Past year: ▲ 24%(52.29 – 68.54 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2020dividend declaration● Neutral
Pembina declared its December 2020 common dividend of $0.21 per share, payable January 15, 2021 to holders of record December 31, 2020, unchanged from November. US-dollar recipients would get about US$0.1641 per share before withholding tax at an exchange rate of 0.7812. The $0.21 rate has held since the February 2020 declaration.
3 Dec 2020regulatory community update● Neutral
Pembina released its 2020 Sustainability Report, its second full-length one, and announced Janet Loduca has joined as General Counsel and Vice President, Legal and Sustainability. It says it is developing longer-term greenhouse gas targets, plans to link 2021 compensation to ESG performance, and has completed a co-generation facility at its Redwater Complex. It also says the Prince Rupert Terminal propane export facility is anticipated to be in service in 2021, which differs from the 2020 in-service plan in earlier context. No financial figures are given. Loduca takes the General Counsel role earlier held by Chris Scherman in the context.
5 Nov 2020dividend declaration● Neutral
Pembina declared its November 2020 common dividend of $0.21 per share, payable December 15, 2020 to holders of record November 25, unchanged from the prior months. US-dollar recipients would get about US$0.1599 per share before withholding tax at an exchange rate of 0.7612. The risk language now names the KML and US Cochin acquisitions explicitly, and refers to a November 5, 2020 MD&A for the period ended September 30, 2020; the release gives no results.
2 Nov 2020dividend declaration● Neutral
Pembina said it will not redeem its 9,000,000 Series 9 preferred shares (PPL.PR.I) on December 1, 2020, so holders can choose by November 16, 2020 to convert them one-for-one into floating-rate Series 10 shares. Shares not converted pay a fixed 4.302% a year from December 1, 2020 to December 1, 2025 (0.392% Government of Canada yield plus 3.91%); Series 10 would pay a floating 3.996% for the first quarter. The December 1 dividend stays at $0.296875 per share. This is the same rate-reset process as the earlier Series 1, 3 and 7 resets; the number converted is not yet known, and conversion could be forced or blocked if fewer than 1,000,000 shares would remain in either series.
3 Sept 2020dividend declaration● Neutral
Pembina declared its September 2020 common dividend of $0.21 per share, payable October 15, 2020 to holders of record September 25, unchanged from August. US-dollar recipients would get about US$0.1607 per share before withholding tax at an exchange rate of 0.7653.
7 Aug 2020dividend declaration● Neutral
Pembina declared its August 2020 common dividend of $0.21 per share, payable September 15, 2020 to holders of record August 25, unchanged from the $0.21 declared in February. US-dollar recipients would get about US$0.1583 per share before withholding tax at an exchange rate of 0.7540. The PDH/PP project is still described as being 'developed'.
28 May 2020capital raising announcement● Neutral
Pembina closed a $500 million note offering: $400 million of new 4.67% Series 16 notes due May 28, 2050, and $100 million added to the existing 3.71% Series 7 notes due August 11, 2026. Gross proceeds were $505 million. The money is to repay borrowings on the $2.5 billion revolving credit facility (due May 2024) that funded the US Cochin purchase, plus the capital program and general purposes. This continues the paydown of Cochin acquisition debt begun with the January $1 billion offering. The risk language now names COVID-19, and the PDH/PP facility is described as 'developing' rather than 'constructing' (wording change only; the release gives no reason).
6 Feb 2020dividend declaration▲ Good
Pembina declared its February 2020 common dividend of $0.21 per share, payable March 13, 2020 to holders of record February 25. This is the first declaration at the higher rate, up from $0.20, as flagged when the KML deal closed in December. US-dollar recipients would get about US$0.1582 per share before withholding tax at an exchange rate of 0.7531.
