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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.
Light crude oil daily production slipped 6.4% to 24,236 bbls while heavy oil volume rose 10.5% to 8,217 Bbls. Natural gas production volume edged down 3.4% to 24,171 mcfs. Natural gas liquids volume increased 14.1% to 10,634 bbls. Total production volume dropped 1.1% to 83,373 barrels of equivalent (Boe), and average realized price decreased 7.8% to Cdn$50.34 per Boe. Total operating net back fell 11.3% to Cdn$26.23 per Boe.
PGH announced a cash distribution of Cdn$0.10 per trust unit, payable on March 16, 2009.
FY08 net income surged 10.1% to Cdn$395.85 million or Cdn$1.58 per trust unit from Cdn$359.65 million or Cdn$1.47 per trust unit in FY07. Total oil and gas sales grew 11.4% to Cdn$1.92 billion from Cdn$1.72 billion.