Penn West Petroleum Slips To Loss In Q2 - Quick Facts

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO), an explorer and producer of petroleum and natural gas properties, reported a second quarter of 2013 loss of C$40 million or C$0.08 per share, compared to a net income of C$235 million or C$0.50 per share in the year ago quarter.

The company reported a second quarter 2013 loss of C$40 million primarily due to unrealized foreign exchange losses on its U.S. denominated debt, as a result of the weakening of the Canadian dollar relative to the US dollar.

Funds flow for the second quarter of 2013 was C$278 million or C$0.57 per share, compared to C$272 million or C$0.57 per share in the year ago quarter.

Oil and natural gas sales for the quarter declined to C$746 million from C$770 million in the year ago quarter.

The company announced that the Board of Directors has declared a third quarter 2013 dividend of C$0.14 per share to be paid on October 15, 2013 to shareholders of record at the close of business on September 30, 2013.

The company said its 2013 exploration and development capital budget remains unchanged at C$900 million. It has been determined not to proceed with the previously announced option to increase its 2013 capital budget by C$300 million. The company's forecast 2013 average production remains unchanged between 135,000 and 145,000 boe per day.