April 30, 2015 / 11:11 AM / in 3 years

UPDATE 1-Penn West's loss nearly triples as oil prices, output fall

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April 30 (Reuters) - Canadian oil producer Penn West Petroleum Ltd’s first-quarter loss nearly tripled due to lower production and a slide in crude prices.

The company, which warned in January that it may have trouble nmeeting cash flow covenants on C$2.1 billion ($1.74 billion) bonds, said it expected to finalize deals with bondholders to amend some of the covenants in the current quarter.

Penn West’s cash flow from operating activities, a measure of its ability to pay for drilling and other projects, fell to C$156 million, or 22 Canadian per share, in the first quarter, from C$222 million, or 55 Canadian cents, a year earlier.

Net loss widened to C$248 million, or 49 Canadian cents per share, in the quarter ended Mar. 31, from C$89 million, or 18 Canadian cents per share, a year earlier.

Total production fell 15 percent to 94,905 barrels of oil equivalent per day.

The average sales price for light oil and natural gas liquids halved to C$46.11 per barrel, while heavy oil prices plunged 56 percent to C$30.20.

Up to Wednesday’s close, Penn West’s stock had fallen 70 percent over the past 12 months.

($1 = 1.2050 Canadian dollars)

Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb Chakrabarty and Sayantani Ghosh

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