service date of late 2020.
  
  
• Development continues at Pembina's Prince Rupert Terminal located on Watson Island, British Columbia. The 25 mbpd project will primarily source propane from the Company's Redwater Complex. Facility piping work, on-site sphere assembly and marine retrofit work continued until early March. As a result of the COVID-19 pandemic, Pembina temporarily halted all site construction activities, resulting in a delay to the in-service date, which is now expected to be in the first quarter of 2021, subject to regulatory and environmental approvals. A reduced construction workforce was re-mobilized to site in mid-May and continued with facility piping work, and on site sphere assembly. Electrical, substation, marine rehabilitation and rail contractors have also re-mobilized to site. The project has a capital budget of $250 million and is trending over budget.
  
  
• Pembina continues to progress the Hythe Developments project whereby Pembina and its 45 percent owned joint venture, Veresen Midstream, will construct natural gas gathering and processing infrastructure in the Pipestone Montney region. Construction is underway. The capital budget for the Hythe Developments project is $240 million, net to Pembina, with an anticipated in-service date of late 2020.

Marketing & New Ventures:

• Regulatory processes for the proposed Jordan Cove LNG Project ("Jordan Cove") are ongoing. During the quarter, the United States Department of Energy announced an issuance order authorizing Jordan Cove to export liquefied natural gas from the proposed export terminal in Coos Bay, Oregon. The issuance order marks another important step forward for this project. Jordan Cove represents a significant opportunity to bring tremendous economic benefits to the State of Oregon and Western Colorado and make a substantial contribution to global climate change, displacing coal usage in Asia. The Company remains focused on completing the regulatory process, receiving the remaining permits required to proceed and enabling the commercial viability of the project. The timing and ultimate approval of this project is uncertain and dependent upon receipt of these remaining approvals.

Financing

• As previously announced, on April 6, 2020, Pembina entered into a new $800 million unsecured revolving credit facility (the "Facility") with certain existing key lenders. The Facility is available for general corporate purposes, thereby providing additional liquidity and flexibility should it be required. The Facility has an initial term of two years. The other terms and conditions of the Facility, including financial covenants, are substantially similar to Pembina's existing $2.5 billion revolving credit facility.
  
  
• As previously announced, on May 7, 2020, Pembina entered into an unsecured U.S. $250 million non-revolving term loan with a global bank, which provides additional liquidity and flexibility in Pembina's capital structure in the current market conditions. The term loan has an initial term of five years. The other terms and conditions of the credit facility, including financial covenants, are substantially similar to Pembina's unsecured $2.5 billion revolving credit facility.
  
  
• As previously announced, Pembina closed a $500 million issuance of senior unsecured medium-term notes (the "Offering") on May 28, 2020. The Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 having a fixed coupon of 4.67 percent per annum, payable semi-annually, and maturing on May 28, 2050; and $100 million principal amount issued through a re-opening of the Company's 3.71 percent medium-term notes, series 7, payable semi-annually, and maturing on August 11, 2026. The net proceeds were used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina's capital program and for general corporate purposes.
  
  
• On June 1, 2020, Pembina announced that it did not intend to exercise its right to redeem the 8,000,000 Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 shares ("Series 19 Shares") outstanding on June 30, 2020. The annual dividend rate for the Series 19 Shares for the five-year period from and including June 30, 2020 to, but excluding, June 30, 2025 will be 4.684 percent.
  
  
• On July 10, 2020, Pembina's $200 million senior unsecured notes, series C, were fully repaid through an early redemption. The series C notes were originally set to mature in September 2021.

Dividends

• Declared and paid dividends of $0.21 per common share in April, May and June 2020 for the applicable record dates.
  
  
• Declared and paid quarterly dividends per preferred share of: Series 1: $0.306625; Series 3: $0.279875; Series 5: $0.285813; Series 7: $0.27375; Series 9: $0.296875; Series 11: $0.359375; Series 13: $0.359375; and Series 21: $0.30625 to shareholders of record as of May 1, 2020. Declared and paid quarterly dividends per preferred share of: Series 15: $0.279; Series 17: $0.301313; and Series 19: $0.3125 to shareholders of record on June 15, 2020. Declared and paid quarterly dividends per preferred share of Series 23: $0.328125; and Series 25: $0.3250 to shareholders of record on April 30, 2020.

Second Quarter 2020 Conference Call & Webcast

Pembina will host a conference call on Friday, August 7, 2020 at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives to discuss results for the second quarter of 2020. 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 14, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 8295027.

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:

https://produceredition.webcasts.com/starthere.jsp?ei=1290104&tp_key=f940364325 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

Pembina is a leading transportation and midstream service provider that has been serving North America's energy industry for 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Forward-Looking Statements and Information

This document contains certain forward-looking statements and forward looking information (collectively, "forward-looking statements"), including 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 "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future" and similar expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's corporate strategy and the development and expected timing of new business initiatives and growth opportunities and the expected timing thereof; expectations about industry activities and development opportunities; expectations about future growth opportunities and demand for our service; expectations regarding new corporate developments and impact on access to markets; planning, construction, capital expenditure estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, completion and in-service dates, rights, activities and operations with respect to planned new construction of, or expansions on, existing pipelines, systems gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; the impact of current market conditions on Pembina; and the future level and sustainability of cash dividends that Pembina intends to pay its shareholders, including the expected future cash flows and the sufficiency 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; the success of Pembina's operations and growth projects; prevailing commodity prices, interest rates and exchange rates and the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity 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 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; that there are no unforeseen material costs relating to the facilities which are not recoverable from customers; prevailing interest and tax rates; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and 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 regulatory environment and decisions; the impact of competitive entities and pricing; labour and material shortages; reliance on key relationships and agreements; the 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, climate change initiatives or policies or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions (including the Kinder Acquisition) due to the factors set out herein, integration issues or otherwise; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; and certain other risks detailed from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.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 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. Readers are cautioned that management of Pembina approved the financial outlook contained herein as of the date of this press release. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Non-GAAP Measures

In this news release, Pembina has used the terms net revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), cash flow from operating activities per common share, adjusted cash flow from operating activities, adjusted cash flow from operating activities per common share and fee-based distributable cash flow, which do not have any standardized meaning under IFRS. Since these non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures be clearly defined, qualified and reconciled to their nearest GAAP measure. These non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The intent of non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.

Non-GAAP Proportionate Consolidation of Investments in Equity Accounted Investees Results

In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are net into a single line item in the Consolidated Statement of Financial Position, Investments in Equity Accounted Investees. Net earnings from Investments in Equity Accounted Investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Earnings, Share of Profit from Equity Accounted Investees. Cash contributions and distributions from Investments in Equity Accounted Investees represent Pembina's proportionate share paid and received in the period to and from the equity accounted investment. 

