Penn West posts bigger loss on lower production, prices

Thu Mar 12, 2015 6:47am EDT
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March 12 (Reuters) - Penn West Petroleum Ltd, one of Canada's largest conventional oil producers, reported a much bigger loss and cut its quarterly dividend for the second time in three months, hurt by lower production and a fall in crude prices.

The company said net loss widened to C$1.77 billion ($1.40 billion), or C$3.57 per share, in the fourth quarter from C$675 million, or C$1.38 per share, a year earlier.

Penn West Cut its quarterly dividend to 1 Canadian cent per share from 3 Canadian cents.

Total production fell 22 percent to 97,143 barrels of oil equivalent per day. (Reporting by Nia Williams in Calgary and Anannya Pramanick in Bengaluru; Editing by Don Sebastian)