Penn West Petroleum Reports Profit In Q2 - Quick Facts

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO) Thursday reported profit for the second quarter, compared with a loss last year, mainly due to the strengthening of the Canadian dollar versus the US dollar, which led to unrealized foreign exchange gains on the company's senior unsecured notes denominated in US dollars.

The company posted net earnings of C$143 million or C$0.29 per share compared with a loss of C $53 million or C$0.11 per share last year. On an adjusted basis, the company earned C$0.60 per share.

Quarterly revenues, including realized risk management gains and losses, however declined to C$650 million from C$745 million a year ago.

Results of the prior-year period were restated.

The board proposed a third-quarter dividend of $0.14 per share, to be paid on October 15, to shareholders of record at the close of business on September 30.