Two ex-trusts hold payouts steady

Article Excerpt

PEMBINA PIPELINE INCOME FUND $17.86 (Toronto symbol PIF.UN; Units outstanding: 160.0 million; Market cap: $2.9 billion; SI Rating: Extra Risk; Dividend yield: 8.7%) owns nine pipeline systems with a total length of over 8,000 kilometres. This network is the largest feeder operation in Canada. These pipelines bring oil and gas from fields in northeastern B.C. and western and northern Alberta to refineries, or feed into major pipelines, such as the Enbridge Pipeline System. Pembina also owns the Syncrude, Horizon and Cheecham pipelines, which transport crude oil from the Alberta oil sands. As well, it holds a 50% interest in the Fort Saskatchewan Ethylene Storage Limited Partnership. In June 2009, Pembina paid $300 million for the Cutbank Complex, a network of natural-gas gathering and processing facilities. In the three months ended September 30, 2009, Pembina’s cash flow per unit rose 7.7%, to $0.42 from $0.39 a year earlier. The gain was mainly due to the Horizon pipeline, which was completed in November 2008,…

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