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January 11, 2013
08:57 EDTPGHPengrowth Energy sanctions Lindbergh project, approves FY13 capital budget
Pengrowth Energy announces that its board has sanctioned Phase 1 of its Lindbergh thermal bitumen project and approved its 2013 capital budget and production guidance. The Phase 1 Lindbergh project is expected to produce 12,500 barrels of bitumen per day, or bbpd, when fully operational in 2Q15, which is approximately one year ahead of prior estimates. Capital expenditures for Phase 1 are targeted at $590M, of which $300M is budgeted in 2013. This includes an additional $150M compared to earlier guidance to accelerate the ramp-up and expand oil handling capacity of the plant, based on the excellent performance of the Lindbergh pilot operations. Pengrowth plans to invest a total of $770M in 2013 to develop its focused set of oil and liquids-rich natural gas opportunities, including Lindbergh. The 2013 capital program will focus on maximizing cash flow to fund dividends, while investing significant long-lead capital related to Phase 1 of the low decline Lindbergh project. The 2013 program will be funded by operating cash flow and proceeds from non-core asset dispositions, including the $315M Weyburn disposition announced in December.
News For PGH From The Last 14 Days
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January 22, 2015
05:13 EDTPGHPengrowth Energy sees FY15 production 74,000 boe/d
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05:11 EDTPGHPengrowth Energy lowers monthly dividend by 50% to 2c per share
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05:10 EDTPGHPengrowth Energy reports preliminary FY14 production at top end of 71K-73K boe/d
Pengrowth Energy announced significant accomplishments in 2014 including: Production performance exceeding the top end of production guidance of 71,000-73,000 barrels of oil equivalent per day, or boe/d, even with mature asset sales of 1,400 boe/d. In light of the rapid decline in commodity prices, Pengrowth is announcing extensive and proactive measures for 2015 designed to ensure the company's financial health and sustainability in a low commodity price environment. These steps include: A significantly reduced capital program for 2015 of $200M, representing a 74% reduction from 2014, with no decrease in expected production compared to 2014. A revised two phase development plan for Lindbergh that is expected to deliver total production of 40,000-50,000 barrels per day, or bbl/d, with $800M less in capital spending, which also incorporates the deferral of Lindbergh Phase II by one year.
January 21, 2015
11:22 EDTPGHPengrowth Energy to host investor day
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10:01 EDTPGHOn The Fly: Analyst Downgrade Summary
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09:11 EDTPGHPengrowth Energy downgraded to Market Perform from Outperform at Raymond James
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January 12, 2015
12:36 EDTPGH1832 Asset reports 8.72% passive stake in Pengrowth Energy
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