Companies in the Oil & Gas Drilling & Exploration sector have posted surging top lines in recent quarters as global oil consumption continues to grow. With profits on the upswing, several explorers have begun boosting dividend payments. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on SeaDrill Ltd.SDRL +1.38% and Pengrowth Energy Corporation PGH +1.16% CA:PGF +0.88% . Access to the full company reports can be found at:
www.bedfordreport.com/SDRL
www.bedfordreport.com/PGH
The US drilling sector will need to work through new safety and environmental regulations that arose out of last year's Gulf of Mexico oil spill. While acquiring permits was initially difficult, the US government has recently released a new, more-efficient, application process that should make the sector's battle a little easier.
In Canada, Regulation of the oil and gas sector is designed to protect drinking water and water quality in lakes and streams. The specific regulations vary between jurisdictions but in all cases, Canadian shale gas production always isolates and protects drinking water from gas operations.
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SeaDrill Limited is an offshore drilling contractor, providing offshore drilling services to the oil and gas industries worldwide. SeaDrill pays one of the heftiest dividends in the Offshore Drilling industry. Presently, the company pays an annual dividend of $2.80 for a yield of around 8.5 percent.
Presently, Pengrowth pays an annual dividend of 85 cents a share for a yield of around 6.8 percent. Last month the company said it shut in a portion of its Judy Creek field in northern Alberta after one of its smaller pipelines ruptured. Pengrowth said it has shut in about 3,000 barrels per day because of the line breach.