Pembina Pipeline Announces Capital Spending Plans Of Approx. $1.5 Bln For 2014

(RTTNews) - The Board of Directors of Pembina Pipeline Corp. (PBA, PPL.TO) Thursday said it has approved a capital spending plan of approximately $1.5 billion for 2014. This is approximately 56 percent higher than last year's capital budget and represents the largest in the company's history.

Approximately $670 million will be spent on Conventional Pipelines, while $510 million will be spent on Midstream. About $60 million and $260 million will be spent on Oil and Gas Services, respectively.

"Pembina's capital spending plan for 2014 is indicative of the substantial suite of growth projects we have before us, the majority of which are under long-term, fee-for-service agreements," said Mick Dilger, President and CEO.

The company's 2014 capital plan is largely driven by its success in securing growth opportunities in 2013. Approximately $1.3 billion, or 85 percent of the total capital, is associated with previously announced projects.