To assist the readers' understanding and evaluation of the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP disclosure of Pembina's proportionately consolidated interest in the Investments in Equity Accounted Investees. Pembina's proportionate interest in Investments in Equity Accounted Investees has been included in adjusted EBITDA.

Other issuers may calculate these non-GAAP measures differently. Investors should be cautioned that these measures should not be construed as alternatives to revenue, earnings, cash flow from operating activities, gross profit or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance. For additional information regarding non-GAAP measures, including reconciliations to, the most directly comparable measures recognized by GAAP, please refer to Pembina's management's discussion and analysis for the year ended June 30, 2020, which is available online at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-reports-second-quarter-results-301108095.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, July 6, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) announced today that its Board of Directors has declared a common share cash dividend for July 2020 of $0.21 per share to be paid, subject to applicable law, on August 14, 2020 to shareholders of record on July 24, 2020. The common share 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.

For shareholders receiving their common share dividends in U.S. funds, the July 2020 cash dividend is expected to be approximately U.S. $0.1548 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7372. 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, 11, 13, 15, 17, 19, 21, 23 and 25. Series 1, 3, 5, 7, 9, 11, 13 and 21 preferred share dividends are payable on September 1, 2020 to shareholders of record on August 4, 2020. Series 15, 17 and 19 preferred share dividends are payable on September 30, 2020 to shareholders of record on September 15, 2020. Series 23 and 25 preferred share dividends are payable on August 17, 2020 to shareholders of record on July 31, 2020.

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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory holiday becomes the payment date.

Dividends on the preferred shares Series 1, 3, 5, 7, 9, 11, 13 and 21 are payable on the first calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first calendar day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15, 17 and 19 are payable on the last calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15^th calendar day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 23 and 25 are payable on the 15^th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last business day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.

Conference Call and Webcast Details for Second Quarter 2020 Results

Pembina will release its second quarter 2020 results on Thursday, August 6, 2020 after markets close. A conference call and webcast have been scheduled for Friday, August 7, 2020, 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 17, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 8295027.

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:

https://produceredition.webcasts.com/starthere.jsp?ei=1290104&tp_key=f940364325 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to: future dividends which may be declared on Pembina's common shares and preferred shares; the timing and the amount of the dividend payments and the tax treatment thereof; and the timing for release of the Company's second quarter 2020 results. 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; 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, climate change initiatives or policies or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis for the three months ended March 31, 2020, all of which can be found  under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.com. The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-july-2020-common-share-dividend-quarterly-preferred-share-dividend-and-announces-second-quarter-2020-results-conference-call-and-webcast-301088704.html

SOURCE Pembina Pipeline Corporation

CALGARY, June 15, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 ("Series 19 Shares") (TSX: PPL.PR.S) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 20 of Pembina ("Series 20 Shares") on June 30, 2020.

After taking into account all the conversion notices received from holders of its outstanding Series 19 Shares by the June 15, 2020 deadline for the conversion of the Series 19 Shares into Series 20 Shares, less than the 1,000,000 Series 19 Shares required to give effect to conversions into Series 20 Shares were tendered for conversion.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-conversion-results-for-series-19-preferred-shares-301077230.html

SOURCE Pembina Pipeline Corporation

CALGARY, AB, June 3, 2020 /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 June 2020 of $0.21 per share to be paid, subject to applicable law, on July 15, 2020 to shareholders of record on June 25, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the June 2020 cash dividend is expected to be approximately U.S. $0.1554 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7399. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, and in Pembina's management's discussion and analysis for the three months ended March 31, 2020, all of which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and posted on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301070387.html

SOURCE Pembina Pipeline Corporation

CALGARY, June 1, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 ("Series 19 Shares") (TSX: PPL.PR.S) on June 30, 2020 (the "Conversion Date").

As a result, subject to certain terms of the Series 19 Shares, the holders of the Series 19 Shares will have the right to convert all or part of their Series 19 Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 20 of Pembina ("Series 20 Shares") on the Conversion Date. Holders who do not exercise their right to convert their Series 19 Shares into Series 20 Shares will retain their Series 19 Shares.

As provided in the terms of the Series 19 Shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than 1,000,000 Series 19 Shares, then all remaining Series 19 Shares will be automatically converted into Series 20 Shares on a one-for-one basis effective June 30, 2020; or (ii) if Pembina determines that there would be less than 1,000,000 Series 20 Shares after June 30, 2020, no Series 19 Shares will be converted into Series 20 Shares on the Conversion Date. There are currently 8,000,000 Series 19 Shares outstanding.

With respect to any Series 19 Shares that remain outstanding after June 30, 2020, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate for the Series 19 Shares for the five-year period from and including June 30, 2020 to, but excluding, June 30, 2025 will be 4.684 percent, being equal to the five-year Government of Canada bond yield of 0.414 percent determined as of today plus 4.27 percent, in accordance with the terms of the Series 19 Shares.

With respect to any Series 20 Shares that may be issued on June 30, 2020, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate applicable to Series 20 Shares for the three-month floating rate period from and including June 30, 2020 to, but excluding, September 1, 2020 will be 4.525 percent, being equal to the annual rate of interest for the most recent auction of 90-day Government of Canada treasury bills of 0.255 percent plus 4.27 percent, in accordance with the terms of the Series 20 Shares (the "Floating Quarterly Dividend Rate"). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 19 Shares who wish to exercise their right of conversion during the conversion period, which runs from June 1, 2020 until 3:00 (MT) / 5:00 pm (ET) on June 15, 2020, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with the time to complete the necessary steps. Any notices received after this deadline will not be valid.

As previously announced, the dividend payable on June 30, 2020 to holders of the Series 19 Shares of record on June 15, 2020 will be $0.312500 per Series 19 Share, consistent with the dividend rate in effect since issuance of the Series 19 Shares. For more information on the terms of the Series 19 Shares and the Series 20 Shares, please see the prospectus supplement dated March 25, 2015 which can be found on SEDAR, under the profile of Veresen Inc., at www.sedar.com.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 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 "should", "may", "intend", "will", "shall", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to the conversion rights, future dividend rates and payment terms for the Series 19 Shares and the Series 20 Shares. 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: prevailing commodity prices, margins and exchange rates; that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto; the availability and sources of capital, operating costs; ongoing utilization and future expansions, the ability to reach required commercial agreements; the ability to obtain required regulatory approvals; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: 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; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; construction delays; labour and material shortages; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of is business; the failure to realize the anticipated benefits or synergies of completed acquisitions; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; 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, 2019, and in Pembina's management's discussion and analysis for the three months ended March 31, 2020, all of which can be found at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and are available on Pembina's website at www.pembina.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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-provides-notice-of-series-19-preferred-share-conversion-right-and-announces-reset-dividend-rates-301068622.html

SOURCE Pembina Pipeline Corporation

CALGARY, May 28, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $500 million of senior unsecured medium-term notes (the "Offering").  The Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the "Series 16 Notes") having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount issued through a re-opening of the Company's 3.71 percent medium-term notes, series 7, due August 11, 2026 (the "Series 7 Notes").  The gross proceeds of the Offering were $505 million.

