Penn West profit falls; backs FY output forecast

Thu Nov 3, 2011 8:37am EDT
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(Reuters) - Penn West Petroleum Ltd PWT.TO posted third-quarter earnings that were half that of a year ago, when it recorded a one-time gain from an asset sale, and the Canadian oil and natural gas producer said it backed its full-year production outlook.

Penn West sees full-year production averaging 162,000-164,000 barrels of oil equivalent per day (boe/d). Exit rate for the year is pegged at 174,000-177,000 boe/d.

The July-September net income was C$138 million ($136.3 million), or 29 Canadian cents per share, compared with C$304 million, or 66 Canadian cents per share a year ago.

Last year, the company recorded a C$368 million gain on its joint venture in the Cordova Embayment in northeast British Columbia.

Gross revenue rose 18 percent to C$861 million, riding on higher oil prices so far this year.

Production for the quarter averaged 161,323 boe/d, down from 164,087 boe/d a year ago.

The company's shares closed at C$18.30 on Wednesday on the Toronto Stock Exchange. ($1 = 1.013 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)