Penn West Petroleum Slips To Loss

(RTTNews) - Penn West Petroleum Ltd (PWE, PWT.TO) Wednesday reported third-quarter net loss of C$15 million or C$0.03 per share compared with a profit of C$34 million or C$0.07 per share last year.

Revenues for the quarter were lower at C$584 million compared with C$773 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of C$0.08 per share on revenues of C$599 million for the quarter. Analysts' estimates typically exclude special items.

Production for the quarter averaged 100,839 boe per day compared with 133,712 boe per day last year.

Penn West declared a quarterly dividend of C$0.14 per share.

For the full year 2014, the company still projects average production of 101,000 to 106,000 boe per day.

For 2015, the company announced a capital budget of about C$840 million, and expects average production of 95,000 to 105,000 boe per day.

In October, Penn West signed an agreement to sell non-core assets located in south central Alberta for expected proceeds of about $355 million.