Q 1 Results Numbers don't look that bad compaired to PGF.
And payout ratio for FFO only 38% Vs 70% for PGF.
| FINANCIAL AND OPERATING HIGHLIGHTS |
| Three months ended |
| (thousands of dollars, except per share, payout ratio and boe data) |
| (unaudited) |
| |
| | March 31, 2012 | | March 31, 2011 | | December 31, 2011 | |
| FINANCIAL | | | | | | |
| Revenue(1) | $121,154 | | $121,752 | | $144,767 | |
| Cash flow from operating activities | 86,066 | | 60,983 | | 67,818 | |
| Cash flow per share - basic | 0.57 | | 0.41 | | 0.45 | |
| Cash flow per share - diluted | 0.48 | | 0.38 | | 0.42 | |
| Funds from operations | 60,153 | | 56,626 | | 68,393 | |
| Funds from operations per share - basic | 0.40 | | 0.38 | | 0.45 | |
| Funds from operations per share - diluted | 0.36 | | 0.37 | | 0.44 | |
| Net income (loss) | 1,207 | | (1,510 | ) | (53,886 | ) |
| Dividends declared | 22,765 | | 31,001 | | 31,629 | |
| Dividends per share | 0.15 | | 0.21 | | 0.21 | |
| Basic payout ratio: | | | | | | |
| | based on cash flow from operating activities | 26 | % | 51 | % | 47 | % |
| | based on funds from operations | 38 | % | 55 | % | 46 | % |
| Basic payout ratio including capital expenditures: | | | | | | |
| | based on cash flow from operating activities | 130 | % | 186 | % | 106 | % |
| | based on funds from operations | 186 | % | 201 | % | 105 | % |
| Basic payout ratio including capital expenditures and proceeds from disposition: | | | | | | |
| | based on cash flow from operating activities | 122 | % | 142 | % | 102 | % |
| | based on funds from operations | 174 | % | 153 | % | 101 | % |
| Shares outstanding (000's) | | | | | | |
| | Period end | 152,290 | | 147,781 | | 151,107 | |
| | Weighted average | 151,641 | | 147,534 | | 150,393 | |
| Capital expenditures(2) | 89,244 | | 82,587 | | 40,287 | |
| Property acquisitions (dispositions), net(3) | (5,896 | ) | (26,107 | ) | 181 | |
| Net debt, excluding convertible debentures(4) | 256,301 | | 334,003 | | 363,380 | |
| Convertible debentures (at face value) | 344,744 | | 194,744 | | 194,744 | |
| | | | | | | |
| OPERATING | | | | | | |
| Daily production(5) | | | | | | |
| | Crude oil (bbl/d) | 11,315 | | 10,411 | | 11,755 | |
| | Natural gas (Mcf/d) | 84,285 | | 89,581 | | 91,340 | |
| | Natural gas liquids (bbl/d) | 2,680 | | 2,683 | | 2,817 | |
| | Oil equivalent (boe/d) | 28,043 | | 28,024 | | 29,795 | |
| | | | | | | |
| OPERATING NETBACK ($/ boe ) | | | | | | |
| | Revenue before hedging gains (losses) | 47.48 | | 48.27 | | 52.81 | |
| | Royalties | (8.39 | ) | (7.85 | ) | (8.74 | ) |
| | Operating costs | (12.69 | ) | (10.81 | ) | (13.76 | ) |
| | Other income | 0.05 | | 0.11 | | 0.10 | |
| | Operating netback before hedging | 26.45 | | 29.72 | | 30.41 | |
| | Hedging gains (losses) | 3.85 | | (0.34 | ) | (0.29 | ) |
| | Operating netback | 30.30 | | 29.38 | | 30.12 | |
| (1) | Oil, natural gas and natural gas liquid sales less transportation costs and prior to royalties and hedging. |
| (2) | Excludes property and corporate acquisitions, and is net of drilling incentive credits of $nil for the quarter ended March 31, 2012 (March 31, 2011 - $2.7 million) |
| (3) | Represents costs to acquire properties less proceeds from dispositions. |
| (4) | Bank debt plus working capital and other liabilities, excluding derivative contracts, and deferred income tax balances. |
| (5) | Includes royalty interest volumes. |
ARRANGEMENT AGREEMENT WITH PENGROWTH ENERGY CORPORATION