Transformational year with strategic acquisition of Veresen and $4.8 billion of projects placed into service
All financial figures are in Canadian dollars unless noted otherwise.
CALGARY, Feb. 22, 2018 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the fourth quarter and full year 2017.
Operational and Financial Overview
($ millions, except where noted) |
3 Months Ended |
12 Months Ended | |||||
2017 |
2016 |
2017 |
2016 | ||||
Revenue |
1,716 |
1,251 |
5,408 |
4,265 | |||
Net revenue(1) |
709 |
514 |
2,246 |
1,764 | |||
Share of profit of investments in equity accounted investees(3) |
116 |
116 |
1 | ||||
Gross profit |
555 |
270 |
1,482 |
1,002 | |||
Earnings |
445 |
131 |
891 |
466 | |||
Earnings per common share ? basic (dollars) |
0.83 |
0.29 |
1.89 |
1.02 | |||
Earnings per common share ? diluted (dollars) |
0.83 |
0.28 |
1.88 |
1.01 | |||
Cash flow from operating activities |
523 |
286 |
1,513 |
1,077 | |||
Cash flow from operating activities per common share ? basic (dollars)(1) |
1.04 |
0.73 |
3.55 |
2.78 | |||
Adjusted cash flow from operating activities(1) |
499 |
292 |
1,396 |
986 | |||
Adjusted cash flow from operating activities per common share ? basic (dollars)(1) |
0.99 |
0.74 |
3.27 |
2.54 | |||
Common share dividends declared |
272 |
190 |
873 |
737 | |||
Preferred share dividends declared |
26 |
19 |
83 |
69 | |||
Dividends per common share (dollars) |
0.54 |
0.48 |
2.04 |
1.90 | |||
Capital expenditures |
314 |
453 |
1,839 |
1,745 | |||
Acquisitions |
6,400 |
6,400 |
566 | ||||
Proportionately Consolidated Financial Overview | |||||||
Total volume (mboe/d)(2) |
2,917 |
1,941 |
2,300 |
1,907 | |||
Operating margin(1) |
749 |
382 |
1,930 |
1,357 | |||
Adjusted EBITDA(1) |
674 |
342 |
1,705 |
1,189 |
(1) |
Refer to "Non-GAAP Measures." |
(2) |
Natural gas volumes converted to thousands of barrels of oil equivalent per day ("mboe/d") from millions of cubic feet per day ("MMcf/d") at a 6:1 ratio. |
(3) |
Includes Investments in Equity Accounted Investees in Alliance, Aux Sable, Ruby, Veresen Midstream, CKPC, and Fort Corp. See "Unaudited Supplementary Information for Investments in Equity Accounted Investees" for definitions of equity accounted investees. |
Proportionately Consolidated Operating Margin and Volumes
3 Months Ended December 31 |
12 Months Ended | |||||||||
2017 |
2016 |
2017 |
2016 | |||||||
($ millions) |
Volumes(3) |
Operating Margin(1) |
Volumes(3) |
Operating Margin(1) |
Volumes(3) |
Operating Margin(1) |
Volumes(3) |
Operating Margin(1) | ||
Conventional Pipelines |
862 |
201 |
639 |
118 |
757 |
656 |
650 |
494 | ||
Oil Sands & Heavy Oil |
1,060 |
36 |
975 |
37 |
1,060 |
144 |
975 |
140 | ||
Gas Services |
190 |
74 |
163 |
60 |
176 |
276 |
139 |
195 | ||
Midstream |
162 |
221 |
164 |
164 |
145 |
631 |
143 |
518 | ||
Veresen(2) |
643 |
214 |
162 |
214 |
||||||
Corporate |
3 |
3 |
9 |
10 | ||||||
Total |
2,917 |
749 |
1,941 |
382 |
2,300 |
1,930 |
1,907 |
1,357 |
(1) |
Refer to "Non-GAAP Measures." |
(2) |
The Veresen acquisition (the "Veresen Acquisition") was completed on October 2, 2017. As a result, operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91-day period from October 2, 2017 to December 31, 2017. |
(3) |
Volumes are stated in mboe/d, with natural gas volumes converted to mboe/d from MMcf/d at a 6:1 ratio. |
Financial Highlights
Operational Highlights
Executive Overview
2017 was a transformative year for Pembina. Most notably, the Company completed the largest acquisition in our history, establishing us as a leading North American energy infrastructure company. The acquisition of Veresen supports the continued execution of Pembina's long-term strategy by increasing our positioning to long-life economic hydrocarbon reserves, further integrating and enhancing our service offering including adding an entire natural gas value chain, extending our reach into the U.S., while also increasing our portfolio of secured and unsecured growth projects. In short, Pembina is larger and more diversified.
