◎Pembina Pipeline Corporationが好調な2014年第2四半期決算を発表

AsiaNet 57546

共同 JBN 0868 （2014.8.11）

【カルガリー（カナダ・アルバータ州）2014年8月9日PRN＝共同JBN】

＊すべての財務指標は断り書きがなければ、カナダドルである。このニュースリリースには、Pembina Pipeline Corporation（以後「Pembina」ないしは「同社」と表記）の経験および同社の歴史的トレンドの知見に照らした現在の予想、見積もり、予測、想定に基づく同社の将来予測に関する記述および情報が含まれている。実際の結果は、この将来予測に関する記述によって表明ないしは指摘されたものとは実質的に異なる場合がある。詳細についてはここに添付した「Forward-Looking Statements & Information」と2014年6月30日までの期間向けの同社Management's Discussion & Analysis（MD&A）を参照。このニュースリリースはここで確認されているように、一般会計原則（GAAP）に定義されていない財務指標に言及している。GAAPで定義されていない指標に関する詳細はここで詳述している「Non-GAAP and Additional GAAP Measures」と、ウェブサイトwww.sedar.comで閲覧可能なMD&Aを参照。

Pembina Pipeline Corporation（以後「Pembina」ないしは「同社」と表記）（TSX: PPL; NYSE: PBA）は9日、2014年第2四半期に好調な財務および営業実績を達成したと発表した。

▽財務概観

($ millions, except where noted)       3 Months Ended       6 Months Ended

                                           June 30               June 30

                                        2014     2013        2014       2013

Revenue                                1,606     1,175       3,365     2,424

Net revenue(1)                           360       295         807       610

Operating margin(1)                      269       208         619       448

Gross profit                             214       177         516       381

Earnings                                  77        93         224       184

Earnings per common share - basic

and diluted (dollars)                   0.21      0.30        0.65      0.61

EBITDA(1)                                 235       185         551       396

Cash flow from operating activities       155       151         416       383

Cash flow from operating activities

per common share - basic

(dollars)(1)                             0.48      0.49        1.30     1.27

Adjusted cash flow from operating

activities(1)                              191       150        455       352

Adjusted cash flow from operating

activities per common share -

basic (dollars)(1)                         0.59       0.49      1.42     1.16

Common share dividends declared            140        125        274      246

Preferred share dividends declared           7                   13

Dividends per common share (dollars)        0.43      0.41       0.85     0.81

Capital expenditures                       298        223        585      360

（1）「Non-GAAP and Additional GAAP Measures」を参照

Pembinaのミック・ディルガー社長兼最高経営責任者（CEO）は「2014年第2四半期、Pembinaは好調な財務実績を達成するとともに、新規投資計画に追加の4億6000万ドルを5月に確保し、配当を3.6%増額した。当社の調整済みキャッシュフローは、現行の事業活動と、当社のConventional Pipelines業務部門のPhase I拡大計画の完了およびSaturn I施設の開始によって増えている。当四半期に発表された当社のRedwaterサイトの3番目の分留装置が操業を開始すれば、現在の当社施設での分留能力は3倍となる」と語った。

ディルガー社長はさらに「大半の指標で記録的な業績を記録した当四半期の財務実績と現在までの建設計画での肯定的な結果に加え、安全に関しても当社が順調な結果をもたらしたことを大変うれしく思う。Redwater II建設計画で10万時間の無事故工数を記録し、2014年前半でPembinaは障害でも記録可能な損失時間が全くなく、両方とも驚くべき成果である」と語った。

売上高は2014年第2四半期に、前年同期の12億ドルから37%増の16億ドルを記録、2013年前期と比べても39%増えた。純利益は2013年同期の2億9500万ドルに対し、3億6000万ドルと22%増えた。今回の増益はPembinaのMidstream事業部門の好調な業務に起因しており、売上高増加と好調な価格設定に加え、Saturn I施設、原油・コンデンセート・液化天然ガス（NGL）のConventional Pipeline事業拡大（Phase I Expansions）の新規資本投資がもたらした収入の結果である。2014年の年初来の純利益は前年同期の6億1000万ドルに対して8億700万ドルだった。前年同期に比べて増加したのは2014年第2四半期の大きな収益と純利益に寄与した同じ要因に起因している。

2014年第2四半期の事業費は9100万ドルで、整合性を保つ支出タイミングの理由から2013年第2四半期と同じだった。2014年6月30日までの6カ月間で、事業費は前年同期の1億6800万ドルに対して1億8600万ドルだった。2014年上半期の事業費が増えたのは主に、サービス、特に同社のConventional Pipelines事業部門のPhase I拡大と同社のGas Services事業部門のSaturn I施設の新規資産のたまものである。

2014年第2四半期の営業利益は2億6900万ドルで、2億800万ドルだった前年同期よりも29%増えた。2014年前期の営業利益は前年同期の4億4800万ドルに対し6億1900万ドルだった。この増加は主に、上記で説明した収益、純収入、営業支出に影響した同じ要因に起因する。

2014年第2四半期の減価償却費および償却は、2013年同期の3200万ドルに比べて5100万ドルに増えた。この増額は主に、同年前期に比べて2014年第2四半期の非主力の輸送資産の1300万ドルの減損とPembina資産ベースの増加に起因する。事業に含まれる2014年6月30日までの減価償却および償却は、前述と同じ理由で2013年上半期の7400万ドルに対して1億300万ドルとなった。

収益および営業利益が増加したのは、2014年第2四半期の2億1400万ドルの粗利益と同年前期の5億1600万ドルの粗利益が寄与した。前年同期の粗利益はそれぞれ1億7700万ドルと3億8100万ドルだった。これはそれぞれ21%と35%の増額を示している。

