◎Pembina Pipeline Corporationが好調な第1四半期決算を発表

Pembina Pipeline Corporation

2014/5/12 11:35

◎Pembina Pipeline Corporationが好調な第1四半期決算を発表

AsiaNet 56705

共同JBN 0517 (2014.5.9)

◎Pembina Pipeline Corporationが好調な第1四半期決算を発表

【カルガリー(カナダ・アルバータ州)2014年5月9日PRN=共同JBN】

*PembinaのSaturn I Facility(CNW Group/Pembina Pipeline Corporation)

*新規稼働の資産および拡張が営業および財務業績の向上を推進

Pembina Pipeline Corporation(以後、「Pembina」ないしは「同社」と表記)(TSX: PPL)(NYSE: PBA)は9日、2014年第1四半期の好調な財務実績および営業業績を発表した。

すべての財務指数は特に断りがない限りカナダドルで表記されている。このニュースリリースには、Pembina Pipeline Corporation(以後「Pembina」ないしは「同社」と表記)の経験および歴史的傾向に関する同社の見解に照らした現時点での予想、見積もり、予測、想定に基づく「将来予想に関する記述および情報(Forward-Looking Statements & Information)」が含まれている。実績は、「将来予想に関する記述」で表明ないしは示唆されたものとは実質的に異なる場合がある。詳細については、同社のManagement's Discussion & Analysis for the period ended March 31, 2014 (MD&A)にある「将来予想に関する記述および情報」を参照。このニュースリリースはまた、一般会計原則(GAAP)で定義されていない財務評価基準に言及している。GAAPで定義されていない評価基準の詳細については、本リリースおよびSEDAR(ウェブサイトwww.sedar.com)で閲覧可能なMD&Aの「非GAAPおよびGAAP追加措置」を参照。

▽財務概観

($ millions, except where

noted)                       3 Months Ended March 31

-------------------------     -----------------------

                                    2014         2013

                                    ----         ----

Revenue                            1,759        1,249

Operating margin(1)                  350          240

Gross profit                         302          204

Earnings                             147           91

Earnings per common share

-basic (dollars)                   0.44         0.30

Earnings per common share

-diluted (dollars)                 0.41         0.30

EBITDA(1)                            316          211

Cash flow from operating

activities                          261          232

Cash flow from operating

activities per common

share -basic

(dollars)(1)                       0.82         0.78

Adjusted cash flow from

operating activities(1)             264          202

Adjusted cash flow from

operating activities per

common share -basic

(dollars)(1)                       0.83         0.68

Common share dividends

declared                            134          121

Preferred share dividends

declared                              6

Dividends per common share

(dollars)                          0.42         0.41

Capital expenditures                 287          137

--------------------                 ---          ---

(1)「 非GAAPおよびGAAP追加措置」を参照

Pembinaのミック・ディルガー社長兼最高経営責任者(CEO)は「Pembinaはまたもや好調な四半期を達成した。われわれは、前年同期に比べ営業活動の調整済みキャッシュフローを約31%、1株当たりの営業活動の調整済みキャッシュフロー(基本的)を22%以上、それぞれ増加した。当社のConventional Pipeline部門のPhase I Expansionsは昨年12月実施を開始し、2013年10月に操業開始のSaturn I Facilityとともに、この業績を推進することに寄与した。これらのプロジェクト遂行の成功および当社の強力な財務および営業業績は、われわれが自らに課したビジョンを実現できる、すなわち当社が引き続き高水準の株主価値を生み出していくことを明確にあらためて示したものである」と語った。

ディルガー社長はまた「われわれは当社のキャッシュフローが長期にわたり持続可能であり成長すると確信しており、このため当社の取締役会は本日、配当を3.6%増額することを承認し、発表した。Pembinaの普通株に対する配当は普通株1株当たり月額0.14ドル(年額1.68ドル)から普通株1株当たり0.145ドル(年額1.74ドル)に増額される。これは配当基準日の2014年5月25日から効力を発し、2014年6月13日に支払われる。これまでに述べたように、今後の状況はこれまでと同様であると予測しており、長期にわたり当社の配当を増額していくことを確約する」と語った。

2014年第1四半期の純利益は、前年同期比42%増の4億4700万ドルとなった。この伸びはPembina各部門の好業績によるものであるが、特に同社のMidstream部門の業績に起因している。またSaturn I FacilityとPhase I Conventional Pipeline 拡張計画を含め新たな資本投資収益が上がったことも一因である。

2014年第1四半期の営業経費は前年同期の7700万ドルに対し、9500万ドルとなった。この増加は主に、新施設の稼働および拡張計画の実施によって生産高が向上したことに伴って増加した電力および労働費用など変動費用によるものである。

2014年第1四半期の営業利益率は、2億4000万ドルだった前年同期に比べ46%増の3億5000万ドルとなった。上記で説明したように、この伸びは主に純利益に影響を与えた同じ要因によって達成された。

