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    PPL   CA7063271034

PEMBINA PIPELINE CORPORATION

(PPL)
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Delayed Toronto Stock Exchange  -  04:17 2022-12-01 pm EST
49.14 CAD   +0.06%
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Tourmaline cuts Q3 gas production due to weak pricing in western Canada

09/12/2022 | 11:24am EST

(Reuters) - Canada's largest natural gas producer Tourmaline Oil on Monday said it has cut third-quarter production due to pipeline bottlenecks that led to a collapse in western Canadian gas prices in the second half of August.

Tourmaline cut its third-quarter output by 1.5%, or 7,500 barrels of oil equivalent per day (boepd), although its full-year production guidance remains unchanged at 507,000 boepd.

Spot natural gas prices at the AECO hub in western Canada tumbled last month and briefly turned negative as maintenance on TC Energy's NGTL pipeline system cut capacity and left molecules stranded in Alberta.

An unscheduled five-day outage at Pembina Pipeline's Resthaven gas plant also impacted Tourmaline's volumes.

The price collapse came amid a global surge in gas prices to record highs, as European countries scrambled to replace Russian supplies cut off by the invasion of Ukraine and Western sanctions on Russia.

Calgary-based Tourmaline shut in approximately 100 million cubic feet a day of existing production and delayed the startup of several new drilling pads from August to September or October. The company also scheduled facility turnarounds and hedged more gas volumes than usual during August.

RBC Capital Markets analyst Michael Harvey described the move as "reshuffling production", and Tourmaline shares were last up 2.25% on the Toronto Stock Exchange at C$79.54.

The company raised its 2023 cash flow estimate outlook to C$6.58 billion ($5.07 billion) from C$5.14 billion, based on higher forward market prices and kept its 2023 capital budget and production guidance unchanged.

Tourmaline, which from January 2023 will start selling 140 million cubic feet of gas per day on the Gulf Coast for liquefied natural gas export, also increased its hedging program to cover 26% of 2023 production.

($1 = 1.2981 Canadian dollars)

(Reporting by Nia Williams; Editing by Lisa Shumaker)

By Nia Williams


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.74% 87.2 Delayed Quote.9.01%
PEMBINA PIPELINE CORPORATION 0.06% 49.14 Delayed Quote.27.99%
S&P GSCI NATURAL GAS INDEX -2.77% 315.479 Real-time Quote.85.79%
TC ENERGY CORPORATION -1.38% 58.78 Delayed Quote.1.31%
TOURMALINE OIL CORP. -1.66% 80.51 Delayed Quote.100.47%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.96% 61.2 Delayed Quote.-18.83%
WTI 1.11% 81.458 Delayed Quote.4.48%
All news about PEMBINA PIPELINE CORPORATION
11/29Pembina Pipeline : December 2022 Update
PU
11/24PEMBINA PIPELINE CORPORATION : Ex-dividend day for
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11/21Sector Update: Energy Stocks Struggle Despite Late Recovery for Crude Oil
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11/21Sector Update: Energy Stocks Lower Amid Midday Reversal by Crude Oil
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11/21RBC Capital Markets Says Pembina's US$102 Million Ruby Pipeline Settlement 'Immaterial'
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11/21Pembina Pipeline Corporation Announces Settlement Agreement with Ruby Pipeline LLC
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11/21Sector Update: Energy Stocks Decline Pre-Bell Monday
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11/21Sector Update: Energy
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11/21Pembina Pipeline Signs $102 Million Settlement With Ruby Pipeline
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11/18Pembina Pipeline Announcing Settlement Agreement with Ruby Pipeline LLC
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Analyst Recommendations on PEMBINA PIPELINE CORPORATION
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Financials
Sales 2022 11 295 M 8 344 M 8 344 M
Net income 2022 2 613 M 1 931 M 1 931 M
Net Debt 2022 12 422 M 9 177 M 9 177 M
P/E ratio 2022 11,0x
Yield 2022 5,21%
Capitalization 26 984 M 19 935 M 19 935 M
EV / Sales 2022 3,49x
EV / Sales 2023 3,99x
Nbr of Employees 2 349
Free-Float 99,9%
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Technical analysis trends PEMBINA PIPELINE CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 49,11 CAD
Average target price 49,75 CAD
Spread / Average Target 1,30%
EPS Revisions
Managers and Directors
J. Scott Burrows President, Chief Executive Officer & Director
Cameron Goldade Chief Financial Officer
Randall J. Findlay Chairman
Leslie A. O'Donoghue Independent Director
David M. B. LeGresley Independent Director
Sector and Competitors
1st jan.Capi. (M$)
PEMBINA PIPELINE CORPORATION27.99%19 935
ENBRIDGE INC.12.37%83 095
ENTERPRISE PRODUCTS PARTNERS L.P.12.98%53 976
TC ENERGY CORPORATION1.31%44 559
KINDER MORGAN, INC.20.55%42 977
WILLIAMS COMPANIES33.26%42 276