Pembina touts strength, recovery in its conventional pipelines business

Jun. 15, 2021 10:57 AM ETPembina Pipeline Corporation (PBA), PPL:CAPBA, PPL:CABy: Carl Surran, SA News Editor3 Comments

Three Pipeline Reflecting Blue Sky
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  • Pembina Pipeline (PBA +1.4%) hits a fresh 52-week high after noting in a midyear business update that volumes across its pipelines and facilities divisions have continued to grow steadily in 2021, exceeding pre-COVID levels.
  • Pembina says it expects Q2 physical throughput will rise by ~3% above Q1 and in-line with pre-COVID levels, and forecasts continued growth in physical volumes on its conventional pipelines for the rest of the year.
  • Physical throughput on the Cochin Pipeline in April averaged more than 100K bbl/day, which represents one of the highest average volume months in Cochin's history.
  • Pembina says volumes at its gas services business are exceeding pre-COVID levels, and it expects to finish the year with record average physical volumes.
  • Veresen Midstream's physical throughput YTD has exceeded the budget forecast at all of its facilities.
  • Pembina also says its ability to finance its share of a potential investment in the Trans Mountain oil pipeline "becomes even stronger following a combination with Inter Pipeline, both through significant discretionary cash flow and additional opportunities for capital recycling and third-party capital."
  • Pembina recently formed a 50-50 partnership with a First Nations coalition to propose an offer for the Trans Mountain pipeline from the Canadian government.

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