Pengrowth Energy Trust
Encyclopedia
Pengrowth Energy Corporation is a Canadian oil and natural gas
company based in Calgary, Alberta. Established in 1988 by Calgary entrepreneur James S Kinnear, it was one of the largest of the Canadian royalty trusts ("Canroys"), with a market capitalization of US$ 4.12 billion at the end of 2007. Its assets are approximately evenly distributed between oil and natural gas.
Pengrowth's assets are in the Western Canada sedimentary basin, a geologic region which has a long history of productivity in crude oil and natural gas. In addition to the properties in western Canada, the company has assets in the Atlantic Ocean off of Nova Scotia
. Pengrowth produces petroleum ranging from heavy crude oil to light oil, natural gas liquids, and natural gas. Proved reserves as of 2006 were reported to be 200 Moilbbl of oil equivalent (boe) with an additional 160 Moilbbl of probable reserves. Average daily production in 2006 was 62821 oilbbl/d (bpd) with a projected amount of 86,000 to 87,000 for 2007; figures verifying these totals should be released in early 2008 (those estimates for 2007 ended up being fairly accurate, that year Pengrowth produced 87,401 boe per day, the highest for any annual period between 2005 and 2009, also in 2007 natural gas made up the highest percentage for any of those years (51%)). In 2009 total production averaged 79,519 boe/d (29.0 million barrels for the year) of which 49,126 (61.78%) was natural gas related, 22,841 (28.72%) was crude oil and the rest 7,551 (9.50%) heavy oil.
In addition to traditional oil and gas reservoirs, Pengrowth also is expanding its operations into oil sands and coalbed methane
.
Pengrowth Energy Trust pays a high dividend, yielding an annual rate of 15.9% in early 2008; in addition, it pays out monthly, a relative rarity for equities listed on the New York Stock Exchange. Since Pengrowth's assets are considered a depletable resource, its dividend payments are not taxed at the regular dividend rate, but rather as return of capital instead of return on investment; this is an additional tax advantage in the United States, and applies to all royalty trusts.
The Pengrowth Saddledome
, home to the Calgary Flames
of the NHL, used to be named after the company.
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
company based in Calgary, Alberta. Established in 1988 by Calgary entrepreneur James S Kinnear, it was one of the largest of the Canadian royalty trusts ("Canroys"), with a market capitalization of US$ 4.12 billion at the end of 2007. Its assets are approximately evenly distributed between oil and natural gas.
Pengrowth's assets are in the Western Canada sedimentary basin, a geologic region which has a long history of productivity in crude oil and natural gas. In addition to the properties in western Canada, the company has assets in the Atlantic Ocean off of Nova Scotia
Nova Scotia
Nova Scotia is one of Canada's three Maritime provinces and is the most populous province in Atlantic Canada. The name of the province is Latin for "New Scotland," but "Nova Scotia" is the recognized, English-language name of the province. The provincial capital is Halifax. Nova Scotia is the...
. Pengrowth produces petroleum ranging from heavy crude oil to light oil, natural gas liquids, and natural gas. Proved reserves as of 2006 were reported to be 200 Moilbbl of oil equivalent (boe) with an additional 160 Moilbbl of probable reserves. Average daily production in 2006 was 62821 oilbbl/d (bpd) with a projected amount of 86,000 to 87,000 for 2007; figures verifying these totals should be released in early 2008 (those estimates for 2007 ended up being fairly accurate, that year Pengrowth produced 87,401 boe per day, the highest for any annual period between 2005 and 2009, also in 2007 natural gas made up the highest percentage for any of those years (51%)). In 2009 total production averaged 79,519 boe/d (29.0 million barrels for the year) of which 49,126 (61.78%) was natural gas related, 22,841 (28.72%) was crude oil and the rest 7,551 (9.50%) heavy oil.
In addition to traditional oil and gas reservoirs, Pengrowth also is expanding its operations into oil sands and coalbed methane
Coalbed methane
Coalbed methane or Coal Bed Methane, coalbed gas or coal mine methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries...
.
Pengrowth Energy Trust pays a high dividend, yielding an annual rate of 15.9% in early 2008; in addition, it pays out monthly, a relative rarity for equities listed on the New York Stock Exchange. Since Pengrowth's assets are considered a depletable resource, its dividend payments are not taxed at the regular dividend rate, but rather as return of capital instead of return on investment; this is an additional tax advantage in the United States, and applies to all royalty trusts.
The Pengrowth Saddledome
Pengrowth Saddledome
The Scotiabank Saddledome is the primary indoor arena of Calgary, Alberta, Canada. It has a seating capacity of 19,289 people.Located on the Stampede Grounds, on the east end of downtown Calgary, the Saddledome was built in 1983 to replace the Stampede Corral as the home of the Calgary Flames of...
, home to the Calgary Flames
Calgary Flames
The Calgary Flames are a professional ice hockey team based in Calgary, Alberta, Canada. They are members of the Northwest Division of the Western Conference of the National Hockey League . The club is the third major-professional ice hockey team to represent the city of Calgary, following the...
of the NHL, used to be named after the company.