Newspaper article The Canadian Press

Penn West Reduces Q3 Loss to $232M, Adjusts Outlook in Line with Asset Sales

Newspaper article The Canadian Press

Penn West Reduces Q3 Loss to $232M, Adjusts Outlook in Line with Asset Sales

Article excerpt

Penn West reduces Q3 loss, adjusts outlook

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CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says its third-quarter revenue was less than half what it was a year ago, but its loss for the period was reduced by nearly 70 per cent as it slashed operating costs.

The Calgary-based company's lost $232 million or 46 cents per share in the three months ended Sept. 30, an improvement from a $764-million loss or $1.52 per share in the third quarter of 2015.

Oil and natural gas sales and other income totalled $115 million, down from $273 million.

Penn West's production of oil, gas and natural gas liquids was down 50 per cent, at the equivalent of 41,233 barrels per day, from 82,198 oil-equivalent barrels per day a year earlier.

Meanwhile, the company cut operating costs to $13. …

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