CALGARY, April 3, 2014 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors declared a common share cash dividend for April, 2014, of $0.14 per share to be paid, subject to applicable law, on May 15, 2014 to shareholders of record on April 25, 2014.
For shareholders receiving their common share dividends in U.S. funds, the April 2014 cash dividend is expected to be approximately U.S. $0.127 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.9069. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.
Pembina's Board of Directors also declared the following quarterly dividends for the Company's preferred shares. All preferred share dividends are payable on June 1, 2014 to shareholders of record on May 1, 2014:
|Preferred Shares, Series 1 (PPL.PR.A)||$0.265625|
|Preferred Shares, Series 3 (PPL.PR.C)||$0.29375|
|Preferred Shares, Series 5 (PPL.PR.E)||$0.3125|
These dividends are designated "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends are considered "qualified dividends" and may be subject to Canadian withholding tax.
Pembina pays cash dividends on its common shares in Canadian dollars on a monthly basis to shareholders of record on the 25th calendar day of each month (except for the December record date, which is December 31st), if, as and when determined by the Board of Directors. Should the record date fall on a weekend or a statutory holiday, the effective record date will be the previous business day. Dividends on the preferred are payable on the 1st day of March, June, September and December in each year, if, as and when declared by the Board of Directors.
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.
SOURCE Pembina Pipeline Corporation