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Pembina sadly uncertain about Jordan Cove future
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Pembina Pipeline Corp (PBA) Q4 2020 Earnings Call Transcript
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Pembina Pipeline Takes Impairment on Jordan Cove
Feb 25, 2021 11:02:pm
Summary
by: Dale Lunan
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Pembina Pipeline Takes Impairment on Jordan Cove
Pembina Pipeline, the Canadian midstream operator proposing the 7.8mn mt/yr Jordan Cove LNG export terminal, has taken a C$349 (US$277)mn impairment on the project, it said February 25 while releasing its Q4 2020 financial results.
The impairment includes all previously-capitalized amounts related to Jordan Cove, except for land with a recoverable carrying amount of $21mn.
Jordan Cove LNG, which Pembina acquired in 2017 when it bought midstreamer Veresen, has been beset by landowner opposition and difficulties acquiring key Oregon state permits.
Pembina Pipeline Corp (PBA) Q4 2020 Earnings Call Transcript
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Pembina Pipeline Corporation Announces 2021 Guidance and Provides Business Update
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All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ( adjusted EBITDA ), which is a financial measure that is not defined by Generally Accepted Accounting Principles ( GAAP ). For more information see Non-GAAP Measures herein.
CALGARY, AB, Dec. 14, 2020 /PRNewswire/ - Pembina Pipeline Corporation ( Pembina or the Company ) (TSX: PPL) (NYSE: PBA) is pleased to provide its 2021 financial guidance, announce the reactivation of two previously deferred growth projects, and deliver an end-of-year business update. The Company is also providing an update on its joint venture petrochemical facility.