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News Releases

Pembina Pipeline Corporation Declares October Common Share Dividend, Quarterly Preferred Share Dividends and Announces Third Quarter 2014 Results Conference Call and Webcast Details

CALGARY, Oct. 8, 2014 /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors declared a common share cash dividend for October 2014, of $0.145 per share to be paid, subject to applicable law, on November 14, 2014 to shareholders of record on October 25, 2014.

For shareholders receiving their common share dividends in U.S. funds, the October 2014 cash dividend is expected to be approximately U.S. $0.1297 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.8943. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.

Pembina's Board of Directors also declared quarterly dividends on the Company's preferred shares, Series 1, 3 and 5, and an initial dividend on the Series 7 Preferred Shares for the period from September 11, 2014 to December 1, 2014. Future dividends on the Series 7 Preferred Shares are expected to be $0.28125 quarterly, or $1.125 per share on an annualized basis for the initial fixed rate period to but excluding December 1, 2019.  All preferred share dividends are payable on December 1, 2014 to shareholders of record on October 31, 2014:

Preferred Shares, Series 1 (PPL.PR.A)         $0.265625
Preferred Shares, Series 3 (PPL.PR.C)         $0.29375
Preferred Shares, Series 5 (PPL.PR.E)         $0.3125
Preferred Shares, Series 7 (PPL.PR.G)         $0.2497

These dividends are designated "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax.

Pembina pays cash dividends on its common shares in Canadian dollars on a monthly basis to shareholders of record on the 25th calendar day of each month (except for the December record date, which is December 31st), if, as and when determined by the Board of Directors. Should the record date fall on a weekend or a statutory holiday, the effective record date will be the previous business day. The dividend payment date is the 15th of the month following the record date.  Should the payment date fall on a weekend or on a holiday the business day prior to the weekend or holiday becomes the payment date. Dividends on the preferred are payable on the 1st day of March, June, September and December in each year, if, as and when declared by the Board of Directors.

Third Quarter Conference Call and Webcast

Pembina will release its third quarter 2014 results on Tuesday, November 4, 2014 after markets close. A conference call and webcast have been scheduled for Wednesday, November 5, 2014 at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives.

The conference call dial-in numbers for Canada and the U.S. are 647-427-7450 or 888-231-8191. A recording of the conference call will be available for replay until November 11, 2014 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 41655527.

A live webcast of the conference call can be accessed on Pembina's website at www.pembina.com under Investor Centre, Presentation & Events, or by entering: http://event.on24.com/r.htm?e=742992&s=1&k=7719A8D82D61576FC50967AB90F91D22 in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.

About Pembina

Calgary-based Pembina Pipeline Corporation is a leading transportation and midstream service provider that has been serving North America's energy industry for 60 years. Pembina owns and operates pipelines that transport various hydrocarbon liquids including conventional and synthetic crude oil, heavy oil and oil sands products, condensate (diluent) and natural gas liquids produced in western Canada. The Company also owns and operates gas gathering and processing facilities and an oil and natural gas liquids infrastructure and logistics business. With facilities strategically located in western Canada and in natural gas liquids markets in eastern Canada and the U.S., Pembina also offers a full spectrum of midstream and marketing services that spans across its operations. Pembina's integrated assets and commercial operations enable it to offer services needed by the energy sector along the hydrocarbon value chain.

Forward-Looking Information and Statements

This news release contains certain forward-looking information and statements that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "to be", "expects", and similar expressions. In particular, this news release contains forward-looking statements and information relating to future dividends which may be declared on Pembina's Series 7 Preferred Shares. These forward-looking statements and information are being made by Pembina based on certain assumptions that Pembina has made in respect thereof as at the date of this document, including: prevailing commodity prices, margins and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital relating to expansion, upgrades and maintenance shutdowns; the success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners, alliances and agreements; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment, including the continued designation of dividends on Pembina's shares as "eligible dividends" under the Income Tax Act (Canada); fluctuations in operating results; the ability of Pembina to raise sufficient capital to complete future projects and satisfy future commitments; construction delays; labour and material shortages; and certain other risks detailed from time to time in Pembina's public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Pembina's management's discussion and analysis and annual information form for the year ended December 31, 2013, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

SOURCE Pembina Pipeline Corporation

For further information:

Investor Relations
Hayley McKenzie
(403) 231-3156
1-855-880-7404
e-mail: investor-relations@pembina.com
www.pembina.com