Pembina Pipeline rises on Veren midstream assets acquisition plan

Veren

09/09/2024 16:28

** Shares of Canada-based oil and gas firm Pembina Pipeline
 PPL.TO  rise 1.09% to C$55.51
    ** PPL to buy some assets in Alberta Montney from oil
producer Veren Inc  VRN.TO  for about C$400 mln ($294.83 mln)
    ** VRN to retain operatorship of the acquired assets and
also enters into a 15 year take-or-pay agreement for capacity
    ** "transaction further bolsters gas processing/liquids
handling capacity...while eliminating future non-revenue
generating capital expenditure obligations (for Pembina)," - BMO
Capital Markets analyst Ben Pham
    ** PPL shares further supported by an uptick in crude prices
 O/R 
    ** Including session's moves, PPL stock is up 21.72% YTD

($1 = 1.3567 Canadian dollars)

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com))