Business
Pembina Pipeline Corporation Announces Phase VI Pipeline Expansion and Declares Increased Dividend
Pembina Pipeline Corporation Announces Phase VI Pipeline Expansion and Declares Increased ...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation Announces Phase VI Pipeline Expansion and Declares Increased Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 3, 2018\n\n\n\nCALGARY, May 3, 2018 /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL; NYSE: PBA) announced today a further expansion of its Peace Pipeline system (\"Phase VI\") to accommodate incremental volume commitments in support of growth in the Montney and Deep Basin resource plays. Pembina's Board of Directors also approved a 5.6 percent increase in its monthly common share dividend rate, from $0.18 per common share to $0.19 per common share, and declared a monthly dividend of $0.19 payable, subject to applicable law, on June 15, 2018 to shareholders of record on May 25, 2018. \n\nPipeline Expansion\n\nThe Company's Pipeline Division has continued to receive strong customer demand for its transportation services, which has resulted in a significant and ongoing build-out of its pipeline systems. Pembina's Phase III expansion, previously placed into service in July 2017, expanded capacity between Fox Creek and Namao, Alberta, the Company's corridor that transports crude oil, condensate and natural gas liquids into the Edmonton area market. The Company is also currently progressing construction of its Phase IV expansion (\"Phase IV\"), which is adding capacity between Fox Creek and Namao, and its Phase V expansion, which is debottlenecking upstream of Fox Creek, and expect both projects to be placed into service in late 2018. \n\nFollowing the completion of Phase IV, the Company will have approximately 1.1 million barrels per day (\"mmbpd\") of total capacity for delivery into the Edmonton area market. Pembina has the ability to further expand capacity to at least 1.3 mmbpd through the addition of pump stations and other upgrades between Fox Creek and Namao.\n\nThe latest expansion, Phase VI, includes: upgrades at Gordondale, Alberta; a 16-inch pipeline from LaGlace to Wapiti, Alberta and associated pump station upgrades; and a 20-inch pipeline fro...