Pembina Pipeline (NYSE:PBA) Stock

Pembina Pipeline

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its assets include pipelines and gas gathering as well as assets across fractionation, storage, and propane exports.

Pembina Pipeline Corp. Ordinary Shares (Canada)

Pembina Pipeline Corp

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Shares of companies in the broader energy sector are trading higher as oil and natural gas rise. Energy has been volatile as investors assess tariff developments and recent OPEC+ actions.

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Shares of energy companies are trading lower as stocks pull back after surging Wednesday following President Trump's tariff pause announcement.

A report on April 4, 2025 shows that Representative Virginia Foxx from North Carolina sale stock in Energy Transfer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>), valued between $130,004 and $300,000. According to the April filing, the transaction occurred on April 4, 2025.
At the time of writing, Energy Transfer shares are trading down 3.09% at $15.66.
<h3>Representative's Recent Trading Activity</h3>
Over the previous three years, Virginia Foxx conducted 304 trades, totaling more than $3.51 million. The largest of these were in NextEra Energy and Archer-Daniels Midland stock. Some of the most notable transactions the Rep. has executed recently include: 
<ul>
<li>Energy Transfer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>): $50,001 - $100,000 Purchase</li>
<li>Pembina Pipeline (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>): $50,001 - $100,000 Sale</li>
<li>Alliance Res Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>): $15,001 - $50,000 Purchase</li>
</ul>
Here's a summary of Virginia Foxx's most recent trades:
<table>
<thead>
<tr>
<th>Company</th>
<th>Ticker</th>
<th>Stock Type</th>
<th>Amount</th>
<th>Transaction Type</th>
<th>Transaction Date</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ellington Financial</td>
<td>EFC</td>
<td>STOCK</td>
<td>$1,001 - $15,000</td>
<td>P</td>
<td>2025-03-31</td>
</tr>
<tr>
<td>Alliance Res Partners</td>
<td>ARLP</td>
<td>STOCK</td>
<td>$15,001 - $50,000</td>
<td>S (Partial)</td>
<td>2025-03-07</td>
</tr>
<tr>
<td>Energy Transfer</td>
<td>ET</td>
<td>STOCK</td>
<td>$50,001 - $100,000</td>
<td>S (Partial)</td>
<td>2025-03-07</td>
</tr>
<tr>
<td>Flex LNG</td>
<td>FLNG</td>
<td>STOCK</td>
<td>$15,001 - $50,000</td>
<td>S</td>
<td>2025-03-07</td>
</tr>
<tr>
<td>Pembina Pipeline</td>
<td>PBA</td>
<td>STOCK</td>
<td>$50,001 - $100,000</td>
<td>S</td>
<td>2025-03-07</td>
</tr>
</tbody>
</table>
To stay updated on Virginia Foxx's trades and other congressional trades, try our <a href="https://www.benzinga.com/gov-trades/members/virginia-foxx">government trades tool</a> for live updates!
<h3>The Importance of Congressional Transactions</h3>
A congressional transaction is when any representative or senator either buys or sells an individual stock.
Anyone working in Congress must file a Periodic Transaction Report to inform the public of their recent transaction within 30 days of being notified of the transaction and within 45 days of the transaction date.
In April 2012, Former President Barack Obama signed the STOCK Act into law. The act prohibits members of Congress from using private information given to them by their position for personal gain such as buying or selling a stock. The act also expanded disclosure requirements for members of Congress by requiring them to file a monthly disclosure.
<h3>Why Congressional Transactions Matter</h3>
Congressional transactions shouldn't be the primary reason for an investing decision, but they can be an important factor for an investor to consider.
When a senator or representative makes a new purchase, it could be an indication they expect the stock to rise.
A sale, on the other hand, can be made for a variety of reasons, and may not necessarily mean the seller thinks the stock will go down.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Government

News

Politics

Trading Ideas

General

ARLP

Congressional Trading Report: Rep. Virginia Foxx Sold Over $130K In Energy Transfer Stock

