Pembina Pipeline Completes Kinder Morgan Deal
December 16 2019 - 3:25PM
Dow Jones News
By Michael Dabaie
Pembina Pipeline Corp. (PPL.T; PBA) said it completed its
acquisition of Kinder Morgan Canada Ltd. and the U.S. portion of
the Cochin Pipeline system.
Pembina said its outlook for 2020 is for adjusted earnings
before interest, tax, depreciation and amortization of C$3.25
billion to C$3.55 billion. The 2020 guidance reflects the closing
of the Kinder Morgan deal, and C$440 million of new projects
recently placed into service.
Pembina said it expects to place into service an additional
C$1.1 billion of projects during 2020.
"We are pleased to have closed the highly strategic Kinder
Morgan transaction earlier than originally expected, which will
allow us to realize a full year of contribution from these assets
in 2020," said Chief Executive Mick Dilger.
Kinder Morgan Inc. (KMI) said it plans to use the proceeds from
the Pembina transactions to pay down debt, creating about $1.2
billion of balance sheet and borrowing flexibility in 2020.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 16, 2019 15:10 ET (20:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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