10 Jan 2020capital raising announcement● Neutral
Pembina closed the $1 billion note offering announced January 9: $250 million added to the 4.02% Series 10 notes due 2028, $500 million to the 4.75% Series 11 notes due 2048, and $250 million to the 3.62% Series 12 notes due 2029. Gross proceeds were $1.07 billion. The money is to repay borrowings on the $2.5 billion revolving credit facility (now stated as due May 31, 2024) that funded the US Cochin purchase, plus the capital program and general purposes. This completes the refinancing step flagged in the prior filing.
9 Jan 2020debt financing● NeutralMajor
Pembina agreed to issue $1 billion of senior unsecured medium-term notes, as re-openings of existing notes: $250 million of 4.02% Series 10 due March 27, 2028, $500 million of 4.75% Series 11 due March 26, 2048, and $250 million of 3.62% Series 12 due April 3, 2029. It expects net proceeds of $1.07 billion, closing January 10, 2020. The proceeds are intended to repay borrowings under the $2.5 billion revolving credit facility that funded the Cochin US purchase, plus the capital program and general corporate purposes. This is the refinancing of Cochin US acquisition debt that the company said in August it expected to do with medium-term notes. The release gives the credit facility's maturity as May 31, 2024, whereas earlier context said May 31, 2023.
16 Dec 2019business combination▲ GoodMajor
Pembina completed the Kinder Morgan Canada (KML) acquisition and the US Cochin pipeline purchase, earlier than the first-half 2020 timing first announced. KML holders received 0.3068 of a Pembina common share per restricted voting share or Class B Unit, which dilutes existing Pembina holders. KML preferred holders received new Pembina preferreds (Series 23 and 25) one-for-one. Cochin US was bought for about $2.05 billion cash using Pembina's existing unsecured credit facility, and Pembina assumed KML's $500 million credit facility and converted it to a non-revolving term loan maturing August 31, 2022. The monthly dividend is confirmed to rise to $0.21, with the first increased dividend expected to be declared in early January 2020 and paid around February 15. 2020 guidance is adjusted EBITDA of $3.25 to $3.55 billion and a capital budget of $2.3 billion. This resolves the main open thread in the KML/Cochin deal. The filing text is truncated, so the remainder of the business update is not visible.
5 Dec 2019dividend declaration● Neutral
Pembina declared its December 2019 common dividend of $0.20 per share, payable January 15, 2020 to holders of record December 31, 2019, unchanged from November. US-dollar recipients would get about US$0.1504 per share before withholding tax at an exchange rate of 0.7518. This release does not mention the planned $0.01 increase tied to the KML deal.
20 Nov 2019business combination▲ GoodMajor
Pembina and Kinder Morgan Canada received a 'no-action letter' from the Competition Bureau, meaning the Commissioner does not intend to challenge the KML acquisition. Pembina says this satisfies the last material regulatory condition, and it now expects the deal to close in December 2019, earlier than the first-half 2020 timing announced in August. Still needed: KML shareholder approval at a December 10, 2019 special meeting, the Alberta court's final order the same day, and the simultaneous closing of the Cochin US purchase from Kinder Morgan, Inc.
12 Nov 2019dividend declaration● Neutral
Pembina declared its November 2019 common dividend of $0.20 per share, payable December 13, 2019 to holders of record November 25, unchanged from September. US-dollar recipients would get about US$0.1518 per share before withholding tax at an exchange rate of 0.7590. The release still describes Pembina as constructing the propane-to-polypropylene facility.
1 Nov 2019dividend declaration● Neutral
Pembina said it will not redeem its 10,000,000 Series 7 preferred shares (PPL.PR.G) on December 2, 2019, so holders may choose by November 15, 2019 to convert them one-for-one into floating-rate Series 8 shares. Shares not converted get a fixed 4.38% annual dividend from December 1, 2019 to December 1, 2024 (1.44% Government of Canada yield plus 2.94%); Series 8 would pay a floating 4.602% for the first quarter. The December 2 dividend stays at $0.28125 per share. This is the same rate-reset feature seen on Series 1 and Series 3, not new financing, and the number converted is not yet known.
