One increases its investements in production and the other cuts investment in production and yet both can offer shareholders huge dividends. Without turning into Income Trusts.
In the case of Petro-Can shouldn't someone take the Liberals to task about the fact that they sold off our shares in the once crown corporation, for a one time attempt to buy votes by declaring a surplus under PM Paul Martin. Cutting one's nose to spite one's face.
Oil and gas giant Petro-Canada Inc. (TSX:PCA) plans to raise capital spending by 15 per cent to $4.1 billion in 2007 and grow output as major projects come onstream despite more problems or delays at its Terra Nova and Hibernia projects off the coast of Newfoundland.
Petro-Canada announced late Thursday it expects to boost oil and gas production about 15 per cent in 2007 to about 420,000 barrels of oil equivalent output a day from 390,000 barrels this year.
In another development, Petro-Canada said it's boosting its quarterly dividend to 13 cents a share from 10 cents, a 30 per cent jump in the cash payment to stockholders.
The increased dividend will be payable April 1 to shareholders of record as of March 3, 2007.
EnCana cuts capital spending by 6 pct for 2007
EnCana Corp. (ECA.TO: Quote, Profile , Research) will cut spending by 6 percent to $5.9 billion in 2007 as it grapples with cost inflation due to booming energy-industry conditions, Canada's biggest oil and gas producer said on Thursday. EnCana also said it planned to double its quarterly dividend next year, resulting in an annual payout of 80 cents a share. Stock buybacks could total 3 percent to 5 percent of those outstanding in 2007, compared with 10 percent this year.
Stocks advance as oil heads up
Oil prices rise after OPEC sets stage for possible cut next year
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