営業費目に算入された2014年第1四半期の減価償却費は前年同期の4200万ドルに対し、5200万ドルに増加した。この伸びは、前年同期の償却費用が同社のConventional Pipeline事業の関連資産に関する簿価を上回る閉鎖条項の再評価に起因した700万ドルの償却費用削減が含まれていたためである。この増加はまた、前期からのPembinaの資産ベースの増加を反映している。

収益と営業利益の増加は、営業に算入された減価償却費用の増額によって一部は相殺されているものの、2014年第1四半期の粗利益が前年同期の粗利益2億400万ドルに比べ48%増加して3億200万ドルになったことに寄与した。

Pembinaは、一般経常費用および一般管理費用(法人の減価償却費用を含む)を2013年第1四半期の3300万ドルに対し、2014年第1四半期には3700万ドルを支出した。この伸びは主に、前期からのPembinaの成長に伴う新規雇用とコンサルテーションが追加され、さらに短期かつ株式ベースの報奨金が増えたことによる。株価が1株当たり1ドル変動すると、Pembinaの年間株式ベースの補償金支出は約100万ドル変動する。

2014年第1四半期の純財務費用は前年同期の5100万ドルに対し、6100万ドルだった。この伸びは、2014年第1四半期の同社普通株価の値上がりに伴う転換社債の転換条項再評価に関連した含み損が増加したことに起因しており、これは融資および借入金の金利低下による支出減額で相殺された。

2014年第1四半期の所得税の支出は5600万ドルだった。これには当期税3400万ドルと繰延税2200万ドルが含まれている。前年同期の所得税は該当四半期税が400万ドル、繰延税が2600万ドルだった。当四半期に対する当期税は、税引き前所得が増加したことと、適用償却費を超えた税引き前所得が増加したために増えた。繰延税費用は当期決算と資産・負債に対する課税基準の差から生じる。

2014年第1四半期のEBITDAは前年同期の2億1100万ドルに対し、3億1600万ドルだった。この伸びは主にPembina各部門の営業活動ならびに新規の資産、拡張、サービスの収益が向上した結果である。

2014年第1四半期の同社収益は前年同期の9100万ドル(普通株1株当たり0.30ドル-基本的かつ希釈後)に対し、1億4700万ドル(普通株1株当たり0.44ドル-基本的)に増加した。上記のように、この伸びは主に、営業利益の増加によるものであるが、2014年3月31日終了の前期の所得税支出および純財務費用の増加によって相殺された。

2014年第1四半期の営業活動のキャッシュフローは前年同期の2億3200万ドル(普通株1株当たり0.78ドル-基本的)に対し、2億6100万ドルだった。この伸びは主に、営業活動の向上と2014年の非現金運転資金の減少に起因する。前年同期は同運転資金が増加した。

2014年第1四半期の営業活動の調整済みキャッシュフローは前年同期の2億200万ドル(普通株1株当たり0.68ドル-基本的)に対し、2億6400万ドル(普通株1株当たり0.83ドル-基本的)だった。この31%の伸び(1株当たり22%の伸び)は主に、増額された当期税支出を控除した営業キャッシュフローの増加に起因する。

▽営業業績

                                3 Months Ended March 31

                                -----------------------

(mbpd, except where

noted)(1)                          2014         2013

-------------------                 ----         ----

Conventional Pipelines

throughput                          553          494

Oil Sands & Heavy Oil

contracted capacity                 880          870

Gas Services average

volume processed (mboe/d)

net to Pembina(2)                    88           50

Midstream NGL sales volume           133          123

--------------------------           ---          ---

Total volume                       1,654        1,537

------------                       -----        -----

(1)  mbpd is thousands of barrels per day.

(2)  Gas Services average volume processed converted

     to mboe/d (thousands of barrels of oil equivalent

     per day) from million cubic feet per day ("MMcf/d")

     at 6:1 ratio.

                       3 Months Ended March 31

                       -----------------------

                     2014                  2013

               --------------------  -------------------

($ millions)   Revenue    Operating  Revenue   Operating

                          Margin(2)            Margin(2)

---            --------------------  -------------------

Conventional

Pipelines        117          77         96       61

Oil Sands

& Heavy

Oil               52          34         43       31

Gas Services       42          29         28       19

Midstream         236(1)      209        148(1)   128

Corporate                       1                   1

---------                     ---                 ---

Total             447         350        315      240

-----             ---         ---        ---      ---

(1) 純益。「 非GAAPおよびGAAP追加措置」を参照

(2) 「 非GAAPおよびGAAP追加措置」を参照

*Conventional Pipelineにおける2014年第1四半期の財務および営業業績は、Phase I Expansionが2013年12月後半にサービスを開始したことが主な理由で、前年同期に比べ向上した。向上した収益は、生産量増大とPhase I Expansionと主に関連した営業費用の増大によって部分的には相殺された。Phase I ExpansionはPeace Pipelineの原油およびコンデンセートの輸送量を40 mbpd増加させ、Peace PipelineとNorthern SystemのNGL輸送量を52 mbpd増加させた。

*Oil Sands & Heavy Oil部門では、2014年第1四半期の純益と営業利益が前年同期に比べて増加した主要因は、2014年同期のNipisi Pipelineの輸送量が増加したことによる。これは主に、2013年第2四半期にサービスを開始したそのシステムの新規ポンプステーションが完成したためである。

