Penn West Petroleum (PWE, PWT.TO) is edging higher in pre-market trading despite reporting financial results for Q4, that fell short of analysts’ expectations, with earnings for the quarter widening and revenue declining year-over-year.
Shares are up 0.25% at $7.94, with a 52-week range of $7.03 – $13.16.
The petroleum and natural gas exploration and production company reported a Q4 loss of CAD 1.49 or $1.36 per share, compared with the prior-year period’s CAD 0.16 or $0.15 loss per share. The current quarter’s net loss was primarily due to non-cash PP&E impairment charges and unrealized foreign exchange losses on the translation of our US denominated senior, unsecured notes. The Capital IQ GAAP consensus estimate is for loss of CAD 0.03 or $0.03 per share, if comparable.
Revenue was CAD 613 million or $557.88 million, down 23% from CAD 799 million, or $727.16 million in the same quarter last year. Analysts were expecting revenues of CAD 640.85 million or $583.23 million.
The company said total production for the quarter was 123,995 boe/d, down form the prior-year period’s production of 153.931 boe/d.
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