Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) announced today that the Toronto Stock Exchange
(the "TSX") has approved the renewal of Pembina's normal course
issuer bid (the "NCIB") to purchase up to five percent of its
issued and outstanding common shares.
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Under the NCIB, purchases of common shares may be made through
the facilities of the TSX, the New York Stock Exchange and/or
alternative Canadian trading systems, commencing on May 16, 2024
and expiring on the earlier of May 15, 2025 and the date on which
Pembina has acquired the maximum number of common shares allowable
under the NCIB or the date on which Pembina otherwise decides not
to make any further repurchases under the NCIB. As of May 8, 2024,
Pembina had 579,531,577 common shares issued and outstanding and is
therefore permitted to repurchase up to 28,976,578 common shares,
being five percent of its issued and outstanding common shares,
pursuant to the NCIB. Common shares purchased under the NCIB will
be cancelled.
Pembina believes that, from time to time, the market price of
its common shares trade at prices that may not adequately reflect
their underlying value and the repurchase of common shares for
cancellation may represent an attractive use of the Company's
financial resources. The actual number of common shares that may be
purchased, if any, the timing of any such purchases, and the price
at which the common shares are acquired will be determined based on
a number of factors, including Pembina's financial performance and
flexibility in the context of its financial guardrails, the
availability of discretionary cash flow in excess of dividend and
capital funding requirements, and the risk-adjusted returns of
repurchasing common shares compared to other uses of cash,
including accretive capital investment opportunities and debt
reduction.
The NCIB will be effected in accordance with the TSX's normal
course issuer bid rules and/or Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, as amended, which contain
restrictions on the manner and timing of repurchases, as well as
the number of common shares that may be purchased on a single day,
subject to certain exceptions for block purchases, based on the
average daily trading volumes of Pembina's common shares on the
applicable exchange. Subject to exceptions for block purchases,
Pembina will limit daily purchases of common shares on the TSX in
connection with the NCIB to no more than 25 percent (664,745 common
shares) of the six-month average daily trading volume of the common
shares on the TSX from November 1, 2023 to April 30, 2024
(2,658,980 common shares) during any trading day. Purchases under
the NCIB will be made through open market purchases at the
prevailing market price.
Pembina has entered into an automatic purchase plan with a
broker which will enable Pembina to provide standard instructions
and purchase common shares on the open market during self-imposed
blackout periods. Outside of these blackout periods, common shares
may be purchased in accordance with management's discretion.
Pembina's prior NCIB for the purchase of up to 27,516,835 common
shares expired on March 9, 2024. Under its prior NCIB, Pembina
repurchased an aggregate of 1,197,432 common shares at a
weighted-average price of $41.76 per common share, excluding
brokerage fees. Purchases were made on the open market.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation
and midstream service provider that has served North America's
energy industry for 70 years. Pembina owns an integrated network of
hydrocarbon liquids and natural gas pipelines, gas gathering and
processing facilities, oil and natural gas liquids infrastructure
and logistics services, and an export terminals business. Through
our integrated value chain, we seek to provide safe and reliable
energy solutions that connect producers and consumers across the
world, support a more sustainable future and benefit our customers,
investors, employees and communities. For more information, please
visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so
the world can thrive.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
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.
Forward-Looking Information and Statements
This news release contains certain forward-looking statements
and forward-looking 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", "will", "expects", "estimate",
"potential", "planned", "future", "outlook", "strategy", "protect",
"plan", "commit", "maintain", "focus", "ongoing", "believe" and
similar expressions suggesting future events or future
performance.
In particular, this news release contains forward-looking
statements pertaining to, without limitation, Pembina's intention
to commence the NCIB and the timing, methods and quantity of any
purchases of common shares under the NCIB.
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: prevailing commodity
prices, margins, volumes and exchange rates; that Pembina's
businesses will continue to achieve sustainable financial results
and that future results of operations will be consistent with past
performance and management expectations in relation thereto; the
availability and sources of capital; future operating costs;
ongoing utilization and future expansions; the ability to reach
required commercial agreements; and the ability to obtain required
regulatory approvals.
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 that could cause actual events or results
to differ materially, including, but not limited to: the regulatory
environment and decisions and Indigenous and landowner consultation
requirements; the impact of competitive entities and pricing;
reliance on third parties to successfully operate and maintain
certain assets; reliance on key relationships, joint venture
partners and agreements; labour and material shortages; 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, changes in regulatory
processes or increased environmental regulation; the ability of
Pembina to acquire or develop the necessary infrastructure in
respect of future development projects; fluctuations in operating
results; adverse general economic and market conditions, including
potential recessions in Canada, North America and worldwide
resulting in changes, or prolonged weaknesses, as applicable, in
interest rates, foreign currency exchange rates, inflation rates,
commodity prices, supply/demand trends and overall industry
activity levels; constraints on, or the unavailability of, adequate
supplies, infrastructure or labour; the political environment in
North America and elsewhere, and public opinion; the ability to
access various sources of debt and equity capital; adverse changes
in credit ratings; counterparty credit risk; technology and cyber
security risks; natural catastrophes; and certain other risks
detailed in Pembina's Annual Information Form and Management's
Discussion and Analysis, each dated February 22, 2024 for the year
ended December 31, 2023, and from time to time in Pembina's public
disclosure documents available at www.sedarplus.ca, 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 by forward-looking statements contained herein. The
forward-looking statements contained in this news release speak
only as of the date of this news release. 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 news release are expressly qualified by this
cautionary statement.
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For further information: Investor Relations (403) 231-3156
1-855-880-7404 e-mail: investor-relations@pembina.com
www.pembina.com
Grafico Azioni Pembina Pipeline (NYSE:PBA)
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