Business
Oil Sands Pipelines and New Gas Facilities Boost Pembina's Net Operating Income
Oil Sands Pipelines and New Gas Facilities Boost Pembina's Net Operating Income
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"\n\n\n\nOct. 28, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 28 /CNW/ -- Pembina Pipeline Income Fund (\"Pembina\" or the \"Fund\"), (TSX: PIF.UN, PIF.DB.B), announced today its financial and operating results for the three and nine months ended September 30, 2009. A summary of results is noted below:- The Fund distributed $0.39 per Trust Unit during the third quarter of2009 for total cash distributions of $60.2 million, a 19 percentincrease over the same period in 2008. Pembina expects, based on itscurrent projections, estimates and assumptions, to maintain thislevel of cash distribution through 2013 by continuing to provideUnitholders $0.13 per unit per month, or $1.56 per unit per year. TheFund plans on converting to a corporation in late 2010 and expects todistribute $1.56 per unit per year to shareholders as a dividend oncethe new structure is in place (see \"Forward-Looking Information,Statements and Assumptions\" below).- Pembina generated net earnings of $44.7 million during the thirdquarter of 2009, compared to $48.1 million during the third quarterof 2008. For the first nine months of 2009, Pembina's net earningswere $109.2 million, compared to $122.8 million during the first ninemonths of 2008. Excluding the after tax gain on sale of linefill of$15.2 million included in the third quarter of 2008 and $30 millionincluded in the first nine months of 2008, net earnings haveincreased 35.9 percent and 17.7 percent, respectively, during thequarter and nine months ended September 30, 2009.- Net operating income during the third quarter was $91.5 million,compared to $77 million during the third quarter of 2008. Year-to-date, Pembina has generated net operating income of $248.7 million,compared to $220.1 million during the first nine months of 2008.- Strong returns were generated by the Oil Sands & Heavy OilInfrastructure business unit, which realized increases in both thirdquarter and year-to-date net operating income (compared to the sameperiods in 2008) due primarily to contribution from the HorizonPipeline, which commenced operations in November 2008. The CutbankComplex gas gathering and processing facility, acquired in June,introduced a new source of revenue for the Midstream & Marketingbusiness unit, while lower operating expenses helped maintain marginson Pembina's Conventional Pipeline systems. Combined, these positiv...