CALGARY, Nov. 12 /CNW/ - The Board of Directors of Pembina Pipeline
Corporation ("Pembina" or the "Corporation") (TSX: PPL) has declared a
November 2010 cash dividend of $0.13 per share to be paid, subject to
applicable law, on December 15, 2010 to shareholders of record on
November 25, 2010. This dividend is designated an "eligible dividend"
for Canadian income tax purposes.
The October 2010 dividend brings cumulative dividends (including
distributions paid by the Corporation's predecessor, Pembina Pipeline
Income Fund (the "Fund"), since its inception in September 1997) to
approximately $15.01 per share.
On October 1, 2010 the Fund closed the Plan of Arrangement pursuant to
which it converted into a dividend-paying corporate entity carrying on
business as Pembina. Pembina's common shares and convertible debentures
commenced trading on the Toronto Stock Exchange ("TSX") on Tuesday,
October 5, 2010 under the symbols "PPL" and "PPL.DB.B", respectively.
The Fund's trust units and convertible debentures (TSX: PIF.UN,
PIF.DB.B) were de-listed by the TSX that same day.
Based on internal projections and certain assumptions, Pembina expects
to maintain its current dividend level of 13 cents per share per month
($1.56 per share per year) through 2013.
Pembina Pipeline Corporation transports crude oil and natural gas
liquids produced in Western Canada, owns and operates oil sands
pipelines and has a growing presence in midstream and natural gas
Forward-Looking Information and Statements
This news release contains certain forward-looking information and
statements ("forward-looking statements") that are based on the
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 statements can be identified by
terminology such as "to be", "expects", "projects" and similar
In particular, this document contains forward-looking statements,
including certain financial outlook, regarding the ability of Pembina
to maintain its current level of cash dividends to its equity holders
through 2013. 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 document, including: that favourable
growth parameters continue to exist in respect of current and future
growth projects (including the ability to finance such projects on
favourable terms); and that Pembina's businesses will continue to
achieve sustainable financial results.
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; 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 for the year ended December 31, 2009, which can be found
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 and are made as of the date of this news release.
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. Management of Pembina approved the
financial outlook contained herein as of the date of this news release
to give the reader an indication as to the expected level of dividends
through 2013. Readers should be aware the information contained in the
financial outlook contained herein may not be appropriate for other
All dollar values are in Canadian dollars.