PENGROWTH ENERGY $10.09 (Toronto symbol PGF; Shares outstanding: 329.3 million; Market cap: $3.3 billion; TSINetwork Rating: Average; Dividend yield: 8.3%; www.pengrowth.com) plans to invest $625
million to develop its properties in 2012. That’s up 3% from the $607 million it spent in 2011.
Pengrowth will spend about 40% of these funds on its Swan Hills light oil project in Alberta. The rest will go toward its other oil projects, including its Lindberg oil sands deposit. Due to low natural gas prices, the company will hold off on further investments in its gas properties this year.
These investments should raise Pengrowth’s production by 2% from its 2011 average.
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