Pembina Pipeline ends quarter with available credit of $730 million

By Sahara Marte

New York, Aug. 10 - Pembina Pipeline Corp. sees its strong credit position as a strength that will allow it to support growth at its newest acquisition, Provident Energy Ltd., Robert Michaleski, chief executive officer, said during the company's second quarter earnings conference call.

Pembina Pipeline ended the quarter with about $730 million available on its credit facility.

It plans to fund research in order to apply new technology at Provident, which Pembina acquired earlier in the year.

In addition, the company intends to maintain its good credit rating in the event it has to enter the capital markets, Michaleski added.

"We are confident that we have the financial strength we need to pursue our plans," he said. "We are currently in a position of strong liquidity with cash and unutilized debt facilities."

In addition to its acquisition of Provident, the company plans to continue funding growth projects under a capital spending program of about $4 billion.

"We are confident in our ability to continue to identify the value of the expanded asset base," Michaleski stated.

Calgary, Alta.-based Pembina, a wholly owned subsidiary of Pembina Pipeline Income Fund, provides a network of conventional liquids feeder pipelines to the western Canadian energy industry.

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