Pembina Pipeline posts higher earnings during fourth quarter of 2013

CALGARY – Pembina Pipeline Corp. (TSX:PPL) posted higher fourth-quarter revenues and earnings in the last three months of 2013 as the company capped the “most growth-orient” year in its history.

The Calgary-based oil and gas transporter and processor said Wednesday that earnings for the three months ended Dec. 31 were $95 million, or 29 cents per share, up from $81 million, or 28 cents per share.

That narrowly missed the average analyst estimate of 30 cents per share, according to Thomson Reuters.

Revenues for the quarter were $1.301 billion, up from $1.265 during the same 2012 period.

Pembina said it saw increased volumes in all of its businesses, including a stronger propane market that led to a four per cent increase in its midstream segment’s volumes during the quarter.

The gas services segment saw volumes increase by 44 per cent as new assets were put into service while in its oilsands and heavy oil segment, volumes exceeded contracted capacity on its Nipisi pipeline as a new pump station was added.

Pembina said 2013 was the “most growth oriented” year in its history as it posted full-year earnings of $351 million or $1.12 per share compared with $225 million or 87 cents in 2012.

Revenue for the 12 months rose to $5.023 billion from $3.427 billion.

“The company successfully leveraged its existing assets, including those it obtained through the acquisition (of Provident Energy Ltd. for $3.8 billion) in 2012, to secure and progress growth projects in each of its businesses with the goal of providing customers highly integrated service offerings along the hydrocarbon value chain,” Pembina said.