Harvest Energy Trust

Harvest Energy Trust

company_name = Harvest Energy Trust
company_type = Public (nyse|HTE) tsx|HTE.UN
company_slogan =
foundation = Calgary, Alberta, Canada (2002)
location = Headquarters in Calgary; oil and gas wells in Alberta and Saskatchewan, and refinery in Newfoundland
key_people = John Zahary, President & CEO
industry = Oil and natural gas
products = Oil and natural gas; royalty trust
market c

num_employees = 179 (2008)cite web |url=http://zenobank.com/index.php?symbol=HTE&page=quotesearch |title=Company Profile for Harvest Energy Trust (HTE) |accessdate=2008-10-08]
homepage = [http://www.harvestenergy.ca/ www.harvestenergy.ca]
The Harvest Energy Trust (tsx|HTE.UN, nyse|HTE) is a Canadian oil and natural gas royalty trust based in Calgary, Alberta. Unlike many oil and gas trusts, which consist only of production fields, Harvest has both "upstream" (oil and gas wells) and "downstream" (refining and distilling) components. It operates as an open-ended investment trust in Canada, and is one of the equities known as "Canroys" – short for "Canadian royalty trusts." [ [http://www.harvestenergy.ca/section/section.php?Section=1&Page=1 About Harvest] ] [ [http://www.dividenddetective.com/canadian_royalty_trusts.htm Article on Canadian royalty trusts at Dividend Detective] ]

Harvest's oil fields are mainly in Alberta, with two in Saskatchewan; it also has assets in northern British Columbia known as the Hay River Field. Tar sand deposits and all natural gas properties were in Alberta. As of the end of 2007, Harvest claimed a production of 61,000 BOE/d (barrels or equivalent per day), and a probable lifespan of existing assets of about ten years, before depletion. It claims a total original oil in place (OOIP) amount of convert|2|Goilbbl|m3, and another convert|1|Goilbbl|m3 in oil sands. Future plans include drilling approximately 1,000 new oil and gas wells on about convert|880000|acre|km2 of land which has previously not been developed for oil and gas production. [ [http://www.harvestenergy.ca/section/section.php?Section=1&Page=1 About Harvest: overall description] ] [ [http://www.harvestenergy.ca/section/section.php?Section=5&Page=24 Upstream operations description] ]

Harvest Energy Trust was formed in July, 2002. In 2006 it purchased the convert|115000|oilbbl/d|m3/d|abbr=on North Atlantic Refinery in Come By Chance, Newfoundland and Labrador from Vitol Refining Group, B.V., and in so doing became the first Canadian energy trust to own its own refinery. [ [http://www.harvestenergy.ca/section/section.php?Section=6&Page=157 North Atlantic Refinery description] ] Harvest had 924 employees and a market capitalization of US$ 3.22 billion at the end of 2007. [ [http://finance.yahoo.com/q/ks?s=HTE Company profile and financial information at Yahoo! Finance] ]

The Harvest Energy Trust pays a high dividend, yielding an annual rate of 16.0% in early 2008; in addition, it pays out monthly, a relative rarity for equities listed on the New York Stock Exchange. Its dividend payments are not taxed at the regular dividend rate, but rather at a 15% "Qualified Dividends" rate; this is an additional tax advantage in the United States, and applies to many royalty trusts. [ [http://online.wsj.com/public/quotes/main.html?symbol=HTE Wall Street Journal information page on HTE] ] [ [http://www.secinfo.com/d14X74.vMq.d.htm Explanation in Form 10-K on file with the Securities and Exchange Commission] ]

References and notes

External links

* [http://www.harvestenergy.ca/ Harvest Energy Trust website]

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