May 4, 2012 / 11:00 AM / in 6 years

UPDATE 1-Penn West profit plunges on weak natural gas prices

May 4 (Reuters) - Penn West Petroleum Ltd, one of Western Canada’s largest conventional oil and gas producers, reported an 80 percent fall in first-quarter profit on decade-low natural gas prices.

Net income for the company fell to C$59 million ($59.8 million), or 12 Canadian cents per share, from C$291 million, or 63 Canadian cents per share, a year ago.

Production averaged at 167,420 barrels of oil equivalent per day, nearly flat from the year-ago period.

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