Business
Pembina Pipeline Takes Action to Protect Stakeholders and Significantly Reduces 2020 Capital Spending in Response to the Recent Decline in Global Energy Prices
Pembina Pipeline Takes Action to Protect Stakeholders and Significantly Reduces 2020 Capit...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Takes Action to Protect Stakeholders and Significantly Reduces 2020 Capital Spending in Response to the Recent Decline in Global Energy Prices\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, March 18, 2020\n\n\n\nAll financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (\"adjusted EBITDA\"), the ratio of adjusted funds from operations to adjusted debt, and fee-based distributable cash flow, which are financial measures that are not defined by Generally Accepted Accounting Principles (\"GAAP\"). For more information see \"Non-GAAP Measures\" herein.\n CALGARY, March 18, 2020 /CNW/ - In response to the COVID-19 pandemic and the recent significant decline in global energy prices, Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") is taking action to protect all of our stakeholders. Pembina's action plan is focused on protecting the health of our employees and communities and ensuring a decisive response for customers and investors including a $900 million to $1.1 billion overall reduction to the Company's 2020 capital spending plans.\n\"In these challenging times, Pembina's priorities include protecting the health and safety of our staff and communities, ensuring critical infrastructure continues to operate safely and reliably, and maintaining our strong financial position. We are confident we are taking the necessary steps to allow us to successfully achieve these objectives,\" stated Mick Dilger, Pembina's President and Chief Executive Officer.\nMr. Dilger added, \"Over the past many years, Pembina has been making its business better, not just bigger, through focused diversification efforts. The acquisition of high-quality assets such as the Alliance and Cochin pipelines and the Edmonton Terminal storage assets, combined with the development of highly contracted assets such as the Peace Pipeline system and the Duvernay Complex, has diversified Pembina across commodities and cre...