Pengrowth's 2013 Capital Program is focused on the development of oil and liquids rich gas plays in three key areas: Swan Hills - light oil, the Lindbergh - thermal bitumen project and the Olds/Lochend Cardium light oil and liquids-rich gas.
Pengrowth plans to invest a total of $770 million in 2013 to develop its focused set of oil and liquids-rich natural gas opportunities, including spending $300 million on the Lindbergh project. Execution of the 2013 capital program is expected to generate full year average production of between 85,000 and 87,000 boe per day. Our average production estimate for 2013 includes any production associated with the Lindbergh pilot project.
Highlights of the 2013 capital program include:
Pengrowth remains committed to a dividend of 4 cents per share per month.
Pengrowth sanctions Phase 1 of the 26% IRR Lindbergh thermal bitumen project and corresponding $300 million in capital expenditures in 2013.
Pengrowth will undertake a $470 million non-thermal capital expenditure program in 2013, with $332 million directed to light oil and natural gas liquids in the core areas of Greater Olds and Swan Hills. The company plans to divest up to $700 million in assets in 2013 to improve financial flexibility and funding capability for Lindbergh in 2013 and 2014, as well as focusing our organizational expertise on our core areas.
The company expects its operations to generate funds flow of $680 million in 2013, about 14% more than forecast 2012 funds flow.
Production Volumes (boe per day)
Royalty Expense (% of sales)
Operating Costs ($ millions)
Operating Costs ($ per boe)
$14.00 - $14.50
General and Administrative Expense ($ per boe)*
Capital Expenditures Before Alberta Drilling Royalty Credit ($ millions)**
* Includes$0.46/boe of non-cash G&A
** Includes $300 million at Lindbergh
same goes for many others ((*%$^(^#$%$$)_))
this board suddenly sounds really intelligent --- at the very least even though I've lost my shorts, it sure has been offer solid education plus interesting reading so many well reasoned posts, with data, facts, and figures..