Pembina Pipeline Corp. completed a previously announced joint venture transaction with KKR to combine their respective western Canadian natural gas processing assets into a single, new joint venture entity, Pembina Gas Infrastructure Inc. (PGI).
“We are excited to officially announce the creation of PGI, a premier gas processing entity in Western Canada that will provide incredible value for Pembina, our partner KKR and our customers,” said Pembina president and CEO Scott Burrows in a Aug. 15 company statement. “Pembina has enjoyed a strong relationship with KKR at Veresen Midstream over the past four years and the creation of PGI is a natural next step that will unlock growth and provide increased service offerings to customers throughout the Montney and Duverney formations, from central Alberta to northeast British Columbia.”
As previously announced, Pembina’s board of directors declared a common share cash dividend for August 2022 of $0.21 per share to be paid, subject to applicable law, on Sept. 15, to shareholders of record on Aug. 25.
The board previously approved a $0.0075 per common share increase to its monthly common share dividend rate, to $0.2175 per common share per month (representing an increase of 3.6 percent), subject to closing of the joint venture transaction with KKR. The first dividend under which the increase will take effect is expected to be declared in early September 2022, and payable on or about Oct. 14.
Calgary-based Pembina Pipeline is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 65 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 a growing export terminals business. Through its integrated value chain, the company seeks to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities.Tags: Pembina Gas Infrastructure (PGI), Pembina Pipeline Corp