Pembina Pipeline Stock Price, News & Analysis

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced record financial results for Q2 2024, with earnings of $479 million and adjusted EBITDA of $1,091 million.

The company closed a $3.1 billion acquisition of additional interests in Alliance and Aux Sable and made a final investment decision on the US$4 billion Cedar LNG Project. Pembina also acquired the remaining 14.6% interest in Aux Sable's U.S. operations.

Phase VIII Peace Pipeline Expansion was completed under budget. 2024 guidance has been raised with adjusted EBITDA now projected between $4.20 billion and $4.35 billion.

The board declared a quarterly dividend of $0.69 per share payable on September 27, 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced that its Board of Directors has declared quarterly dividends for several series of preferred shares, payable in September and October 2024. Specific dividend amounts range from $0.268875 to $0.515301 per share, with payment dates varying by series. Pembina also confirmed a conference call and webcast scheduled for August 9, 2024, to discuss its second-quarter 2024 results, which will be released on August 8, 2024, after market close. The call is open to investors, analysts, brokers, and media, with replay options available until August 16, 2024.

Pembina Pipeline (NYSE: PBA) has successfully redeemed $150 million of its $300 million Series 19 Medium Term Notes, due June 22, 2026. The redemption occurred on July 6, 2024, at a price of approximately $1,002.19 per $1,000 principal amount, covering the principal and accrued interest. Pembina financed this redemption using a portion of the $950 million raised from a recent senior unsecured medium-term notes offering.

The Series 19 Notes were initially issued on June 20, 2023, under a pricing supplement to Pembina's 2021 short form base shelf prospectus. Detailed information is available on Pembina's SEDAR+ profile.

Pembina Pipeline announced that its subsidiary, Pembina Gas Infrastructure (PGI), has agreed to acquire a 50% working interest in Whitecap Resources' Kaybob Complex for $420 million ($252 million net to Pembina). PGI will fund Whitecap's Lator area development and gain long-term take-or-pay agreements for its infrastructure. Additionally, new and extended agreements have been signed for integrated transportation, fractionation, and marketing services, enhancing utilization of PGI and Pembina's assets. The deal is expected to close in Q3 2024.

Pembina Pipeline (TSX: PPL; NYSE: PBA) has successfully closed a $950 million public note offering. The offering consists of three tranches: $650 million in Series 23 Notes with a 5.22% coupon maturing in 2033, $150 million in Series 20 Notes with a 5.02% coupon maturing in 2032, and $150 million in Series 22 Notes with a 5.67% coupon maturing in 2054. The proceeds will be used to repay debt under Pembina's revolving credit facility, fund the redemption of $150 million of Series 19 Notes due in 2026, and for general corporate purposes. The notes were offered via a short form base shelf prospectus dated December 20, 2023, and related pricing supplements dated June 26, 2024.

Pembina Pipeline announced a $950 million public offering of senior unsecured medium-term notes. The offering will be in three tranches: $650 million of Series 23 Notes with a 5.22% coupon maturing on June 28, 2033; $150 million of Series 20 Notes with a 5.02% coupon maturing on January 12, 2032; and $150 million of Series 22 Notes with a 5.67% coupon maturing on January 12, 2054.

The closing is expected on June 28, 2024. Pembina plans to use the proceeds to repay existing debt, redeem $150 million of Series 19 Notes due in 2026, and for general corporate purposes. The notes are offered under a short form base shelf prospectus and relevant pricing supplements. This offering is not registered under the U.S. Securities Act of 1933 and cannot be sold in the U.S.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced its plan to redeem its $300 million Series 19 medium-term notes due June 22, 2026, on July 6, 2024. The redemption price is about $1,002.19 per $1,000 principal amount, including accrued interest. This move is contingent upon a satisfactory offering of new debt securities. Details will be provided in a notice to CDS Clearing and Depository Services Inc., the registered holder. For more information, non-registered holders should contact their broker or financial intermediary.

The Haisla Nation and Pembina Pipeline have announced a positive Final Investment Decision (FID) for the Cedar LNG Project, a floating LNG facility with a capacity of 3.3 million tonnes per annum (mtpa), located on the West Coast of Canada. This project marks a historic milestone as the world's first Indigenous majority-owned, hydro-powered LNG facility. Powered by renewable electricity from BC Hydro, it aims to be one of the lowest-emitting LNG facilities globally. The project's total estimated cost is approximately $4.0 billion, with 60% funded through asset-level debt financing and the remaining 40% through equity contributions from both partners. Cedar LNG has secured 20-year take-or-pay liquefaction tolling services agreements with ARC Resources and Pembina. The facility is expected to be operational by late 2028, creating up to 500 construction jobs and 100 full-time operational jobs. The project aims to leverage Canada's natural gas supply to provide a lower-carbon energy option to global markets.

Pembina Pipeline (TSX: PPL; NYSE: PBA) announced that no conversions of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 5 (TSX: PPL.PR.E), will occur into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 6, on June 1, 2024. This decision follows the insufficient number of conversion notices received by the May 17, 2024, deadline. Less than the 1,000,000 Series 5 Shares required for conversion to Series 6 Shares were tendered. The full press release, including multimedia, is available on Business Wire's website.