*2014年第1四半期のGas Services部門の財務および営業業績は前年同期に比べて向上したが、これは主に2013年10月後半にサービスを開始した新規の200 MMcf/d Saturn I Facilityに加え、同社のMusreauディープカット施設のプラント信頼性が向上したためである。

*Midstream部門で2014年第1四半期の業績が前年同期よりも向上したのは主に、平年冬季気温よりも寒い時期が長引き、同事業のサービスが促進されたため、北米でのプロパンガス市場が好調だったことに起因している。

▽成長プロジェクトのアップデート

Pembinaは2014年第1四半期、成長イニシアチブを推進するため、以下の通り資本約2億8700万ドルを支出した。

*Conventional Pipeline業務では、原油のPhase II、コンデンセート(濃縮液)、液化天然ガス(NGL)拡張(Phase II Expansions)が継続される。プロジェクトの一部に関する申請を規制当局に提出、時宜を得て認可されれば、2014年後半には原油と濃縮液設備、2015年半ばにはNGL施設が稼働できる見通しである。

*発表済みのアルバータ州シモネットとフォックスクリークを結ぶパイプライン増設工事はほぼ完了する。Pembinaは2014年第3四半期のパイプライン供用開始に先立ち、敷設用地の清掃と水圧テストを実施する。これによりPembinaは、原油と濃縮液のPhase II Expansionが完了すれば、フォックスクリークからエドモントンのPeace Pipelineに当初40 mbpdを注入できる見通しである。

*Pembinaは発表済みのPhase III Expansionに関する出資者との話し合いを継続し、2014年第3四半期には当局にプロジェクトを申請する意向である。当局が認可すれば、この拡張は2016年後半から2017年半ばにかけて実用に供される。Pembinaは今後数カ月にわたり、プロジェクト規模を調整する一方で、顧客からパイプライン輸送を受注できると予測している。Pembinaが長期納品設備の発注を開始する前の追加契約は、Phase III Expansionの設計能力増大をサポートする。

*Resthaven Facilityの天然ガスサービスに関しPembinaはすでにサイト建設の70%を完了、2014年第3四半期に施設と関連パイプラインの供用を開始する見通しである。

*Musreau II Facilityは現在サイト建設の約15%が終了、2015年第1四半期の供用開始を予定している。

*Saturn II Facilityは2015年後半の供用開始を見込んでおり、これまでにサイト建設の約10%を終えた。

*PembinaのMidstream業務では、アルバータ州シンシア地区の新設フルサービス・トラックターミナルがほぼ完工しており、2014年第2四半期に供用が開始される予定。

*すでに発表された4億1500万ドルの RFS第2期プロジェクト(Pembinaの Redwater サイトの第2エタンプラス73 mbpd分留装置)に関しては引き続き、2014第1四半期に施設建設を進めた。長期納品設備の購入はほぼ完了、すべての主要品目が2014年第3四半期末までにサイトに届けられる予定である。サイトの土木工事は完了しており、2014年4月初めには機械契約業者が現場に結集した。プロジェクトはスケジュール通りで、2015年第4四半期末には稼働する見通しである。

*Pembina は2014年3月、大手石油化学企業と増設分の地下貯蔵洞をめぐる長期・出来高払いベース契約に調印した。

▽金融業務

Pembinaは2014年1月16日、累積償還利率見直し型クラスA優先株(シリーズ5、1株25.00ドル)1000万株の売り出しを終えた。シリーズ5優先株は2014年1月16日、トロント株式市場において「PPL.PR.E.」名で取引が開始された。シリーズ5優先株の売り上げは、現在のPembina拡張・成長プロジェクトに関連する資本支出を含むPembina2014資本支出プログラム用資金に一部使われた。信用ファシリティーの債務削減、また、Pembinaと系列会社の一般企業目的のためである。

Pembinaは四半期末後の2014年4月4日、シニア無担保ミディアムタームノート(MTN)6億ドルの発売を締め切った。MTNは年4.81%の固定金利、年2回払いで、2044年3月25が満期。Pembinaは2014 年4月7日、MTN売り上げの一部を7500万ドルのシニア無担保ファシリティー償還に使用した。Pembinaは売り上げ残金を資本プロジェクトの一部資金、シリーズA無担保ノートの償還、その他の一般企業目的に使う意向である。

▽会長交代

2014年4月1日付でローン・ゴードン(Lorne Gordon)会長が退任、2007年からディレクター、2001 年から2012年までProvident Energy Ltd.のディレクター務めたランドール・フィンドレー(Randall Findlay)氏が会長職に就いた。ゴードン氏は引き続きPembina役員会のメンバーを務める。

▽まとめ

Pembinaの社長兼CEO、ディルガー氏は「2014年第1四半期、われわれは過去1年ほどで請け負ったプロジェクト多数の進展、既存資産の安全かつ確実な運営に焦点を当てた」と述べ、次のように付け加えた。

