Pembina Pipeline Corporation CEO, Bob Michaleski, to Retire; Board Appoints
Current President and COO, Mick Dilger, as Incoming CEO
CALGARY, Sept. 4, 2013
CALGARY, Sept. 4, 2013 /PRNewswire/ - The Board of Directors of Pembina
Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA)
announced today that Bob Michaleski, Pembina's Chief Executive Officer
("CEO"), plans to retire at the end of 2013 after 35 years of service with the
Company. The Board also announced that Mick Dilger, Pembina's President and
Chief Operating Officer ("COO"), will succeed Bob as CEO effective January 1,
2014, at which time, he will also be appointed to the Company's Board of
Directors. Mr. Michaleski will continue to serve as a member of Pembina's
Board of Directors.
"Bob has had a distinguished career at Pembina and has worked tirelessly on
behalf of Pembina's employees, customers and shareholders to deliver on our
promises," says Lorne Gordon, Chairman of the Board. "On behalf of the Board
of Directors, management and Pembina's employees, I'd like to thank him and
recognize him for his role in creating the Pembina we know today. When Bob
took over leadership, Pembina's total enterprise value was $450 million and,
at present, it is over $12.5 billion. Further, over his tenure, the Company's
annual shareholder return based on dividends and price appreciation has been
an impressive 600 percent, representing a compound annual growth rate of
approximately 16 percent, and total dividends paid to shareholders are
approximately $2.5 billion."
"Mr. Michaleski has overseen Pembina's transformation from an Alberta-based
oil pipeline company into one of North America's leading integrated energy
transportation and midstream service companies. The success of this
transformation is, in part, due to Bob's focus on developing talent and
allowing emerging leaders, like Mick, the opportunity to steer Pembina towards
new, value-added initiatives," added Mr. Gordon.
Mr. Gordon also noted: "Mick, who has worked closely with Bob and the Board
for many years, was identified early on in his career with Pembina as a
potential candidate for the role of CEO due to his strong operational focus,
business development acumen and leadership abilities. He was the driving force
behind the development of Pembina's midstream services in 2005 and his vision
for the Company helped lead to the acquisition of Provident Energy Ltd.
("Provident") in 2012. In his various roles at Pembina, Mick has also
demonstrated his unwavering commitment to safe and reliable operations by
implementing industry-leading programs and procedures designed to ensure
Pembina maintains its social license to operate. We look forward to Mick
joining the Board and working with both him and Bob during this transitional
period over the next few months."
Bob joined Pembina in 1978. He was appointed Vice President of Finance in 1992
and added the responsibility of Chief Financial Officer to his role in
connection with Pembina's initial public offering in 1997. Bob held the
position of President and Chief Executive Officer from January 2000 until
February 2012, when he transitioned the role of President to Mick.
"It has been an honour to have led Pembina over the past 14 years. I have been
privileged to work with such a supportive and respected Board of Directors, a
top-notch management team and fellow employees whose dedication and motivation
inspire me every day," said Mr. Michaleski. "The successes of our Company have
truly been a team effort and I'm proud of what we have accomplished together.
The future for Pembina has never looked brighter and I know the Company we
have built is in the best of hands as I transition the role of CEO over to
Mick and pursue retirement. Mick has the expertise, business skills and most
importantly, the vision, to see Pembina into the future."
Mick Dilger joined Pembina as Vice President, Business Development in 2005 - a
role he held until 2008. In November 2008, he was appointed Chief Operating
Officer and in 2012 he added the role of President to his portfolio. Mick has
over 26 years of experience in the energy industry and has provided leadership
in the areas of operational performance and improvement, strategic
development, acquisitions and divestitures and finance.
"I am looking forward to all this role brings - both the opportunities and the
challenges," said Mick. "Through and after the change in leadership, it will
be business as usual at Pembina and I am confident the future will look much
like the past. As always, our main focus will be on ensuring the safety and
reliability of our operations, while executing on our business strategy to
help maximize long-term and sustainable returns for our shareholders."
