Penn West posts loss as hedging weighs

Fri Nov 2, 2012 6:57am EDT
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Nov 2 (Reuters) - Penn West Petroleum Ltd, one of Canada's largest conventional oil and gas producers, reported a third-quarter loss on hedging losses.

Net loss was C$67 million ($67.2 million), or 14 Canadian cents per share, compared with a net income of C$138 million, or 29 Canadian cents per share, a year earlier.

The company said it recorded unrealized losses of C$176 million in the quarter compared with a gain of C$238 million a year earlier.