The net proceeds will be used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina's capital program and for general corporate purposes.

The Series 16 Notes and the re-opening of the Series 7 Notes was offered through a syndicate of dealers under Pembina's short-form base shelf prospectus dated August 30, 2019, as supplemented by related pricing supplements dated May 26, 2020. 

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction.  The notes being offered have not been approved or disapproved by any regulatory authority.  The notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold within the United States. 

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 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 "intend", "will", "shall", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to the Offering, including the use of the net proceeds of the Offering. These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release, including: prevailing commodity prices, margins and exchange rates, that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto, the availability and sources of capital, operating costs, ongoing utilization and future expansions, the ability to reach required commercial agreements, and the ability to obtain required regulatory approvals. 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: 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; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; construction delays; labour and material shortages; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; 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, each  for the year ended December 31, 2019, and in Pembina's management's discussion and analysis for the three months ended March 31, 2020, all which can be found at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on Pembina's website at www.pembina.com.  In addition, the intended use of the net proceeds of the Offering by Pembina may change if the board of directors of Pembina determines that it would be in the best interests of Pembina to deploy the proceeds for some other purpose and there can be no guarantee as to how or when such proceeds may be used.

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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-closing-of-500-million-public-note-offering-301067096.html

SOURCE Pembina Pipeline Corporation

CALGARY, May 26, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that it has agreed to issue $500 million of senior unsecured medium-term notes (the "Offering"). The Offering will be conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the "Series 16 Notes") having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount to be issued through a re-opening of the Company's 3.71 percent medium-term notes, series 7, due August 11, 2026 (the "Series 7 Notes").

Closing of the Offering is expected to occur on May 28, 2020 and the net proceeds are intended to be used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina's capital program and for general corporate purposes.

The Series 16 Notes and the re-opening of the Series 7 Notes are being offered through a syndicate of dealers under Pembina's short-form base shelf prospectus dated August 30, 2019, as supplemented by related pricing supplements dated May 26, 2020.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction. The notes being offered have not been approved or disapproved by any regulatory authority. The notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold within the United States.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 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 "intend", "will", "shall", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to the Offering, including the anticipated closing date of the Offering and the use of the net proceeds of the Offering. These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release, including: prevailing commodity prices, margins and exchange rates, that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto, the availability and sources of capital, operating costs, ongoing utilization and future expansions, the ability to reach required commercial agreements, and the ability to obtain required regulatory approvals. 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: 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; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; construction delays; labour and material shortages; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; 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, each for the year ended December 31, 2019, and in Pembina's management's discussion and analysis for the three months ended March 31, 2020, all which can be found at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on Pembina's website at www.pembina.com. In addition, the closing of the Offering may not be completed, or may be delayed, if the conditions to the closing of the Offering are not satisfied on the anticipated timeline or at all. Accordingly, there is a risk that the Offering will not be completed within the anticipated time, on the terms currently proposed, or at all. The intended use of the net proceeds of the Offering by Pembina may change if the board of directors of Pembina determines that it would be in the best interests of Pembina to deploy the proceeds for some other purpose and there can be no guarantee as to how or when such proceeds may be used.

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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-500-million-public-note-offering-301065521.html

SOURCE Pembina Pipeline Corporation

CALGARY, May 11, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) reported the voting results from its annual meeting of common shareholders held virtually on May 8, 2020 (the "Meeting"). Each of the matters voted upon at the Meeting is discussed in detail in the Company's Management Information Circular dated March 19, 2020 (the "Information Circular") and is available on the Company's website under "Investor Centre – Shareholder Information" at www.pembina.com.

A total of 340,164,302 common shares representing 61.87 percent of the Company's issued and outstanding common shares were voted in person and by proxy in connection with the Meeting. The voting results for each matter presented at the Meeting are provided below:

1.       Election of Directors

The following 10 nominees were appointed as directors of Pembina to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed:

 2.       Appointment of Auditors

KPMG LLP, Chartered Accountants, were appointed to serve as the auditors of the Company until the close of the next annual meeting, at remuneration to be fixed by the directors on the recommendation of the Audit Committee.

3.       Approval of Amendment to By-Law Number One

A resolution to amend and restate By-Law Number One was approved with an approximate 99.64 percent of votes cast in favour.

4.       Approval of By-Law Number Two (Advance Notice By-Law)

An ordinary resolution to approve Pembina's advance notice by-law (By-Law Number 2) was approved with an approximate 99.60 percent of votes cast in favour.

5.       Acceptance of Company's Approach to Executive Compensation

On an advisory basis and not to diminish the role and responsibility of the board of directors, the approach to executive compensation disclosed in the Information Circular was approved with an approximate 92.08 percent of votes cast in favour.

Additional details in respect the Meeting's voting results can be found on Pembina's profile at www.sedar.com and www.sec.gov.

Retirement of Board Members and Appointment of New Board Members

Pembina announced today that Mr. Bob Michaleski and Mr. Jeff Smith did not stand for re-election and will retire from the board.

"On behalf of Pembina's Board and management, I would like to thank both Mr. Michaleski and Mr. Smith for their dedication and significant contributions to the Company and the Board," said Randall Findlay, Chair of the Board of Directors. "Pembina has benefited greatly from the experience, wisdom and counsel from these two gentlemen and we wish them all the best in the future."

Pembina also announced the appointment of two new board members.  Mr. Robert Gwin was appointed to the Board at the annual meeting of common shareholders on May 8, 2020 and subsequent to the Meeting, Ms. Cynthia Carroll was selected by the Directors to join to the Board. 

Mr. Findlay added: "I am also pleased to welcome Mr. Gwin and Ms. Carroll to the Board of Directors.  Mr. Gwin will bring with him over 30 years of directly relevant leadership experience in the energy and financial sectors while Ms. Carroll brings leadership of global businesses, particularly in the industrial sector.  We believe these two additional directors will further support our strategy to deliver long-term, sustainable value to our shareholders through operational excellence, strong governance and continued growth and we look forward to working with them."

Mr. Gwin was the President of Anadarko Petroleum Corporation, one of the world's largest independent oil and natural gas exploration and production companies, prior to its acquisition by Occidental Petroleum Corporation in late 2019. Prior thereto, he was the Executive Vice President, Finance and Chief Financial Officer of Anadarko from 2009 to 2018. Mr. Gwin joined Anadarko in 2006 and was a member of the executive committee since 2008. He also served as the Chairman of the Board of Western Gas Partners, LP, a large U.S. oil and natural gas midstream company, from 2010 to 2018, and previously as their President and CEO from 2007 to 2010.

