August 12, 2009 / 12:21 PM / in 8 years

UPDATE 1-Penn West Energy Q2 loss narrows

* Q2 loss/unit C$0.10 vs loss/unit C$0.86 year ago

* Q2 funds flow/unit C$1.05

* Q2 gross revenue down 40 pct to C$791 mln

* Q2 production 180,601 boed

Aug 12 (Reuters) - Penn West Energy Trust PWT_u.TO reported a narrower second-quarter loss, helped by lower expenses and foreign exchange gains.

Penn West, Canada’s largest conventional energy trust, posted a loss of C$41 million, or 10 Canadian cents a unit, down from net loss of $323 million, or 86 Canadian cents a unit, a year ago.

Quarterly funds flow, which the trust uses to pay its distributions to investors, fell 43 percent to C$430 million, or C$1.05 per unit.

Gross revenue that includes realized gains and losses on commodity contracts, was down 40 percent to C$791 million.

Expenses were down to C$526 million from C$707 million, a year ago. The trust also reported gains of C$86 million on unrealized foreign exchange and C$75 million on currency contracts.

Total production fell about 5 percent to 180,601 barrels of oil equivalent per day (boed).

The company said it was on target to achieve full-year production forecast of 175,000 boed to 180,000 boed.

Units of the company closed C$14.20 Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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