CALGARY, AB, Nov. 22, 2021 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA)
today announced that Mick Dilger has
stepped down as President and Chief Executive Officer to pursue
other opportunities. The Board of Directors has named Scott Burrows, Pembina's current Chief Financial
Officer, as interim President and Chief Executive Officer. The
Board will be working with a leading search firm to identify and
evaluate internal and external candidates for a new CEO to lead
Pembina in its next chapter. With Mr. Burrows' appointment,
Cameron Goldade, currently Pembina's
Vice President – Capital Markets, has been appointed interim Chief
Financial Officer.
"I am immensely proud of the Pembina team, the culture we have
created, and what we have accomplished together. When I joined
Pembina, it was a $2.5 billion dollar
entity in a single business and has grown into a roughly
$35 billion entity, operating safely,
and successfully in multiple jurisdictions and in many businesses,
with more underway. I am also proud of how the company has managed
successfully through many challenges including the financial crisis
and more recently the Covid-19 pandemic. Through an unwavering
commitment to our customers, employees and communities where we
operate, we have transformed Pembina into one of the most dynamic
energy transportation and midstream providers in North America," Mr. Dilger said. "Pembina has
a world-class team and is well positioned for the future. I will
miss the many stakeholders whom I had the opportunity to
serve."
"During Mick's tenure as CEO, Pembina accelerated its 65-year
history of innovation and growth, becoming a truly differentiated,
integrated leader in the midstream space with a strong core
business. The company also built a solid foundation for long-term
ESG excellence and leadership in a lower carbon economy," said
Randall Findlay, Chair of the
Pembina Board. "We look forward to continuing to increase the core
business we have built and support the Company's long-term growth,
while also being a leading participant in the energy industry's
evolution to a more sustainable future. On behalf of the Board, I
want to thank Mick for his service and dedication to Pembina and
all of its stakeholders and for his many contributions to Pembina's
strong position today."
Mr. Findlay added, "We are fortunate to have Scott stepping in
to serve as our Interim President and CEO. With 11 years of
experience at Pembina and nearly 18 years in the energy industry,
Scott has been a key architect of the Company's growth and
financial discipline, overseeing over $20
billion in successful strategic acquisitions and growth
investments that have reshaped our Company over the last decade.
This strong track record will be essential to continuing our
momentum during this transition and for the long term."
Mr. Burrows said, "Pembina's people, assets and operations are
second to none in the industry. Momentum within our business and
trends across the broader industry give us great optimism about the
outlook for our company and our stakeholders, as we complete 2021
and look ahead to 2022. We are committed to ensuring Pembina's
long-term future and that of our stakeholders."
The Company reiterated its full year 2021 guidance for adjusted
EBITDA of $3.3 - $3.4 billion, and continues to expect to provide
a fiscal 2022 guidance and capital budget update in early
December.
About Scott Burrows
Prior to his appointment as interim President and CEO,
Scott Burrows was Pembina's Chief
Financial Officer for approximately seven years, overseeing the
Company's financial operations, investor relations, treasury, tax,
risk management, corporate planning, corporate development and
capital market financings.
Previously, Scott served as Vice President, Capital Markets, and
as Vice President, Corporate Development and Investor Relations. In
these roles, Scott was responsible for guiding Pembina through its
corporate-level financial analysis of business opportunities in
addition to strategic development and planning, acquisitions and
divestitures. He also supported the Company's participation in the
capital markets by evaluating various financing alternatives and
oversaw Pembina's investor relations and related marketing
initiatives.
Before joining Pembina in November
2010, Scott spent seven years in energy-focused investment
banking where he provided advice and counsel related to mergers and
acquisitions, dispositions, joint ventures and equity and debt
financings. He has considerable experience in the energy industry,
including petroleum, natural gas and other product pipelines and
related infrastructure facilities. Scott has a Bachelor of Commerce
from the University of British Columbia
and is also a CFA® Charterholder.
About Cameron Goldade
Prior to his appointment as interim Chief Financial Officer,
Cameron was Vice President, Capital Markets, overseeing the
Company's corporate development, corporate planning, investor
relations, treasury, and cash management functions.
Prior to joining Pembina in 2015, Cameron spent eleven years in
energy-focused investment banking where he provided advice and
counsel related to mergers and acquisitions, dispositions, joint
ventures and equity and debt financings. He has considerable
experience in most aspects of the energy industry, including:
petroleum, natural gas and other product pipelines and related
infrastructure facilities. Cameron holds a Bachelor of Commerce
(Distinction) from the University of
Calgary and a Master of Business Administration from the
University of Toronto.
All financial figures are approximate and in Canadian dollars
unless otherwise noted. This news release refers to adjusted
earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA which is a financial measure that is not defined
by Generally Accepted Accounting Principles ("GAAP"). For more
information about this metrics, see "Non-GAAP Measures"
herein.
