CALGARY - Penn West Energy Trust (TSX:PWT.UN) widened its second-quarter loss to $323 million from $186 million a year ago as the trust took an $837-million non-cash charge related to risk management activities
The Calgary-based trust said the loss translated to 86 cents per unit compared with 77 cents in the second quarter of 2007.
Revenues were $1.3 billion, up from $608 million last year, while funds flow were a record $753 million, up-1 per cent over the second quarter of 2007 when funds flow totalled $326 million.
Production averaged'0,515 barrels per day in the second quarter, up from 126,599 barrels in the same quarter last year. It was negatively impacted by about 8,000 barrel a day due to the Spectra McMahon turnaround, other processing facility turnarounds and interruptions of a temporary nature, Penn West said.
Capital expenditures were $247 million, including $16 million of net asset acquisitions.
Penn West also said Thursday that its board of directors recently resolved to keep the trust's distribution level at 34 cents per unit per month for August, September and October, "subject to maintenance of current forecasts of commodity prices, production levels and planned capital expenditures."
Units in Penn West, which reported results after the close of markets, closed at $30.53 on the TSX, up 21 cents.
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