A report on March 3, 2025 shows that Representative Virginia Foxx from North Carolina purchase stock in Alliance Res Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>), valued between $2,002 and $30,000. According to the March filing, the transaction occurred on March 3, 2025.
At the time of writing, Alliance Res Partners shares are trading down 2.05% at $24.57.
<h3>What Representative Has Been Trading Recently</h3>
Over the previous three years, Virginia Foxx conducted 327 trades, totaling more than $4.01 million. The largest of these were in NextEra Energy and Philip Morris Intl stock. Some of the most notable transactions the Rep. has executed recently include: 
<ul>
<li>Pembina Pipeline (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>): $50,001 - $100,000 Purchase</li>
<li>Via Renewables (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIASP#NASDAQ">VIASP</a>): $50,001 - $100,000 Sale</li>
<li>Alliance Res Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>): $15,001 - $50,000 Purchase</li>
</ul>
Here's a summary of Virginia Foxx's most recent trades:
<table>
<thead>
<tr>
<th>Company</th>
<th>Ticker</th>
<th>Stock Type</th>
<th>Amount</th>
<th>Transaction Type</th>
<th>Transaction Date</th>
</tr>
</thead>
<tbody>
<tr>
<td>Ellington Financial Inc. 7.00% Series</td>
<td></td>
<td></td>
<td>$1,001 - $15,000</td>
<td>P</td>
<td>2024-12-30</td>
</tr>
<tr>
<td>AbbVie</td>
<td>ABBV</td>
<td>STOCK</td>
<td>$1,001 - $15,000</td>
<td>P</td>
<td>2024-12-06</td>
</tr>
<tr>
<td>Alliance Res Partners</td>
<td>ARLP</td>
<td>STOCK</td>
<td>$15,001 - $50,000</td>
<td>S (Partial)</td>
<td>2024-12-06</td>
</tr>
<tr>
<td>American Electric Power</td>
<td>AEP</td>
<td>STOCK</td>
<td>$1,001 - $15,000</td>
<td>P</td>
<td>2024-12-06</td>
</tr>
<tr>
<td>Amgen</td>
<td>AMGN</td>
<td>STOCK</td>
<td>$1,001 - $15,000</td>
<td>P</td>
<td>2024-12-06</td>
</tr>
</tbody>
</table>
Stay informed on Virginia Foxx's trades and other members of Congress with our real-time <a href="https://www.benzinga.com/gov-trades/members/virginia-foxx">government trades tracking tool</a>!
<h3>Why Congressional Transactions Matter</h3>
A congressional transaction is when any representative or senator either buys or sells an individual stock.
Anyone working in Congress must file a Periodic Transaction Report to inform the public of their recent transaction within 30 days of being notified of the transaction and within 45 days of the transaction date.
In April 2012, Former President Barack Obama signed the STOCK Act into law. The act prohibits members of Congress from using private information given to them by their position for personal gain such as buying or selling a stock. The act also expanded disclosure requirements for members of Congress by requiring them to file a monthly disclosure.
<h3>The Importance of Congressional Transactions</h3>
Congressional transactions shouldn't be the primary reason for an investing decision, but they can be an important factor for an investor to consider.
When a senator or representative makes a new purchase, it could be an indication they expect the stock to rise.
A sale, on the other hand, can be made for a variety of reasons, and may not necessarily mean the seller thinks the stock will go down.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

VIASP

This House of Representative Just Bought Up To $30K In Alliance Res Partners Stock

Pembina Pipeline shares are trading higher after the company reported better-than-expected Q4 financial results.

Kineticor Asset Management LP ("Kineticor") is pleased to announce that Pembina Pipeline Corporation ("Pembina") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/PPL#TSX">PPL</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>) has entered into agreements for a 50 percent interest in the Greenlight Electricity Centre Limited Partnership ("Greenlight LP" or "Greenlight"), a special-purpose limited partnership with Kineticor Holdings LP #3, a portfolio company of OPTrust.
Greenlight LP is developing the Greenlight Electricity Centre ("GLEC" or "Project") which is a proposed multi-phased gas-fired combined cycle power generation facility of up to 1,800 MW with carbon capture optionality coupled with significant land holdings that can accommodate a co-located 1,800 MW data centre complex. The Project would be constructed on land already zoned for heavy industrial use and strategically located near transmission lines, utility infrastructure, carbon sequestration, and fiber in Alberta's Industrial Heartland.
The GLEC is managed by Kineticor, which successfully developed, constructed, and currently operates the 900 MW Cascade Power Plant near Edson, Alberta.

