News Release

Pembina Pipeline Corporation Announces December 2011 Dividend

CALGARY, Dec. 6, 2011 /CNW/ - The Board of Directors of Pembina Pipeline Corporation ("Pembina") (TSX: PPL) has declared a December 2011 cash dividend of $0.13 per share to be paid, subject to applicable law, on January 13, 2012 to shareholders of record on December 31, 2011. This dividend is designated an "eligible dividend" for Canadian income tax purposes.

Based on internal projections and certain assumptions, Pembina expects to maintain its current dividend of 13 cents per share per month ($1.56 per share per year) through 2013.

Reinstatement of Premium Dividend™ and Dividend Reinvestment Plan

Pembina intends to reinstate the Premium Dividend™ and Dividend Reinvestment Plan ("DRIP") effective as of the January 25, 2012 record date and the corresponding dividend payable on February 15, 2012.

If you are an eligible shareholder of Pembina, as described in the DRIP documents available at, the DRIP provides an opportunity for you to receive, by reinvesting the cash dividends declared payable by Pembina on your shares, either

(i)      additional common shares at a discounted subscription price equal to 95 percent of the Average Market Price (as defined in the DRIP), pursuant to the "Dividend Reinvestment Component" of the DRIP, or
(ii)      premium cash payment (the "Premium Dividend™") equal to 102 percent of the amount of your reinvested dividends, pursuant to the "Premium Dividend™ Component" of the DRIP,

in either case upon and subject to the terms and conditions of the DRIP.

Shareholders must contact the broker, investment dealer, financial institution or other nominee through whom their Pembina common shares are held to enroll in the DRIP.

Further details and enrollment forms for the DRIP are available on Pembina's website under Investor Centre.

Unless otherwise announced by Pembina, a shareholder who is a resident of the United States or is otherwise a "U.S. person" as that term is defined in Regulation S under the United States Securities Act of 1933, as amended, may not participate in either component of the Plan.

DRIP proceeds will be directed toward Pembina's ongoing 2012 capital program and the reduction of outstanding bank debt.

Pembina 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 services sectors. Pembina's common shares and convertible debentures are traded on the TSX under the symbols PPL and PPL.DB.C respectively.

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", "intends" and similar expressions.

In particular, this news release 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, 2010, which can be found at

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 purposes.

All dollar values are in Canadian dollars.