「われわれはアルバータ州のトップ65雇用主のひとつに選ばれ、今年初めの3カ月でS&P/TSX 60に加えられた。私にとってはPembinaのCEOとして初めての四半期であり、このような業績を大きな誇りにしている。それはわれわれがつくり上げた企業の強さを反映している。昨年末退任したPembina前CEOのボブ・ミシェルスキ氏、この4月に会長を退任したローン・ゴードン氏に感謝したい。2人とも、今日われわれが認識している成功、われわれが企業を前進させるための強力な基盤に大きく貢献している。われわれの前途は明るく、目標達成のために何をすべきかはっきりしている。われわれのビジョン、従来業務はいずれも、引き続き株主の価値を強化し、持続可能な将来の基礎づくりに寄与する」

▽2014年第1四半期の電話会議とウェブ放送

Pembinaは2014年5月9日山岳部時間午前7時(東部時間は午前9時)、関心ある投資家、アナリスト、ブローカー、メディア代表と2014年第1四半期の詳細を討議する電話会議を開催する。電話会議のダイヤルイン番号はカナダ、米国で+1-647-427-7450または888-231-8191。電話会議の記録は2014年5月16日午後11時59分(東部時間)まで再生できる。再生は+1-416-849-0833か855-859-2056にダイヤルしてパスワード「41585575」を入力すればいい。

電話会議の実況ウェブ放送はPembinaのサイト、www.pembina.comのInvestor Centre、 Presentation & Eventsからアクセスできる。または、ウェブブラウザーでhttp://event.on24.com/r.htm?e=742968&s=1&k=2EBCC5DD17E5F9CC9D61659A4510E23Bを入力。会議直後から最低90日間、オーディオアーカイブがサイトに掲載される。

▽年次特別株主総会のお知らせ

Pembinaは年次特別株主総会(AGM)を2014年5月 9日山岳部時間午後2時(東部時間午後4時)、カナダのアルバータ州カルガリー 333 - 4th Avenue S.W.にあるメトロポリタン・コンファレンスセンターで開催する。

PembinaのAGMプレゼンテーションの実況中継はPembinaのサイト、www.pembina.comのInvestor Centre、Presentation & Eventsからアクセスできる。またはhttp://event.on24.com/r.htm?e=768520&s=1&k=4BCAED7117CB62E1E2F997A222AFFAA4を入力。出席者はプレゼンテーション開始時間の少なくとも10分前にウェブキャスト用の登録を済ますことが望ましい。

▽Pembinaについて

カルガリーに本社を置くPembina Pipeline Corporationは有力な輸送、中流サービスのプロバイダーで、60年にわたって北米のエネルギー業界に奉仕している。Pembinaは在来および合成の原油、重油、オイルサンド製品、カナダ西部で生産される濃縮液(希釈液)、液化天然ガスを含む多様な液体炭化水素を輸送するパイプラインを所有、運営している。また同社はガス収集、処理施設、石油、液化天然ガスのインフラ、ロジスティクス事業も所有、運営している。施設はカナダ西部およびカナダ東部と米国の液化天然ガス市場に戦略的に配置されており、Pembinaはその事業全般にわたる全面的な中流、マーケティング・サービスも提供している。その統合資産、商業事業によってPembinaは炭化水素バリューチェーンとともにエネルギー分野が必要とするサービスを提供することができる。

▽非GAAPおよびGAAP追加措置

Pembinaはこのニュースリリースで、営業利益、利払い前・税引き前・減価償却前利益(EBITDA)、営業活動による調整キャッシュフロー、1株当たりの営業活動による調整キャッシュフローなどの用語を使っている。一般会計原則に準拠しない(Non-GAAP)、あるいは付加的な会計原則(Additional GAAP)の金融数字は一般会計原則(GAAP)が規定する基準的な意味を持たず、したがって、他社が提出する同様の数字、Non-GAAPやAdditional GAAP金融数字を明確に定義、適格化し、近似のGAAP数字と調和させなければならないという証券規則と比較するのは難しい。特に示さない限り、これらのNon-GAAP、Additional GAAP数字は時期を問わず常に計算、開示されている。特別調整項目は一定期間に限って関連する可能性がある。Non-GAAP、Additional GAAP数字の目的は投資家やアナリストに有用な付加情報を与えることにあり、国際会計基準(IFRS)で標準化された意味を持つものではない。したがって、この数字は孤立したものとみられるべきではなく、IFRSに準拠して用意された業績代替の数字として使われてはならない。ほかの問題はNon-GAAP数字とAdditional GAAP数字を別々に計算できる。投資家はこれらの数字が純利益、営業活動によるキャッシュフロー、Pembinaの業績の指標としてGAAPに基づいて算出されたその他の決算数字にとって代わるものと理解してはならない。GAAP 公認数字との突き合わせなどNon-GAAP、Additional GAAP数字に関する詳しい情報はSEDAR(www.sedar.com)から入手できる財務・経営分析(MD&A)を参照。

