NEW YORK, NY — (Marketwire) — 10/17/11 — Oil prices have been volatile of late despite fears of another recession fading as US jobs and manufacturing data suggested the economy would continue to grow. Gas consumption — particularly in North America — is on the downturn, forcing oil producers to focus on new, growing markets to boost profits. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on SeaDrill Limited (NYSE: SDRL) and Pengrowth Energy Corporation (NYSE: PGH) (TSX: PGF). Access to the full company reports can be found at:
The International Energy Agency joined OPEC in trimming its demand forecasts for this year and 2012. The Paris-based IEA still expects world demand to hit a record this year, but more slowly than previously expected. Meanwhile, US drivers continued to cut back on driving. MasterCard SpendingPulse reported that drivers bought less gas for the 29th week in a row. Gas consumption earlier this month was down about 2 percent from the same period last year, according to SpendingPulse.
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Presently SeaDrill Limited pays an annual dividend of $3.00 per share for a hefty yield of around 9.7 percent. SeaDrill Limited is an offshore drilling contractor, providing offshore drilling services to the oil and gas industries worldwide.
Pengrowth Energy Corporation engages in the acquisition, exploration, development, and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin. At the moment the company pays an annual dividend of 82 cents per share for a hefty yield of around 8.5 percent.
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