TSX:PPL

embina Acquires 50% Stake In Greenlight Electricity Centre With Kineticor; 1,800 MW Facility Includes Carbon Capture, Data Centre Plans; Financial Terms Not Disclosed

2025 Guidance
In December 2024, Pembina announced a 2025 adjusted EBITDA guidance range of $4.2 billion to $4.5 billion, which relative to 2024 reflects the impacts of continued volume growth across the WCSB, new assets acquired or placed into service, and the full year impact of the consolidation of the Alliance and Aux Sable assets, partially offset primarily by the full year impact of the recontracting of the Cochin Pipeline, and normalization of commodity margins in the marketing business.
Despite proposed tariffs on U.S. energy imports, Pembina does not expect any material near-term impacts given the highly contracted, take-or-pay nature of its business.
The 2025 adjusted EBITDA guidance range reflects quarterly seasonality in Pembina's business including:
<ul>
<li>higher contribution from Alliance in the first and fourth quarters due to the ability to transport higher volumes during colder periods;</li>
<li>higher integrity and geotechnical costs on the conventional pipeline assets in the third and fourth quarters; and</li>
<li>stronger first and fourth quarter results in the NGL marketing business.</li>
</ul>
Pembina continues to execute its strategy within a fully funded model and consistent with its financial guardrails. At December 31, 2024, the ratio of proportionately consolidated debt-to-adjusted EBITDA on a trailing twelve-month basis was 3.5 times, at the low end of the Company's targeted range, and reflecting only three quarters of contribution from the Alliance/Aux Sable Acquisition. Within the 2025 adjusted EBITDA guidance range, Pembina expects to generate positive free cash flow, with all 2025 capital investment program scenarios being fully funded by cash flow from operating activities, net of dividends. Further, the Company is forecasting a year-end 2025 proportionately consolidated debt-to-adjusted EBITDA ratio of 3.3 to 3.6 times.

Guidance

Pembina Pipeline Sees FY25 Adj. EBITDA C$4.2B-C$4.5B

Earnings

Pembina Pipeline Q4 2024 GAAP EPS C$0.92 Beats C$0.82 Estimate, Sales C$2.145B Beats C$2.053B Estimate

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Earnings Scheduled For February 27, 2025

TD Securities analyst Aaron Macneil initiates coverage on Pembina Pipeline (TSX:<a class="ticker" href="https://www.benzinga.com/stock/PPL#TSX">PPL</a>) with a Buy rating and announces Price Target of C$66.

Price Target

Initiation

Analyst Ratings

TD Securities Initiates Coverage On Pembina Pipeline with Buy Rating, Announces Price Target of C$66

Pembina continues to execute its strategy within a fully funded model and consistent with its financial guardrails. Within the 2025 adjusted EBITDA guidance range, Pembina expects to generate positive free cash flow, with all 2025 capital investment program scenarios being fully funded by cash flow from operating activities, net of dividends.

Pembina Pipeline Expects 2025 Adjusted EBITDA Of C$4.2B - C$4.5B, Expects To Generate Positive Free Cash Flow

Barclays analyst Theresa Chen initiates coverage on Pembina Pipeline (TSX:<a class="ticker" href="https://www.benzinga.com/stock/PPL#TSX">PPL</a>) with a Overweight rating and announces Price Target of C$63.

Barclays Initiates Coverage On Pembina Pipeline with Overweight Rating, Announces Price Target of C$63

Pembina Pipeline Narrows 2024 Adj. EBITDA Guidance Range From C$4.2B-C$4.35B To C$4.225B-C$4.325B

Pembina Pipeline (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>) reported quarterly earnings of $0.44 per share which missed the analyst consensus estimate of $0.74 by 40.54 percent. The company reported $1.352 billion in sales this quarter. This is a 20.87 percent decrease over sales of $1.708 billion the same period last year.

Earnings Misses

Pembina Pipeline Q3 2024 GAAP EPS $0.44 Misses $0.74 Estimate, Sales $1.352B Down From $1.708B YoY

