PENGROWTH ENERGY $7.35 (Toronto symbol PGF; Shares outstanding: 527.5 million; Market cap: $3.9 billion; TSINetwork Rating: Average; Dividend yield: 6.5%; www.pengrowth.com) produces oil and natural gas in Western Canada and off the Nova Scotia coast. Gas accounts for 55% of its production; the other 45% is oil.
Pengrowth produced 75,102 barrels a day (including gas) in the first quarter of 2014, down 16.3% from 89,702 a year earlier. That’s mainly because it sold several less important oil and gas properties in Western Canada. It’s investing the proceeds in more promising projects, including its Lindbergh oil sands development in Alberta’s Cold Lake region.
The company’s cash flow fell 6.9%, to $0.27 a share from $0.29.
Pengrowth recently announced that Lindbergh holds more oil than originally estimated. According to an independent consulting firm, the property has proven reserves of 101 million barrels, up 24% from its previous estimate at the end of 2013. If you include probable reserves, Lindbergh holds 229.7 million barrels, for a 61% increase.
The company expects Lindbergh’s first phase to start up in early 2015 and produce 12,500 barrels a day. That’s equal to 16.6% of Pengrowth’s first quarter output. Future phases will raise the project’s daily production to 50,000 barrels.
The company continues to pay a monthly dividend of $0.04 a share, for a 6.5% annualized yield. Dividends accounted for 45% of its cash flow in the latest quarter, so the payout seems safe.
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