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Natural Gas Futures, Spot Prices Sputter as Demand Eases - Natural Gas Intelligence
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Pipeline developments to shake up Pacific Northwest gas inflows, spot gas prices
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Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now During an investor conference call to discuss the Canadian midstream operator s latest financial results, CEO Michael Dilger cited the Trans Mountain pipeline expansion, LNG Canada, Enbridge s Line 3 replacement and Pembina s and other third-party NGL export terminals that he expects to collectively boost demand for supplies from the Western Canadian Sedimentary Basin. Notably absent from Pembina s growth outlook was the proposed Jordan Cove LNG export project in Oregon. While Pembina recently paused development of the liquefaction terminal and affiliated Pacific Connector feedgas pipeline, it has not officially abandoned the project.
Pembina Pipeline Corporation Reports Results for the First Quarter 2021 and Provides Business Update
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Business fundamentals returning to pre-pandemic levels; important ESG and global market access milestones achieved
All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures that are not defined by Generally Accepted Accounting Principles ( GAAP ), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ( adjusted EBITDA ); cash flow from operating activities per common share; adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see Non-GAAP Measures herein.
Jordan Cove LNG Timeline ‘Uncertain,’ Says Pembina
Canadian midstream player Pembina Pipeline Corp. has written down the assets for the Jordan Cove liquefied natural gas (LNG) export project in Oregon and no longer can predict if the project will move forward, executives said last week.
Pembina has logged a one-time C$1.6 billion ($1.27 billion) impairment, partly for the export project. Management cited the Covid-19 pandemic, market uncertainty and changing government policies in the United States.
The impairment also included Pembina’s 50% interest in the Kinder Morgan Inc.-operated Ruby Pipeline, which transports natural gas from Wyoming to Oregon. In addition, the one-time writedown was for a 50% stake in the Canada Kuwait Petrochemical Corp. in Alberta, now on hold indefinitely.
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