The U.S. oil and gas exploration and production industry has faced headwinds related to falling natural gas prices and political uncertainty so far in 2024. Cash from operations across three dozen leading U.S. firms fell in real terms from the first quarter of 2023 to the first quarter of this year due to lower gas prices. The November election is also likely to play a significant role in shaping the industry&#39;s future.
At the same time, production cuts by OPEC+ have supported increased crude oil production among some U.S. firms, with companies like Antero Resources Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ar#NYSE">AR</a>) and Pembina Pipeline Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pba#NYSE">PBA</a>) benefiting from the shift. One area that has not experienced a wholesale production increase, though, is the Permian Basin of the southwestern U.S. West Texas&#39; Waha hub experienced negative trading for much of the summer, prompting some producers in the area to curtail production.
Permian Resources Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pr#NYSE">PR</a>) shares have slid by more than 22% in the last six months. Over the last year, the company&#39;s stock has significantly underperformed competitors like Antero and Pembina.
Nonetheless, Permian Resources has a history of cost management, successful M&amp;A activity, and strong earnings performance that may entice investors interested in buying while share prices are low.
<h2>Permian Resources: Keeping Costs Down, Earning Efficiently</h2>
Operating an oil and gas production company is costly, but Permian Resources does a good job of reducing these expenses whenever possible. Its total costs are below the industry average, thanks in part to its low lease operating expenses (LOE; the costs of maintaining a well after the initial expenses of drilling and completion) of $5.18 per barrel of oil equivalent (BOE).
Overall, the company reduced total controllable cash costs by 8% quarter-over-quarter for the most recent quarterly period&nbsp;to $7.45 per BOE. Permian is also finding ways to reduce costs on new drilling projects, which are down 13% relative to last year.
At the same time, total production increased by 6% from the first quarter of the year to the second. By bringing production up and minimizing costs, Permian Resources has contributed meaningfully to free cash flow growth. In the second quarter, the company generated $332 million in adjusted free cash flow, or $0.43 per share. Adjusted free cash flow per share is up an impressive 60% since the first quarter of 2023.
<h2>Permian&#39;s Strong M&amp;A Activity</h2>
In mid-September, Permian completed the acquisition of various leasehold and royalty interests, including midstream infrastructure, from Occidental Petroleum Corp.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oxy#NYSE">OXY</a>). This acquisition increased Permian&#39;s resource base by nearly 30,000 acres adjacent to its prior assets in Texas. The new interest is expected to generate roughly 15,000 BOE per day.
This acquisition is just the latest in a longer series of deals that analysts have viewed positively. Permian has successfully targeted key royalty and land interests for expansion, keeping costs down in the process.
<h2>Earnings Growth Potential</h2>
Permian has topped analyst expectations for earnings per share for each of the last three quarters. Analysts are optimistic about the potential for future growth as well: Permian enjoys a projected earnings growth rate of nearly 16%.
Fast-growing earnings have allowed Permian to boost its dividend to $0.15 from $0.06 in September and to initiate a $1-billion share buyback program. Permian executives have assured investors that the dividend is sustainable for more than two years, regardless of the price of oil at that time.
<h2>Permian Stock&#39;s Upside Opportunity</h2>
Given these factors, it&#39;s little surprise that analysts largely believe Permian Resources has the potential to reverse its recent downward trend and reclaim much of its lost share value. The average price target for PR shares is $19.20, representing upside potential of about 39%. Still, the unpredictability of the U.S. political climate going forward and the trajectory of oil prices may mean that investors will have to wait to realize this opportunity. Permian&#39;s stable history and impressive operations make it a good candidate for buy-and-hold investors interested in waiting for more favorable external conditions.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/opportunity-knocks-buy-the-dip-on-permian-resources-stock/">Opportunity Knocks: Buy the Dip on Permian Resources Stock?</a>&quot; first appeared on MarketBeat.

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Mid Cap

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Markets

Opportunity Knocks: Buy the Dip on Permian Resources Stock?

UBS analyst Manav Gupta initiates coverage on Pembina Pipeline (TSX:<a class="ticker" href="https://www.benzinga.com/stock/PPL#TSX">PPL</a>) with a Neutral rating and announces Price Target of C$58.

UBS Initiates Coverage On Pembina Pipeline with Neutral Rating, Announces Price Target of C$58