2014年6月30日までの第2四半期と上半期において、Pembinaはそれぞれ3300万ドルと6800万ドルの一般経費および経営経費（企業減価償却費および償却費を除く）を支出した。前年同期ではそれぞれ2300万ドルと5500万ドルだった。この増加は主に、2013年第2四半期および同年上半期に比べPembinaが成長したことに伴う新規雇員とコンサルタントの追加と、同社株価が上がったことから生じた短期および株式報償金支出の増加に起因している。株価が1ドル変化すると、Pembinaの株式ベース報奨金支出は年間約100万ドル変化するとみられている。

2014年第2四半期の純財務費用は、2013年同期の2500万ドルに対して5000万ドルだった。2014年上半期の純財務費用は前年同期の7600万ドルに対し1億1100万ドルだった。純財務費用が増加したのは主に、2014年第2四半期および上半期のPembinaの普通株価が上昇した結果、同社の転換社債の転換費用の再評価に関連する潜在的損失が増加したことと、2014年4月4日の6億ドルの無担保優先中期債権発行に関連する配当支出が増えたことに起因している。

2014年第2四半期の所得税は、当期税1500万ドルと繰り延べ税3600万ドルを含め5100万ドルだった。2013年同期の当期税と繰り延べ税は、それぞれ900万ドルと2300万ドルだった。当第2四半期の当期税は、2013年の特定の税プールを全面的に活用したため増えた。繰り延べ収益の税支出は、資産と債務の会計および課税基準の差額のために上昇した。2014年6月30日までの6カ月間の所得税支出は当期税4900万ドルと繰り延べ税5800万ドルを含め、1億700万ドルだった。前期の該当四半期税は1300万ドル、繰り延べ税は4900万ドルだった。

Pembinaは2014年第2四半期、2億3500万ドルのEBITDAを挙げた。前年同期は1億8500万ドルだった。また2014年上半期のEBITDAは、前期の3億9600万ドルに対し5億5100万ドルだった。この増加は主に、前述の新規の資産、拡張、サービスからの収益を含め、Pembinaの事業における事業活動が向上した結果に起因している。

2014年第2四半期の同社の収益は、7700万ドル（1普通株当たり0.21ドル）に減少した。事業収益が増加したにもかかわらず収益が減少したのは、所得税支出と純財務費用が増えたことに加え、前述したように2014年6月30日までの第2四半期の非主力輸送関連資産の減損に伴う減価償却が増加したことに起因している。2014年前期の収益は、2億2400万ドル（1普通株当たり0.65ドル）だった。前年同期は1億8400万ドルだった。前年同期比で増えたのは主に、2014年前期の事業収益が前年同期と比べて好調だったことが理由である。

2014年第2四半期の事業活動のキャッシュフローは前年同期の1億5100万ドル（1普通株当たり0.49ドル）に対し、1億5500万ドル（1普通株当たり0.48ドル）だった。この増加は主に、事業活動の向上に加え、2013年同期よりもキャッシュ以外の運転資金が減少したことが起因した。2014年6月30日までのキャッシュフローは、4億1600万ドル（1普通株当たり1.30ドル）だった。前年同期は、3億8300万ドル（1普通株当たり1.27ドル）だった。この増加は主に、事業活動の業績向上と2013年の微増に比べて2014年のキャッシュ以外の運転資金の縮小に起因している。

2014年第2四半期の事業活動の調整済みキャッシュフローは、1億9100万ドル（1普通株当たり0.59ドル）だった。2013年第2四半期は、1億5000万ドル（1普通株当たり0.49ドル）だった。2014年6月30日までの事業活動の調整済みキャッシュフローは4億5500万ドル（1普通株当たり1.42ドル）だった。前年同期は、3億5200万ドル（1普通株当たり1.16ドル）だった。2014年第2四半期および同年前期の増加は主に、当期税、株式ベースの支払い支出、申告済みの優先株配当が増加したにもかかわらず事業活動のキャッシュフローが増加したことにある。

▽営業実績

                

                                       3 Months Ended        6 Months Ended

                                           June 30               June 30

(mbpd, except where noted)(1)            2014    2013         2014     2013

Conventional Pipelines throughput         573    484           563      489

Oil Sands & Heavy Oil contracted

capacity                                 880     870          880      870

Gas Services average volume

processed (mboe/d) net to

Pembina(2)                                87      48           88       49

Midstream NGL sales volume                105      94          119      108

Total volume                            1,645    1,496       1,650    1,516

(1)mbpdは日量1000バレル

(2)6:1レシオで100万立方フィート／日（MMcf/d）から原油換算1000バレル／日に転換処理されるガスサービス平均量

                              3 Months Ended

                                   June 30

                                  2014                           2013

($ millions)  Net         Operating          Net           Operating

                Revenue(1)       Margin(1)        Revenue(1)      Margin(1)

Conventional

Pipelines              122         77              101            65

Oil Sands &

Heavy Oil               48         33               51            33

Gas Services             39         26               28            17

Midstream               151        131              114            92

Corporate                             2              1             1

Total                    360        269             295           208

                                  6 Months Ended

                                     June 30

                                2014                       2013

($ millions)         Net      Operating           Net      Operating   

                  Revenue(1)  Margin(1)        Revenue(1)   Margin(1)  

                              

Conventional

Pipelines           239         154               197             126

Oil Sands

& Heavy Oil         100          67                94             64

Gas Services          81          55                56             36

Midstream            387         340               262             220

Corporate                          3                 1              2

Total                 807        619               610            448

(1) 「Non-GAAP and Additional GAAP Measures」を参照

＊Conventional Pipelineにおける2014年第2四半期と上半期の財務および営業業績は、Phase I Expansionが2013年12月にサービスを開始したことが主な理由となって、前年同期に比べ向上した。両期の向上した収益は、主としてパイプライン完全性、環境および安全上の問題、生産量増大とPhase I Expansionに関連する営業経費の増大によって部分的には相殺された。Phase I ExpansionはPeace Pipelineの原油およびコンデンセートの生産量が40 mbpd、Peace PipelineとNorthern SystemのNGL（液体天然ガス）生産量が52 mbpd増加した。

