Pengrowth

[DT83]

I'm looking to switch jobs and have been offered a position at Pengrowth. I did look into the company and the position I'm in for but can anyone tell me if the company is good for long term? If so, what can I expect?

[Graham_A_M]

My old room-mate used to work for Pengrowth as a Gas-plant operator. We used to deal with them as well as a client for this oil-field servicing company I used to work for.

All in all, it depends on the sector, but yes they are reliable for the long-term. Again.... pick a sector that isn't subject to the ups and downs of the oil field economy.

I found they are a very poorly run company from a financial perspective. Rather then spend $100k doing something right, they'd rather cut costs. So rather then fix the problem properly the first time (which would be very expensive intially... again that said $100k, and thus prohibited) they instead spent $1.2 million over 10 years on last minute, make shift repairs just to keep their faulty sections of the plant operational. :nut: To this day I'm still dumbfounded that some account exec didn't notice this and make a change of ANY sort. Good money for us, but out of Pengrowths pockets, only after refusing some very well needed modifications and renovations that we've suggested numeous times to numerous people.

They have excellent benefits/bonuses, and are well backed... so you can make a decent amount working for them, thats not the problem.
I'd definately do it. Just beware of the politics I guess you can say, there are a lot of idiots with "big-wigs" on, I've found.

[DT83]

Big wigs hey? I think there are some of those in every company :)
Thanks for all info, I appreciate it!

[nobb]

I heard from someone that he knew some people that were fired from Pengrowth. Apparently, they were worth too much and had too high of a salary.

[spiceboy]

Reviving this thread.
Is there anyone working at Pengrowth, or know someone else? What is your experience like? Culture, compensation, opportunities, etc

Currently there is a Business Systems Analyst (Production Accounting) role that lands on my radar.

Thanks guys!

[idriveabox]

Wife works for them.

Recent lay-offs company wide. Otherwise, bonuses and stock options are great. Base salary is lower on average but the perks make up for it.

Culture is good, she enjoys it :dunno:

[The_1]

Shitload of layoffs just happened
More supposedly coming

[swak]

Was title sponsorship of the saddledome a bad investment for them then?

[Evo prec]

I think a lot of the layoffs are due to the recent sale of a lot of properties and also a very good time after the merger with NAL to trim some fat

[The_1]

Yup
Selling properties so that funds can all go into their "special" project
Putting all their eggs in one basket

[ExtraSlow]

A lot of companies are trimming down. This is currently a tough market in Canada. Margins are higher in the USA for both gas and oil, and many Canadian plays are smaller in scope than plays elsewhere in the world. We might be impressed with wells that make 10mmscf/d, but big companies don't start getting an erection until it's hundreds of wells like that.

We should get a list going of companies that have significant assets for sale right now. I'll bet that list is a lot longer than the list of people who would be interested in aquiring them.

[vengie]

Originally posted by ExtraSlow
A lot of companies are trimming down. This is currently a tough market in Canada. Margins are higher in the USA for both gas and oil, and many Canadian plays are smaller in scope than plays elsewhere in the world. We might be impressed with wells that make 10mmscf/d, but big companies don't start getting an erection until it's hundreds of wells like that.

We should get a list going of companies that have significant assets for sale right now. I'll bet that list is a lot longer than the list of people who would be interested in aquiring them.

This.

Would be a good time for a junior to buy up some prime property...

[ExtraSlow]

Tough world for a Junior though. The wells are getting more and more expensive. A well into the Wilrich or Falher near Cache Creek can cost $10MM even if everything goes right. Even Central Alberta Cardium wells are something like $5mm all-in, and that's not chump change when you have a capitalization of only tens of millions of dollars. You can eat up your cash pretty fast, be shut in by the people that own the infrastructure, and basically bleed to death even if you have successful wells.