Enerplus posts loss, expects growth to slow down in 2013

Fri Nov 9, 2012 6:47am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 9 (Reuters) - Canadian oil and gas producer Enerplus Corp reported a third-quarter loss due to certain asset impairments and said it expects growth to slow down next year as it cuts capital spending by 20 percent.

The company targets a 2012 capital spending of C$850 million.

The sale of its 1,600 barrels per day Manitoba assets will also reduce its growth expectations for 2013, the company said in a statement.

Net loss was C$63.5 million, or 32 Canadian cents per share, compared with a net income of C$111.3 million, or 62 Canadian cents per share, a year earlier.

The company said it recorded exploration and evaluation impairments of about C$114 million.