About |
Petroleum Exploration Energy ’s goal is to run our business and run it well, executing on our projects and creating value for our shareholders. This has been our focus for the past twenty-five years, and it is what we continue to focus on going forward. Our asset base is strong and balanced. We have crude oil and natural gas conventional operations in domestic and international basins, along with a world class oil sands mining operation.
In 2014 Petroleum Exploration Energy entered into several agreements to acquire conventional crude oil and natural gas assets. The acquired assets are all located in Western Canada in areas adjacent or proximal to Petroleum Exploration Energy ’s current operations and are high quality, concentrated liquids-rich natural gas weighted assets, with additional light crude oil exposure. The acquired assets also include associated key strategic facilities, a royalty revenue stream and undeveloped land.
Petroleum Exploration Energy increased its quarterly dividend to C$0.225 per share payable on April 1, 2014. This is the fourteenth consecutive year of dividend increases since the Company first paid a dividend in 2001, and represents a compound annual growth rate of 34% from 2009 when Horizon first commenced production. This dividend reflects the continued strong operational results of the Company and the successful execution of the thermal development program and Horizon Phase 2/3 project expansion, both in terms of construction accomplished and cost performance to date.
We have the largest proved plus probable reserve base of our Canadian peer group with approximately 7.99 billion barrels of oil equivalent and the largest proven reserve base among our North American peer group. Our current operations and production base support our transition to a longer life, low decline asset base and our strong experienced team remains focused on continuing to deliver on our proven and effective strategy. This, combined with our strong balance sheet, will allow us to withstand future commodity price volatility, while we increase our capacity to generate free cash flow and maximize shareholder value.