Pembina and TC Energy Partner to Create World-Scale Carbon

2021-06-17

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CALGARY, Alberta, June 17, 2021 (GLOBE NEWSWIRE) -- Pembina Pipeline Corporation ("Pembina" or "PPL") (TSX: PPL; NYSE: PBA) and TC Energy Corporation ("TC Energy") (TSX, NYSE: TRP) are pleased to share their plan to jointly develop a world-scale carbon transportation and sequestration system which, when fully constructed, will be capable of transporting more than 20 million tonnes of CO2 annually. By leveraging existing pipelines and a newly developed sequestration hub, the Alberta Carbon Grid ("ACG" or the "Project") represents the infrastructure platform needed for Alberta-based industries to effectively manage their emissions and contribute positively to Alberta's lower-carbon economy and create sustainable long-term value for Pembina and TC Energy stakeholders. Designed to be an open-access system, the ACG will serve as the backbone of Alberta's emerging carbon capture utilization and storage ("CCUS") industry, connecting the Fort McMurray region, the Alberta Industrial Heartland, and the Drayton Valley region to key sequestration locations and delivery points across the province, and serving multiple industries. For Canada to achieve its enhanced climate targets, including a 40-45% reduction in greenhouse gas emissions below 2005 levels by 2030, CCUS technology and infrastructure will need to play a vital role. Pembina and TC Energy are uniquely positioned to take a leadership role in the transportation of CO2 given their collective skills and extensive network of pipeline infrastructure. As a hub-based infrastructure solution accessible to Alberta's largest industrial emitters across industries, ACG will pave the way for Canada to successfully meet its emissions reduction objectives and provides a tangible example of Pembina and TC Energy's commitment to energy diversification, industry collaboration and a lower carbon future. Support for the Alberta Carbon Grid "Carbon capture, utilization and storage will lower emissions, create jobs, and increase our competitiveness," said the Honourable Seamus O'Regan Jr., Canada's Minister of Natural Resources. "Congratulations to Pembina and TC Energy for coming together with an integrated CO2 transportation and storage infrastructure solution to lower emissions in Alberta. This is how we get to net-zero." "Alberta is already a global leader in advancing and investing in CCUS technology with over $1.24 billion committed to-date. CCUS is one of the most promising forms of emissions-reduction technology – both in terms of cost-effectiveness and tangible environmental outcomes. On-going innovation and partnerships are critical to the success of both industry and government in reaching our economic and environmental goals," said the Honourable Jason Nixon, Minister of Environment and Parks. "Our government is committed to the development of the emerging CCUS industry in our province. Our province's energy industry is vital to achieving Canada's GHG reduction goals and Alberta companies are global leaders in reducing emissions. By working together to bring forward world-class solutions, innovative companies like Pembina and TC Energy are leading the way to our lower carbon future," said the Honourable Sonya Savage, Alberta's Minister of Energy. "For more than 65 years, Pembina's integrated network of energy transportation and midstream assets has provided a full spectrum of services to Alberta's energy sector, helping our customers connect to high-value markets and take advantage of opportunities for diversification and growth," said Mick Dilger, Pembina's President and Chief Executive Officer. "The ACG highlights our commitment to customers by helping them solve problems and creating new services; communities, by reducing emissions and using existing infrastructure to reduce the impact to the land; employees, through development of an entirely new line of business and job opportunities; and shareholders through attractive incremental capital investment. Pembina is proud of our commitment to all stakeholders and pleased to leverage our expertise to provide a key market solution toward a lower carbon economy with another industry leading partner." "It is innovative partnerships like this that excite me about our collective energy future," said François Poirier, Chief Executive Officer and President of TC Energy. "Industry players collaborating to leverage our existing energy infrastructure and expertise to support meaningful emission reductions and reduce our carbon footprint is a great example of how we can secure meaningful new investment opportunities, serve current and future customers and achieve operational excellence while continuing to safely and responsibly deliver the energy people need." The Alberta Carbon Grid Through redeployment, retrofits using proven technology, recapitalization, and optimization of surplus capacity across our collective pipeline systems, including, subject to closing of the transaction, through Pembina's proposed acquisition of Inter Pipeline Ltd. ("IPL"), ACG is designed to connect the province's largest sources of industrial emissions to a sequestration location north-east of Redwater, Alberta. The principal segments include: Key Benefits of the Alberta Carbon Grid Advancing ACG is also an important step in both Pembina's and TC Energy's commitment to reduce greenhouse gas emissions intensity across our businesses while supporting emissions abatement across the industry. Given the shared capabilities in this area, Pembina and TC Energy recognize they must take a leadership role in reducing GHG emissions while proudly supplying the world with affordable and reliable energy. About Pembina Pembina is a leading transportation and midstream service provider that has been serving North America's energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Pembina also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; and is growing an export terminals business. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina's service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world. Purpose of Pembina: To be the leader in delivering integrated infrastructure solutions connecting global markets: Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit . About TC Energy We are a vital part of everyday life — delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and crude oil pipelines, along with power generation and storage facilities, wherever life happens — we're there. Guided by our core values of safety, responsibility, collaboration and integrity, our 7,500 people make a positive difference in the communities where we operate across Canada, the U.S. and Mexico. TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com. Forward-Looking Statements and Information This document contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "expects", "will", "would", "anticipates", "plans", "estimates", "develop", "intends", "potential", "continue", "could", "create", and similar expressions suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: ACG, including its anticipated capacity, composition, geographic scope, environmental impact, cost, completion date, safety, reliability and the expected benefits thereof for customers (including in regards to expected tolls), communities, employees and shareholders; the expected contribution of ACG towards Alberta's CCUS industry and the transition towards a lower-carbon economy; the expected long-term impacts of ACG on the production of blue hydrogen and the development of petrochemical facilities in Alberta; the impact of ACG and other private sector investments in CCUS technology on job creation and economic growth in Alberta; the expected importance of CCUS technology infrastructure generally, and ACG in particular, in relation to Canada's enhanced climate targets; Pembina's competitive advantages, including related experience, with respect to the transportation of CO2; Pembina's Carbon Stand and its commitment to energy diversification, reducing greenhouse gas emissions intensity and industry collaboration; and the acquisition of IPL. These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: that ACG will perform in a manner that is consistent with management expectations in relation thereto; that ACG will be operational on time and on budget in accordance with current expectations; the ability of Pembina and IPL to satisfy the conditions to closing of the acquisition by Pembina of IPL in a timely manner and on acceptable terms; that favourable circumstances continue to exist in respect of current operations and current and future growth projects; the availability of capital to fund future capital requirements relating to existing assets and projects; oil and gas industry exploration and development activity levels and the geographic region of such activity; prevailing regulatory, tax and environmental laws and regulations; the ability of Pembina to maintain favourable credit ratings (both before and following the acquisition of IPL); future cash flows; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; future operating costs; geotechnical and integrity costs; that any required commercial agreements can be reached; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant facilities; that there are no unforeseen material costs relating to the relevant facilities which are not recoverable from customers; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy). Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. 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: the failure to realize the anticipated benefits of ACG; material cost-overruns in respect of ACG or a material delay to the expected operational date for ACG; expectations and assumptions concerning, among other things: customer demand for Pembina's services (particularly services pertaining to its planned carbon transportation and sequestration system); commodity prices and interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; labour and material shortages; in relation to the acquisition by Pembina of IPL, the ability of the parties to receive, in a timely manner, the necessary regulatory, court, securityholder, stock exchange and other third-party approvals, including but not limited to the receipt of applicable competition approvals; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; the impact of competitive entities and pricing; reliance on key relationships and agreements; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; the regulatory environment and decisions and Indigenous and landowner consultation requirements; actions by governmental or regulatory authorities, including changes in tax laws and treatment, changes in the regulation of competition in Canada and elsewhere; changes in royalty rates, climate change initiatives or policies or increased environmental regulation; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; constraints on existing infrastructure and the unavailability of adequate infrastructure; the political environment in North America and elsewhere, and public opinion; lower than anticipated results of operations and accretion from Pembina's business initiatives; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed from time to time in Pembina's public disclosure documents available at , and through Pembina's website at . This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. 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. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. For further information contact: PDF available:

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PT Citra Pembina Pengangkutan Industries