Uncertainty in Canada’s energy patch might continue for some time, but the sell off in the pipeline sector is starting to give dividend investors an opportunity to pick up solid companies at attractive prices.

Here are the reasons why I think Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) deserves to go on your watch list.

1. Diverse operations

Pembina is a big player in the oil and gas industry and operates a geographically diverse portfolio of transportation and midstream assets.

With the NDP win in Alberta still sending shock waves through the oil patch, companies are looking at shifting capital to their assets in other provinces.

Pembina already transports most of the conventional oil and condensate produced in British Columbia and there are huge opportunities for further growth. Energy companies are ramping up exploration and production in B.C.’s northeastern region and demand to move the hydrocarbons should bode well for Pembina and its shareholders.

Pembina also carries about half of Alberta’s conventional oil output and 30% of the natural gas liquids produced in all of western Canada.

The company currently operates 1,650 km of pipelines with 880,000 barrels per day of contracted capacity on long-term agreements with some of the country’s largest oil sands and heavy oil producers. These assets have reliable and predictable revenue streams that are not impacted by moves in the commodity.

Alberta’s oil producers are weathering a difficult storm right now but the largest companies have production outlooks that stretch for decades and the short-term political or commodity issues, while important, are simply speed bumps in the big picture.

Pembina’s Nexus Terminal is the heart of the company’s midstream operation, which includes both storage and terminal connectivity. At the moment, storage capacity is in high demand and Pembina is building an additional 540,000 barrels of above-ground capacity at its facilities near Edmonton.

2. Capital projects

Pembina currently has $5.9 billion in secured and committed capital projects. In 2015 alone, roughly $1.3 billion of that backlog is expected to be completed and put into service. Another $935 million will be finished in 2016, and $3.6 billion will start generating revenue in 2017.

By 2018, the company should have 80% of its business coming from fee-for-service contracts, which reduces risks associated with volatile commodity markets.

3. Dividends

Pembina reported weaker than expected Q1 2015 earnings but management still increased the dividend by more than 5%. This sends a strong signal to investors that better times should be coming, especially once al the capital projects begin to move from development to operation.

Pembina pays an annualized dividend of $1.83 per share that yields about 4.6%. The distribution should continue to increase for at least the next three years.

Should you buy Pembina?

Pembina currently trades at 2.4 time book value, which is quite attractive compared to the five-year average. As a long-term dividend play, the stock looks like a reasonable pick right now.

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Fool contributor Andrew Walker has no position in any stocks mentioned.