＊Oil Sands & Heavy Oil部門の第2四半期の実績は、事業費を通じたフロー低下が原因で純益減となったにもかかわらず前年比と変わらず。同部門の前年同期との比較で2014年上半期の純益増と営業利益率が増加したことは、主として2014年同期にNipisi Pipelineの輸送量が増加したことによる。これは2013年第2四半期にサービスを開始したシステムで新規のポンプステーションが完成したためである。

＊2014年第2四半期と上半期のGas Services部門の財務および営業業績は前年同期に比べて向上したが、これは主に2013年10月にサービスを開始した新規の200 MMcf/d Saturn I施設に加え、輸送量増加と同社のシャローカットおよびディープカット施設、Musreauでの処理費と回収作業の増大につながる施設の信頼性が向上したためである。

＊Midstream事業部門で2014年上半期と第1四半期の業績が前年同期よりも向上したのは、主として平年の冬季気温よりも寒い時期が長引き販売量の増大をもたらしたこと、さらにはサービスごとの個別支払いの貯蔵空洞収入増、サービス提供強化に起因している。

▽成長プロジェクトのアップデート

Pembinaは2014年5月12日、新たな投資計画に4億6000万ドルの追加資本を確保した。これは投資計画には既存のRedwater分留・貯蔵コンプレックスの55mbpdのプロパン・プラス・分留装置（RFS III）が含まれる。

複数の生産者との長期的なテイク・オア・ペイ契約で支えられているRFS IIIは、Pembina Redwaterコンプレックスでの3番目の分留装置であり、同社の1基目、2基目の分留装置（RFS IおよびRFS II）で完成した設計とエンジニアリングを活かしている。Pembinaは第2四半期後、RFS IIIの残る大部分の容量を契約した。

＊Pembinaの分留施設は、RFS IIIを加えて総量210mbpdとなり、同社のRedwaterコンプレックスはカナダで最大の分留施設となる。Pembinaがそのような設備拡充を支持する商業的支援が得られれば、RFS IIIの一部の構成要素は拡充されて、サイトは将来脱エタン・タワーを付属するよう設計される。Pembinaは規制当局と環境上の承認が得られれば、RFS IIIは2017年第3四半期に運転開始を予定している。

RFS IIIに関連して、Pembinaはまた、約6000万ドルの推定コストでアルバータ州中南部のウィルスデングリーン（Willesden Green）地区に2つの新しいパイプライン・ラテラルを建設する計画である。このプロジェクトは長期的なテイク・オア・ペイ契約で支えられており、約56キロメートルの高圧蒸気（HVP）パイプラインと16キロメートルの低圧蒸気（LVP）パイプラインと関連インフラストラクチャーの建設を必要としている。HVPパイプラインはPembina のBrazeau Pipelineを接続し搬出地点からフォートサスカチュワン地域にエタン・プラスNGLを輸送する能力がある。LVPパイプラインはPembinaのドレートンバレー（Drayton Valley）に結ばれ、エドモントン市場にコンデンセートに輸送する。Pembina は2015年半ばに両ラテラルのサービス開始を期待している。エタン・プラス用ラテラルの結果、PembinaのRedwaterコンプレックスでの分留に対する長期契約の下で10mpdの容量が追加される。

2014年第2四半期中、Pembinaは成長イニシアチブを進めるために以下のように2億9800万ドルを支出した：

＊同社Conventional Pipelines部門では、Phase IIの原油、コンデンセート、NGL拡大（Phase III Expansion）の作業が継続した。Pembinaは原油とコンデンンセート部分について、プロジェクトは2014年末に機械的に完成し、2015年初めには作動すると予測している。Pembinaは規制上の認可を得て、プロジェクトのNGL部分は2015年半ばにサービス開始を予測している。

＊同社は発表済みのアルバータ州シモネット（Simonette）とフォックスクリーク（Fox Creek）間のパイプライン拡張が2014年8月6日にサービスを開始した。

＊同社がすでに発表したPhase IIIのパイプライン拡張（Phase III Expansion）に関する利害関係者との協議が続けられ、Pembinaは2014年第3四半期に同プロジェクトに対する規制上の申請提出を期待している。Pembinaはこの拡張が2016年末から2017年半ばの間にサービスを開始することを見込む。同社は次の数カ月にかけて、顧客からさらなる搬送コミットメントを確保する作業を続ける一方、プロジェクトの展望を精査する。Pembina は第2四半期末後、長期契約の下でさらに約20mbpdの容量のコミットメントを確保した。Pembinaとの何らかの追加コミットメントは、長納期機器の発注で始まり、Phase III Expansionの設計能力の強化を支えることになる。

＊同社はまた、発表済みのアルバータ州エドソン（Edson）にあるインフラストラクチャーの拡大計画を進めている。同社はエドソンとフォックスクリーク／ウィンドフォール接合地点間に新しいNGLパイプラインと既存のパイプラインの2つのパイプライン建設、エドソン付近のNGLおよびコンデンセート向けトラックターミナル建設を完了するため、約1億ドルの支出を見込んでいる。この推計資金は2013年11月に発表されたパイプライン取得に関連する約2300万ドルを含む。Pembinaは新しいNGLパイプラインが約50mbpdの能力になると見込んでいる。約13mbpdの能力を持つ既存のパイプラインは、専用のコンデンセート利用に向けられる。Pembinaは規制上の承認を得て、2016年初めに新しいNGLパイプラインパイプラインのサービスを始め、その他パイプラインを専用コンデンセートのサービスに移行、2016年末にはトラックターミナルを運用したいとしている。これらパイプラインとトラックターミナルの総体能力は、アルバータ州のフォックスクリークからエドモントンへの同社Phase III Expansion部門における能力をアクセスする。

＊PembinaはResthaven施設で現在、運転前の活動を進めており、今日までにサイト建設の90%が完了している。同社は2014年第3四半期末まで同施設と関連するパイプラインのサービス開始を予定している。

