Penn West Announces Its Financial and Operational Results for the Second Quarter Ended June 30, 2016
CALGARY, Aug. 4, 2016 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce its financial and operational results for the second quarter ended June 30, 2016. All figures are in Canadian dollars unless otherwise stated.
|
|
|
|
Three months ended June 30
|
Six months ended June 30
|
|
2016
|
2015
|
% change
|
2016
|
2015
|
% change
|
|
Financial (millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Gross revenues (1,2)
|
$
|
209
|
$
|
360
|
(42)
|
$
|
440
|
$
|
700
|
(37)
|
|
Funds flow (2)
|
|
5
|
|
47
|
(89)
|
|
94
|
|
159
|
(41)
|
|
Basic per share (2)
|
|
0.01
|
|
0.09
|
(89)
|
|
0.19
|
|
0.32
|
(41)
|
|
Diluted per share (2)
|
|
0.01
|
|
0.09
|
(89)
|
|
0.19
|
|
0.32
|
(41)
|
|
Funds flow from operations (2)
|
|
55
|
|
85
|
(35)
|
|
102
|
|
162
|
(37)
|
|
Basic per share (2)
|
|
0.11
|
|
0.17
|
(35)
|
|
0.20
|
|
0.32
|
(38)
|
|
Diluted per share (2)
|
|
0.11
|
|
0.17
|
(35)
|
|
0.20
|
|
0.32
|
(38)
|
|
Net loss
|
|
(132)
|
|
(28)
|
>100
|
|
(232)
|
|
(276)
|
(16)
|
|
Basic per share
|
|
(0.26)
|
|
(0.06)
|
>100
|
|
(0.46)
|
|
(0.55)
|
(16)
|
|
Diluted per share
|
|
(0.26)
|
|
(0.06)
|
>100
|
|
(0.46)
|
|
(0.55)
|
(16)
|
|
Capital expenditures (3)
|
1
|
|
64
|
(98)
|
|
19
|
|
255
|
(93)
|
|
Net Debt (4)
|
$
|
566
|
$
|
2,205
|
(74)
|
$
|
566
|
$
|
2,205
|
(74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
Daily production
|
|
|
|
|
|
|
|
|
|
|
|
Light oil and NGL (bbls/d)
|
|
30,421
|
|
51,275
|
(41)
|
|
35,497
|
|
51,859
|
(32)
|
|
Heavy oil (bbls/d)
|
|
11,427
|
|
11,947
|
(4)
|
|
11,934
|
|
12,418
|
(4)
|
|
Natural gas (mmcf/d)
|
|
130
|
|
168
|
(23)
|
|
137
|
|
172
|
(20)
|
|
Total production (boe/d) (5)
|
|
63,568
|
|
91,164
|
(30)
|
|
70,289
|
|
93,024
|
(24)
|
|
Average sales price
|
|
|
|
|
|
|
|
|
|
|
|
Light oil and NGL (per bbl)
|
$
|
49.66
|
$
|
58.05
|
(14)
|
$
|
40.99
|
$
|
52.05
|
(21)
|
|
Heavy oil (per bbl)
|
|
25.18
|
|
46.44
|
(46)
|
|
19.75
|
|
38.06
|
(48)
|
|
Natural gas (per mcf)
|
$
|
1.42
|
$
|
2.78
|
(49)
|
$
|
1.70
|
$
|
2.93
|
(42)
|
|
Netback per boe (5)
|
|
|
|
|
|
|
|
|
|
|
|
Sales price
|
$
|
31.20
|
$
|
43.84
|
(29)
|
$
|
27.38
|
$
|
39.53
|
(31)
|
|
Risk management gain (loss)
|
|
4.27
|
|
(0.49)
|
>100
|
|
5.08
|
|
1.51
|
>100
|
|
Net sales price
|
|
35.47
|
|
43.35
|
(18)
|
|
32.46
|
|
41.04
|
(21)
|
|
Royalties
|
|
(0.63)
|
|
(4.72)
|
(87)
|
|
(0.87)
|
|
(4.51)
|
(81)
|
|
Operating expenses (6)
|
|
(12.70)
|
|
(18.15)
|
(30)
|
|
(12.87)
|
|
(18.38)
|
(30)
|
|
|
Source: PR Newswire
(August 4, 2016 - 7:12 AM EDT)
News by QuoteMedia
www.quotemedia.com
