PEMBINA PIPELINE $29.78 (Toronto symbol PPL; Shares outstanding: 285.0 million; Market cap: $8.5 billion; TSI Network Rating: Average; Dividend yield: 5.4%; www.pembina.com) owns pipeline systems with a total length of over 7,500 kilometres. These lines pump oil and gas from fields in B.C. and Alberta to refineries, or feed into major pipelines, such as the Enbridge Pipeline System.
Pembina also owns the Syncrude, Horizon and Cheecham pipelines, which pump crude oil from the Alberta oil sands. In addition, the company holds a 50% stake in the Fort Saskatchewan Ethylene Storage Limited Partnership. It also owns the Cutbank Complex, a network of natural gas gathering and processing facilities.
In the three months ended December 31, 2011, Pembina’s cash flow rose 2.9%, to $66.8 million, or $0.40 a share, from $64.9 million, or $0.39 a share, a year earlier.
In January 2012, Pembina bought rival Provident Energy, which extracts, transports and stores natural gas liquids (NGLs), for $3.2 billion. This purchase was the main reason for the higher cash flow.
Provident is a good fit with Pembina, because it diversifies the company’s operations and lets it expand into NGLs, which are more profitable for the company than transporting gas.
Thanks to the higher cash flow, Pembina raised its monthly dividend by 3.8%, to $0.135 from $0.13, with the April 2012 payment. The shares now yield 5.4%.
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