12 Sept 2019capital raising announcement● NeutralMajor
Pembina closed a $1.5 billion offering of senior unsecured medium-term notes in three parts: $600 million Series 14 at 2.56% due June 1, 2023; $600 million Series 15 at 3.31% due February 1, 2030; and $300 million added to its existing 4.54% Series 13 notes due April 3, 2049. Proceeds will repay short-term debt under its unsecured $1.0 billion non-revolving term loan due March 2021, and fund the capital program and general corporate purposes. The release does not link the offering to the KML/Cochin US deal, though that deal's financing was to be refinanced with medium-term notes (any connection is an inference, not stated). It adds new long-term debt to Pembina's note stack.
11 Sept 2019business combination● Neutral
Pembina and Kinder Morgan Canada amended the arrangement agreement so KML's preferred shares can also be part of the deal. If at least 66 2/3% of votes cast by KML preferred holders approve, each KML preferred share would be swapped for one Pembina preferred share with the same terms. This vote is not a condition to closing: if preferred holders say no, their shares stay outstanding as shares of KML, which would be part of the Pembina group. This refines the KML deal announced August 21, which had said KML preferred shares and net debt would be assumed.
10 Sept 2019dividend declaration● Neutral
Pembina declared its September 2019 common dividend of $0.20 per share, payable October 15, 2019 to holders of record September 25, unchanged from August. US-dollar recipients would get about US$0.1520 per share before withholding tax at an exchange rate of 0.7602. The release still describes Pembina as constructing the propane-to-polypropylene facility.
26 Aug 2019business combination● Neutral
Pembina filed the full legal Arrangement Agreement (dated August 20, 2019) with Kinder Morgan Canada, the contract behind the KML acquisition announced August 21. It sets out the deal mechanics: a court-supervised plan of arrangement in which KML Restricted Voting Shareholders receive Pembina common shares, and the Class B Unit holders get Pembina shares plus a nominal cash payment for the special voting shares. It also covers conditions, non-solicitation and termination fees. The excerpt provided is truncated, so the exchange ratio, fee amounts and condition details are not visible here; it adds no new headline terms beyond those already announced. A companion Purchase and Sale Agreement for Cochin US (also dated August 20) is listed as Exhibit 99.2.
21 Aug 2019business combination▲ GoodMajor
Pembina agreed to buy Kinder Morgan Canada (KML) and the U.S. part of the Cochin Pipeline from Kinder Morgan, Inc. for about $4.35 billion in total. KML, valued at about $2.3 billion including its preferred shares and net debt, would be bought for 0.3068 of a Pembina share per KML security, so existing Pembina holders are diluted; Cochin US costs US$1.546 billion in cash (about $2.05 billion), funded first from the $2.5 billion credit facility and a new $1 billion committed term facility, with Pembina expecting to refinance with medium-term notes. Pembina expects the assets to produce about $350 million of adjusted EBITDA in 2019 and says it will raise the monthly dividend by $0.01 (about 5%) on closing. Closing is expected in the first half of 2020 and needs KML shareholder approval (with Kinder Morgan, Inc. holding about 70% of the votes and committed to vote in favour), court and regulatory approvals; the two parts are cross-conditional.
8 Aug 2019dividend declaration▲ Good
Pembina declared its August 2019 common dividend of $0.20 per share, payable September 13, 2019 to holders of record August 23. This is up from the $0.19 monthly rate paid through January 2019; the filing does not say when the increase was set. US-dollar recipients would get about US$0.1509 per share before withholding tax at an exchange rate of 0.7545. The company description now says Pembina is constructing a petrochemical facility to convert propane into polypropylene, which suggests (inference) the PDH/PP project has moved past the study stage, though this release gives no detail.
