CALGARY, April 20, 2016 /CNW/ – Pembina Pipeline Corporation (“Pembina” or “the Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that that the Company has completed its previously announced acquisition (the “Transaction”) of certain sour natural gas processing assets (the “Assets”) from Paramount Resources (“Paramount”).
“I am very pleased to add these large-scale, newly constructed and integrated assets to our Cutbank Complex,” said Jaret Sprott, Pembina’s Vice President, Gas Services. “These assets will substantially increase Pembina’s service offering through the addition of sour processing and strengthens our strategic positioning in one of our core areas. Furthermore, these assets will support some of the most economic geology in North America and are underpinned by a 20 year take-or-pay commitment.”
The Transaction was funded through net proceeds from the Company’s previously announced common share offering, which closed on March 29, 2016, as well as existing capacity under the Company’s recently increased $2.5 billion credit facility.
For additional information on the Transaction, including a description of the Assets acquired, please see Pembina’s website at www.pembina.com.
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 and operates an integrated system of pipelines that transport various products derived from natural gas and hydrocarbon liquids produced in western Canada and North Dakota. The Company also owns and operates 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 entire 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. For more information, visit www.pembina.com.