Nov 9 Oil and gas producer Celtic Exploration
Ltd, which is being acquired by Exxon Mobil Corp
, reported a wider third-quarter loss due to lower
natural gas prices.
Celtic's loss widened to C$8.1 million, or 8 Canadian cents
per share, for the quarter ended Sept. 30, from C$1.6 million,
or 2 Canadian cents per share, a year earlier.
Exxon Mobil agreed to buy Celtic for C$2.6 billion in
October to raise its presence in some of Western Canada's most
promising shale oil and gas regions.
Natural gas prices fell 29 percent in the
July-September quarter to average $2.85 per million British
thermal unit from a year earlier.
Revenue, before royalties and financial instruments, fell 11
percent to C$49.3 million.
Funds from operations fell 20 percent to C$27.7 million.
Celtic has focused on finding liquids-rich gas reserves that
fetch a premium compared with dry natural gas and on acquiring
lands in the most promising of Canada's shale regions.