Pembina Pipeline Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pba#NYSE">PBA</a>), a Canada-based oil and gas storage and transportation company, has announced a major acquisition through its joint venture Pembina Gas Infrastructure Inc. (&quot;PGI&quot;). This agreement with Veren Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vrn#NYSE">VRN</a>) involves acquiring its Gold Creek and Karr area oil batteries, coupled with a significant investment in future infrastructure development.
The strategic acquisition represents a key milestone in Pembina&#39;s growth, expanding the company&#39;s infrastructure footprint and strengthening its partnership with VRN, a prominent player in the Montney and Duvernay regions.
<h2>Details of the Agreement Between PBA &amp; VRN</h2>
The acquisition involves four batteries in the Gold Creek and Karr areas, contributing significantly to PGI&#39;s existing infrastructure. These batteries boast a natural gas handling capacity of 320 million cubic feet per day and liquids handling capacity of 53,000 barrels per day. The natural gas processed from these batteries is directed to PGI&#39;s Patterson Creek Gas Plant, with the batteries and the plant integrated into Pembina&#39;s Peace Pipeline system.
Calgary-based VRN will play a major operational role with the newly acquired assets. According to the agreement, this Canadian oil and gas exploration and production company will manage the newly acquired batteries and the existing PGI-owned batteries in the region. Under this arrangement, VRN will handle all operating costs and maintenance capital, establishing itself as the primary operator for these facilities.
PGI will invest up to C$300 million and approximately one-third of this funding has already been committed, which reflects the seriousness of the collaboration. VRN, as part of this agreement, will oversee the construction and operation of the batteries, while PGI focuses on the high-pressure gathering pipelines that support this infrastructure.
<h2>Key Financial Aspects of PBA&#39;s Acquisition</h2>
The net purchase price is C$400 million (C$240 million net to Pembina), a considerable investment that highlights the company&#39;s commitment to expanding its gas processing and handling capacity. This acquisition is expected to generate an initial annual adjusted EBITDA of approximately C$50 million (C$30 million net to Pembina), with further capital deployment anticipated to yield additional contracted EBITDA through enhanced plant utilization and corresponding fees.
<h2>PBA&#39;s Long-Term Take-or-Pay Agreement</h2>
A critical component of this transaction is the 15-year take-or-pay agreement signed between the two companies. This long-term contract provides security for PGI, with VRN committing to processing capacity at the newly acquired batteries. Additionally, the agreement includes a dedicated area, which is situated in the Gold Creek and Karr regions, where VRN is obligated to use PGI&#39;s gathering and processing services for all volumes produced.
This acquisition is not only a financial transaction but a strategic move that strengthens Pembina&#39;s existing relationships and infrastructure capabilities. VRN is a leading producer in Montney and Duvernay, two prolific gas-producing formations in Western Canada, with more than 20 years of premium drilling inventory. This transaction ensures that PGI continues to collaborate with a top-tier counterpart in the energy sector.
The transaction also involves extending the existing legacy agreements between Pembina and VRN. Under the new structure, all the purchased batteries, existing assets and future infrastructure developments will be amalgamated into a single, simplified contract structure. This streamlined approach eliminates redundant administrative processes and provides clearer, long-term commitments between the parties.
Moreover, PGI has taken steps to eliminate future non-revenue-generating capital obligations tied to previous agreements, further optimizing its financial exposure. This move reduces operating expenses and ensures that all capital deployed has a direct impact on revenue generation.
This transaction enables VRN to manage the upstream gathering and battery infrastructure, while PGI will maintain operations at the Patterson Creek Plant. This arrangement supports the ramp-up of drilling activities and the associated increase in volumes outlined in VRN&#39;s development plan, leveraging the existing unused capacity at PGI&#39;s Patterson Creek Gas Plant.
<h2>Integration and Future Plans for PBA Stock</h2>
The transaction is part of Pembina&#39;s broader strategy to enhance its infrastructure and logistics chain. Liquids from the new batteries and Patterson Creek Gas Plant will continue to be transported via the Peace Pipeline system and natural gas liquids will be processed at Pembina&#39;s Redwater Facility, ensuring smooth integration with existing operations.
To finance this acquisition, PGI will use its existing credit facility, which highlights the company&#39;s strong financial position. This deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. This acquisition aligns with Pembina&#39;s long-term goals for growth and solidifies its role as a leading midstream service provider in Western Canada.
VRN&#39;s Gold Creek and Karr area oil batteries&#39; acquisition by PBA is a strategic transaction that extends its reach into critical gas-processing regions. This collaboration with VRN ensures stable and long-term growth trajectory. The transaction brings together expanded operational capacity, enhanced infrastructure alignment and integration into Pembina&#39;s existing value chain, creating an opportunity for both companies to benefit from increased efficiencies and growth in the energy landscape of Western Canada.
<h2>Zacks Rank and Key Picks</h2>
Currently, PBA and VRN each have a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like VAALCO Energy, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/egy#NYSE">EGY</a>) and Core Laboratories Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clb#NYSE">CLB</a>), each carrying a Zacks Rank #2 (Buy) at present.
Houston, TX-based Vaalco Energy is valued at $568.51 million. The oil and gas exploration and production company currently pays a dividend of 25 cents per share, or 4.56%, on an annual basis. EGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
<div>
Core Laboratories is valued at $829.89 million. The company currently pays a dividend of 4 cents per share, or 0.23%, on an annual basis. Netherlands-based CLB is an oilfield services company, operating in more than 50 countries. The firm deals with providing reservoir management and production enhancement services to oil and gas companies.
<a href="https://www.zacks.com/stock/news/2333876/pembina-pipeline-to-acquire-veren-s-midstream-assets-in-c-400m-deal?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2333876">To read this article on Zacks.com click here.</a>
</div>

