2014年9月3日

Pembina Pipeline Corporation

◎Pembina が6億5000万米ドルでVantageとMistralのエタン抽出プラント資産を買収

◎Pembina が6億5000万米ドルでVantageとMistralのエタン抽出プラント資産を買収

AsiaNet 57739
共同JBN 0934 (2014.9.3)

【カルガリー(カナダ・アルバータ州)2014年9月2日PRN=共同JBN】
*Bakkenエタン輸送パイプラインの買収は、Pembina社の資産にサービス別料金制によるパイプライン・インフラストラクチャーを付加し、新たな成長基盤を確立することになる

カナダのPembina Pipeline Corporation(以下Pembinaもしくは同社)(TSX:PPL、NYSE:PBA)は2日、6億5000万米ドルの対価でVantage Pipeline System(Vantage)および、カナダ・サスカチュワン州エタン抽出プラント(SEEP)にあるMistral Midstream Inc.(Mistral)の利権を買収する契約を結んだと発表した。この買収は米投資ファンドRiverstone Holdings LLC(売り手)系列企業から通常の取引完了後調整(トランザクション)を受けることになる。

▽トランザクションのハイライト
Vantageは最近建設された全長約700キロメートル、通油日量4万バレル(bpd)の高圧蒸気パイプラインであり、米ノースダコタ州タイオガに端を発し、カナダ・アルバータ州エンプレスに至るパイプラインである。Vantageは長期的なサービス別料金制のキャッシュフローと将来的な天然ガス液(NGL)利用の機会に向けて豊かで成長中のノースダコタ州シェールオイル層Bakken(バッケン)プレイ(プレイ=playとは地質学的に共通性のある探鉱層)の果たす役割に対する戦略的アクセス権を提供する。

トランザクションの主要なハイライトは以下の通り。

 *地理的多様性:トランザクションはPembinaのパイプラインおよび中流インフラストラクチャーに地理的な多様性を与え、ノースダコタでの新しい豊かな資源プレイに対するアクセス権を提供する。

 *コミットされた容量:Vantage は長期的、テイク・オア・ペイ条項付き取引契約によって支えられる。

 *拡大の機会:Vantageはクオーター・ポイント配置の2つのポンプ場を付加する中程度の資本投資を通じて、通油日量約6万バレルの極限能力に達するまで規模を拡大する。

 *1株当たりのキャッシュフロー増加:トランザクションは2015年では1株当たりキャッシュフローに影響を与えないが、2016年には現契約下およびSEEPからの通年の貢献での最低送油量に基づいて増加する。Pembinaは追加送油量が確保される際にキャッシュフローのかなりの増加があると予測している。

Pembinaのミック・ディルガー社長兼最高経営責任者(CEO)は「VantageとSEEPを買収する契約を発表できて非常にうれしい。われわれは北米で最も有望な炭化水素プレイの1つに当社の足がかりを拡大する素晴らしい機会となることから、大きな関心を持ってこれら資産の発展を見守っており、それ故にこのトランザクションは当社にとってローリスクかつ論理的帰結である。われわれは代表的な当社パイプライン資産ポートフォリオにこのインフラを追加することに興奮している。トランザクションはサービス別料金制のキャッシュフローの流れを増大させるだけでなく、VantageとSEEPに関連して長期的に株主の価値になるだろうさまざまな機会を期待している」と語った。

▽トランザクションに基づく取得資産の説明
Vantageはノースダコタ州Bakkenプレイからカナダ・アルバータ州の石油化学市場へのエタン供給増量につながる。それはノースダコタ州タイオガの大規模ガスプラントから発して、サスカチュワンを経て北西部に伸び、同州エンプレス付近に至るパイプラインであり、そこでAlberta Ethane Gathering System(AEGS、アルバータ州エタン集積システム)パイプラインに接続する。

