Natural Gas Sales Aid Pengrowth Energy

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

Pengrowth Energy Trust (PGH) reported on March 2, 2009 that it swung to a Q4 FY08 net profit of Canadian dollar (Cdn$) 148.69 million or Cdn$0.58 per trust unit from a loss of Cdn$3.67 million or Cdn$0.01 per trust unit in Q4 FY07. The latest results included an unrealized gain on mark-to-market commodity risk management contracts of Cdn$292.25 million compared to a loss Cdn$136.61 million in the prior year's quarter.

Oil and gas sales slipped 7.8% year-over-year to Cdn$392.16 million from Cdn$425.20 million. Light crude oil sales, contributing 37.5% of total oil and gas sales, fell 16.3% to Cdn$146.90 million due to a 26.2% drop in average realized prices to Cdn$60.76 per barrel (Bbl). Natural gas sales, contributing 42.0% of total oil and gas sales, improved 3.6% to Cdn$164.50 million, helped by a Cdn$0.77 rise in natural gas price per million cubic feet (mcf). Natural gas liquids sales dropped 25.9% to Cdn$42.90 million on a 35.1% decline in average realized prices to Cdn$43.87 per Bbl. Heavy oil sales inched up 2.6% to Cdn$31.90 million. Brokered sales/sulphur grew 227.8% to Cdn$5.90 million. ...