Ms. Carroll has spent most of her career leading global businesses in the industrial sector. She began her career as an exploration geologist at Amoco Production Company in Denver, Colorado before joining Alcan Aluminum Corporation. From 2007 to 2013, she served as the Chief Executive Officer of Anglo American PLC, at the time one of the largest and most diversified mining companies in the world. Ms. Carroll serves on the boards of directors of several public companies.

Mr. Gwin's appointment includes serving on the Board's Human Resources, Health and Compensation and Governance, Nominating & CSR Committees. Ms. Carroll's appointment includes serving on the Board's Human Resources, Health and Compensation and Safety & Environment Committees. Committee charters and full biographies for both Mr. Gwin and Ms. Carroll can be found at www.pembina.com.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-reports-voting-results-from-2020-annual-shareholder-meeting-and-announces-appointment-of-new-board-members-301057091.html

SOURCE Pembina Pipeline Corporation

CALGARY, May 7, 2020 /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 May 2020 of $0.21 per share to be paid, subject to applicable law, on June 15, 2020 to shareholders of record on May 25, 2020. 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 may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the May 2020 cash dividend is expected to be approximately U.S. $0.1487 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7080. 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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory 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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to future dividends which may be declared on Pembina's common shares, the timing and the amount of the dividend payments 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; the failure to realize the anticipated benefits or synergies of completed acquisitions; 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, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, which can be found under Pembina's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, filed with the U.S. Securities and Exchange Commission at www.sec.gov and posted on Pembina's website at www.pembina.com.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-common-share-dividend-301055333.html

SOURCE Pembina Pipeline Corporation

First quarter results reflect the resilience of Pembina's diversified and integrated business

All financial figures are in Canadian dollars unless noted otherwise.

CALGARY, May 7, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the first quarter of 2020.

Financial and Operational Overview

Financial and Operational Overview by Division

Financial & Operational Highlights

• First quarter earnings of $314 million are in line with the same period in the prior year. Earnings in the first quarter were positively impacted by higher gross profit in both Pipelines and Facilities from additional assets following the acquisition of Kinder Morgan Canada and the U.S. portion of the Cochin Pipeline (the "Kinder Acquisition"), combined with consistent performance from Pembina's other assets. Marketing & New Ventures was negatively impacted by lower margins on crude oil and NGL sales during the quarter, offset by higher unrealized gains on commodity-related derivatives due to decreasing forward prices for crude oil and NGL compared to contract positions. Net finance costs increased during the quarter, however the increase was primarily attributable to unrealized foreign exchange losses on U.S. dollar denominated debt and non-commodity related derivative financial instruments following the decrease in value of the Canadian dollar relative to the U.S. dollar.
  
  
• Record first quarter adjusted EBITDA of $830 million represents a seven percent increase over the same period in the prior year. The first quarter was positively impacted by the contribution from new assets following the Kinder Acquisition, combined with increased volumes on the Peace Pipeline system, partially offset by lower margins on crude oil and NGL sales in the marketing business as a result of the sharp decline in commodity prices during the first quarter of 2020 and a lower contribution from Alliance Pipeline due to the narrower AECO-Chicago natural gas price differential.
  
  
• Cash flow from operating activities of $410 million for the first quarter was a decrease of 33 percent over the same period in the prior year. The decrease was primarily driven by an increase in taxes paid as the final payment of 2019 taxes was made, the change in non-cash working capital and a decrease in distributions from equity accounted investees, partially offset by an increase in operating results after adjusting for non-cash items. On a per share (basic) basis, cash flow from operating activities for the first quarter decreased by 38 percent, compared to the same period in the prior year, due to the same factors, as well as additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Adjusted cash flow from operating activities of $576 million in the first quarter was consistent with the same period in the prior year. Year-over-year results were consistent largely due to the same factors impacting cash flow from operating activities, net of the increase in taxes paid, change in non-cash working capital, combined with the decrease in accrued share-based payment expense as a result of Pembina's lower share price reducing long-term incentives. On a per share (basic) basis, adjusted cash flow from operating activities for the first quarter decreased by eight percent compared to the same period in the prior year, due to the same factors, as well as additional common shares issued pursuant to the Kinder Acquisition.
  
  
• Total volumes of 3,508 mboe/d for the first quarter represented a three percent increase over the same period in the prior year.

Divisional Highlights

• Pipelines reported adjusted EBITDA for the first quarter of $550 million, which represents a 20 percent increase compared to the same period in the prior year. The quarter was positively impacted by higher revenue associated with the Cochin Pipeline and Edmonton Terminals following the Kinder Acquisition, combined with increased volumes on the Peace Pipeline system, partially offset by increased operating expenses associated with the larger asset base and a lower contribution from Alliance Pipeline due to the lower AECO-Chicago natural gas price differential.
  
  Pipelines volumes of 2,629 mboe/d in the first quarter represents a five percent increase compared to the same period in the prior year.  Volumes were positively impacted by the contribution from the Cochin Pipeline following the Kinder Acquisition, combined with increased volumes on the Peace Pipeline system, partially offset by lower volumes on the Alliance Pipeline due to a narrower AECO-Chicago natural gas price differential. Pipeline revenue, and consequently revenue volumes, in the first quarter of both 2020 and 2019 reflected the deferral of certain take-or-pay revenue under IFRS 15. In the first quarter of 2020, $14 million of revenue in excess of the amount recognized was deferred.
  
  
• Facilities reported first quarter adjusted EBITDA of $256 million, which represents a 10 percent increase compared to the same period in the prior year. The first quarter was positively impacted by additional revenue from Duvernay II, Vancouver Wharves and the Redwater Co-generation Facility, combined with lower power costs in the gas services business, partially offset by lower revenues at the Cutbank Complex and higher operating expenses related to Vancouver Wharves.
  
  Facilities volumes of 879 mboe/d in the first quarter represents a two percent decrease compared to the same period in the prior year. Volumes during the first quarter were impacted by lower supply volumes at the Redwater Complex due to current market conditions, combined with decreased volumes at the Cutbank Complex, partially offset by additional volumes associated with Duvernay II being placed into service.
  
  
• Marketing & New Ventures reported fourth quarter adjusted EBITDA of $55 million, which represents a 55 percent decrease compared to the same period in the prior year. The first quarter decrease was largely due to lower margins on crude oil and NGL sales as a result of the sharp decline in commodity prices during the first quarter of 2020, combined with a lower contribution from Aux Sable due to the narrower AECO-Chicago natural gas price differential and NGL prices.
  
  NGL sales volumes of 195 mboe/d in the first quarter represents a 10 percent decrease compared to the same period in the prior year. Volumes for the first quarter were negatively impacted by lower supply volumes at the Redwater Complex, partially offset by increased volumes at Aux Sable.