30 Jan 2019dividend declaration● Neutral
Pembina said it will not redeem its 6,000,000 Series 3 preferred shares (PPL.PR.C) on March 1, 2019, so holders can choose by February 14, 2019 to convert them one-for-one into floating-rate Series 4 shares. Shares not converted get a fixed 4.478% annual dividend for March 1, 2019 to March 1, 2024 (1.878% Government of Canada yield plus 2.60%); Series 4 would pay a floating 4.227% for the first quarter. The March 1, 2019 dividend stays at $0.293750. This is the same kind of rate reset seen on Series 1 in late 2018, a feature of the share terms rather than new financing, and the number converted is not yet known.
8 Jan 2019dividend declaration● Neutral
Pembina declared its January 2019 common dividend of $0.19 per share, payable February 15, 2019 to holders of record January 25, unchanged from the prior months. It also declared quarterly preferred dividends on Series 1, 3, 5, 7, 9, 11, 13, 15, 17, 19 and 21; the Series 1 amount is $0.306625, up from $0.265625 paid December 3, 2018, which fits the new 4.906% fixed rate set for unconverted Series 1 shares (inference: the filing does not itself link the two). US-dollar recipients would get about US$0.1417 per share before withholding tax at an exchange rate of 0.7457.
18 Dec 2018regulatory community update● Neutral
Pembina released its first Sustainability Report on environmental, social and governance performance, covering 2015 to 2017, and plans a full report every two years with website updates in between. It is a disclosure release with no financial figures, deal or change to operations stated.
6 Dec 2018dividend declaration● Neutral
Pembina declared its December 2018 common dividend of $0.19 per share, payable January 15, 2019 to holders of record December 31, 2018, unchanged. US-dollar recipients would get about US$0.1437 per share before withholding tax, at an exchange rate of 0.7565.
7 Nov 2018dividend declaration● Neutral
Pembina declared its November 2018 common dividend of $0.19 per share, payable December 14, 2018 to holders of record November 23, unchanged from the prior two months. US-dollar recipients would get about US$0.1447 per share before withholding tax, at an exchange rate of 0.7616.
1 Nov 2018dividend declaration● Neutral
Pembina said it will not redeem its 10,000,000 Series 1 preferred shares (PPL.PR.A) on December 1, 2018, so holders may choose to convert them into floating-rate Series 2 shares (election deadline November 16, 2018). Shares not converted get a new fixed annual dividend rate of 4.906% for December 1, 2018 to December 1, 2023, based on a 2.436% five-year Government of Canada yield plus 2.47%; Series 2 shares would pay a floating 4.204% for the first quarter, reset quarterly. The current dividend payable December 3, 2018 stays at $0.265625 per share. Automatic conversion or no conversion applies if fewer than 1,000,000 shares of a series would remain. This is a reset of the existing Series 1 preferreds (a feature of the terms), not new financing, and the number actually converted is not yet known.
7 Sept 2018dividend declaration● Neutral
Pembina declared its September 2018 common dividend of $0.19 per share, payable October 15, 2018 to holders of record September 25, unchanged from August. US-dollar recipients would get about US$0.1441 per share before withholding tax, at an exchange rate of 0.7584.
9 Aug 2018dividend declaration▲ Good
Pembina declared its August 2018 common dividend of $0.19 per share, payable September 14, 2018 to holders of record August 24. This is up from the $0.18 monthly rate in place since the Veresen closing in October 2017; the filing does not say when the increase was set or why. US-dollar recipients would get about US$0.1463 per share before withholding tax, at an exchange rate of 0.7702.
22 June 2018regulatory community update● Neutral
Pembina announced its Fuel 4 Thought school breakfast program, run with Breakfast Club of Canada, has launched in four Indigenous communities (Driftpile First Nation, Sturgeon Lake Cree First Nation, Alexis Nakota Sioux First Nation and Ktunaxa Nation Council). Pembina says it invests $1.5 million in the program. This is a community investment announcement with no effect on finances or operations stated. Jaret Sprott is now titled Senior VP & COO, Facilities.
