CALGARY, Oct. 8, 2014 /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 October 2014, of
$0.145 per share to be paid, subject
to applicable law, on November 14,
2014 to shareholders of record on October 25, 2014.
For shareholders receiving their common share dividends in U.S.
funds, the October 2014 cash dividend
is expected to be approximately U.S. $0.1297 per share (before deduction of any
applicable Canadian withholding tax) based on a currency exchange
rate of 0.8943. 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
on the Company's preferred shares, Series 1, 3 and 5, and an
initial dividend on the Series 7 Preferred Shares for the period
from September 11, 2014 to
December 1, 2014. Future dividends on
the Series 7 Preferred Shares are expected to be $0.28125 quarterly, or $1.125 per share on an annualized basis for the
initial fixed rate period to but excluding December 1, 2019. All preferred share
dividends are payable on December 1,
2014 to shareholders of record on October 31, 2014:
Preferred Shares, Series 1 (PPL.PR.A) |
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$0.265625 |
Preferred Shares, Series 3 (PPL.PR.C) |
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$0.29375 |
Preferred Shares, Series 5 (PPL.PR.E) |
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$0.3125 |
Preferred Shares, Series 7 (PPL.PR.G) |
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$0.2497 |
These dividends are designated "eligible dividends" for Canadian
income tax purposes. For non-resident shareholders, Pembina's
common share dividends should be considered "qualified dividends"
and may be subject to Canadian withholding tax.
Pembina pays cash dividends on its common shares in Canadian
dollars on a monthly basis to shareholders of record on the
25th calendar day of each month (except for the December
record date, which is December
31st), if, as and when determined by the Board of
Directors. Should the record date fall on a weekend or a statutory
holiday, the effective record date will be the previous business
day. The dividend payment date is the 15th of the month following
the record date. Should the payment date fall on a weekend or
on a holiday the business day prior to the weekend or holiday
becomes the payment date. Dividends on the preferred are payable on
the 1st day of March, June, September and December in each year,
if, as and when declared by the Board of Directors.
Third Quarter Conference Call and Webcast
Pembina will release its third quarter 2014 results on
Tuesday, November 4, 2014 after
markets close. A conference call and webcast have been scheduled
for Wednesday, November 5, 2014 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 11, 2014 at
11:59 p.m. ET. To access the replay,
please dial either 416-849-0833 or 855-859-2056 and enter the
password 41655527.
A live webcast of the conference call can be accessed on
Pembina's website at www.pembina.com under Investor Centre,
Presentation & Events, or by entering:
http://event.on24.com/r.htm?e=742992&s=1&k=7719A8D82D61576FC50967AB90F91D22
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 60 years.
Pembina owns and operates pipelines that transport various
hydrocarbon liquids including conventional and synthetic crude oil,
heavy oil and oil sands products, condensate (diluent) and natural
gas liquids produced in western Canada. The Company also owns and operates gas
gathering and processing facilities and an oil and natural gas
liquids infrastructure and logistics business. With facilities
strategically located in western Canada and in natural gas liquids markets in
eastern Canada and the U.S.,
Pembina also offers a full spectrum of midstream and marketing
services that spans across its operations. Pembina's integrated
assets and commercial operations enable it to offer services needed
by the energy sector along the hydrocarbon value chain.
Forward-Looking Information and
Statements
This news release contains certain
forward-looking information and statements that are based on
Pembina's current expectations, estimates, projections and
assumptions in light of its experience and its perception of
historical trends. In this news release, such forward-looking
information and statements can be identified by terminology such as
"to be", "expects", and similar expressions. In particular, this
news release contains forward-looking statements and information
relating to future dividends which may be declared on Pembina's
Series 7 Preferred Shares. These forward-looking statements and
information are being made by Pembina based on certain assumptions
that Pembina has made in respect thereof as at the date of this
document, including: prevailing commodity prices, margins 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 relating to
expansion, upgrades and maintenance shutdowns; the success of
growth projects; future operating costs; that counterparties to
material agreements will continue to perform in a timely manner;
that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material construction,
integrity or other costs related to current growth projects or
current operations. These forward-looking statements are not
guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties, including, but not
limited to: 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,
including the continued designation of dividends on Pembina's
shares as "eligible dividends" under the Income Tax Act
(Canada); 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, 2013, which can be
found at www.sedar.com.
Accordingly, readers are cautioned that
events or circumstances could cause results to differ materially
from those predicted, forecasted or projected. Such forward-looking
statements are expressly qualified by the above statements. Pembina
does not undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except
as required by applicable laws.
SOURCE Pembina Pipeline Corporation