Executive Overview⁽¹⁾

During this challenging and unprecedented period, everyone at Pembina hopes the Company's stakeholders - its employees, communities, customers and investors - are safe, healthy and finding a way to manage through these uniquely difficult circumstances.  Pembina remains focused on the business and meeting the needs of customers while acknowledging the human impact and the immense toll the COVID-19 pandemic is having on everyone.

The current pandemic has far reaching implications for both human health and the health of the global economy. The concurrent decline in global energy prices further magnifies this crisis for energy-related businesses and the people and communities that are dependent upon them.

Today, while Pembina reported strong quarterly financial and operational results, the impact of these crises will begin to materialize more fully in subsequent quarters and this has informed Pembina's outlook for the remainder of the year, including our 2020 guidance, as discussed further below. In response to the health pandemic and the resulting significant decline in global energy prices, Pembina previously announced a decisive action plan to protect all its stakeholders.

• The Company has taken the necessary steps to protect human health and support government and community efforts to slow down the spread of the COVID-19 virus. In line with recommendations from health authorities, Pembina restricted business travel, cancelled large group meetings and is requiring non-essential employees and contractors who can work from home to do so.
  
  
• Pembina has determined the essential staff and critical infrastructure required to ensure uninterrupted service to customers while maintaining the safety of its assets, employees and other stakeholders. The Company has not experienced any operational disruptions to its assets as a result of COVID-19.
  
  
• The Company also announced the deferral of some expansion projects to reflect current market realities and uncertainty over the duration of this downturn. Further, additional discretionary capital investment has been removed from Pembina's 2020 capital budget. The result is a $900 million to $1.1 billion reduction to the Company's 2020 capital investment plans. These reductions will be directed towards reducing Pembina's leverage and enhancing its financial position. Importantly, these measures will have no impact on Pembina's existing base business or its ability to continue to operate safely and reliably. In the event that the energy price downturn extends beyond 2020 and projects remain deferred, capital investment in 2021 is expected to be substantially lower than in 2020. This would result in Pembina generating significant excess cash flow from operating activities, after the payment of dividends, to fund capital expenditures and additional debt repayment.

$1.3 billion of new projects are expected to come into service throughout 2020 and early 2021.  The decision to continue spending on these projects was informed by the fact that they are all well advanced, or nearing completion, and are therefore expected to contribute incremental adjusted EBITDA in the near future. By contrast, the deferred projects were in the early stages of planning or construction.

Planning, engineering and regulatory work done to date on the deferred projects will allow Pembina to quickly resume these projects to meet customers' needs when global energy prices and the broader economic environment support such action.

Pembina recognizes that the prevailing energy prices and temporary demand disruptions have forced the Company's producing customers to take actions to preserve liquidity and strengthen their balance sheets.  Capital budgets are being drastically reduced, which will result in moderation of growth or production declines. At the same time, producers continue to require safe and reliable midstream services to ensure their products continue to reach demand markets to maximize cash generation in this environment and ensure North American energy needs continue to be met.

Pembina has evaluated the impact producer spending decisions are expected to have on its business. While some volume declines across our system are anticipated, much of Pembina's business is protected by strong contracts. Pembina expects its marketing business will be more negatively impacted by the rapid and significant decline in energy prices. However, declining volumes and a lower marketing contribution will be somewhat offset by approximately $100 million of operating and administrative cost savings and efficiencies, which have been implemented throughout the business.

Overall, Pembina continues to expect 2020 adjusted EBITDA to remain within the previously disclosed guidance range, albeit the Company expects to be near the lower end of that range based on current estimates. While factoring in reduced volumes and lower commodity prices as noted above, the duration of the current situation and large-scale shut-ins could cause Pembina to fall below the low end of the guidance range.

Pembina's business is resilient in the face of current challenges. An unwavering commitment to the Company's financial guardrails has been a guiding principle for many years and, as a result, Pembina is well positioned.

• Pembina is benefiting from the diversification efforts of the past several years. Various initiatives, including the acquisition of high-quality assets such as the Alliance and Cochin pipelines and the Edmonton Terminals storage assets, combined with ongoing development of highly contracted assets such as the Peace Pipeline system and the Duvernay Complex, have expanded Pembina's diversification across commodities, credit-worthy counterparties, producing basins and currencies. Pembina's business is comprised approximately 40 percent by the crude oil and condensate value chain, approximately 30 percent by the natural gas liquids value chain and approximately 30 percent by the natural gas value chain.
  
  
• The underlying business remains highly contracted, with between 90 and 95 percent of 2020 adjusted EBITDA, based on Pembina's 2020 guidance, supported by long-term, fee-based contracts, including approximately 68 to 72 percent coming from cost-of-service or take-or-pay contracts with no volume or price risk.
  
  
• Direct commodity exposure in Pembina's business is limited to the Marketing & New Ventures Division. Approximately 50 percent of Pembina's frac spread exposure has been hedged in 2020 and 35 percent in 2021, excluding Aux Sable.
  
  
• Approximately 80 percent of the Company's credit exposure is with investment grade and split-rated counterparties or with counterparties secured by letters of credit.  Non-investment grade and split-rated counterparty exposure is well diversified across various industries.
  
  
• The balance sheet is strong. Pembina is rated BBB with a Stable outlook by Standard & Poor's and BBB with a Stable trend by DBRS Limited and the Company is fully committed to protecting its BBB rating. Both agencies have publicly affirmed these ratings in the past two weeks.
  
  
• Further, as at May 7, 2020, the Company has ample liquidity, with $2.5 billion of available cash and borrowing capacity including a new $800 million revolving credit facility Pembina previously announced and a US$250 million non-revolving term loan announced today.
  
  
• Pembina's common share dividend of $0.21 per share per month is more than covered by fee-based cash flows, meaning the Company is not reliant on the portion of its business with direct commodity price exposure to pay the current dividend. In 2019, Pembina's common share dividend represented only 73 percent of fee-based distributable cash flow, or an all-in dividend payout ratio of 54 percent, providing ample room between the current dividend and the cash flow being generated. Pembina understands the dividend is important to investors and the Company is committed to continue paying the current dividend despite a challenging near-term business outlook.

The current situation is unparalleled and brings with it some unique challenges. However, Pembina has faced adversity before and always emerged strong.  The Company weathered the 2008-09 financial crisis and the 2015- 16 energy price collapse. Pembina remained resilient throughout these cycles, growing both organically and through acquisition, which allowed it to deliver annual increases in adjusted EBITDA and dividends per common share. Further, the Company maintained an investment grade credit rating throughout. Today, a long-term commitment to the Company's financial guardrails and decisive action to defer capital spending ensures Pembina has the balance sheet strength and liquidity to weather the current storm and ensure that upon a return to more normal economic conditions and higher energy prices, Pembina will be ready and able to continue its long track record of delivering value to all stakeholders.

Projects and New Developments⁽²⁾

Pipelines and Facilities have $1.1 billion of capital projects underway, which in aggregate are trending on budget.

