All values are in Canadian dollars.
CALGARY, Feb. 9, 2012 /CNW/ - Provident Energy Ltd. (Provident)
(TSX-PVE; NYSE-PVX) announced today that it has released updated
hedging disclosure including a volume and weighted average hedge price
summary for NGL frac spread volumes and a summary of all current
financial derivative positions on its website at www.providentenergy.com/bus/riskmanagement/commodity.cfm. The updated information reflects Provident's hedge positions using
forward-market indications at December 30, 2011. For the first quarter
of 2012, Provident has hedged approximately 73 percent of its estimated
NGL frac spread sales volumes and approximately 92 percent of its
estimated frac spread natural gas input volumes.
February 2012 Cash Dividend
Provident's February cash dividend of $0.045 per share is payable on
March 15, 2012 and will be paid to shareholders of record on February
23, 2012. The ex-dividend date will be February 21, 2012. Provident's
2012 annualized dividend rate is $0.54 per common share. Based on the
current annualized dividend rate and the TSX closing price on February
8, 2012 of $11.98, Provident's yield is approximately 4.5 percent.
For shareholders receiving their dividends in U.S. funds, the February
2012 cash dividend will be approximately US$0.045 per share based on an
exchange rate of 0.9970. The actual U.S. dollar dividend will depend on
the Canadian/U.S. dollar exchange rate on the payment date and will be
subject to applicable withholding taxes.
2011 Results Release Date and Conference Call Information
Provident plans to release its audited 2011 annual financial statements
and Management's Discussion and Analysis for the fourth quarter and
year-ended December 31, 2011 after markets close on March 6, 2012. A
conference call has been scheduled for Wednesday, March 7, 2012 at 8:00
a.m. Mountain Time (10:00 a.m. Eastern).
To participate, please dial 647-427-7450 or 888-231-8191 approximately
10 minutes prior to the conference call. An archived recording of the
call will be available for replay until March 14, 2012 by dialing
514-807-9274 or 855-859-2056 and entering passcode 43799676. Provident
will also provide a replay of the call on its website at www.providentenergy.com.
Provident Energy Ltd. is a Calgary-based corporation that owns and
manages a natural gas liquids (NGL) infrastructure and logistics
business. Provident's facilities are strategically located in Western
Canada and in the premium NGL markets in Eastern Canada and the U.S.
Provident provides monthly cash dividends to its shareholders and
trades on the Toronto Stock Exchange and the New York Stock Exchange
under the symbols PVE and PVX, respectively.
This news release contains certain forward-looking statements concerning
Provident, as well as other expectations, plans, goals, objectives,
information or statements about future events, conditions, results of
operations or performance that may constitute "forward-looking
statements" or "forward-looking information" under applicable
securities legislation. Such statements or information involve
substantial known and unknown risks and uncertainties, certain of which
are beyond Provident's control, including the impact of general
economic conditions in Canada and the United States, industry
conditions, changes in laws and regulations including the adoption of
new environmental laws and regulations and changes in how they are
interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, pipeline design and
construction, fluctuations in commodity prices, foreign exchange or
interest rates, stock market volatility and obtaining required
approvals of regulatory authorities. Such forward-looking information
is provided for the purpose of providing information about management's
current expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate for
other purposes, such as making investment decisions.
Such forward-looking statements or information are based on a number of
assumptions which may prove to be incorrect. In addition to other
assumptions identified in this news release, assumptions have been made
regarding, among other things, commodity prices, operating conditions,
capital and other expenditures, and project development activities.
Although Provident believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because
Provident can give no assurance that such expectations will prove to be
correct. Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of risks
and uncertainties which could cause actual results to differ materially
from those anticipated by Provident and described in the
forward-looking statements or information.
The forward-looking statements or information contained in this news
release are made as of the date hereof and Provident undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise unless so required by applicable securities laws. The
forward-looking statements or information contained in this news
release are expressly qualified by this cautionary statement.
SOURCE Provident Energy Ltd.
For further information:
Investor and Media Contact:
Manager, Investor Relations
Investor Relations & Communications Analyst
Phone (403) 231-6710
Corporate Head Office:
2100, 250 - 2nd Street SW
Calgary, Alberta T2P 0C1
Phone: (403) 296-2233
Toll Free: 1-800-587-6299
Fax: (403) 264-5820