Pembina Pipeline (PPL.TO) rose 1.3% at last look Thursday in NYSE pre-market trading as subsidiary Pembina Gas Infrastructure (PGI) closed the acquisition of a 50% working interest in Whitecap Resources's (WCP.TO) 15-07 Kaybob complex in Alberta for $420 million.

As part of the transaction, Whitecap signed a long-term take-or-pay agreement for PGI's capacity in the Kaybob Complex and committed to an area-of-dedication to PGI for all volumes Whitecap produces out of the area.

Separately, Whitecap said it used the proceeds to cut net debt to below $1 billion, resulting in a debt to EBITDA ratio of only 0.5 times and over $1.6 billion of unused debt capacity.

Whitecap said its low leverage and ample liquidity positions the company for another year of robust shareholder returns including enhanced per share growth metrics.

Meanwhile, PGI committed to fund up to $300 million in capital for future battery and gathering infrastructure in the Gold Creek and Karr areas under its previously disclosed transaction with Veren (VRN.TO).

Pembina said Veren has notified PGI with a request for additional battery infrastructure expected to enter service in 2025. Further scope definition of the initial battery, plus the additional battery infrastructure request brings the total funding commitment to approximately $200 million, which will be supported by long-term take-or-pay commitments, Pembina added.