CALGARY, April 9, 2019 /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 April 2019 of
$0.19 per share to be paid, subject
to applicable law, on May 15, 2019 to
shareholders of record on April 25,
2019. 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.
For shareholders receiving their common share dividends in U.S.
funds, the April 2019 cash dividend
is expected to be approximately U.S. $0.1426 per share (before deduction of any
applicable Canadian withholding tax) based on a currency exchange
rate of 0.7505. The actual U.S. dollar dividend will depend on the
Canadian/U.S. dollar exchange rate on the payment date and will be
subject to applicable withholding taxes.
Confirmation of Record and Payment Date Policy
Pembina pays cash dividends on its common shares in Canadian
dollars on a monthly basis to shareholders of record on the 25th
calendar day of each month (except for the December record date,
which is December 31st), if, as and
when determined by the Board of Directors. Should the record date
fall on a weekend or a statutory holiday, the effective record date
will be the previous business day. The dividend payment date is the
15th of the month following the record date. Should the payment
date fall on a weekend or on a holiday the business day prior to
the weekend or holiday becomes the payment date.
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 and 21. Series 1, 3, 5, 7, 9, 11, 13 and 21 preferred
share dividends are payable on June 3,
2019 to shareholders of record on May
1, 2019. Series 15, 17 and 19 preferred share dividends are
payable on July 2, 2019 to
shareholders of record on June 17,
2019.
Series
|
Dividend
Amount
|
Preferred Shares,
Series 1 (PPL.PR.A)
|
$0.306625
|
Preferred Shares,
Series 3 (PPL.PR.C)
|
$0.279875
|
Preferred Shares,
Series 5 (PPL.PR.E)
|
$0.312500
|
Preferred Shares,
Series 7 (PPL.PR.G)
|
$0.281250
|
Preferred Shares,
Series 9 (PPL.PR.I)
|
$0.296875
|
Preferred Shares,
Series 11 (PPL.PR.K)
|
$0.359375
|
Preferred Shares,
Series 13 (PPL.PR.M)
|
$0.359375
|
Preferred Shares,
Series 15 (PPL.PR.O)
|
$0.279000
|
Preferred Shares,
Series 17 (PPL.PR.Q)
|
$0.301313
|
Preferred Shares,
Series 19 (PPL.PR.S)
|
$0.312500
|
Preferred Shares,
Series 21 (PPL.PF.A)
|
$0.306250
|
Dividends on the preferred shares Series 1, 3, 5, 7, 9, 11, 13
and 21 are payable on the first 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 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
holiday. Dividends on the preferred shares Series 15, 17 and 19 are
payable on the last 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 fifteenth 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 holiday.
Conference Call and Webcast Details for First Quarter 2019
Results
Pembina will release its first quarter 2019 results on
Thursday, May 2, 2019 after markets
close. A conference call and webcast have been scheduled for
Friday, May 3, 2019, 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 10, 2019 at
11:59 p.m. ET. To access the replay,
please dial either 416-849-0833 or 855-859-2056 and enter the
password 4976398.
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://event.on24.com/wcc/r/1880618/81FD9B5DBEEB0D2BF7D38CA19EDC43B7
in your web browser. Shortly after the call, an audio archive will
be posted on the website for a minimum of 90 days.
Annual and Special Meeting of Common Shareholders and Special
Meeting of Preferred Shareholders
The Company will hold its Annual and Special Meeting of common
shareholders ("AGM") on Friday, May 3,
2019 at 2:00 p.m. MT
(4:00 p.m. ET) in the Ballroom at the
Metropolitan Conference Centre, 333 – 4th Avenue S.W.,
Calgary, Alberta, Canada. The
Company will hold its Special Meeting of Class A preferred
shareholders on Friday, May 3, 2019
at 1:00 p.m. MT (3:00 p.m. ET) in the Grand Lecture Theatre at the
Metropolitan Conference Centre, 333 – 4th Avenue S.W.,
Calgary, Alberta, Canada.
A live webcast of Pembina's AGM presentation can be accessed on
Pembina's website at www.pembina.com under Investor Centre,
Presentation & Events, or by entering:
https://event.on24.com/wcc/r/1937359/0069DA07C36B92C7D7AC740E7FE09605
in your web browser. Participants are recommended to register for
the webcast at least 10 minutes before the presentation start
time.
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for over 60 years. Pembina owns 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 and an oil and natural gas
liquids infrastructure and logistics business. 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 strategy is to:
- Preserve Value by providing safe, environmentally
conscious, cost-effective and reliable services;
- Diversify by providing integrated solutions which
enhance profitability and customer service;
- Implement Growth by pursuing projects or assets that are
expected to generate cash flow per share accretion and capture
long-life, economic hydrocarbon reserves; and
- Secure Global Markets by understanding what the world
needs, where they need it, and delivering it.
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 information and statements can be identified by
terminology such as "should", "may", "will", "continue", "if", "to
be", "expects", and similar expressions.
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 dividend payments
and the tax treatment thereof; the timing for release of the first
quarter 2019 results; and the timing of Pembina's annual and
special meeting of common shareholders and special meeting of
preferred shareholders. 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; and
prevailing interest and tax rates.
Although Pembina believes the expectations and material
factors and assumptions reflected in these forward-looking
statements are reasonable as of the date hereof, there can be no
assurance that these expectations, factors and assumptions will
prove to be correct. Readers are cautioned that events or
circumstances could cause results to differ materially from those
predicted, forecasted or projected. By their nature,
forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties that contribute to the possibility
that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements and
information. 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 of agreements in accordance with their terms;
the impact of competitive entities and pricing; reliance on key
industry partners, alliances and agreements; the strength and
operations of the oil and natural gas production industry and
related commodity prices; the continuation or completion of
third-party projects; actions by governmental or regulatory
authorities including changes in tax laws and treatment, changes in
royalty rates or increased environmental regulation; adverse
general economic and market conditions in Canada, North
America and elsewhere; 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, 2018, which can be found at www.sedar.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 or information contained
herein, except as required by applicable laws.
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SOURCE Pembina Pipeline Corporation