Stu Taylor, VP Gas Services, and Paul Murphy, VP Conventional Pipeline
Services, have also been promoted to the newly created positions of Senior VP,
NGL & Natural Gas Facilities and Senior VP, Pipeline & Crude Oil Facilities,
respectively. This structure better reflects the bundled integrated services
being sought by Pembina's customers.
After 28 years of service with Pembina, Peter Robertson, the Company's CFO,
has advised that he intends to retire at the end of 2014.
Today's announcement follows several key milestones for Pembina: including the
successful acquisition of Provident and associated dividend increase in 2012
and 2013; record financial and operating results for the full year of 2012 and
first two quarters of 2013; and the Company's un-risked capital spending
portfolio of approximately $6 billion.
Calgary-based Pembina Pipeline Corporation is a leading transportation and
midstream service provider that has been serving North America's energy
industry for nearly 60 years. Pembina owns and operates: pipelines that
transport conventional and synthetic crude oil, condensate and natural gas
liquids produced in western Canada; oil sands, heavy oil and diluent
pipelines; gas gathering and processing facilities; and, an oil and natural
gas liquids infrastructure and logistics business. With facilities
strategically located in western Canada and in natural gas liquids markets in
eastern Canada and the U.S., Pembina also offers a full spectrum of midstream
and marketing services that span across its operations. Pembina's integrated
assets and commercial operations enable it to offer services needed by the
energy sector along the hydrocarbon value chain.
Forward-Looking Statements & Information
This document contains certain forward-looking statements and information
(collectively, "forward-looking statements") within the meaning of the "safe
harbor" provisions of applicable securities legislation that are based on
Pembina's current expectations, estimates, projections and assumptions in
light of its experience and its perception of historical trends. In some
cases, forward-looking statements can be identified by terminology such as
"expects", "will", "estimate", "expand", "would", "could", "possible" and
similar expressions suggesting future events or future performance.
In particular, this document contains forward-looking statements pertaining
to, without limitation, the following: Pembina's business objectives; the
ongoing utilization and expansions of and additions to Pembina's business and
asset base and Pembina's growth and growth potential. These forward-looking
statements and information are being made by Pembina based on certain
assumptions that Pembina has made in respect thereof as at the date of this
document including those discussed below.
With respect to forward-looking statements contained in this document, Pembina
has made assumptions regarding, among other things: ongoing utilization and
future expansion, development, growth and performance of Pembina's business
and asset base; future demand for gas processing and transportation services;
and future levels of oil and natural gas development.
Although Pembina believes the expectations and material factors and
assumptions reflected in these forward-looking statements are reasonable as of
the date hereof, there can be no assurance that these expectations, factors
and assumptions will prove to be correct. Readers are cautioned that events or
circumstances could cause results to differ materially from those predicted,
forecasted or projected. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties that
contribute to the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause actual
performance and financial results in future periods to differ materially from
any projections of future performance or results expressed or implied by such
forward-looking statements and information.
None of the forward-looking statements described above are guarantees of
future performance and are subject to a number of known and unknown risks and
uncertainties, including, but not limited to: the impact of competitive
entities and pricing; reliance on key industry partners, alliances and
agreements; the strength and operations of the oil and natural gas production
industry and related commodity prices; the continuation or completion of
third- party projects; regulatory environment and inability to obtain required
regulatory approvals; tax laws and treatment; fluctuations in operating
results; lower than anticipated results of operations and accretion from
Pembina's business initiatives; reduced amounts of cash available for
dividends to shareholders; the ability of Pembina to raise sufficient capital
(or to raise capital on favourable terms) to complete future projects and
satisfy future commitments.
The forward-looking statements contained in this document speak only as of the
date of this document. Pembina does not undertake any obligation to publicly
update or revise any forward-looking statements or information contained
herein, except as required by applicable laws. The forward-looking statements
contained in this document are expressly qualified by this cautionary
All financial figures are in Canadian dollars, unless otherwise noted.
Pembina Pipeline® is a registered trademark of Pembina Pipeline Corporation.
SOURCE Pembina Pipeline Corporation
Vice President, Corporate Development & Investor Relations
Manager, Communications & Public Affairs
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