Contracts

Small Cap

Pembina Pipeline to Acquire Veren's Midstream Assets in C$400M Deal

Pembina Pipeline Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>)&nbsp;shares are trading higher after the company disclosed that its joint venture, Pembina Gas Infrastructure Inc. (PGI), reached <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40769696/pembina-pipeline-corporation-announces-pembina-gas-infrastructures-agreement-to-acquire-midstream-" rel="noreferrer noopener">agreements with Veren Inc. and its affiliates</a>.
PGI is a Western Canadian-focused gas processing entity jointly owned by Pembina and KKR &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>).
The deal includes the acquisition of Veren's Gold Creek and Karr area oil batteries, with a net purchase price of CAD$400 million (CAD$240 million net to Pembina), and supporting future infrastructure development.
In particular, PGI will acquire four batteries in the Gold Creek and Karr areas, with a natural gas handling capacity of 320 million cubic feet per day and a liquids handling capacity of 53,000 barrels per day.
As per the deal, Veren will retain operatorship of the acquired assets, including covering operating costs and maintenance capital. Additionally, Veren will take over the operation of the existing PGI-owned batteries in the area.
Also, Veren will enter into a 15-year take-or-pay agreement for capacity at the acquired batteries. This agreement includes an area-of-dedication to PGI for gathering and processing services for all volumes Veren produces from the Gold Creek and Karr areas.
PGI will also provide up to CAD$300 million for Veren's future battery and gathering infrastructure in the area, with about one-third of this amount already committed.
Pembina expects the acquisition to generate an initial annual adjusted EBITDA of around CAD$50 million (CAD$30 million net to Pembina).
The deal is anticipated to close in the fourth quarter of 2024, pending the fulfillment or waiver of standard closing conditions.
Investors can gain exposure to the stock via&nbsp;VanEck Energy Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EINC#NYSE">EINC</a>).
Price Action: PBA shares are up 1.74% at $41.17 at the last check Monday.
Image via Shutterstock
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Pembina Strikes Major Deal To Boost Oil And Gas Infrastructure: Details

PGI, a Western Canadian focused gas processing entity jointly owned by Pembina and KKR, has entered into agreements with Veren Inc. and certain affiliates thereof that include the acquisition of Veren&#39;s Gold Creek and Karr area oil batteries and support for future infrastructure development. The net purchase price related to the acquisition of the batteries is C$400 million&nbsp;(C$240 million, net to Pembina).
<div>PGI will acquire four batteries in the Gold Creek and Karr areas, which include natural gas handling capacity of 320 million cubic feet per day and liquids handling capacity of 53,000 barrels per day.</div>
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<div>Natural gas from the batteries is processed at PGI&#39;s Patterson Creek Gas Plant and both the batteries and the Patterson Creek Gas Plant are connected to Pembina&#39;s Peace Pipeline system.</div>
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Pembina Pipeline Reveals Pembina Gas Infrastructure's Agreement to Acquire Midstream Assets From Veren; Net Purchase Price Related To Acquisition Of Batteries Is C$400M

Citigroup maintains Pembina Pipeline (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBA#NYSE">PBA</a>) with a Neutral and raises the price target from C$53 to C$56.

Citigroup Maintains Neutral on Pembina Pipeline, Raises Price Target to C$56

Press Releases

Pembina Pipeline Corporation Announces Conversion Results for Series 7 Preferred Shares

Pembina Pipeline Corporation Announces Redemption of Series 22 Preferred Shares

Pembina Pipeline Corporation Announces 2025 Guidance and Provides Business Update

Pembina Pipeline Corporation Announces Closing of PGI's Acquisition of Working Interests From Whitecap Resources and Provides Karr and Gold Creek Update

Pembina Pipeline Corporation Declares Quarterly Preferred Share Dividends and Announces Fourth Quarter 2024 Results Conference Call and Webcast

Pembina Pipeline Corporation Reports Record Results for the Fourth Quarter of 2024 and Provides Business Update

Commodities

Pembina & Kineticor Announce Joint Venture for the Greenlight Electricity & Data Centre Complex

Pembina Pipeline Corporation Files 2024 Year-End Disclosure Documents

Management

Sylvatex Announces the Appointment of Bruce Rubin to its Board of Directors

Pembina Pipeline Corporation Declares Quarterly Preferred Share Dividends and Announces First Quarter 2025 Results Conference Call and Webcast

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