Celtic Exploration posts wider loss on lower natural gas prices
(Reuters) - Oil and gas producer Celtic Exploration Ltd CLT.TO, which is being acquired by Exxon Mobil Corp (XOM.N: Quote), reported a wider third-quarter loss due to lower natural gas prices.
Celtic's loss widened to C$8.1 million, or 8 Canadian cents per share, for the quarter ended September 30, from C$1.6 million, or 2 Canadian cents per share, a year earlier.
Exxon Mobil agreed to buy Celtic for C$2.6 billion in October to raise its presence in some of Western Canada's most promising shale oil and gas regions.
Natural gas prices fell 29 percent in the July-September quarter to average $2.85 per million British thermal unit from a year earlier.
Revenue, before royalties and financial instruments, fell 11 percent to C$49.3 million.
Funds from operations fell 20 percent to C$27.7 million.
Celtic has focused on finding liquids-rich gas reserves that fetch a premium compared with dry natural gas and on acquiring lands in the most promising of Canada's shale regions.
(Reporting by Shounak Dasgupta in Bangalore; Editing by Sriraj Kalluvila)
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