UPDATE 1-Penn West reports smaller loss on asset-sale gain
* 4th-qtr loss C$0.11/shr vs loss C$0.13/shr year earlier
* Total production 153,931 boe/d vs 168,801 boe/d
Feb 14 (Reuters) - Penn West Petroleum Ltd, a major Canadian conventional oil and gas producer, posted a smaller fourth-quarter loss, helped by gains from asset sales that more than offset lower commodity prices.
The Calgary-based company said it sold non-core assets in the quarter for about C$1.3 billion ($1.3 billion), which it used to cut debt to C$2.7 billion from C$3.2 billion a year earlier.
The net loss narrowed to C$53 million ($53 million), or 11 Canadian cents per share, from C$62 million, or 13 Canadian cents per share, a year earlier.
Production for the quarter ended Dec. 31 fell to 153,931 barrels of oil equivalent per day (boe/d), from 168,801 boe/d.
Funds flow fell 33 percent to C$295 million, or 62 Canadian cents per share, due to lower commodity prices.
Oil prices sagged, with the price of benchmark West Texas Intermediate crude averaging $88.22 per barrel in the quarter, down 7 percent from last year.
Canadian heavy oil prices were even weaker because of inadequate pipeline capacity to export to markets. Western Canada Select heavy crude averaged $59.50 per barrel, 25 percent below the prior-year period. Continued...