CALGARY – Penn West Petroleum Ltd. (TSX:PWT) posted a $248-million net loss in the first quarter, as the mid-sized oil and gas producer felt the double impact of lower commodity prices and a weaker loonie.
The net loss amounted to 49 cents per share, up from 18 cents per share or $89 million a year ago.
Penn West’s revenue was cut nearly in half to $384 million from $673 million as the average price it received for light oil dropped to $46.11 per barrel, down 50 per cent from $92.69 in the first quarter of 2014.
It also received 56 per cent less for heavy oil and 46 per cent less for the natural gas it sold.
Penn West’s loss was also magnified by the lower Canadian dollar, which produced a foreign-exchange loss that was more than twice as big as last year’s.