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Pembina boosts Q2 earnings while working toward closing Veresen acquisition

Pembina Pipeline Corp. on Aug. 1 reported second-quarter earnings of C$124 million, or 26 Canadian cents per share, an increase from C$113 million, or 25 cents per share, in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 33 cents.

Revenue for the second quarter was reported at C$1.17 billion, compared to C$1.03 billion in the same quarter of 2016. Total net revenue for the second quarter amounted to C$451 million, compared to C$429 million in the year-ago period. Adjusted EBITDA for the second quarter was also reported at C$303 million, up slightly from C$291 million in the year-ago quarter.

"We've had solid operational and financial results over the first half of the year," Pembina President and CEO Mick Dilger said in the company's earnings release. "As we announced at the end of the second quarter, I am very proud we placed over [C]$2.8 billion of projects into service, with the entire portfolio coming in under budget and either on time or ahead of schedule. These new assets have begun generating significant incremental cash flows, which will positively impact our financial results going forward."

Dilger also said the company is making strides toward closing the Veresen Inc. acquisition "On July 11, 2017, Veresen's shareholders voted overwhelmingly to approve the transaction, followed by approval from the Court of Queen's Bench. Looking ahead, we are well on our way to fulfilling our goal of reaching our projected 2018 adjusted EBITDA of between C$2.55 [billion] and C$2.75 billion, assuming successful completion of the Veresen transaction."