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Pembina Pipeline third-quarter net profit decreases 14 per cent to $318 million

CALGARY — Pembina Pipeline Corp. says its net income decreased 14 per cent to $318 million in the third quarter.

The Calgary-based company says it earned 51 cents per diluted share for the three months ended Sept. 30, compared with 66 cents per share or $370 million a year earlier.

Revenues were $1.57 billion, down from $1.7 billion while net revenues increased to $849 million from $751 million in the third quarter of 2019.

Pembina was expected to earn 52 cents per share on $1.72 billion of revenues, according to data firm Refinitiv.

Total volumes were stable at 3.45 million barrels of oil equivalent per day, compared with 3.46 million a year ago.

In March, Pembina said it would target a $100-million reduction in full-year operating, general and administrative expenses. It now expects those savings to exceed that target by about 50 per cent.

This report by The Canadian Press was first published Nov. 5, 2020.

Companies in this story: (TSX:PPL)

The Canadian Press

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