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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: straight life who wrote (9680)	7/31/2011 3:56:24 PM
From: Bread Upon The Water	Respond to of 34328

Let me do some poking around.

To: straight life who wrote (9680)	7/31/2011 4:35:22 PM
From: Bread Upon The Water	Respond to of 34328

PWE in the first quarter of 2011 earned 63 cents a share and paid out 27 cents a share. pennwest.com. Don't have the figures for the second quarter from which your ratios were derived. There was a fire in parts of their production area in the 2nd quarter and that might have affected their production, dropped their earnings, and skewed the payout ratio which was apparently based on the second quarter dividend. Also it wasn't the Baaken play in North Dakota that they are developing (my mistake), but the Cardium in Southern Alberta. Also the have three other areas in Canada under development. The drop in the dividend from 42 cents to 27 cents was so that capital could be directed into the development of these new fields. Let me see what I can find out now about PGH.

To: straight life who wrote (9680)	7/31/2011 5:00:45 PM
From: Bread Upon The Water	Read Replies (1) \| Respond to of 34328

Don't have the second quarter figures for PGH. In the first quarter the had a net earnings per share of 2 cents per share and paid out 21 cents per share. On page 23 of their quarterly report they call this a payout ratio of 46%. pengrowthenergy.com But something clearly is amiss here. Most probable my reading of their figures, or how they are using them. I'm not well trained on deducing out Corporate balance sheets. They did have a pipeline failure during the quarter that cost them 1400 barrels of energy per day that may have had something to do with their reduced earnings. They have a conference call coming up on August 4th for the second quarter which may shed more light on this. PGH also has increased its capital expenditures about 3 fold over last year as they seek to develop new areas and pipelines.