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Pembina Pipeline Corp. Q1-2018 Earnings & Price Target Update

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Pembina Pipeline Corporation (PPL-TSX, PBA-NYSE) has been 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 logistics business. With facilities strategically located in western Canada and in natural gas liquids markets in eastern Canada and the U.S., Pembina offers a wide range of midstream and marketing services.

During the past 12 months $5B of capital projects have been placed into service with $1.9B more to come into service during 2018 and potentially $10B after 2018. In addition the acquisition of Veresen which closed in Oct-2017 was valued at $9.4B, including the assumption of Veresen debt and preferred shares. Dividends were increased by 5.9% effective for the Oct-2017 and by another 5.6% in May-2018. Pembina now reports revenues in three segments - Pipelines, Facilities and Marketing & New Ventures. Total assets as of Mar-31-2018 were $26B up from $15B at Dec-31-2016.

Veresen Acquisition

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