＊PembinaのMidstream事業は2014年6月16日にアルバータ州シンシア（Cynthia）の新しいトラックターミナルの全面サービスに持ち込むことを期待している。

＊すでに発表した4億1500万ドルRFS IIプロジェクト（Redwaterサイトの2番目の73mbpdエタン・プラス・分留施設）で、Pembinaは2014年第2四半期中に施設建設を引き続き進めた。長納期機器購入は実質的に完了し、すべての主要な品目は2014年第3四半期末までにサイトに納入される見込みである。機械契約者は2014年4月始めにサイトに集められ、鉄骨構造とパイプが現在設置中である。プロジェクトは予定通り進み、2015年第4四半期末に実行開始が予定されている。

▽財務活動

Pembinaは2014年4月4日、中期無担保優先社債6億ドルの公募を完了した。この社債は年間固定金利4.81%で、年2回償還、満期2044年3月25日である。同社は社債公募からの一部現金を2014年4月7日に7500万ドルの無担保優先社債および同年6月16日に1億7500万ドルの無担保優先社債（シリーズA）の返済に使った。Pembinaは残金の一部はファンドキャピタル・プロジェクトと一般事業目的に支出する意向である。

▽2014年第2四半期の電話会議およびウェブキャスト

Pembinaは2014年8月11日（月曜日）米中部時間午前8時（東部時間午前10時）に関心のある投資家、アナリスト、ブローカー、メディアを対象に2014年第2四半期に関連する決算の詳細を話し合う電話会議を開催する。電話会議のダイヤルイン番号はカナダ、米国では647-427-7450あるいは888-231-8191である。電話会議の録音は2014年8月18日まで、東部時間午後11時59分からリプレーで聴取できる。リプレーへのアクセス番号は416-849-0833あるいは855-859-2056で、パスワードは41639054。

電話会議の実況ウェブキャストは、Pembinaのウェブサイト（www.pembina.com ）の  Investor Centre, Presentation & Eventsあるいは自身のウェブブラウザーに（http://event.on24.com/r.htm?e=742975&s=1&k=55D46AA972D970311CA2D1FF6454F2EB ）を入力してアクセスすることができる。電話会議直後から最低90日間  はオーディオアーカイブがサイトに掲載される。

▽Pembinaについて

カナダのカルガリーに本社を置くPembina Pipeline Corporationは有力な輸送、中流サービスのプロバイダーで、60年にわたって北米のエネルギー業界にサービスしている。Pembinaはカナダ西部で生産される通常および合成の原油、重油・オイルサンド製品、コンデンセート（希釈）、液化天然ガスを含む多様な液体炭化水素を輸送するパイプラインを所有、運営している。同社はまたガス収集・処理施設、石油・天然ガス液のインフラ、ロジスティクス事業も所有、運営している。施設はカナダ西部およびカナダ東部と米国の天然ガス液市場に戦略的に配置されており、Pembinaはその事業全般にわたる全面的な中流、マーケティング・サービスも提供している。その統合資産、商業事業によってPembinaは炭化水素バリューチェーンとともにエネルギー分野が必要とするサービスを提供することができる。

▽「Non-GAAP and Additional GAAP Measures」について

Pembinaはこのニュースリリースで、純収益、営業利益、利払い前・税引き前・減価償却前利益（EBITDA）、営業活動による調整キャッシュフロー、1株当たりの営業活動による調整キャッシュフローなどの用語を使っている。一般会計原則に準拠しない（Non-GAAP）、あるいは付加的な会計原則（Additional GAAP）の金融数字は一般会計原則（GAAP）が規定する基準的な意味を持たず、従って他社が提出する同様の数字、Non-GAAPやAdditional GAAP金融数字を明確に定義、適格化し、近似のGAAP数字と調和させなければならないという証券規則と比較するのは難しい。特に示さない限り、これらのNon-GAAP、Additional GAAP数字は時期を問わず常に計算、開示されている。特別調整項目は一定期間に限って関連する可能性がある。Non-GAAP、Additional GAAP数字の目的は投資家やアナリストに有用な追加情報を提供するものであり、従って、この数字は孤立したものとみられるべきではなく、IFRSに準拠して用意された業績代替の数字として使われてはならない。ほかの問題はNon-GAAP数字とAdditional GAAP数字を別々に計算できる。投資家はこれらの数字が純利益、営業活動によるキャッシュフロー、Pembinaの業績の指標としてGAAPに基づいて算出されたその他の決算数字にとって代わるものと理解してはならない。GAAP 公認数字との突き合わせなどNon-GAAP、Additional GAAP数字に関する詳しい情報はSEDAR（www.sedar.com ）から入手できる財務・経営分析（MD&A）を参照。

詳しい情報は以下を参照。

Investor Relations

Scott Burrows, Vice President, Capital Markets

+1-403-231-3156

1-855-880-7404

e-mail: investor-relations@pembina.com

www.pembina.com

ソース：Pembina Pipeline Corporation

Pembina Pipeline Corporation Reports Strong Second Quarter 2014 Results and Continues Executing Growth Plans Across All Core Areas

PR57546

CALGARY, Alberta, Aug. 9, 2014 /PRN=KYODO JBN/ --

    -- All financial figures are in Canadian dollars unless noted otherwise.

This news release contains forward-looking statements and information that are

based on Pembina Pipeline Corporation's ("Pembina" or the "Company") current

expectations, estimates, projections and assumptions in light of its experience

and its perception of historic trends. Actual results may differ materially

from those expressed or implied by these forward-looking statements. Please see

"Forward-Looking Statements & Information" herein and in the Company's

Management's Discussion & Analysis for the period ended June 30, 2014 ("MD&A")

for more details. This news release also refers to financial measures that are

not defined by Generally Accepted Accounting Principles ("GAAP"), as identified

herein. For more information about the measures which are not defined by GAAP

see "Non-GAAP and Additional GAAP Measures" herein and in the MD&A, which is

available on SEDAR at www.sedar.com.

Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA)

announced today that it achieved strong financial and operational performance

during the second quarter of 2014.

Financial Overview

($ millions, except where noted)       3 Months Ended       6 Months Ended

                                           June 30               June 30

                                        2014     2013        2014       2013

Revenue                                1,606     1,175       3,365     2,424

Net revenue(1)                           360       295         807       610

Operating margin(1)                      269       208         619       448

Gross profit                             214       177         516       381

Earnings                                  77        93         224       184

Earnings per common share - basic

and diluted (dollars)                   0.21      0.30        0.65      0.61

EBITDA(1)                                 235       185         551       396

Cash flow from operating activities       155       151         416       383

Cash flow from operating activities

per common share - basic

(dollars)(1)                             0.48      0.49        1.30     1.27

Adjusted cash flow from operating

activities(1)                              191       150        455       352

Adjusted cash flow from operating

activities per common share -

basic (dollars)(1)                         0.59       0.49      1.42     1.16

Common share dividends declared            140        125        274      246

Preferred share dividends declared           7                   13

Dividends per common share (dollars)        0.43      0.41       0.85     0.81

Capital expenditures                       298        223        585      360

(1) Refer to "Non-GAAP and Additional GAAP Measures."

"During the second quarter of 2014, Pembina achieved strong financial results

while securing an additional $460 million in new capital projects and

increasing our dividend by 3.6 percent in May", said Mick Dilger, Pembina's

President and Chief Executive Officer. "Our adjusted cash flow saw increases

from our ongoing operating activities and both the completion of our Phase I

expansions in our Conventional Pipelines business and the start up of our

Saturn I facility. Our third fractionator at our Redwater site, which was

announced during the quarter, will see the current fractionation capacity at

our facility almost triple once it's brought on-stream."

Mr. Dilger added: "In addition to our financial results during the quarter,

which included record performance by most measures, as well as the positive

results thus far on our construction projects, I am most pleased about how well

we performed with respect to safety. We marked over 100,000 incident-free man

hours at our Redwater II construction project and for the first six months of

2014, Pembina had zero recordable lost time injuries, both amazing

accomplishments."

Revenue increased 37 percent in the second quarter of 2014 to $1.6 billion from

$1.2 billion in the same period of the prior year and 39 percent year-to-date

compared to the first half of 2013. Net revenue increased 22 percent to $360

million during the second quarter of 2014 from $295 million during the same

period of 2013. This increase was due to strong performance in Pembina's

Midstream business resulting from high volumes and positive pricing, as well as

revenue generated by new capital investments, namely the Saturn I Facility and

the crude oil, condensate and natural gas liquids ("NGL") Conventional

Pipelines expansions (the "Phase I Expansions"). Year-to-date net revenue in

2014 was $807 million compared to $610 million during the same period of 2013.

The increase relative to the prior period was due to the same factors that

contributed to the higher revenue and net revenue during the second quarter of

2014.

Operating expenses were $91 million during the second quarter of 2014,

unchanged from the second quarter of 2013 due to timing of integrity-related

spending. For the six months ended June 30, 2014, operating expenses were $186

million compared to $168 million in the same period of 2013. The increase in

operating expenses for the first half of 2014 was largely the result of new

assets in service, particularly the Phase I Expansions in the Company's

Conventional Pipelines business and the Saturn I Facility in the Company's Gas

Services business.

Operating margin totalled $269 million during the second quarter of 2014, up 29

percent from the same period last year when operating margin totalled $208

million. For the first six months of 2014, operating margin was $619 million

compared to $448 million for the same period of 2013. These increases were

primarily the result of the same factors that impacted revenue, net revenue and

operating expenses for the periods, as discussed above.

Depreciation and amortization included in operations rose to $51 million during

the second quarter of 2014 compared to $32 million during the same period in

2013. This increase was primarily a result of the $13 million impairment of

non-core trucking-related assets during the second quarter of 2014 and the

growth in Pembina's asset base since the prior period. For the six months ended

June 30, 2014, depreciation and amortization included in operations was $103

million compared to $74 million in the first half of 2013 for the same reasons

noted above.

Increased revenue and operating margin contributed to gross profit of $214

million during the second quarter and $516 million during the first six months

of 2014 compared to $177 million and $381 million during the relative periods

of the prior year. This represents a 21 percent and 35 percent increase,

respectively.

For the three and six month period ending June 30, 2014, Pembina incurred

general and administrative expenses (excluding corporate depreciation and

amortization) of $33 million and $68 million compared to $23 million and $55

million during the same periods of 2013. These increases were primarily due to

the addition of new employees and consultants resulting from Pembina's growth

since the second quarter and first half of 2013 as well as increased short-term

and share-based incentive expenses resulting from the Company's higher share

price. Every $1 change in share price is expected to change Pembina's annual

share-based incentive expense by approximately $1 million.

Net finance costs in the second quarter of 2014 were $50 million compared to

$25 million in the second quarter of 2013. For the first six months of 2014,

net finance costs were $111 million compared to $76 million in the same period

of the prior year. Higher net finance costs were primarily attributed to an

increase in the unrealized loss relating to the revaluation of the conversion

feature of the Company's convertible debentures as a result of the appreciation

in Pembina's common share price during the second quarter and first half of

2014, and increased interest expense related to issuing $600 million in senior

unsecured medium-term notes on April 4, 2014.

Income tax expense was $51 million for the second quarter of 2014, including

current taxes of $15 million and deferred taxes of $36 million, compared to $32

million, including current taxes of $9 million and deferred taxes of $23

million in the same periods of 2013. The current taxes increased during the

quarter as a result of the full utilization of certain tax pools in 2013.

Deferred income tax expense arises from the difference between the accounting

and tax basis of assets and liabilities. Income tax expense was $107 million

for the six months ended June 30, 2014, including current taxes of $49 million

and deferred taxes of $58 million, compared to current taxes of $13 million and

deferred taxes of $49 million in the same period of 2013.