キャプション付画像「Pembina's Saturn I Facility (CNW Group/Pembina Pipeline Corporation)」は以下から入手できる。

http://photos.newswire.ca/images/download/20140508_C7263_PHOTO_EN_40095.jpg

▽問い合わせ先

Investor Relations

Scott Burrows, Vice President, Capital Markets

+1-403-231-3156

+1-855-880-7404

e-mail: investor-relations@pembina.com

www.pembina.com

(PPL. PPL.DB.C. PBA)

ソース:Pembina Pipeline Corporation

Pembina Pipeline Corporation Reports Strong First Quarter 2014 Results and Record Quarterly EBITDA

PR56075

CALGARY, Alberta, May 9, 2014 /PRN=KYODO JBN/ --

-- Pembina's Saturn I Facility (CNW Group/Pembina Pipeline Corporation)

-- New in-service assets and expansions drive improved operating and financial

   performance

   Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE:

PBA) announced today that it achieved strong financial and operational

performance during the first quarter of 2014.

   All financial figures are in Canadian dollars unless noted otherwise. This

news release contains forward-looking statements and information that are based

on Pembina Pipeline Corporation's ("Pembina" or the "Company") current

expectations, estimates, projections and assumptions in light of its experience

and its perception of historic trends. Actual results may differ materially

from those expressed or implied by these forward-looking statements. Please see

"Forward-Looking Statements & Information" herein and in the Company's

Management's Discussion & Analysis for the period ended March 31, 2014 ("MD&A")

for more details. This news release also refers to financial measures that are

not defined by Generally Accepted Accounting Principles ("GAAP"), as identified

herein. For more information about the measures which are not defined by GAAP

see "Non-GAAP and Additional GAAP Measures" herein and in the MD&A, which is

available on SEDAR at www.sedar.com.

Financial Overview

($ millions, except where

noted)                       3 Months Ended March 31

-------------------------     -----------------------

                                    2014         2013

                                    ----         ----

Revenue                            1,759        1,249

Operating margin(1)                  350          240

Gross profit                         302          204

Earnings                             147           91

Earnings per common share

-basic (dollars)                   0.44         0.30

Earnings per common share

-diluted (dollars)                 0.41         0.30

EBITDA(1)                            316          211

Cash flow from operating

activities                          261          232

Cash flow from operating

activities per common

share -basic

(dollars)(1)                       0.82         0.78

Adjusted cash flow from

operating activities(1)             264          202

Adjusted cash flow from

operating activities per

common share -basic

(dollars)(1)                       0.83         0.68

Common share dividends

declared                            134          121

Preferred share dividends

declared                              6

Dividends per common share

(dollars)                          0.42         0.41

Capital expenditures                 287          137

--------------------                 ---          ---

(1)  Refer to "Non-GAAP and Additional GAAP Measures."

   "Pembina achieved another strong quarter," said Mick Dilger, Pembina's

President and Chief Executive Officer ("CEO"). "Compared to this time last

year, we have increased our adjusted cash flow from operating activities by

approximately 31 percent and our adjusted cash flow from operating activities

per share (basic) by just over 22 percent. Our Phase I Expansions in our

Conventional Pipelines business, which came on stream in December of last year,

along with our Saturn I Facility, which started up in October 2013, helped

drive these results. The successful execution of these projects and our strong

financial and operating performance are clear demonstrations, once again, of

our ability to realize the vision we have set out for ourselves - to continue

to produce exceptional shareholder value."

   Mr. Dilger added: "We are confident in the long-term sustainability and

growth in our cash flows, and so today, our Board of Directors approved and

declared a dividend increase of 3.6 percent. Pembina's dividend on its common

shares will go from $0.14 per common share per month (or $1.68 annualized) to

$0.145 per common share per month (or $1.74 annualized) effective as of the May

25, 2014 record date, payable June 13, 2014. As we've said before, we expect

the future to look much like the past and we are committed to growing our

dividend over the long-term."

   Net revenue increased 42 percent to $447 million during the first quarter of

2014 from $315 million during the same period of 2013. This increase was due to

strong performance in each of Pembina's businesses, particularly in the

Company's Midstream business, as well as returns on new capital investments

including the Saturn I Facility and Phase I Conventional Pipelines expansions.

   Operating expenses were $95 million during the first quarter of 2014

compared to $77 million in the same period of 2013. The increase was largely

the result of higher variable costs, such as power and labour expenses, due to

growth in volumes along with having new facilities and expansions in-service.

   Operating margin totalled $350 million during the first quarter of 2014, up

46 percent from the same period last year when operating margin totalled $240

million. This increase was primarily the result of the same factors that

impacted net revenue, as discussed above.

   Depreciation and amortization included in operations increased to $52

million during the first quarter of 2014 compared to $42 million during the

same period in 2013. The increase is primarily because the depreciation expense

in the first quarter of 2013 included a $7 million reduction of depreciation

due to a re-measurement of the decommissioning provision in excess of the

carrying amount of the related asset in the Company's Conventional Pipelines

business. The increase also reflects the growth in Pembina's asset base since

the prior period.

   Increased revenue and operating margin, which were partially offset by

higher depreciation and amortization included in operations, contributed to

gross profit of $302 million during the first quarter of 2014, a 48 percent

increase compared to gross profit of $204 million for the same period of 2013.

