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Pembina Pipeline Cuts 2020 Capex Amid COVID-19 Pandemic And Lower Energy Prices

Pembina Pipeline Corp. (PBA,PPL.TO) said it significantly reduced 2020 capital spending amid the COVID-19 pandemic and the recent significant decline in global energy prices. The company has decided to defer some of its expansion projects to reflect the current market reality.

The company will defer projects of Peace Pipeline Phase VII, VIII and IX expansions; Empress Co-generation Facility; Prince Rupert Terminal Expansion.

Pembina will also defer its investment in the integrated propane dehydrogenation plant and polypropylene upgrading facility.

The impact of the measures results in a reduction of C$900 million to C$1.1 billion, or approximately 40 to 50 percent, to the company's previously announced 2020 capital budget of C$2.3 billion. Pembina now expects its revised 2020 capital budget to be C$1.2 billion to C$1.4 billion.

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