Pembina generated EBITDA of $235 million during the second quarter of 2014

compared to $185 million during the second quarter of 2013 and $551 million

during the first half of 2014 compared to $396 million during the first half of

2013. These increases were largely due to improved results from operating

activities in Pembina's businesses which included returns on new assets,

expansions and services as discussed above.

The Company's earnings decreased to $77 million ($0.21 per common share) during

the second quarter of 2014 compared to $93 million ($0.30 per common share)

during the second quarter of 2013. Despite improved operating margin, earnings

decreased due to higher income tax expense and net finance costs, as well as

increased depreciation due to the impairment of non-core trucking-related

assets during the quarter ended June 30, 2014, as described above. Earnings

were $224 million ($0.65 per common share) during the first half of 2014

compared to $184 million ($0.61 per common share) during the same period of the

prior year. The year-to-date increase was mostly due to stronger operating

margin for the first half of the year in 2014 compared to the same period in

2013.

Cash flow from operating activities was $155 million ($0.48 per common share)

during the second quarter of 2014 compared to $151 million ($0.49 per common

share) for the same period last year. The increase was primarily due to

improved results from operating activities and a larger decrease in non-cash

working capital in 2014 than in the same period in 2013. For the six months

ended June 30, 2014, cash flow from operating activities was $416 million

($1.30 per common share) compared to $383 million ($1.27 per common share)

during the same period last year. The year-to-date increase was primarily due

to improved results from operating activities as well as a decrease in non-cash

working capital in 2014 compared to a slight increase in 2013.

Adjusted cash flow from operating activities was $191 million ($0.59 per common

share) during the second quarter of 2014 compared to $150 million ($0.49 per

common share) during the second quarter of 2013. For the six months ended June

30, 2014, adjusted cash flow from operating activities was $455 million ($1.42

per common share) compared to $352 million ($1.16 per common share) during the

same period last year. The increases for the three and six month periods were

primarily due to higher cash flow from operating activities despite increased

current taxes, share-based payment expenses and preferred share dividends

declared.

Operating Results

                                       3 Months Ended        6 Months Ended

                                           June 30               June 30

(mbpd, except where noted)(1)            2014    2013         2014     2013

Conventional Pipelines throughput         573    484           563      489

Oil Sands & Heavy Oil contracted

capacity                                 880     870          880      870

Gas Services average volume

processed (mboe/d) net to

Pembina(2)                                87      48           88       49

Midstream NGL sales volume                105      94          119      108

Total volume                            1,645    1,496       1,650    1,516

(1)                  mbpd is thousands of barrels per day.

(2) Gas Services average volume processed converted to mboe/d (thousands of

barrels of oil equivalent per day) from million cubic feet per day

                           ("MMcf/d") at 6:1 ratio.

                              3 Months Ended

                                   June 30

                                  2014                           2013

($ millions)  Net         Operating          Net           Operating

                Revenue(1)       Margin(1)        Revenue(1)      Margin(1)

Conventional

Pipelines              122         77              101            65

Oil Sands &

Heavy Oil               48         33               51            33

Gas Services             39         26               28            17

Midstream               151        131              114            92

Corporate                             2              1             1

Total                    360        269             295           208

                                  6 Months Ended

                                     June 30

                                2014                       2013

($ millions)         Net      Operating           Net      Operating   

                  Revenue(1)  Margin(1)        Revenue(1)   Margin(1)  

                              

Conventional

Pipelines           239         154               197             126

Oil Sands

& Heavy Oil         100          67                94             64

Gas Services          81          55                56             36

Midstream            387         340               262             220

Corporate                          3                 1              2

Total                 807        619               610            448

(1) Refer to "Non-GAAP and Additional GAAP Measures."

    -- Second quarter and first half of 2014 financial and operating results in

Conventional Pipelines were higher than the comparable periods of 2013

primarily because of the Phase I Expansions being placed into service in

December 2013. Improved revenue for both periods was partially offset by higher

operating expenses relating mainly to pipeline integrity, environmental and

safety matters, volume growth and the Phase I Expansions. The Phase I

Expansions increased crude oil and condensate capacity on the Peace Pipeline by

40 mbpd and NGL capacity on the Peace Pipeline and Northern System by 52 mbpd.

    -- Oil Sands & Heavy Oil second quarter results remained consistent year

over year despite decreased net revenue due to lower flow through operating

costs. In Oil Sands & Heavy Oil, the increases in net revenue and operating

margin during the first half of 2014 compared to the same period of 2013 were

primarily related to higher volumes transported on the Nipisi Pipeline during

the 2014 periods. This is due to the completion of a new pump station on that

system, which was placed into service in the second quarter of 2013.

    -- Gas Services' financial and operating results were higher in the second

quarter and first half of 2014 than the same periods of 2013 mainly because of

the new 200 MMcf/d Saturn I Facility, which was placed into service in October

2013, as well as higher volumes and greater facility reliability leading to

increased processing fees and operating recoveries at the Company's Musreau

shallow cut and deep cut facilities.

    -- In Midstream, improved second quarter and first half of 2014 results

were largely due to a stronger propane market across North America caused by

extended periods of colder-than-average temperatures during the winter, higher

sales volumes, stronger margins, additional fee-for-service storage cavern

revenue and enhanced service offerings.

Growth Project Update

On May 12, 2014, Pembina announced having secured an additional $460 million in

new capital projects, including the 55 mbpd propane-plus fractionator ("RFS

III") at its existing Redwater fractionation and storage complex ("Redwater").

RFS III, which is underpinned by long-term take-or-pay contracts with multiple

producers, will be the third fractionator at Pembina's Redwater complex and

will leverage the design and engineering work completed for Pembina's first and

second fractionators ("RFS I" and "RFS II"). Subsequent to the end of the

second quarter, Pembina contracted the majority of the remaining capacity at

RFS III.