   Pembina incurred general and administrative expenses (including corporate

depreciation and amortization) of $37 million during the first quarter of 2014

compared to $33 million during the first quarter of 2013. This increase was

primarily due to the addition of new employees and consultants as a result of

Pembina's growth since the prior period as well as increased short-term and

share-based incentive expenses. Every $1 change in share price is expected to

change Pembina's annual share-based incentive expense by approximately $1

million.

   Net finance costs in the first quarter of 2014 were $61 million compared to

$51 million in the first quarter of 2013. The increase is primarily attributed

to an increase in the unrealized loss relating to the revaluation of the

conversion feature of convertible debentures due to the increase in the

Company's common share price during the first quarter of 2014, which was offset

by lower interest expense on loans and borrowings.

   Income tax expense was $56 million for the first quarter of 2014, including

current taxes of $34 million and deferred taxes of $22 million, compared to

current taxes of $4 million and deferred taxes of $26 million in the same

period of 2013. The current taxes increased during the quarter primarily as a

result of increased earnings before income tax in addition to earnings before

income tax exceeding available deductions. Deferred income tax expense arises

from the difference between the accounting and tax basis of assets and

liabilities.

   Pembina generated EBITDA of $316 million during the first quarter of 2014

compared to $211 million during the first quarter of 2013. This increase was

largely due to improved results from operating activities in each of Pembina's

businesses and returns on new assets, expansions and services.

   The Company's earnings increased to $147 million ($0.44 per common share -

basic) during the first quarter of 2014 compared to $91 million ($0.30 per

common share - basic and diluted) during the first quarter of 2013. The

increase was primarily due to improved operating margin but was offset by the

Company's income tax expense and the increase in net finance costs during the

quarter ended March 31, 2014, as described above.

   Cash flow from operating activities was $261 million ($0.82 per common share

- basic) during the first quarter of 2014 compared to $232 million ($0.78 per

common share - basic) for the same period in 2013. The increase was primarily

due to improved results from operating activities and a decrease in the

non-cash working capital in 2014 as compared to an increased change in the same

period in 2013.

   Adjusted cash flow from operating activities was $264 million ($0.83 per

common share - basic) during the first quarter of 2014 compared to $202 million

($0.68 per common share - basic) during the first quarter of 2013. This 31

percent increase (22 percent increase per share) was primarily due to higher

cash flow from operations net of increased current tax expense.

Operating Results

                                3 Months Ended March 31

                                -----------------------

(mbpd, except where

noted)(1)                          2014         2013

-------------------                 ----         ----

Conventional Pipelines

throughput                          553          494

Oil Sands & Heavy Oil

contracted capacity                 880          870

Gas Services average

volume processed (mboe/d)

net to Pembina(2)                    88           50

Midstream NGL sales volume           133          123

--------------------------           ---          ---

Total volume                       1,654        1,537

------------                       -----        -----

(1)  mbpd is thousands of barrels per day.

(2)  Gas Services average volume processed converted

     to mboe/d (thousands of barrels of oil equivalent

     per day) from million cubic feet per day ("MMcf/d")

     at 6:1 ratio.

                       3 Months Ended March 31

                       -----------------------

                     2014                  2013

               --------------------  -------------------

($ millions)   Revenue    Operating  Revenue   Operating

                          Margin(2)            Margin(2)

---            --------------------  -------------------

Conventional

Pipelines        117          77         96       61

Oil Sands

& Heavy

Oil               52          34         43       31

Gas Services       42          29         28       19

Midstream         236(1)      209        148(1)   128

Corporate                       1                   1

---------                     ---                 ---

Total             447         350        315      240

-----             ---         ---        ---      ---

(1)    Net revenue. Refer to "Non-GAAP and Additional

       GAAP Measures."

(2)    Refer to "Non-GAAP and Additional GAAP

       Measures."

-- First quarter 2014 financial and operating results in Conventional Pipelines

   were higher than the comparable period of 2013 primarily because of the

   Phase I Expansion being placed into service in late-December 2013. Improved

   revenue was partially offset by higher operating expenses relating mainly to

   volume growth and the Phase I Expansion. The Phase I Expansion increased

   crude oil and condensate capacity on the Peace Pipeline by 40 mbpd and NGL

   capacity on the Peace Pipeline and Northern System by 52 mbpd.

-- In Oil Sands & Heavy Oil, the increases in net revenue and operating margin

   during the first quarter of 2014 compared to the same period of 2013 were

   primarily related to higher volumes transported on the Nipisi Pipeline

   during the 2014 period. This is due to the completion of a new pump station

   on that system, which was placed into service in the second quarter of 2013.

-- Gas Services' financial and operating results were higher in the first

   quarter of 2014 than the first quarter of 2013, mainly because of the new

   200 MMcf/d Saturn I Facility, which was placed into service in late-October

   2013, combined with improved plant reliability at the Company's Musreau deep

   cut facility.

-- In Midstream, improved first quarter 2014 results compared to the first

   quarter of 2013 were largely due to a stronger propane market across North

   America which was caused by extended periods of colder than average

   temperatures during the winter, and enhanced service offerings in this

   business.

