Provident Announces Updated Hedging Disclosure, the February Cash Dividend and 2011 Fourth Quarter and Year End Results Release
10 2월 2012 - 7:10AM
PR Newswire (Canada)
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. Provident Energy Ltd. CONTACT: Investor
and Media Contact: Raina VitanovManager, Investor RelationsAshley
NuellInvestor Relations & Communications AnalystPhone (403)
231-6710Email: info@providentenergy.com Corporate Head Office:2100,
250 - 2nd Street SWCalgary, Alberta T2P 0C1Phone: (403)
296-2233Toll Free: 1-800-587-6299Fax: (403)
264-5820www.providentenergy.com
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