Pembina Pipeline Lifts Earnings Guidance After Closing Acquisition
By Robb M. Stewart
Pembina Pipeline has boosted its 2024 earnings target after closing a deal to buy Enbridge's 50% interest in Alliance Pipeline and its 42.7% interest in Aux Sable.
The energy transportation company said Monday it now expected adjusted earnings before interest, taxes, depreciation and amortization of between 4.05 billion Canadian dollars ($2.99 billion) and C$4.3 billion, up from prior guidance of C$3.725 billion to C$4.025 billion, to reflect the contribution from increased ownership of Alliance and Aux Sable as well as a stronger outlook in its marketing business.
The roughly C$3.1 billion purchase price for stakes was partly funded through a C$1.28 billion bought deal offering of subscription receipts that closed on Dec. 19.
For Enbridge, the sale proceeds will fund a portion of its strategic U.S. gas utilities acquisitions and will also be used for debt reduction.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
April 01, 2024 09:31 ET (13:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks