PENGROWTH ENERGY CORP. $6.70(www.pengrowth.com) plans to build a 15-kilometre pipeline that will pump diluted bitumen from its new Lindbergh oil sands project in Alberta to a larger pipeline operated by Husky Energy (Toronto symbol HSE). That will make it easier for Pengrowth to sell this oil to customers in Canada and the U.S. when Lindbergh starts operating next year.
The company will spend $20 million on the new pipeline.
In the second quarter of 2014, the company spent $124.1 million on Lindbergh’s first phase (the total cost is $630 million). As a
result, its cash flow fell 16.8%, to $121.4 million, or $0.23 a share, from $146.0 million, or $0.28, a year earlier. However, Lindbergh will add 12,500 barrels to its overall daily production, which totaled 73,823 barrels in the latest quarter. Natural gas accounts for 60% of Pengrowth’s production, so Lindbergh will cut its exposure to weak gas prices. That will also let it keep paying monthly dividends of $0.04 a share, for an annualized yield of 7.2%. Buy.
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