Throughout the year, $4.8 billion of new projects were placed into service. These assets include our Phase III expansion, third fractionator at Redwater, Canadian Diluent Hub, four major gas processing facilities (including Veresen Midstream), additional pipeline expansions as well as several other value-added capital projects.
Thanks to the new in-service assets and the acquisition of Veresen, we set financial and operational records in both the fourth quarter and full-year 2017. This included achieving new revenue volume highs in our Conventional Pipelines and Gas Services businesses, which contributed to setting records for all of our key financial metrics including Adjusted EBITDA, Adjusted EBITDA per share, adjusted cash flow and adjusted cash flow per share.
In 2017, we also secured approximately $1.2 billion in new growth projects which will further strengthen our competitive position and support market access solutions for our customers.
"When I look back over the year, I am incredibly proud of all that we have accomplished through the disciplined execution of a consistent strategy, combined with the hard work and determination of our employees who make our success possible," said Mick Dilger, Pembina's President and Chief Executive Officer.
Safety continues to be an important priority that transcends everything we do. Over the past four years, Pembina employees worked over 11.5 million hours. Employees had worked 14 consecutive quarters without any lost time incidents; however, in the third quarter of 2017, Pembina experienced one employee lost time incident. Moving forward, our staff remain committed to the mantra that no project or job is important enough to compromise or jeopardize safety. "While we still have a commendable industry leading safety performance, we will work towards continuous improvement and remain diligently focused and committed to the 'zero by choice' safety culture that is integral to the Pembina way," said Mr. Dilger.
Looking ahead, Pembina's business prospects are positive with supportive market fundamentals. Hydrocarbon liquids prices have improved, enhancing development economics and supporting increased drilling by our producing customers. At the same time, favourable frac spreads continue to drive strong results in our marketing business. The Chicago and AECO gas price differentials are driving strong volumes on the Alliance pipeline into the premium Chicago market. With these strong fundamentals, we remain on track to achieve our 2018 Adjusted EBITDA guidance of $2.55 to $2.75 billion.
"Complementing our strong business performance is our solid financial position," added Scott Burrows, Pembina's Senior Vice President and Chief Financial Officer. "We continue to maintain a conservative balance sheet, a low payout ratio and a disciplined financing strategy."
Pembina announced two dividend increases totaling 12 percent in 2017 and consistent with our 'guard rails' the dividend is supported entirely by our fee-based business. Going forward, we anticipate being able to fund a growing dividend and $1 to $2 billion of capital projects per year without accessing the equity market.
Finally, with all the success that 2017 brought and the positive momentum we have seen so far in 2018, we are well positioned for what should be another exciting and active year ahead. Our ongoing efforts will continue to focus around building out our value-chain to provide our customers with premium market access for energy products derived from western Canadian hydrocarbons.
"Since embarking on our transformational journey a few years ago, I am profoundly humbled by what Pembina has accomplished in becoming a leading North American energy infrastructure company. I want to thank our customers, shareholders, communities and employees for their support during such an extraordinary time for Pembina and I look forward to a prosperous future together," concluded Mr. Dilger.
New Developments and Growth Projects Update
Dividends
Annual and Fourth Quarter 2017 Conference Call & Webcast
Pembina will host a conference call on Friday, February 23, 2018 at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives to discuss details related to the full year and fourth quarter 2017 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 March 2, 2018 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 4183359.