With the addition of RFS III, Pembina's fractionation capacity will total 210

mbpd, making the Company's Redwater complex the largest fractionation facility

in Canada. Certain components of RFS III will be upsized and the site will be

designed to accommodate a de-ethanizer tower in the future, should Pembina

receive commercial support to backstop such an expansion. Subject to regulatory

and environmental approvals, Pembina expects RFS III to be in-service in the

third quarter of 2017.

In conjunction with building RFS III, Pembina also plans to construct two new

pipeline laterals into the Willesden Green area in south-central Alberta at an

estimated cost of approximately $60 million. The project, which is underpinned

by long-term take-or-pay contracts, entails installing approximately 56

kilometres of high vapour pressure ("HVP") pipeline and 16 km of low vapour

pressure ("LVP") pipeline, along with other associated infrastructure. The HVP

pipeline will be connected to Pembina's Brazeau Pipeline and will be capable of

transporting ethane-plus NGL from the field for delivery into the Fort

Saskatchewan area. The LVP pipeline will be tied into Pembina's Drayton Valley

system and will deliver condensate into the Edmonton market. Subject to

regulatory and environmental approval, Pembina expects both laterals to be

in-service in mid-2015. As a result of the ethane-plus lateral, an additional

10 mbpd of capacity will be under long-term contract for fractionation at

Pembina's Redwater complex.

During the second quarter of 2014, Pembina spent $298 million in capital to

progress its growth initiatives as follows:

    -- In the Company's Conventional Pipelines business, work continued on the

Phase II crude oil, condensate and NGL expansions ("Phase II Expansions"). With

respect to the crude oil and condensate portion, Pembina expects the project to

be mechanically complete late in 2014 and commissioned in early-2015. Subject

to regulatory approval, Pembina expects the NGL component of the project to be

in-service in mid-2015.

    -- The Company placed its previously announced pipeline expansion between

Simonette and Fox Creek, Alberta into service on August 6, 2014.

    -- Stakeholder consultation continues on the Company's previously announced

Phase III pipeline expansion (the "Phase III Expansion") and Pembina

anticipates filing regulatory applications for the project in the third quarter

of 2014. Subject to regulatory and environmental approvals, Pembina expects

this expansion to be in-service between late-2016 and mid-2017. Over the next

several months, the Company is continuing work to secure further pipeline

transportation commitments from customers while it refines the project scope.

Subsequent to the end of the second quarter, Pembina secured an additional

commitment of approximately 20 mbpd of capacity under a long-term contract. Any

further commitments made before Pembina begins to order long-lead equipment

would support increasing the design capacity of the Phase III Expansion.

    -- The Company is also making progress on its previously announced plans to

extend the presence of its infrastructure into the Edson, Alberta area. The

Company expects to spend approximately $100 million to complete work on two

pipelines - one new NGL pipeline and one existing pipeline - between Edson and

Fox Creek/Windfall junction and construct an NGL and condensate truck terminal

near Edson. The estimated capital includes approximately $23 million associated

with a pipeline acquisition which was announced in November 2013. Pembina

expects that the new NGL pipeline will have a capacity of approximately 50

mbpd. The existing pipeline, which has a capacity of approximately 13 mbpd,

will be transitioned into dedicated condensate use. A portion of both of these

pipelines is under long-term take-or-pay contracts. Subject to regulatory

approval, Pembina expects to bring the new NGL pipeline into service and

transition the other pipeline into dedicated condensate service in early-2016

and bring the truck terminal into service in late-2016. Volumes aggregated from

these pipelines and the truck terminal will access capacity on the segment of

Pembina's Phase III Expansion from Fox Creek into Edmonton, Alberta.

    -- At the Company's Resthaven Facility, Pembina is currently progressing

pre-commissioning activities and has completed 90 percent of site construction

to date. The Company expects to bring the facility and associated pipelines

into service by the end of the third quarter of 2014.

    -- Pembina's Midstream business placed a new full-service truck terminal in

the Cynthia area of Alberta into service on June 16, 2014.

    -- At Pembina's previously announced $415 million RFS II project (a second

73 mbpd ethane-plus fractionator at Pembina's Redwater site), the Company

continued to progress facility construction during the second quarter of 2014.

Long-lead equipment purchasing is substantially complete, with all major items

expected to be delivered to the site by the end of the third quarter of 2014.

The mechanical contractor mobilized to the site at the start of April 2014 and

structural steel and piping is currently being installed. The project is on

schedule and is anticipated to be on-stream late in the fourth quarter of 2015.

Financing Activity

On April 4, 2014, Pembina closed its offering of $600 million of senior

unsecured medium-term notes. The notes have a fixed interest rate of 4.81

percent per annum, paid semi-annually, and will mature on March 25, 2044. The

Company used a portion of the proceeds from the notes offering to repay the $75

million senior unsecured term facility on April 7, 2014 and the $175 million

senior unsecured notes (Series A) on June 16, 2014. Pembina intends to use the

remainder of the proceeds to partially fund capital projects and for other

general corporate purposes.

Second Quarter 2014 Conference Call & Webcast

Pembina will host a conference call on Monday, August 11, 2014 at 8:00 a.m. MT

(10:00 a.m. ET) for interested investors, analysts, brokers and media

representatives to discuss details related to the 2014 second quarter. The

conference call dial-in numbers for Canada and the U.S. are 647-427-7450 or

888-231-8191. A recording of the conference call will be available for replay

until August 18, 2014 at 11:59 p.m. ET. To access the replay, please dial

either 416-849-0833 or 855-859-2056 and enter the password 41639054.

A live webcast of the conference call can be accessed on Pembina's website at

www.pembina.com under Investor Centre, Presentation & Events, or by entering:

http://event.on24.com/r.htm?e=742975&s=1&k=55D46AA972D970311CA2D1FF6454F2EB in

your web browser. Shortly after the call, an audio archive will be posted on

the website for a minimum of 90 days.

