Energia
Pembina Pipeline Corporation Reports Second Quarter Results
CALGARY, Alberta , Aug. 1, 2019 /CNW/ - Pembina Pipeline Corporation (" Pembina " or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the second quarter of 2019.
Next month, Pembina will mark another major milestone by celebrating 65 years as a company. When Pembina was founded in 1954 we had 31 people and a single pipeline while today we have approximately 2,300 employees and $28 billion of total assets. It has been a journey of significant growth across a wide range of commodity and economic environments. We have grown to become a leading North American transportation and midstream service provider with a strong and resilient base business and significant growth opportunities ahead.
Through the mid-point of 2019 we have performed well, delivering strong year-to-date results. Compared to the prior year, the second quarter benefited from higher utilization of existing assets and contributions from new assets including those placed into service in late 2018 and early 2019 such as the Phase IV and V Peace Pipeline Expansions, the Redwater Co-generation Plant and the Burstall Ethane Storage Facility. In the marketing business, lower year-over-year prices for butane and propane were offset by higher NGL volumes, the positive impact of lower natural gas prices on frac spreads and the fact that Pembina has hedged approximately 25 percent of its frac spread business, excluding Aux Sable. As well, the crude oil marketing business continues to deliver steady results. Overall, the integrated and diversified nature of Pembina's business continues to be a strength.
Based on our year-to-date results and our outlook for the balance of the year, we remain on track to meet our adjusted EBITDA guidance range of $2,850 to $3,050 million .
Pembina continues to experience strong customer demand for incremental services and recently executed agreements for term extension and increased volume obligations at Pembina's Saturn deep-cut processing facility. These agreements include gas processing, NGL transportation and fractionation and marketing services. We see this development as further evidence that customers value our complete service offering and ability to respond quickly and cost-effectively to meet their needs. Our teams continue to see a steady flow of new business development opportunities and we are confident that Pembina is best positioned to meet customer demand for integrated services and higher realized prices for their products.
The Pipelines and Facilities Divisions are constructing $3.0 billion of capital projects, which in aggregate are trending on budget.
Pembina will host a conference call on Thursday, August 1, 2019 at 4:00 p.m. MT ( 6:00 p.m. ET ) for interested investors, analysts, brokers and media representatives to discuss details related to the second quarter 2019 results. The conference call dial-in numbers for Canada and the U.S. are 647-427-7450 or 888-231-8191. A recording of the conference call will be available for replay until August 8, 2019 at 11:59 p.m. ET . To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 1089647.
A live webcast of the conference call can be accessed on Pembina's website at pembina.com under Investor Centre, Presentation & Events, or by entering:
https://event.on24.com/wcc/r/1880626/9990356A578BD8CD2CE456D745C409E1 in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.
2019
2019 a 2019.
Investor Relations, Cameron Goldade , Vice President Capital Markets, (403) 231-3156, 1-855-880-7404, E-mail: investor-relations@pembina.com, www.pembina.com