​We maintain our rating on Pembina as it continues to be just the right size to take full advantage of positive industry trends. As infrastructure catches up with oil & gas production in the WCSB, PPL can complete and operate new assets that move the needle financially while remaining under the radar, as far as headline risk goes.
Pembina Pipeline has four operating segments: conventional pipelines business, which is a tariff-based operation consisting of pipelines and related facilities that deliver crude oil and natural gas liquids; oil sands and heavy oil business, which consists of the Syncrude Pipeline, the Cheecham Lateral and the Horizon Pipeline; midstream and marketing business, which consists of Co.'s direct and indirect interest in a storage operation, its direct interest in terminals, storage and hub services under a mixture of short, medium and long-term contractual arrangements; and gas services business which consists of natural gas gathering and processing facilities.
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