Pembina Pipeline Q3 net profit decreases 14% to $318M

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.

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

READ MORE: Pembina Pipeline cuts capital spending plan by up to $1.1 billion 

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.