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: http://event.on24.com/r.htm?e=1586733&s=1&k=3CE57B902D3F2F30B65C86B7191430C0 in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.
2018 Investor Day
Pembina will host an Investor Day on Tuesday, May 29, 2018 at the Fairmont Royal York Hotel in Toronto, Ontario. For parties interested in attending the event, please email [email protected] to request an invitation.
UNAUDITED SUPPLEMENTARY INFORMATION FOR INVESTMENTS IN EQUITY ACCOUNTED
INVESTEES
Three and twelve months ending December 31, 2017
In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are netted into a single line item on the Consolidated Statement of Financial Position, Investments in Equity Accounted Investees. Net earnings from Investments in Equity Accounted Investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Earnings, Share of Profit of Investments in Equity Accounted Investees ("Share of Profit"). Cash contributions and distributions from Investments in Equity Accounted Investees represent Pembina's proportionate share paid and received in the period to and from the Investments in Equity Accounted Investees.
To assist the readers' understanding and evaluation of the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP disclosure of Pembina's proportionately consolidated interest in the Investments in Equity Accounted Investees. Pembina's proportionate interest in equity accounted investees has been included in operating margin, Adjusted EBITDA and other reconciling line items to IFRS in this Unaudited Supplementary Information for Investments in Equity Accounted Investees. A reconciliation of operating margin and Adjusted EBITDA to Share of Profit can be found under the heading "Proportionately Consolidated Results by Investments in Equity Accounted Investees". For comparison purposes, volumes have also been disclosed on a proportionately consolidated basis.
Additional information can be found in Note 10 of the Company's Audited Financial Statements for the year ended December 31, 2017.
Investments in Equity Accounted Investees include:
Share of Profit and Proportionately Consolidated Operating Margin and Adjusted EBITDA
3 Months Ended |
12 Months Ended | |||||
(unaudited) ($ millions) |
Share of |
Operating |
Adjusted |
Share of |
Operating |
Adjusted |
Alliance |
40 |
91 |
82 |
40 |
91 |
82 |
Ruby |
29 |
49 |
48 |
29 |
49 |
48 |
Veresen Midstream |
22 |
30 |
29 |
22 |
30 |
29 |
Aux Sable |
22 |
34 |
29 |
22 |
34 |
29 |
Other(4) |
3 |
8 |
5 |
3 |
24 |
17 |
Total |
116 |
212 |
193 |
116 |
228 |
205 |
(1) |
See Proportionately Consolidated Results by Equity Accounted Investees for a reconciliation to Share of Profit. |
(2) |
Refer to "Non-GAAP Measures." |
(3) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91 day period from October 2, 2017 to December 31, 2017. |
(4) |
Includes interest in Fort Corp, Grand Valley and CKPC. |
Distributions by Investments in Equity Accounted Investees to Pembina
($ millions) |
3 and 12 Months Ended |
Alliance |
67 |
Ruby |
29 |
Veresen Midstream |
17 |
Aux Sable |
31 |
Other(2) |
13 |
Total Distributions from Investments in Equity Accounted Investees (per Pembina's Consolidated |
157 |
(1) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91-day period from October 2,2017 to December 31, 2017. |
(2) |
Distributions from Fort Corp. |
Loans and Borrowings Amortization Schedule of Investments in Equity Accounted Investees
(unaudited) ($ millions)(1)(2) |
2018 |
2019 |
2020 |
2021 |
2022+ |
Total | ||||||
Fixed Maturity |
||||||||||||
Alliance |
64 |
125 |
65 |
64 |
261 |
579 | ||||||
Ruby |
182 |
55 |
55 |
27 |
298 |
617 | ||||||
Veresen Midstream |
4 |
4 |
4 |
4 |
394 |
410 | ||||||
Aux Sable |
2 |
2 | ||||||||||
Other |
2 |
2 |
2 |
2 |
26 |
34 | ||||||
254 |
186 |
126 |
97 |
979 |
1,642 | |||||||
Revolving |
||||||||||||
Alliance |
77 |
77 | ||||||||||
Veresen Midstream |
46 |
62 |
544 |
652 | ||||||||
46 |
62 |
621 |
729 | |||||||||
Total |
300 |
248 |
747 |
97 |
979 |
2,371 |
(1) |
Balances presented at face value. |
(2) |
