* 4th-qtr loss C$0.11/shr vs loss C$0.13/shr year earlier
* Total production 153,931 boe/d vs 168,801 boe/d
Feb 14 Penn West Petroleum Ltd, a major
Canadian conventional oil and gas producer, posted a smaller
fourth-quarter loss, helped by gains from asset sales that more
than offset lower commodity prices.
The Calgary-based company said it sold non-core assets in
the quarter for about C$1.3 billion ($1.3 billion), which it
used to cut debt to C$2.7 billion from C$3.2 billion a year
The net loss narrowed to C$53 million ($53 million), or 11
Canadian cents per share, from C$62 million, or 13 Canadian
cents per share, a year earlier.
Production for the quarter ended Dec. 31 fell to 153,931
barrels of oil equivalent per day (boe/d), from 168,801 boe/d.
Funds flow fell 33 percent to C$295 million, or 62 Canadian
cents per share, due to lower commodity prices.
Oil prices sagged, with the price of benchmark West Texas
Intermediate crude averaging $88.22 per barrel in the quarter,
down 7 percent from last year.
Canadian heavy oil prices were even weaker because of
inadequate pipeline capacity to export to markets. Western
Canada Select heavy crude averaged $59.50 per barrel, 25 percent
below the prior-year period.
Penn West's gross revenue fell 18 percent to C$799 million.
The company's stock has fallen 25 percent since mid-October
when the company announced plans to sell its non-core assets.
The S&P TSX energy index has fallen 3.5 percent in the
Shares of the company, which has a market value of about C$5
billion, closed at C$10.45 on Wednesday on the Toronto Stock