Pipelines:

• Pembina's NEBC Montney Infrastructure and Wapiti Condensate Lateral were both placed into service during the quarter.
  
  
• Pembina continues to progress its Phase VI Peace Pipeline Expansion, which includes upgrades at Gordondale; a 16-inch pipeline in the La Glace to Wapiti corridor and associated pump station and terminal upgrades; and a 20-inch pipeline in the Kakwa to Lator corridor. The La Glace to Wapiti segment was placed into service during the quarter. The Kakwa to Lator segment is under construction and will be placed into service in the second quarter of 2020. The project has a capital budget of $280 million.

As previously announced, in response to the COVID-19 pandemic, the resulting virtual shutdown of the global economy and the recent significant decline in global energy prices, Pembina made the decision to defer some projects within Pipelines:

• The Phase VII Peace Pipeline Expansion, which includes a 20-inch, approximately 220-kilometer pipeline in the La Glace-Valleyview-Fox Creek corridor, as well as six new pump stations or terminal upgrades between La Glace and Edmonton, Alberta. This expansion is expected to add approximately 240 mbpd of incremental capacity upstream of Fox Creek, accessing capacity available on the pipelines downstream of Fox Creek;
  
  
• The Phase VIII Peace Pipeline Expansion, which includes 10-inch and 16-inch pipelines in the Gordondale to La Glace corridor, as well as six new pump stations or terminal upgrades located between Gordondale and Fox Creek; and
  
  
• The Phase IX Peace Pipeline Expansion, which will include 6-inch and 16-inch pipelines debottlenecking the corridor north of Gordondale as well as upgrades at one pump station.  In addition, this expansion will see existing pipelines, which are currently batching, converted to single product lines.  Once this expansion is completed, Pembina will have achieved segregated liquids transportation service for ethane- plus, propane-plus, crude and condensate across multiple pipeline systems between Gordondale and the Edmonton, Alberta area.

Facilities:

• Pembina's Duvernay Sour Treatment Facilities were placed into service during the quarter.
  
  
• Pembina continues to progress Duvernay III, which includes a 100 MMcf/d sweet gas, shallow cut processing train; 20 mbpd of inlet condensate stabilization; and other associated infrastructure. A majority of the packaged equipment and pipe racks have been fabricated and set in place. The mechanical contractor has mobilized and has commenced fabrication of interconnecting pipe. The capital budget is $200 million and the project has an expected in-service date in the fourth quarter 2020.
  
  
• Pembina continues with the construction of new fractionation and terminalling facilities at the Company's Empress NGL Extraction Facility. These facilities are expected to add approximately 30 mbpd of propane-plus fractionation capacity to the facility.  Pipeline construction is complete, mechanical and electrical construction is progressing on the fractionation and rail sites and the rail track construction is expected to commence in May 2020. The project has a total capital budget of $120 million and an anticipated in-service date of late 2020.
  
  
• Development continues at Pembina's Prince Rupert Terminal located on Watson Island, British Columbia. The 25 mbpd project will primarily source propane from the Company's Redwater Complex.  Facility piping work, on site sphere assembly and marine retrofit work continued until early March. As a result of COVID- 19, Pembina had to shut down all site construction activities at that time. Pembina is currently working on a remobilization plan, with the sphere constructor currently scheduled to be back on site in May. The plans for remobilization of other contractors are currently being developed. As a result of the shut down, the project in-service date has been delayed to the first quarter of 2021, subject to regulatory and environmental approvals. The project has a capital budget of $250 million.
  
  
• Pembina continues to progress the Hythe Developments project whereby Pembina and its 45 percent owned joint venture, Veresen Midstream, will construct natural gas gathering and processing infrastructure in the Pipestone Montney region. Construction is underway. The capital budget for the Hythe Developments project is $240 million, net to Pembina, with an anticipated in-service date of late 2020.
  
  As previously announced, in response to the COVID-19 pandemic, the resulting virtual shutdown of the global economy and the recent significant decline in global energy prices, Pembina made the decision to defer some projects within Facilities:
  
  
• The Prince Rupert Terminal Expansion, which will increase propane export capacity to approximately 40 mbpd; and
  
  
• Pembina's Empress Co-generation Facilities, which will enable Pembina to be more efficient with its production, reduce greenhouse gas emissions, utilize heat recovery and provide a second source of power.

Marketing & New Ventures:

• Regulatory processes for the proposed Jordan Cove LNG Project are ongoing.  During the quarter, Pembina announced the receipt of a certificate of approval from the U.S. Federal Energy Regulatory Commission ("FERC") for Pembina's proposed Jordan Cove liquefied natural gas terminal and Pacific Connector Gas Pipeline. Jordan Cove is the first ever U.S. West Coast natural gas export facility to be approved by FERC. This federal approval is a significant milestone for the project and for Pembina. The Company remains focused on completing the regulatory process, receiving the remaining permits required to proceed and enabling the commercial viability of the project.  The timing and ultimate approval of this project is uncertain and dependent upon receipt of these remaining approvals.
  
  
• As previously announced, in response to the execution risks and unknown capital cost impacts associated with the COVID-19 pandemic, the resulting virtual shutdown of the global economy and the recent significant decline in global energy prices, Pembina made the decision to defer investment in its integrated PDH/PP project being developed through its joint venture entity CKPC. The PDH/PP Facility will be located adjacent to Pembina's Redwater Complex and will convert approximately 23 mbpd of locally supplied propane into polypropylene, a high value recyclable polymer.

Financing

• As previously announced on January 10, 2020, Pembina closed an offering of $1.0 billion of senior unsecured medium-term notes. The offering was conducted in three tranches, consisting of $250 million issued through a re-opening of Pembina's senior unsecured medium-term notes, series 10, having a fixed coupon of 4.02 percent per annum, paid semi-annually and maturing on March 27, 2028; $500 million issued through a re-opening of Pembina's senior unsecured medium-term notes, series 11, having a fixed coupon of 4.75 percent per annum, paid semi-annually and maturing on March 26, 2048; and $250 million issued through a re-opening of Pembina's senior unsecured medium-term notes, series 12, having a fixed coupon of 3.62 percent per annum, paid semi-annually and maturing on April 3, 2029.
  
  
• As previously announced on February 27, 2020, Canada Kuwait Petrochemical Limited Partnership closed a syndicated senior secured credit agreement consisting of a US$1.7 billion amortizing term facility and a US$150 million revolving facility, which have been guaranteed equally by the owners through the completion of construction on a several basis. The final maturity date of the term facility and revolving facility is February 27, 2027. $37 million (US$26 million) was drawn on this facility at March 31, 2020.
  
  
• As previously announced on April 6, 2020, Pembina entered into a new $800 million unsecured revolving credit facility (the "Facility") with certain existing key lenders. The Facility is available for general corporate purposes, thereby providing additional liquidity and flexibility should it be required. The Facility has an initial term of two years. The other terms and conditions of the Facility, including financial covenants, are substantially similar to Pembina's existing $2.5 billion revolving credit facility.
  