About Pembina
Pembina is a leading transportation and midstream service
provider that has been serving North America's energy
industry for more than 65 years. Pembina owns an integrated system
of pipelines that transport various hydrocarbon liquids and natural
gas products produced primarily in western Canada. Pembina
also owns gas gathering and processing facilities; an oil and
natural gas liquids infrastructure and logistics business; and is
growing an export terminals business. Pembina's integrated assets
and commercial operations along the majority of the hydrocarbon
value chain allow it to offer a full spectrum of midstream and
marketing services to the energy sector. Pembina is committed to
identifying additional opportunities to connect hydrocarbon
production to new demand locations through the development of
infrastructure that would extend Pembina's service offering even
further along the hydrocarbon value chain. These new developments
will contribute to ensuring that hydrocarbons produced in the
Western Canadian Sedimentary Basin and the other basins where
Pembina operates can reach the highest value markets throughout the
world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure
solutions connecting global markets:
- Customers choose us first for reliable and
value-added services;
- Investors receive sustainable industry-leading
total returns;
- Employees say we are the 'employer of choice' and
value our safe, respectful, collaborative and fair work culture;
and
- Communities welcome us and recognize the net
positive impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on
the Toronto and New York stock exchanges under
PPL and PBA, respectively. For more information, visit
www.pembina.com.
Forward-Looking Statements and Information
This news release contains certain forward-looking statements
and forward-looking 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 "continue", "anticipate", "schedule", "will", "expects",
"estimate", "potential", "planned", "future", "outlook",
"strategy", "protect", "trend", "commit", "maintain", "focus",
"ongoing", "believe" and similar expressions suggesting future
events or future performance.
In particular, this news release contains forward-looking
statements, including certain financial outlooks, pertaining to,
without limitation, the following: Pembina's adjusted EBITDA for
2021 and the timing of Pembina's 2022 guidance and capital
budget update, Pembina's corporate strategy and the
development of new business initiatives and growth opportunities,
including the anticipated benefits therefrom and the expected
timing thereof, and expectations about industry activities and
development opportunities, including outlooks related
thereto.
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 and
the geographic region of such activity; the success
of Pembina's operations; prevailing commodity prices,
interest rates, carbon prices, tax rates and exchange rates; the
ability of Pembina to maintain current credit ratings;
the availability of capital to fund future capital requirements
relating to existing assets and projects; 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
projects; prevailing regulatory, tax and environmental laws and
regulations; maintenance of operating margins; the amount of future
liabilities relating to lawsuits and 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 and Indigenous
and landowner consultation requirements; the impact of competitive
entities and pricing; reliance on third parties to successfully
operate and maintain certain assets; 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,
climate change initiatives or policies or increased environmental
regulation; the ability of Pembina to acquire or develop
the necessary infrastructure in respect of future development
projects; fluctuations in operating results; adverse general
economic and market conditions in Canada, North
America and worldwide, including changes, or prolonged
weaknesses, as applicable, in interest rates, foreign currency
exchange rates, commodity prices, supply/demand trends and overall
industry activity levels; risks relating to the current and
potential adverse impacts of the COVID-19 pandemic; constraints on
the, or the unavailability of, adequate infrastructure; the
political environment in North American and elsewhere, and public
opinion; the ability to access various sources of debt and equity
capital; changes in credit ratings; counterparty credit risk;
technology and cyber security risks; natural catastrophes; and
certain other risks detailed from time to time in Pembina's public
disclosure documents available at www.sedar.com,
www.sec.gov and through Pembina's website
at www.pembina.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. Management of Pembina approved the financial
outlook contained herein as of the date of this press release. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
Non-GAAP Measures
In this news release, Pembina has referred to
adjusted earnings before interest, taxes, depreciation and
amortization ("adjusted EBITDA") which is a non-GAAP financial
measure that is not defined in accordance with GAAP and which is
not disclosed in Pembina's financial statements. Non-GAAP
financial measures either exclude an amount that is included in, or
include an amount that is excluded from, the composition of the
most directly comparable financial measure determined in accordance
with GAAP. Non-GAAP financial measures are used by management to
evaluate the performance and cash flows of Pembina and
its businesses and to provide additional useful information
respecting Pembina's financial performance and cash flows
to investors and analysts.
Non-GAAP financial measures disclosed in this news release do
not have any standardized meaning under International Financial
Reporting Standards ("IFRS") and may not be comparable to similar
financial measures disclosed by other issuers. The measures should
not, therefore, be considered in isolation or as a substitute for,
or superior to, measures of Pembina's financial
performance, or cash flows specified, defined or determined in
accordance with IFRS, including revenue, earnings and cash flow
from operating activities.
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SOURCE Pembina Pipeline Corporation