トランザクションの一環としてPembinaはまた、Mistralのパイプライン・インフラストラクチャーとMistralのSEEP利権も買収する。SEEPは開発段階の日流量6000万立法フィート(MMcf/d)(Pembinaにとって純増54 MMcf/dとなる)の大量ガス処理施設であり、南東部サスカチュワン・バッケン地域へのサービスするよう設置される。パイプライン・インフラストラクチャーは全長約105キロメートルの4インチ・エタン輸送パイプライン、全長約75キロメートルのガス集積パイプラインを含み、両施設とも現在建設中である。SEEPはビューフィールドとフラットレーク両ガスプラントおよびTransGas社の地域システムから生産されたリキッドリッチなガスを受け入れる。施設は長期的なエタン販売契約と長期的なサービス別料金制の処理契約で支えられている。SEEPは約4500bpdのエタンを製造する見込みであり、同様に現在建設中のパイプライン・ラテラルを通じてVantageに接続する。PembinaはSEEPおよび関連するパイプライン・ラテラルが2015年半ばにサービスを開始すると予測されている。

PembinaはSEEPと関連する集積・搬送システムの建設を完了するため、トランザクションと関連して2015年末までに約1億カナダドル(すべてPembina支出)の追加的資本支出を想定している。

Pembinaのスチュアート・テーラー上級副社長(NGL&天然ガス施設担当)は「SEEPと関連するパイプライン・インフラストラクチャーは、Pembinaにとって非常に魅力的である。われわれはこの資産によって、サスカチュワンにおける豊かなBakkenプレイにローリスクで参入し、当社ポートフォリオに新たにサービス別料金制ガスプラントを追加することになる」と語った。

▽トランザクションの詳細
PembinaはVantage Pipeline Canada ULC、Vantage Pipeline US LPおよびMistralの発行済み社外株式すべてを取得し、取引完了に当たってVantageの約2億2400万米ドルの銀行負債を返済する。Pembinaはトランザクションの資金充当のため3億9500万米ドルの現金および2億5500万米ドルの普通株式を充当する意向である。同社は一括買取引き受けによる優先株式発行によって即時払い現金対価の一部を資金手当する意向である。2億5500万米ドルの普通株式割り当てによって、売り手は561万株式を発行することになる。

トランザクションは規制上の認可(カナダの国家エネルギー委員会、競争法、およびカナダ運送法を含む)とトロント証券取引所の承認を含むその他慣習上の取引完了条件の対象となる。トランザクションは2014年8月1日付で有効となり、2014年第4四半期に完了する予定。

このニュースは米国においていかなる証券の購入申し込みの提案もしくは勧誘ではない。当該証券は1933年米国証券法とその証券取引修正法あるいはすべての州証券法の下で登録されたことはなく登録されるものでもなく、米証券法、適用される州証券法もしくはそのような法律適用の除外が有効となるところで登録されない限り、米国内あるいは米国民に対して証券の購入申し込みを提案もしくは販売されることはない。

▽アドバイザー
カナダ帝国商業銀行(CIBC)はPembinaの独占的財務アドバイザーを務め、Pembina、Blake、Cassels & Graydon LLPは米国における法務顧問を務めている。

▽Pembinaについて
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を提供している。Pembinaは在来および合成の原油、重油、オイルサンド製品、カナダ西部で生産されるコンデンセート(希釈)天然ガス、天然ガス液を含む多様な炭化水素液を輸送するパイプラインを所有、運営している。同社はまたガス集積・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。Pembinaはさらに戦略的に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施設を配置し、その事業全体にまたがる全面的な中流サービスとマーケティング・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部門が必要とするサービスを提供することができる。

Pembina PipelineはPembina Pipeline Corporationの登録商標である。

▽問い合わせ先
Investor Inquiries(投資家向け):
Scott Burrows
Vice President, Capital Markets
+1(403) 231-3156
+1-855-880-7404
e-mail: investor-relations@pembina.com

Media Inquiries(メディア向け):
Laura Lunt
Senior Manager, Regulatory, Environment & External Relations
+1(403) 231-7500

%SEDAR:   00030521E
%CIK:   0001546066
(PPL. PPL.DB.C. PBA)

ソース:Pembina Pipeline Corporation  


Pembina Pipeline Corporation To Acquire Vantage Pipeline and an Interest in Associated Assets For US$650 Million

PR57739

CALGARY, Alberta, Sept. 2, 2014 /PRN=KYODO JBN/ —

– Acquisition of Bakken ethane pipeline adds additional fee-for-service
pipeline infrastructure to Pembina’s portfolio and establishes new growth
platform

Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE: PBA)
is pleased to announce that it has entered into agreements to acquire the
Vantage pipeline system ("Vantage") and Mistral Midstream Inc.’s ("Mistral")
interest in the Saskatchewan Ethane Extraction Plant ("SEEP") for total
consideration of US$650 million, subject to traditional closing adjustments,
("the Transaction") from certain entities affiliated with Riverstone Holdings
LLC (the "Seller").

