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Pembina raises monthly dividend following Kinder Morgan Canada deal closing

Pembina Pipeline Corp. declared a common share cash dividend of 21 Canadian cents per share, an increase of 1 Canadian cent per share from that of the previous months, in connection to the closing of its acquisition of Kinder Morgan Canada Ltd.

The January dividend is payable Feb. 14 to shareholders of record Jan. 24, according to a Jan. 9 news release.

Pembina on Dec. 16, 2019, said its board approved the increase, subject to the deal closing, which also included Pembina's acquisition of the U.S. portion of the Cochin condensate pipeline system. On Jan. 9, Kinder Morgan Inc. said it divested all of the approximately 25 million shares it received from Pembina after the deal closing.

Calgary, Alberta-based Pembina owns pipelines carrying hydrocarbon liquids and natural gas products from Western Canada, as well as gathering and processing facilities and other midstream infrastructure.