Balances reflect Pembina's ownership percentage of the reported balance, translated at CAD$1.2545:US$1.00. |
Proportionately Consolidated Results by Investments in Equity Accounted Investees
Alliance
(unaudited) ($ millions, except where noted) |
3 and 12 Months Ended |
Revenue Volumes (MMcf/d) |
862 |
Revenue Volumes (mboe/d)(2) |
144 |
Revenue |
112 |
Operating Expense |
21 |
Operating Margin(1) |
91 |
General and administrative |
9 |
Adjusted EBITDA(1) |
82 |
Finance costs and other |
10 |
Depreciation and amortization |
32 |
Share of profit of investments in equity accounted investees |
40 |
(1) |
Refer to "Non-GAAP Measures." |
(2) |
Revenue volumes are equal to contracted and interruptible volumes. Natural gas revenue volumes are converted to mboe/d from MMcf/d at a 6:1 ratio. |
(3) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91 day period from October 2, 2017 to December 31, 2017. |
Ruby
(unaudited) ($ millions, except where noted) |
3 and 12 Months Ended | |
Revenue Volumes (MMcf/d) |
534 | |
Revenue Volumes (mboe/d)(2) |
89 | |
Revenue |
54 | |
Operating Expense |
5 | |
Operating Margin(1) |
49 | |
General and administrative |
1 | |
Adjusted EBITDA(1) |
48 | |
Finance costs and other |
17 | |
Depreciation and amortization |
11 | |
Share of earnings in excess of equity interest |
(9) | |
Share of profit of investments in equity accounted investees (4) |
29 |
(1) |
Includes Pembina's proportionate share of results from Ruby based on an assumed 50 percent common interest. Refer to "Non-GAAP Measures." |
(2) |
Revenue volumes are equal to contracted and interruptible volumes. Natural gas revenue volumes converted to mboe/d from MMcf/d at a 6:1 ratio. |
(3) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91 day period from October 2, 2017 to December 31, 2017. |
(4) |
Share of profit of investment in equity accounted investees for Ruby is equal to preferred interest distribution. |
Veresen Midstream
(unaudited) |
3 and 12 Months Ended | |
Revenue Volumes (MMcf/d) |
591 | |
Revenue Volumes (mboe/d)(2) |
99 | |
Revenue |
47 | |
Operating Expense |
17 | |
Operating Margin(1) |
30 | |
General and administrative |
1 | |
Adjusted EBITDA(1) |
29 | |
Finance costs and other |
(12) | |
Depreciation and amortization |
19 | |
Share of profit of investments in equity accounted investees |
22 |
(1) |
Refer to "Non-GAAP Measures." |
(2) |
Revenue volumes are equal to contracted and interruptible volumes. Natural gas revenue volumes are converted to mboe/d from MMcf/d at a 6:1 ratio. |
(3) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91 day period from October 2, 2017 to December 31, 2017. |
Aux Sable
(unaudited) |
3 and 12 Months Ended |
Sales volumes (mboe/d)(2) |
50 |
Operating Margin(1) |
34 |
General and administrative |
5 |
Adjusted EBITDA(1) |
29 |
Finance costs and other |
2 |
Depreciation and amortization |
5 |
Share of profit of investments in equity accounted investees |
22 |
(1) |
Refer to "Non-GAAP Measures." |
(2) |
Natural gas sales volumes converted to mboe/d from MMcf/d at a 6:1 ratio. |
(3) |
Operating and financial results of the Veresen Acquisition are included in Pembina's operational and financial results for the 91 day period from October 2, 2017 to December 31, 2017. |
About Pembina
Calgary-based Pembina Pipeline Corporation is a leading transportation and midstream service provider that has been serving North America's energy industry for over 60 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities and an oil and natural gas liquids infrastructure and logistics business. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to working with its community and aboriginal neighbours, while providing value for investors in a safe, environmentally responsible manner. This balanced approach to operating ensures the trust Pembina builds among all of its stakeholders is sustainable over the long term. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. Pembina's preferred shares also trade on the Toronto stock exchange. For more information, visit www.pembina.com.
