Penn West Petroleum Posts Wider Q4 Loss On Goodwill Impairment - Quick Facts

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO) reported a fourth-quarter net and comprehensive loss of C$1.77 billion or C$3.57 per share, compared to a loss of C$675 million or C$1.38 per share, prior year. During the fourth quarter of 2014, Penn West recorded a non-cash goodwill impairment of C$1.10 billion and a non-cash PP&E impairment charge of C$634 million resulting from a decline in forecasted commodity prices and limited planned development capital in the non-core areas where the impairments were recorded. Funds flow per share was C$0.28, for the quarter. On average, four analysts polled by Thomson Reuters expected the company to report a loss per share of C$0.05 for the quarter. Analysts' estimates typically exclude special items. Oil and natural gas sales decreased to C$460 million from C$614 million last year. Analysts expected revenue of C$460.72 million for the quarter. Production in the fourth quarter averaged 97,143 boe per day.

The company said there has been no changes to its guidance for 2015 forecast average production of 90,000 to 100,000 boe per day and forecast funds flow of C$500 million to C$550 million.

Penn West also announced that its Board has declared a first quarter 2015 dividend of C$0.01 per share to be paid on April 15, 2015 to shareholders of record at the close of business on March 31, 2015.