  
• On May 7, 2020, Pembina entered into an unsecured US$250 million non-revolving term loan with a global bank, which provides additional liquidity and flexibility in Pembina's capital structure in the current market conditions. The term loan has an initial term of five years. The other terms and conditions of the credit facility, including financial covenants, are substantially similar to Pembina's unsecured $2.5 billion revolving credit facility.

Dividends

• Declared and paid dividends of $0.21 per common share in January, February and March 2020 for the applicable record dates.
  
  
• Declared and paid quarterly dividends per preferred share of: Series 1: $0.306625; Series 3: $0.279875; Series 5: $0.285813; Series 7: $0.27375; Series 9: $0.296875; Series 11: $0.359375; Series 13: $0.359375; and Series 21: $0.30625 to shareholders of record as of February 3, 2020. Declared and paid quarterly dividends per preferred share of: Series 15: $0.279; Series 17: $0.301313; and Series 19: $0.3125 to shareholders of record on March 16, 2020. Declared and paid quarterly dividends per preferred share of Series 23: $0.328125; and Series 25: $0.3250 to shareholders of record on January 31, 2020.

First Quarter 2020 Conference Call & Webcast

Pembina will host a conference call on Friday, May 8, 2020 at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives to discuss results for the first quarter of 2020. 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 May 15, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 3298148.

A live webcast of the conference call can be accessed on Pembina's website at pembina.com under Investor Centre/ Presentation & Events, or by entering: https://produceredition.webcasts.com/starthere.jsp?ei=1290098&tp_key=0acdce5bbf in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.

Annual Meeting of Common Shareholders

The Company will hold its Annual Meeting of common shareholders ("AGM") on Friday, May 8, 2020 at 2:00 p.m. MT (4:00 p.m. ET).  The AGM will be held as a virtual-only meeting, which will be conducted via live audio webcast at https://web.lumiagm.com/m#/119921742. Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. A copy of the AGM presentation will be accessible on Pembina's website at www.pembina.com under Investor Centre, Presentation & Events.

For further information on Pembina's virtual AGM, kindly visit the Shareholder Information page under the Investor Centre tab at www.pembina.com.

About Pembina

Pembina is a leading transportation and midstream service provider that has been serving North America's energy industry for 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the WCSB and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 and Information

This document contains certain forward-looking statements and forward looking information (collectively, "forward-looking statements"), including 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 "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future" and similar expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements, including certain financial outlook, pertaining to, without limitation, the following: Pembina's corporate strategy and the development and expected timing of new business initiatives and growth opportunities and the expected timing thereof; expectations about industry activities and development opportunities; expectations about future growth opportunities and demand for our service; expectations regarding new corporate developments and impact on access to markets; planning, construction, capital expenditure estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, in-service dates, rights, activities and operations with respect to planned new construction of, or expansions on, existing pipelines, gas services facilities, fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; anticipated synergies between assets under development, assets being acquired and existing assets of the Company; the impact of the current commodity price environment on Pembina; and the future level and sustainability of cash dividends that Pembina intends to pay its shareholders, including the expected future cash flows and the sufficiency 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; the success of Pembina's operations and growth projects; prevailing commodity prices, interest rates and exchange rates and the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity 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 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; that there are no unforeseen material costs relating to the facilities which are not recoverable from customers; prevailing interest and tax rates; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and 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 regulatory environment and decisions; the impact of competitive entities and pricing; labour and material shortages; reliance on key relationships and agreements and the outcome of stakeholder engagement; the 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, climate change initiatives or policies or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions (including the Kinder Acquisition) due to the factors set out herein, integration issues or otherwise; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to the current and potential adverse impacts of the COVID-19 pandemic and continued depressed commodity prices; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; and certain other risks detailed from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.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 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. Readers are cautioned that management of Pembina approved the financial outlook contained herein as of the date of this press release. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Non-GAAP Measures

In this news release, Pembina has used the terms net revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), cash flow from operating activities per common share­­ (basic), adjusted cash flow from operating activities, adjusted cash flow from operating activities per common share (basic) and fee-based distributable cash flow, which do not have any standardized meaning under IFRS. Since these non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures be clearly defined, qualified and reconciled to their nearest GAAP measure. These non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The intent of non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.

Non-GAAP Proportionate Consolidation of Investments in Equity Accounted Investees Results

In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are net into a single line item in the Consolidated Statement of Financial Position, Investments in Equity Accounted Investees. Net earnings from Investments in Equity Accounted Investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Earnings, Share of Profit from Equity Accounted Investees. Cash contributions and distributions from Investments in Equity Accounted Investees represent Pembina's proportionate share paid and received in the period to and from the equity accounted investment. 

To assist the readers' understanding and evaluation of the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP disclosure of Pembina's proportionately consolidated interest in the Investments in Equity Accounted Investees. Pembina's proportionate interest in Investments in Equity Accounted Investees has been included in adjusted EBITDA.

Other issuers may calculate these non-GAAP measures differently. Investors should be cautioned that these measures should not be construed as alternatives to revenue, earnings, cash flow from operating activities, gross profit or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance. For additional information regarding non-GAAP measures, including reconciliations to, the most directly comparable measures recognized by GAAP, please refer to Pembina's management's discussion and analysis for the year ended March 31, 2020, which is available online at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-reports-first-quarter-results-301055320.html

SOURCE Pembina Pipeline Corporation

CALGARY, April 6, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it has entered into a new $800 million unsecured revolving credit facility. The Company further announced that its Board of Directors has declared a common share cash dividend for April 2020 of $0.21 per share and quarterly dividends for the Company's preferred shares.

New Unsecured Revolving Credit Facility

Pembina has entered into a new $800 million unsecured revolving credit facility (the "Facility") with certain existing key lenders. The Facility will be available to Pembina for general corporate purposes, thereby providing additional liquidity and flexibility should it be required. The Facility will have an initial term of two years. The other terms and conditions of the Facility, including financial covenants, are substantially similar to Pembina's existing $2.5 billion revolving credit facility.  

With the addition of the Facility, Pembina now has $3.3 billion in revolving credit facility capacity and approximately $2.3 billion in available cash and unutilized debt facilities. Further, over the next two years, Pembina's debt maturities are modest and include $73 million in 2020 and $800 million distributed across three instruments throughout 2021.

"In today's challenging and uncertain environment, ensuring ample liquidity is of utmost importance and I would like to acknowledge and thank our key lender group for their swift response.  We enjoy productive, long-term relationships with our lenders and value their deep understanding of our business," stated Scott Burrows, Pembina's Senior Vice President and Chief Financial Officer. "Over the past two weeks we have taken decisive and unprecedented action to preserve our strong balance sheet, protect our BBB credit rating and ensure we have the liquidity to fund our business until market conditions stabilize," added Mr. Burrows.