   Growth Project Update

   During the first quarter of 2014, Pembina spent approximately $287 million

in capital to progress its growth initiatives as follows:

-- In the Company's Conventional Pipelines business, work continued on the

   Phase II crude oil, condensate and NGL expansions ("Phase II Expansions").

   Regulatory applications have been submitted for certain portions of the

   project and, subject to timely receipt of regulatory approvals, it is

   expected to be in-service in late-2014 (for the crude oil and condensate

   capacity) and mid-2015 (for the NGL capacity).

-- Construction of the previously announced pipeline expansion between

   Simonette and Fox Creek, Alberta is substantially complete. Pembina will

   conduct clean-up activities along the right-of-way and hydrostatic testing

   prior to placing the pipeline into service in the third quarter of 2014.

   With this expansion, Pembina expects to be able to deliver an initial

   40 mbpd into its Peace Pipeline from Fox Creek into Edmonton once the crude

   oil and condensate Phase II Expansion is complete.

-- Stakeholder consultation continues on the Company's previously announced

   Phase III Expansion and Pembina expects to file regulatory applications for

   the project in the third quarter of 2014. Subject to regulatory approvals,

   Pembina expects this expansion to be in-service between late-2016 and

   mid-2017. Over the next several months, the Company anticipates securing

   further pipeline transportation commitments from customers while it refines

   the project scope. Any additional commitments made before Pembina begins to

   order long-lead equipment would support increasing the design capacity of

   the Phase III Expansion.

-- At the Company's Gas Services business Resthaven Facility, Pembina has

   completed 70 percent of site construction to date and expects to bring the

   facility and associated pipelines into service in the third quarter of 2014.

-- At the Musreau II Facility, Pembina has completed approximately 15 percent

   of site construction to date and expects the facility to be in-service in

   the first quarter of 2015.

-- The Company's Saturn II Facility is expected to be in-service by late-2015

   and, to date, Pembina has completed approximately 10 percent of site

   construction.

-- Pembina's Midstream business is nearing completion of a new full-service

   truck terminal in the Cynthia area of Alberta and expects it to be placed

   into service in the second quarter of 2014.

-- Regarding Pembina's previously announced $415 million RFS II project (a

   second ethane-plus 73 mbpd fractionator at Pembina's Redwater site), the

   Company continued to progress with facility construction during the first

   quarter of 2014. Long lead equipment purchasing is substantially complete,

   with all major items expected to be delivered to the site by the end of the

   third quarter of 2014. Earthwork on site is complete, and the mechanical

   contractor mobilized to the site at the start of April 2014. The project is

   on schedule and anticipated to be on-stream late in the fourth quarter of

   2015.

-- In March 2014, Pembina signed an incremental underground storage cavern

   arrangement with a major petrochemical company on a long-term,

   fee-for-service basis.

   Financing Activity

   On January 16, 2014, Pembina closed its offering of 10,000,000 cumulative

redeemable rate reset class A preferred shares, series 5 (the "Series 5

Preferred Shares") at a price of $25.00 per share. The Series 5 Preferred

Shares began trading on the Toronto Stock Exchange on January 16, 2014 under

the symbol PPL.PR.E. Proceeds from the Series 5 Preferred Shares were used to

partially fund Pembina's 2014 capital expenditure program, including capital

expenditures relating to Pembina's current expansion and growth projects, to

reduce indebtedness under the Company's credit facilities, and for general

corporate purposes of the Company and its affiliates.

   Subsequent to quarter end, on April 4, 2014, Pembina closed its offering of

$600 million of senior unsecured medium-term notes. The notes have a fixed

interest rate of 4.81 percent per annum, paid semi-annually, and will mature on

March 25, 2044. The Company used a portion of the proceeds from the notes

offering to repay the $75 million senior unsecured term facility on April 7,

2014. Pembina intends to use the remainder of the proceeds to partially fund

capital projects, repay the Series A unsecured notes and for other general

corporate purposes.

   Transition of Chairman of the Board

   Effective April 1, 2014, the Company's Chairman of the Board, Lorne Gordon,

stepped down and Randall Findlay, a director of Pembina since 2007 and previous

director of Provident Energy Ltd. from 2001 to 2012, assumed the role of

Chairman of the Board. Mr. Gordon continues to serve as a member of Pembina's

Board of Directors.

   Summary

   "During the first quarter of 2014, our focus was on progressing the

multitude of projects we secured over the past year or so, and on safely and

reliably operating our existing assets" said Mr. Dilger, Pembina's President

and CEO. "We continue to strive for excellence by advancing our safety culture

initiative and the current focus is on safely executing our suite of growth

projects."

   "We were also named one of Alberta's top 65 employers and added to the

S&P/TSX 60 during the first three months of this year," added Mr. Dilger. "This

is my first quarter as Pembina's CEO and I'm very proud of these

accomplishments; I feel they reflect the strength of the Company we have built.

I'm grateful to Pembina's previous CEO, Bob Michaleski, who retired at the end

of last year and to Lorne Gordon, who stepped down as Board Chairman in April.