Forward-Looking Statements and Information
This document contains certain forward-looking statements and information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future" and similar expressions suggesting future events or future performance.
In particular, this document contains forward-looking statements, including certain financial outlook, pertaining to, without limitation, the following: Pembina's corporate strategy; expectations about commodity pricing and industry activities, anticipated dividend growth and access to capital; anticipated Adjusted EBITDA projections for 2018 and financial performance expectations resulting from Pembina's capital expenditures; completion of, and the potential future benefits and impacts of the Acquisition including the timing thereof; planning, construction, capital expenditure estimates, schedules, expected capacity, incremental volumes, in-service dates, rights, activities and operations with respect to planned new construction of, or expansions on existing pipelines, gas services facilities, fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; anticipated synergies between assets under development, assets being acquired and existing assets of the Company; the future level and sustainability of cash dividends that Pembina intends to pay its shareholders, including the expected future cash flows and the sufficiency thereof.
The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations and growth projects; prevailing commodity prices and exchange rates and the ability of Pembina to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant facilities; that there are no unforeseen material costs relating to the facilities which are not recoverable from customers; prevailing interest and tax rates; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy).
Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions; the impact of competitive entities and pricing; labour and material shortages; reliance on key relationships and agreements; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities including changes in tax laws and treatment, changes in royalty rates or increased environmental regulation; the failure to realize the anticipated benefits or synergies of acquisitions due to the factors set out herein, integration issues or otherwise, fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; and certain other risks detailed from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.
This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Readers are cautioned that management of Pembina approved the financial outlook contained herein as of the date of this press release. The purpose of the 2018 Adjusted EBITDA projection is to provide investors with an indication of the value to Pembina of capital projects that have been and will be brought into service in 2018, and the closing of the acquisition of Veresen on 2018 full-year financial results. Readers should be aware that the information contained in the financial outlook contained herein may not be appropriate for other purposes. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Non-GAAP Measures
In this news release, Pembina has used the terms net revenue, operating margin, adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), which do not have any standardized meaning under IFRS ("Non-GAAP Measures"). Since Non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that Non-GAAP financial measures are clearly defined, qualified and reconciled to their nearest GAAP measure. With the exception of operating margin and Adjusted EBITDA which definitions were modified to capture proportionate interest in equity accounted investees due to the Acquisition, these Non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Comparative figures have been restated for the adjustments made to the definitions. Specific adjusting items may only be relevant in certain periods. The intent of Non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.
Non-GAAP Proportionate Consolidation of Investments in Equity Accounted Investees Results
In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are net into a single line item on the Consolidated Statement of Financial Position, Investments in Equity Accounted Investees. Net earnings from Investments in Equity Accounted Investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Earnings, Share of Profit of Investments in Equity Accounted Investees. Cash contributions and distributions from Investments in Equity Accounted Investees represent Pembina's proportionate share paid and received in the period to and from the equity accounted investment.
To assist the readers' understanding and evaluation of the performance of these investments, Pembina is supplementing the IFRS disclosure with Non-GAAP disclosure of Pembina's proportionately consolidated interest in the Investments in Equity Accounted Investees. Pembina's proportionate interest in Investments in Equity Accounted Investees has been included in operating margin, Adjusted EBITDA and other reconciling line items to IFRS. A reconciliation of operating margin and Adjusted EBITDA to Share of profit of investments in equity accounted investees can be found under the heading "Proportionately Consolidated Results by Investments in Equity Accounted Investees".
Other issuers may calculate these Non-GAAP measures differently. Investors should be cautioned that these measures should not be construed as alternatives to revenue, earnings, cash flow from operating activities, gross profit or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance. For additional information regarding Non-GAAP measures, including reconciliations to measures recognized by GAAP, please refer to Pembina's management's discussion and analysis for the period ended December 31, 2017, which is available online at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.
SOURCE Pembina Pipeline Corporation
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