Common and Preferred Share Dividends

The common share cash dividend for April 2020 of $0.21 per share will be paid, subject to applicable law, on May 15, 2020 to shareholders of record on April 24, 2020.

For shareholders receiving their common share dividends in U.S. funds, the April 2020 cash dividend is expected to be approximately U.S. $0.1485 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7071. 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.

The common share 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.

Pembina's Board of Directors also declared quarterly dividends for the Company's preferred shares, Series 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23 and 25. Series 1, 3, 5, 7, 9, 11, 13 and 21 preferred share dividends are payable on June 1, 2020 to shareholders of record on May 1, 2020. Series 15, 17 and 19 preferred share dividends are payable on June 30, 2020 to shareholders of record on June 15, 2020. Series 23 and 25 preferred share dividends are payable on May 15, 2020 to shareholders of record on April 30, 2020.

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 25^th calendar day of each month (except for the December record date, which is December 31^st), 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 15^th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory holiday becomes the payment date.

Dividends on the preferred shares Series 1, 3, 5, 7, 9, 11, 13 and 21 are payable on the first calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first calendar day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15, 17 and 19 are payable on the last calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15^th calendar day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 23 and 25 are payable on the 15^th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last business day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.

Conference Call and Webcast Details for First Quarter 2020 Results

Pembina will release its first quarter 2020 results on Thursday, May 7, 2020 after markets close. A conference call and webcast have been scheduled for Friday, May 8, 2020, 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 May 15, 2020 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 3298148.

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:

https://produceredition.webcasts.com/starthere.jsp?ei=1290098&tp_key=0acdce5bbf in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.

Annual General Meeting of Common Shareholders

The Company will hold its Annual General Meeting of common shareholders ("AGM") on Friday, May 8, 2020 at 2:00 p.m. MT (4:00 p.m. ET).  The AGM will he held as a virtual-only meeting, which will be conducted via live audio webcast at https://web.lumiagm.com/119921742. Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. A copy of the AGM presentation can be accessed on Pembina's website at www.pembina.com under Investor Centre, Presentation & Events.

For further information on Pembina's virtual AGM, kindly visit the Shareholder Information page under the Investor Centre tab at www.pembina.com.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. 

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

• Customers choose us first for reliable and value-added services;
• Investors receive sustainable industry-leading total returns;
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 (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 this news release, such forward-looking statements can be identified by terminology such as "should", "may", "will", "continue", "if", "to be", "expects", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to: future dividends which may be declared on Pembina's common shares and preferred shares; the timing and the amount of the dividend payments and the tax treatment thereof; the Company's expectations regarding future liquidity; the timing for release of the Company's first quarter 2020 results; and the date and time of the AGM. 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: the ability of Pembina and any required third parties to effectively engage with stakeholders; 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; 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; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; 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. Readers are cautioned that events or circumstances could cause actual 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. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and material shortages; 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; 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, climate change initiatives or policies or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions (including the acquisition of Kinder Morgan Canada Limited and the U.S. portion of the Cochin Pipeline), integration issues or otherwise; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including the COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; 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, 2019, which can be found at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-new-credit-facility-declares-dividends-announces-first-quarter-2020-results-conference-call-and-webcast-and-provides-update-on-virtual-annual-general-meeting-301035604.html

SOURCE Pembina Pipeline Corporation

CALGARY, March 19, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") is pleased to announce receipt of a certificate of approval from the U.S. Federal Energy Regulatory Commission ("FERC") for Pembina's proposed Jordan Cove liquified natural gas ("LNG") terminal and Pacific Connector Gas Pipeline (together known as "Jordan Cove" or "the Project"). Jordan Cove is the first ever U.S. West Coast natural gas export facility to be approved by FERC. This federal approval is a significant milestone for the Project and for Pembina.

Pembina acquired Jordan Cove in late 2017 and has since been working toward obtaining extensive local, state and federal regulatory approvals. The Project includes a 229-mile pipeline, that would traverse four counties in Southern Oregon, and an LNG export terminal in Coos Bay, Oregon. Natural gas for Jordan Cove would be sourced at the Malin Hub, creating a new outlet for natural gas from areas such as the Rockies Basin. The Project represents a significant opportunity to bring tremendous economic benefits to the State of Oregon and Western Colorado and make a substantial contribution to addressing global climate change by replacing coal in Asia.

The bi-partisan FERC is currently comprised of three appointed Commissioners and serves as the federal agency responsible for reviewing proposals to build interstate natural gas pipelines, natural gas storage projects, and LNG terminals. The FERC's approval of the Project is the result of comprehensive environmental, safety and security reviews involving input from both federal and state agencies, Tribes, landowners and many other stakeholders.

Today's affirmative decision from the FERC represents the most significant step forward for Jordan Cove since Pembina acquired the Project. "We appreciate FERC's science-based approach to their review. The approval emphasizes yet again that Jordan Cove is environmentally responsible and is a project that should be permitted given a prudent regulatory and legal process was undertaken," said Harry Andersen, Pembina's Senior Vice President and Chief Legal Officer.  "The FERC's decision is due in no small part to our many supporters who have turned out time and time again to voice their support for Jordan Cove and to show that the Project is in the public interest, including in Southern Oregon and the Rockies Basin," added Mr. Andersen.

This decision is one of many significant steps forward for Jordan Cove in recent months. In addition to this federal approval, Jordan Cove recently received approval on all 14 local jurisdiction county and city applications and permits. Also, the Company has signed voluntary easement agreements that constitute 77 percent of the privately-owned portion of the proposed pipeline route, which will allow the pipeline to cross beneath these properties.

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 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; is growing an export terminals business; and is currently developing a petrochemical facility to convert propane into polypropylene. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets;

• Customers choose us first for reliable and value-added services;
  
  
• Investors receive sustainable industry-leading total returns;
  
  
• Employees say we are the 'employer of choice' and value our safe, respectful, collaborative and fair work culture; and
  
  
• Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

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 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 "intend", "will", "shall", and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to the potential economic and climate change benefits of the Project. These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release, including: prevailing commodity prices, margins and exchange rates, that Pembina's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto, the availability and sources of capital, operating costs, ongoing utilization and future expansions, the ability to reach required commercial agreements, and the ability to obtain required regulatory approvals. 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: 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; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; 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, 2019, which can be found at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on Pembina's website at www.pembina.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.

View original content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporations-jordan-cove-lng-project-receives-federal-approval-301027086.html

SOURCE Pembina Pipeline Corporation

Pembina's record annual earnings, cash flow and adjusted EBITDA were driven by new assets recently placed into service

All financial figures are in Canadian dollars unless noted otherwise.

CALGARY, Feb. 27, 2020 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the fourth quarter and full-year 2019.

Financial and Operational Overview

Financial and Operational Overview by Division