They both contributed greatly to the success we are realizing today and to the

strong footing we have for our Company going forward. We have a clear path in

front of us and know what we need to do to achieve our goals. Both our vision

and our existing operations are driving strong continued shareholder value

today and are helping us lay the foundation for a sustainable future."

   First Quarter 2014 Conference Call & Webcast

   Pembina will host a conference call on May 9, 2014 at 7:00 a.m. MT (9:00

a.m. ET) for interested investors, analysts, brokers and media representatives

to discuss details related to the 2014 first quarter. The conference call

dial-in numbers for Canada and the U.S. are +1-647-427-7450 or 888-231-8191. A

recording of the conference call will be available for replay until May 16,

2014 at 11:59 p.m. ET. To access the replay, please dial either +1-416-849-0833

or 855-859-2056 and enter the password 41585575.

   A live webcast of the conference call can be accessed on Pembina's website

at www.pembina.com under Investor Centre, Presentation & Events, or by

entering:

http://event.on24.com/r.htm?e=742968&s=1&k=2EBCC5DD17E5F9CC9D61659A4510E23B in

your web browser. Shortly after the call, an audio archive will be posted on

the website for a minimum of 90 days.

   Annual and Special Meeting Information

   The Company will hold its Annual and Special Meeting of Shareholders ("AGM")

on Friday, May 9, 2014 at 2:00 p.m. MT (4:00 p.m. ET) at the Metropolitan

Conference Centre, 333 - 4th Avenue S.W., Calgary, Alberta, Canada.

   A live webcast of Pembina's AGM presentation can be accessed on Pembina's

website at www.pembina.com under Investor Centre, Presentation & Events, or by

entering:

http://event.on24.com/r.htm?e=768520&s=1&k=4BCAED7117CB62E1E2F997A222AFFAA4 .

Participants are recommended to register for the webcast at least 10 minutes

before the presentation start time.

   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 60 years. Pembina owns and operates pipelines that transport

various hydrocarbon liquids including conventional and synthetic crude oil,

heavy oil and oil sands products, condensate (diluent) and natural gas liquids

produced in western Canada. The Company also owns and operates gas gathering

and processing facilities and an oil and natural gas liquids infrastructure and

logistics business. With facilities strategically located in western Canada and

in natural gas liquids markets in eastern Canada and the U.S., Pembina also

offers a full spectrum of midstream and marketing services that spans across

its operations. Pembina's integrated assets and commercial operations enable it

to offer services needed by the energy sector along the hydrocarbon value

chain.

   Forward-Looking Statements & 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 "schedule", "will", "expects", "plans",

"anticipates", "intends", and similar expressions suggesting future events or

future performance.

   In particular, this document contains forward-looking statements pertaining

to, without limitation, the following: Pembina's corporate strategy; future

dividends which may be declared on Pembina's common shares; 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, terminalling, storage and hub facilities, and; the

anticipated use of proceeds from financing.

   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; 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; expectations regarding

participation in Pembina's dividend reinvestment plan; 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;

interest and tax rates; prevailing regulatory, tax and environmental laws and

regulations; maintenance of operating margins; the amount of future liabilities

relating to 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; fluctuations in operating results; adverse

general economic and market conditions in Canada, North America and elsewhere,

including changes in interest rates, foreign currency exchange rates and

commodity prices; and certain other risks detailed from time to time in

Pembina's public disclosure documents available at www.sedar.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. The forward-looking statements contained

in this document are expressly qualified by this cautionary statement.

   Non-GAAP and Additional GAAP Measures

   In this news release, Pembina has used the terms operating margin, earnings

before interest, taxes, depreciation and amortization (EBITDA), adjusted cash

flow from operating activities, and adjusted cash flow from operating

activities per share. Since Non-GAAP and Additional 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 and Additional GAAP financial measures are

clearly defined, qualified and reconciled to their nearest GAAP measure. Except

as otherwise indicated, these Non-GAAP and Additional GAAP measures are

calculated and disclosed on a consistent basis from period to period. Specific

adjusting items may only be relevant in certain periods. The intent of Non-GAAP

and Additional GAAP measures is to provide additional useful information 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. Other issuers may calculate the Non-GAAP and Additional GAAP measures

differently. Investors should be cautioned that these measures should not be

construed as alternatives to net earnings, cash flow from operating activities

or other measures of financial results determined in accordance with GAAP as an

indicator of Pembina's performance. For additional information regarding

non-GAAP and additional GAAP measures, including reconciliations to measures

recognized by GAAP, please refer to the MD&A, which is available on SEDAR at

www.sedar.com.

   Image with caption: "Pembina's Saturn I Facility (CNW Group/Pembina Pipeline

Corporation)". Image available at:

http://photos.newswire.ca/images/download/20140508_C7263_PHOTO_EN_40095.jpg

   For further information:

   Investor Relations

   Scott Burrows, Vice President, Capital Markets

   +1-403-231-3156

   +1-855-880-7404

   e-mail: investor-relations@pembina.com

   www.pembina.com

   (PPL. PPL.DB.C. PBA)

   SOURCE:  Pembina Pipeline Corporation

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