Impact of the 1Q16 results: Neutral. Pembina's 1Q16 performance was in line with most estimates but up y/y due to record volumes. The low commodity prices continue to be the area of weakness for the midstreamer, though the Company is committed to employing long-term, fee-for-service contracts on its current and future assets to limit exposure. Year to date, the company has commissioned $760 mm of its capital growth, including its RFS II fractionator.