CA - Pembina Pipeline raises 2023 adjusted EBITDA guidance sells stake in Key Access Pipeline

• Pembina Pipeline ( NYSE: PBA ) ( TSX: PPL:CA ) expects its 2023 adjusted EBITDA to be in the range of CAD3.5B to CAD3.8B, implying an increase of ~5% Y/Y in the midpoint of the guidance range.
• The energy transportation and midstream service provider's 2023 capital investment program is expected to be CAD730M and capital expenditures to be fully funded with cash flow from operating activities, net of dividends.
• Separately, the company said its unit Pembina Gas Infrastructure has entered into an agreement for the sale of its 50% non-operated interest in Key Access Pipeline System for CAD662.5M.
• The sale is expected to close in Q1 2023, and is subject to approval by the Commissioner of Competition as well as satisfaction of other closing conditions.
• As a business update, the company said it is advancing various important projects and also intends to reactivate the Nipisi Pipeline system. The company is in late-stage discussions with a customer regarding a long-term contractual commitment and expects to finalize the agreement by 2022-end. The reactivation is anticipated in Q3 2023.
• Additionally, the company said pre-sanctioning development activities for a new 55K barrel per day, propane-plus fractionator at the Redwater Complex are continuing. A final investment decision is now expected in Q1 2023.
• Source: Press Release

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