Penn West posts quarterly loss as production falls
Nov 5 (Reuters) - Penn West Petroleum Ltd, one of Canada's largest conventional oil producers, reported a third-quarter loss, hurt by a drop in production and weaker oil prices.
The net loss was C$15 million, or 3 Canadian cents per share, in the quarter ended September, compared with a profit of C$34 million, or 7 Canadian cents.
Total average production fell 25 percent.true
Gross revenue fell 24.5 percent to C$584 million ($510.3 million).
Funds flow, a key measure of a company's ability to pay for new projects and drilling, fell 22 percent to C$231 million, or 47 Canadian cents per share, from C$296 million, or 61 Canadian cents.
Penn West in September said it was working to improve its internal controls after a series of accounting errors misclassified nearly C$300 million in expenses. (1 US dollar = 1.14 Canadian dollar) (Reporting By Scott Haggett and Darshana Sankararaman in Bangalore; Editing by Sriraj Kalluvila)
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- November 6, 2014
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