Pembina Pipeline Corporation (NYSE:PBA) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 10:00 am ET


Pembina Pipeline Corporation (NYSE:PBA) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to Pembina Pipeline Corporation's Second Quarter 2020 Results Conference Call. [Operator Instructions]

I would now like to hand the conference over to your first speaker today, Scott Burrows, Senior Vice President and Chief Financial Officer. Thank you. Please go ahead, sir.

Scott Burrows

Thank you, Julianne. Good morning, everyone, and welcome to Pembina's conference call and webcast to review highlights from the second quarter of 2020. I'm Scott Burrows, Senior Vice President and Chief Financial Officer. On the call with me today are Mick Dilger, President and Chief Executive Officer; Jason Wiun, Senior Vice President and Chief Operating Officer Pipeline; Jaret Sprott, Senior Vice President and Chief Operating Officer, Facilities; Stu Taylor, Senior Vice President, Marketing and New Ventures and Corporate Development Officer; and Cam Goldade, Vice President, Capital Markets. First, I hope everyone listening to this call today is safe and healthy. I'd like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company management's discussion and analysis dated August 6, 2020, for the period ended June 30, 2020, which is available online at and on both SEDAR and EDGAR.

Before we discuss the second quarter results, I'd like to first give Mick a chance to make some opening remarks. Mick, over to you.

Michael (Mick) Dilger

Thanks, Scott. Good morning, everyone. Hope you're all doing well. The world has certainly changed a lot since our call in early May, and even the second quarter results feel like distant memory. However, the second quarter was a very important one for Pembina because it was proof of concept for many of the themes you've heard us talk about for many years. First and foremost remains our commitment to each of Pembina's stakeholders: customers, investors, communities and employees. COVID-19 assessed us all and provides a challenge unlike any in our company's history. We remain proud of the actions we've taken to balance the needs of all stakeholders. Pembina's business continues to operate safely and reliably throughout the pandemic, ensuring uninterrupted service to our customers, which is a testament to the company's dedicated staff. We also continued projects in flight to ensure customers had the service as they needed. Second is our commitment to the financial guardrails. Our strong contractual underpinning, fee-based take-or-pay revenue streams, prudent dividend payout, commitment to a credit BBB credit rating and focus on working with solid counterparties, all are elements that have contributed to Pembina's resilience through this historic crisis. Indeed, the delivered diversification of Pembina's business across geographies, basins, commodity types, and counterparties has positioned us very well. With this strong foundation, we expect to exit 2020