About Pembina

Calgary-based Pembina Pipeline Corporation is a leading transportation and

midstream service provider that has been serving North America's energy

industry for 60 years. Pembina owns and operates pipelines that transport

various hydrocarbon liquids including conventional and synthetic crude oil,

heavy oil and oil sands products, condensate (diluent) and natural gas liquids

produced in western Canada. The Company also owns and operates gas gathering

and processing facilities and an oil and natural gas liquids infrastructure and

logistics business. With facilities strategically located in western Canada and

in natural gas liquids markets in eastern Canada and the U.S., Pembina also

offers a full spectrum of midstream and marketing services that spans across

its operations. Pembina's integrated assets and commercial operations enable it

to offer services needed by the energy sector along the hydrocarbon value chain.

Forward-Looking Statements & Information

This document contains certain forward-looking statements and information

(collectively, "forward-looking statements"), including forward-looking

statements within the meaning of the "safe harbor" provisions of applicable

securities legislation, that are based on Pembina's current expectations,

estimates, projections and assumptions in light of its experience and its

perception of historical trends. In some cases, forward-looking statements can

be identified by terminology such as "schedule", "will", "expects", "plans",

"anticipates", "intends", "should", "anticipates", "estimates" and similar

expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements pertaining to,

without limitation, the following: Pembina's corporate strategy; future

dividends which may be declared on Pembina's common shares; planning,

construction, capital expenditure estimates, schedules, expected capacity,

incremental volumes, in-service dates, rights, activities and operations with

respect to planned new construction of, or expansions on existing, pipelines,

gas services facilities, terminalling, storage and hub facilities, and; the

anticipated use of proceeds from financing.

The forward-looking statements are based on certain assumptions that Pembina

has made in respect thereof as at the date of this news release regarding,

among other things: oil and gas industry exploration and development activity

levels; the success of Pembina's operations and growth projects; prevailing

commodity prices and exchange rates and the ability of Pembina to maintain

current credit ratings; the availability of capital to fund future capital

requirements relating to existing assets and projects; expectations regarding

participation in Pembina's dividend reinvestment plan; future operating costs;

geotechnical and integrity costs; that any third party projects relating to

Pembina's growth projects will be sanctioned and completed as expected; that

any required commercial agreements can be reached; that all required regulatory

and environmental approvals can be obtained on the necessary terms in a timely

manner; that counterparties will comply with contracts in a timely manner; that

there are no unforeseen events preventing the performance of contracts or the

completion of the relevant facilities; that there are no unforeseen material

costs relating to the facilities which are not recoverable from customers;

interest and tax rates; prevailing regulatory, tax and environmental laws and

regulations; maintenance of operating margins; the amount of future liabilities

relating to environmental incidents; and the availability of coverage under

Pembina's insurance policies (including in respect of Pembina's business

interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions

reflected in these forward-looking statements are reasonable as of the date

hereof, there can be no assurance that these expectations, factors and

assumptions will prove to be correct. These forward-looking statements are not

guarantees of future performance and are subject to a number of known and

unknown risks and uncertainties including, but not limited to: the regulatory

environment and decisions; the impact of competitive entities and pricing;

labour and material shortages; reliance on key relationships and agreements;

the strength and operations of the oil and natural gas production industry and

related commodity prices; non-performance or default by counterparties to

agreements which Pembina or one or more of its affiliates has entered into in

respect of its business; actions by governmental or regulatory authorities

including changes in tax laws and treatment, changes in royalty rates or

increased environmental regulation; fluctuations in operating results; adverse

general economic and market conditions in Canada, North America and elsewhere,

including changes in interest rates, foreign currency exchange rates and

commodity prices; and certain other risks detailed from time to time in

Pembina's public disclosure documents available at www.sedar.com. This list of

risk factors should not be construed as exhaustive.

Readers are cautioned that events or circumstances could cause results to

differ materially from those predicted, forecasted or projected. The

forward-looking statements contained in this document speak only as of the date

of this document. Pembina does not undertake any obligation to publicly update

or revise any forward-looking statements or information contained herein,

except as required by applicable laws. The forward-looking statements contained

in this document are expressly qualified by this cautionary statement.

Non-GAAP and Additional GAAP Measures

In this news release, Pembina has used the terms net revenue, operating margin,

earnings before interest, taxes, depreciation and amortization (EBITDA),

adjusted cash flow from operating activities, and adjusted cash flow from

operating activities per share. Since Non-GAAP and Additional GAAP financial

measures do not have a standardized meaning prescribed by GAAP and are

therefore unlikely to be comparable to similar measures presented by other

companies, securities regulations require that Non-GAAP and Additional GAAP

financial measures are clearly defined, qualified and reconciled to their

nearest GAAP measure. Except as otherwise indicated, these Non-GAAP and

Additional GAAP measures are calculated and disclosed on a consistent basis

from period to period. Specific adjusting items may only be relevant in certain

periods. The intent of Non-GAAP and Additional GAAP measures is to provide

additional useful information to investors and analysts and the measures do not

have any standardized meaning under IFRS. The measures should not, therefore,

be considered in isolation or used in substitute for measures of performance

prepared in accordance with IFRS. Other issuers may calculate the Non-GAAP and

Additional GAAP measures differently. Investors should be cautioned that these

measures should not be construed as alternatives to net earnings, cash flow

from operating activities or other measures of financial results determined in

accordance with GAAP as an indicator of Pembina's performance. For additional

information regarding non-GAAP and additional GAAP measures, including

reconciliations to measures recognized by GAAP, please refer to the MD&A, which

is available on SEDAR at www.sedar.com.

For further information:

Investor Relations

Scott Burrows, Vice President, Capital Markets

+1-403-231-3156

1-855-880-7404

e-mail: investor-relations@pembina.com

www.pembina.com

SOURCE:  Pembina Pipeline Corporation