All values are in Canadian dollars.
CALGARY, Feb. 9,
2012 /PRNewswire/ - 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.