Transaction Highlights

Vantage is a recently constructed, approximately 700 kilometre ("km"), 40,000
barrel per day ("bpd"), high vapour pressure pipeline that originates in Tioga,
North Dakota and terminates near Empress, Alberta. Vantage provides long-term,
fee-for-service cash flow and strategic access to the prolific and growing
North Dakota Bakken play for future natural gas liquids ("NGL") opportunities.
Key Transaction highlights include:

    – Geographic Diversification: The Transaction provides geographic
      diversification of Pembina’s pipeline and midstream infrastructure,
      providing access to a new and prolific resource play in North Dakota.
    – Committed Volumes: Vantage is underpinned by a long-term, take-or-pay
      transportation contract.
    – Expansion Opportunities: Vantage is sized to reach an ultimate capacity
      of approximately 60,000 bpd through modest capital investment via the
      addition of two quarter point pump stations.
    – Cash Flow Per Share Accretion: The Transaction is expected to be neutral
      to cash flow per share in 2015 and accretive in 2016 on the basis of
      minimum volumes currently under contract and a full year contribution
      from SEEP. Pembina foresees the potential for significant accretion as
      additional volumes are secured.

"I am very happy to announce our agreement to acquire Vantage and SEEP," said
Mick Dilger, Pembina’s President and Chief Executive Officer. "We have watched
the development of these assets with great interest as they represent an
excellent opportunity to expand our footprint into one of the most promising
hydrocarbon plays in North America and, as such, the Transaction is a low-risk,
logical step-out for Pembina. We are excited to add this infrastructure to our
leading portfolio of pipeline assets. Not only will the Transaction augment our
fee-for-service cash flow stream, but we expect opportunities associated with
both Vantage and SEEP to result in long-term shareholder value."

Description of Acquired Assets under the Transaction

Vantage links a growing supply of ethane from the prolific North Dakota Bakken
play to the petrochemical market in Alberta. It originates from a large-scale
gas plant in Tioga, North Dakota extending northwest, through Saskatchewan and
terminating near Empress, Alberta, where it is connected to the Alberta Ethane
Gathering System ("AEGS") pipeline.

As part of the Transaction, Pembina is also acquiring pipeline infrastructure
from Mistral and Mistral’s interest in SEEP, a development-stage, 60 million
cubic feet per day ("MMcf/d") (54 MMcf/d net to Pembina) deep cut gas
processing facility that is centrally located to service the southeast
Saskatchewan Bakken region. The pipeline infrastructure includes an
approximately 105 km, four inch ethane pipeline and an approximately 75 km gas
gathering pipeline, both of which are currently under construction. SEEP will
receive liquids-rich gas produced from the Viewfield and the Flat Lake gas
plants and from TransGas’ local system. The facility is underpinned by both a
long-term ethane sales agreement and a long-term, fee-for-service processing
agreement. SEEP is expected to produce approximately 4,500 bpd of ethane and
will connect into Vantage through a pipeline lateral that is also currently
under construction. Pembina expects SEEP and the associated pipeline lateral to
be in-service in mid-2015.

Pembina anticipates incurring additional capital expenditures of approximately
C$100 million (net to Pembina) prior to the end of 2015 in connection with the
Transaction in order to complete the construction of SEEP and the associated
gathering and delivery system.

Stuart Taylor, Pembina’s Senior Vice President, NGL & Natural Gas Facilities
commented: "SEEP and its associated pipeline infrastructure are very attractive
to Pembina. With these assets, we’ll be making a low-risk entry into the
prolific Bakken play in Saskatchewan and we’ll be adding another
fee-for-service gas plant to our portfolio."

