Pembina Pipeline Corporation (PPL.TO, PBA) announced that Pembina Gas Infrastructure Inc. (PGI) — a gas processing entity jointly owned by Pembina and KKR in Western Canada — has reached a purchase and sale agreement with Whitecap Resources. This agreement involves acquiring a 50% working interest in Whitecap's 15-07 Kaybob Complex. Additionally, PGI has signed an agreement to support future infrastructure development for Whitecap's Lator growth area. The total gross proceeds from this transaction amount to $420 million. Whitecap will continue to operate these assets.
Whitecap Resources is a producer in the Montney and Duvernay formations of Western Canada. The transaction will be initially financed through PGI's existing credit facility.
