May 10 (Reuters) - Crew Energy Inc reported a narrower quarterly loss on higher production of oil and natural gas liquids, but the Canadian company cut its output projection for the full year.
Crew cut its production outlook to 28,000 to 29,000 barrels of oil equivalent per day (boepd) from 32.5-33.5 boepd as weak natural gas prices have forced the company to shut in production. Natural gas makes up nearly half of the company’s total output.
The company also cut its 2012 capital budget by C$75 million to C$225 million.
In the January-March quarter, natural gas prices fell 40 percent to $2.5 per million British thermal unit.
Natural gas prices have consistently hit fresh lows this year and dropped to $1.90 in April, their lowest in a decade, as new drilling technology in North America has created a glut.
First-quarter loss was C$6.4 million, or 5 Canadian cents a share, compared with a year-ago loss of C$10.1 million, or 12 Canadian cents a share.
Production nearly doubled to 30,380 boepd.
Oil and liquids production made up 53 percent of total output in the quarter, up from 44 percent last year.
Petroleum and natural gas sales more than doubled to C$123.1 million.
Crew Energy shares closed at C$6.12 on Wednesday on the Toronto Stock Exchange. Over the past year, C$1.13 billion has been wiped off the company’s market capitalization, bringing its value down to C$741 million.