Transaction Details

Pembina will acquire all the issued and outstanding shares of Vantage Pipeline
Canada ULC, Vantage Pipeline US LP and Mistral and repay Vantage’s bank
indebtedness of approximately US$224 million at closing. Pembina intends to use
cash of US$395 million and US$255 million in common shares to fund the
Transaction. The Company expects to fund a portion of the cash consideration
with a bought-deal preferred share issuance and existing credit capacity. The
US$255 million common share portion will result in 5.61 million shares being
issued to the Seller.

The Transaction is subject to regulatory approvals (including approval of the
National Energy Board and under the Competition Act (Canada) and the Canada
Transportation Act) and other customary closing conditions, including the
approval of the Toronto Stock Exchange. The Transaction will have an effective
date of August 1, 2014, and is expected to close in the fourth quarter of 2014.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.

Advisors

CIBC is acting as exclusive financial advisor to Pembina, Blake, Cassels &
Graydon LLP is acting as Canadian legal counsel and Bracewell & Giuliani LLP is
acting as US counsel.

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") 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 "expects",
"will", "expand", "would", "plans" and similar expressions suggesting future
events or future performance.

In particular, this document contains forward-looking statements, pertaining
to, without limitation, the following: the Transaction, including the expected
closing date of the Transaction and the anticipated benefits of the Transaction
to Pembina; the planned capacity of SEEP; the anticipated capital expenditures
related to Vantage and SEEP; the expected in-service date of SEEP; expansion
opportunities related to Vantage; the ongoing utilization and expansions of and
additions to Pembina’s business and asset base, growth and growth potential.
These forward-looking statements and information are being made by Pembina
based on certain assumptions that Pembina has made in respect thereof as at the
date of this document including those discussed below.

With respect to forward-looking statements contained in this document, Pembina
has made assumptions regarding, among other things: the ability of the parties
to satisfy the conditions to closing of the Transaction in a timely manner;
ongoing utilization and future expansion, development, growth and performance
of Pembina’s business and asset base; future demand for fractionation and
transportation services; future levels of oil and natural gas development; and
potential revenue and cash flow enhancement; future cash flows.

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. Readers are cautioned that events or
circumstances could cause results to differ materially from those predicted,
forecasted or projected. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties that contribute
to the possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual performance
and financial results in future periods to differ materially from any
projections of future performance or results expressed or implied by such
forward-looking statements and information. Risks and uncertainties inherent in
the nature of the Transaction include the failure the parties to satisfy the
conditions to the Transaction, including required regulatory approvals, in a
timely manner, or at all. Failure to so obtain such approvals, or the failure
to otherwise satisfy the conditions to the Transaction, may result in the
Transaction not being completed on the proposed terms, or at all.

None of the forward-looking statements described above are guarantees of future
performance and are subject to a number of known and unknown risks and
uncertainties, including, but not limited to: the failure to realize the
anticipated benefits of the Transaction following closing due to integration
issues or otherwise; the impact of competitive entities and pricing; reliance
on key industry partners, alliances and agreements; the strength and operations
of the oil and natural gas production industry and related commodity prices;
the continuation or completion of third- party projects; regulatory environment
and inability to obtain required regulatory approvals; tax laws and treatment;
fluctuations in operating results; lower than anticipated results of operations
and accretion from Pembina’s business initiatives; reduced amounts of cash
available for dividends to shareholders; the ability of Pembina to raise
sufficient capital (or to raise capital on favourable terms) to complete future
projects and satisfy future commitments.

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.

Pembina Pipeline(R) is a registered trademark of Pembina Pipeline Corporation.

For further information:

Investor Inquiries:
Scott Burrows
Vice President, Capital Markets
+1(403) 231-3156
+1-855-880-7404
e-mail: investor-relations@pembina.com

Media Inquiries:
Laura Lunt
Senior Manager, Regulatory, Environment & External Relations
+1(403) 231-7500

%SEDAR:  00030521E
%CIK:  0001546066
(PPL. PPL.DB.C. PBA)

SOURCE Pembina Pipeline Corporation