Pembina Pipeline Corporation (Pembina) is pleased to announce that it has completed its previously announced joint venture transaction with KKR to combine their respective western Canadian natural gas processing assets into a single, new joint venture entity, Pembina Gas Infrastructure Inc. (PGI).

"We are excited to officially announce the creation of PGI, a premier gas processing entity in Western Canada that will provide incredible value for Pembina, our partner KKR, and our customers. Pembina has enjoyed a strong relationship with KKR at Veresen Midstream over the past four years and the creation of PGI is a natural next step that will unlock growth and provide increased service offerings to customers throughout the Montney and Duverney formations, from central Alberta to northeast British Columbia," said Scott Burrows, Pembina's President, and Chief Executive Officer.

Timing of Common Share Dividend Increase

As previously announced, Pembina's Board of Directors declared a common share cash dividend for August 2022 of $0.21 per share to be paid, subject to applicable law, on September 15, 2022, to shareholders of record on August 25, 2022.

Pembina's Board of Directors previously approved a $0.0075 per common share increase to its monthly common share dividend rate, to $0.2175 per common share per month (representing an increase of 3.6 percent), subject to closing of the joint venture transaction with KKR. The first dividend under which the increase will take effect is expected to be declared in early September 2022, and payable on or about October 14, 2022.

About Pembina

Pembina Pipeline Corporation (TSX: PPL) (NYSE: PBA) is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and a growing export terminals business. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities.
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.

About PGI

Pembina Gas Infrastructure ("PGI") is a premier gas processing entity in Western Canada with a combined capacity of 5 billion cubic feet per day. A partnership between Pembina and KKR, PGI is strategically positioned to serve customers throughout the Montney and Duverney trends from central Alberta to northeast British Columbia. Pembina owns 60% of PGI and operates and manages PGI facilities while KKR's global infrastructure funds own the remaining 40%.