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Pembina Pipeline Corp. Q2-2018 Earnings & Price Target Update

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Pembina owns or has interests in conventional crude oil, condensate, natural gas and natural gas liquids pipelines, oil sands and heavy oil pipelines, gas gathering and processing facilities, an NGL infrastructure and logistics business and midstream services that span across its operations. Pembina transports approximately 50% of Alberta's conventional crude oil, about 30% of the natural gas liquids produced in western Canada, and five oil sands pipelines provide 30% of take away capacity from the Athabasca oil sands region. The pipelines 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. Operations are primarily located in Western Canada. The Pipelines Segment contributes 56% of operating profits, Facilities – 28% and Marketing – 14%. Total assets as of Jun-30-2018 were $29.9B compared to $15B at Dec-31-2016. The growth resulted from the acquisition of Veresen Inc in Oct-2017 adding $9B of assets with the balance from capital development projects. Forecast capital expenditures for 2018 are $1B and $1B for 2019 and 2020.

Veresen Acquisition

Both companies operate in the oil and natural gas midstream sectors with a major focus oil and natural gas pipelines and midstream. Pembina is a major shipper from the Alberta oil sands as well as conventional pipelines. Veresen owns a 50% interest along with the Enbridge group in the transcontinental Alliance natural gas pipeline. While they both operate with the oil and natural sector the assets are in different industry segments. The combined companies will provide increased product, customer and geographic diversification. Veresen is in the process of selling $1.1B of power generation assets and is refocusing on building a major midstream natural gas processing presence in north east BC including the Montney region. They also have a large NGL facility on the Oregon coast that is stalled in pre-approval.

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