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Pembina Pipeline Corp- 2017 Earnings & Price Target Update

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Pembina Pipeline Corporation (PPL-TSX, PBA-NYSE) is leading Canadian petroleum infrastructure company providing transportation and midstream services to the western Canadian petroleum sector for over 60 years. Pembina owns and operates: pipelines that transport conventional and synthetic crude oil and natural gas liquids produced in western Canada; oil sands, heavy oil and diluent pipelines; gas gathering and processing facilities; and, an oil and natural gas liquids midstream facilities, and a logistics business. Operations are segmented in conventional pipelines, oil sands pipelines, natural gas process, NGL services and the operations acquired with the Veresen acquisition that focuses on natural gas midstream activities and natural gas pipelines. The largest operating segments are Conventional pipelines, midstream and Veresen. With facilities strategically located in western Canada and in natural gas liquids markets in eastern Canada and the U.S., Pembina earns 82% of revenues in Canadian dollars and the balance from the US. During the 2017, $5.2B of capital projects were placed into service and Veresen was acquired for $6.4B on Oct-2-2017. Total assets increased to $25.5B at Dec-31-2017 from $15B at Dec-31-2016.

Veresen Acquisition

On Oct-2-2017, Pembina acquired all the shares of Veresen for $6.4B comprised of $1.5B in cash and 99.5M common shares valued at $4.4B and three issues of preferred shares valued at $522M. The Veresen preferred shares were exchanged for Pembina preferred shares.

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