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Feb 22, 2018

Pembina's takeover of Veresen fuels latest quarterly revenue

Pipeline construction

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CALGARY — Pembina Pipeline Corp. (PPL.TO) reported that its revenue soared in the latest quarter as profits beat market expectations following a transformative year that saw it complete its largest acquisition in 2017.

The Calgary-based energy infrastructure company said its net income for the quarter ended Dec. 31 was $445 million or 83 cents per share compared to $131 million or 29 cents per share in the final quarter of 2016.

That compared to Thomson Reuters analyst estimates of $247 million in net income or earnings per share of 48 cents.

Pembina's revenue was $1.716 billion in the latest quarter compared to $1.251 billion in 2016, driven by its $9.7-billion friendly takeover of Veresen Inc. last May.

Thomson Reuters, however, estimated revenue of $1.957 billion in the quarter.

Pembina says that due to $4.8 billion of new projects throughout 2017 and its acquisition of Veresen, it set financial and operational records in both the fourth quarter and full year.