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BRIEF-Peyto Announces Strategic Three Year Plan

Published 2019-01-16, 06:42 p/m
Updated 2019-01-16, 06:50 p/m
© Reuters.  BRIEF-Peyto Announces Strategic Three Year Plan

© Reuters. BRIEF-Peyto Announces Strategic Three Year Plan

Jan 16 (Reuters) - Peyto Exploration & Development Corp PEY.TO :

* PEYTO ANNOUNCES STRATEGIC THREE YEAR PLAN

* PEYTO EXPLORATION & DEVELOPMENT CORP - EXIT YEAR AT 94,000 BOE/D PRODUCTION

* PEYTO EXPLORATION & DEVELOPMENT - PRELIMINARY 2019 CAPITAL BUDGET ANNOUNCED NOV 7, 2018, RANGING FROM $250-$300 MILLION, REDUCED TO $150 TO $200 MILLION

* PEYTO EXPLORATION & DEVELOPMENT CORP - CONDENSATE AND NATURAL GAS LIQUIDS PRODUCTION EXITED YEAR AT A 12,000 BBL/D

* PEYTO EXPLORATION & DEVELOPMENT - IN 2020 & 2021 PLANS TO RAMP-UP CAPITAL INVESTMENT WITH CAPITAL PROGRAMS OF ABOUT $270 & $320 MILLION AT COST SIMILAR TO 2019

* PEYTO EXPLORATION & DEVELOPMENT CORP - WILL BE ACTIVELY MARKETING MIDSTREAM PROCESSING OPPORTUNITIES FOR ITS EXCESS CAPACITY

* PEYTO - IN 2020 AND 2021 PEYTO PLANS TO RAMP-UP CAPITAL INVESTMENT WITH CAPITAL PROGRAMS OF APPROXIMATELY $270 AND $320 MILLION AT A COST SIMILAR TO 2019

* PEYTO EXPLORATION & DEVELOPMENT - STARTING WITH JANDIV DIVIDEND, MONTHLY DIVIDEND TO BE TEMPORARILY REDUCED FROM CURRENT $0.06/SHARE TO $0.02/SHARE

* PEYTO EXPLORATION & DEVELOPMENT - COMBINATION OF REDUCED CAPITAL PROGRAM & TEMPORARY DIVIDEND REDUCTION TO ALLOW CO TO MATERIALLY REDUCE INDEBTEDNESS

* PEYTO EXPLORATION & DEVELOPMENT CORP - FUTURE NATURAL GAS PRICE REALIZATIONS IN ALBERTA ARE EXPECTED TO IMPROVE SIGNIFICANTLY OVER NEXT SEVERAL YEARS

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