- Pengrowth Energy (PGH) +5.9% AH even as it posts $506M in net Q4 losses compared with a $91M loss in the year-ago quarter, and says it is deferring spending on the second phase of its Lindbergh oilsands project and cutting its dividend in half to protect its balance sheet.
- PGH wrote down $994M in the quarter, including a $451M writedown in the book value of the company’s assets, which it says was the result of the precipitous decline in oil prices.
- Says it had hedged ~75% of its 2015 estimated oil production at $93.96/bbl and 54% of its estimated gas production at $3.73/MMcf.
- PGH completed the first phase of Lindbergh oil sands project in Q4 but produced no oil from the facility, which is designed to produce 12.5K bbl/day.
- PGH earlier said it would reduce 2015 capital spending by 74% Y/Y to $200M.