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Cours Or & Argent

Penn West Energy Trust

Publié le 04 mai 2012

Exploration announces its financial results for the first quarter ended March 31,

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Penn West Exploration announces its financial results for the first quarter ended March 31, 2012

CALGARY, May 4, 2012 /CNW/ - PENN WEST PETROLEUM LTD. (TSX: PWT) (NYSE: PWE) ("PENN WEST") is pleased to announce its results for the first quarter ended March 31, 2012

Our corporate strategy is to provide shareholder return through a combination of oil production growth and a stable dividend. We have focused investment over the past several years on establishing the growth potential of the largest light-oil inventory in Western Canada. In three years, we have proven that we can execute on a large scale using horizontal multi-stage fracture technology. We have applied the technology from a standing start to producing over 35,000 boe per day from horizontal wells. We acquired complimentary land positions in our existing plays and emerging trends with a strong weighting to oil. Throughout this period, we maintained capital discipline, increased the term of our debt capital and disposed of non-core assets to partially fund our capital programs while conserving our balance sheet. The first quarter results are a product of our approach to the business.

HIGHLIGHTS

  • Average production in the first quarter of 2012 was 167,420 boe (1) per day, after the effect of approximately 4,500 boe per day of asset dispositions in January, compared to 168,801 boe per day for the fourth quarter of 2011.
  • First quarter average liquids production was in excess of 107,000 boe per day, of which approximately 90 percent was oil.
  • Capital expenditures for the first quarter of 2012, including net property dispositions, totalled $338 million compared to $436 million for the first quarter of 2011. Our capital guidance for 2012 remains $1.3 billion to $1.4 billion, net of acquisition and disposition activity in the first quarter of 2012.� 
  • Funds flow (2) was $337 million ($0.71 per share - basic (2)) in the first quarter of 2012 compared to $356 million ($0.77 per share - basic) reported in the first quarter of 2011 primarily due to lower natural gas prices and wider Canadian crude oil differentials offset by higher WTI oil prices.
  • Net income for the first quarter of 2012 was $59 million ($0.12 per share - basic).
  • Proceeds on net property dispositions in the first quarter of 2012 totalled $322 million.

DIVIDEND

  • On May 3, 2012, our Board of Directors declared a second quarter 2012 dividend of $0.27 per share to be paid on July 13, 2012 to shareholders of record on June 29, 2012. Shareholders are advised that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.

RISK MANAGEMENT

  • For 2012, we have 60,000 barrels per day of oil production hedged between US$85.53 per barrel and US$100.20 per barrel.
  • In 2012, we have 50,000 mcf per day of natural gas production hedged at an average price of $4.30 per mcf.
  • We have foreign exchange contracts to swap US$156 million per month of US dollar revenue for 2012 to Canadian dollars at an average rate of 1.02 Canadian dollars per US dollar.
  • For 2013 we have hedged 41,000 barrels per day of oil production between US$94.51 per barrel and US$108.28 per barrel.
(1) Please refer to the "Oil and Gas Information Advisory" section below for information regarding the term "boe".
(2) The terms "funds flow" and "funds flow per share-basic" are non-GAAP measures. Please refer to the "Calculation of Funds Flow" and "Non-GAAP Measures Advisory" sections below.
�  � 

OPERATIONS UPDATE

In the first quarter of 2012, we were the most active driller for light-oil targets in Western Canada. We executed our most active operational quarter in company history. At peak, we had 38 drilling rigs operating and rig released 179 operated development wells in the quarter. Predictable results and an inventory of multi-well pads for tie-in position us well to continue our operational momentum.

Oil Development

Carbonates

  • From an exploration concept in 2009, we have progressed to drilling 23 wells, 14 of which were dual-laterals, during the first quarter with an average of eight rigs.
  • We have grown horizontal production to more than 7,500 boe per day.
  • In the Slave Point, we are the dominant player where we have secured approximately 400,000 net acres of land and our drilling inventory is growing.
  • The ongoing expansion of our Slave Point facilities ensures growth capacity and area control.

Cardium

  • Penn West holds the largest land position in industry on the Cardium trend with approximately 665,000 net acres.
  • We are in full-scale development in Willesden Green, Alder Flats and West Pembina where our results exceed the industry average.
  • We had six rigs active in our three focus areas and we drilled 28 wells.
  • We are currently producing over 9,000 boe per day from our horizontal development program.

Viking

  • In southwest Saskatchewan, we continue to drive this predictable and highly economic resource play.
  • We drilled 44 wells on the Viking trend in this quarter and are currently producing over 6,000 boe per day from horizontal development.
  • In Alberta, our results are encouraging and we continue to appraise the oil rich prospects on our extensive Viking position.

Spearfish

  • We had five rigs active over the quarter and rig released 37 wells.
  • Current horizontal production has grown to over 8,500 boe per day and our current inventory supports over five years of growth.
  • The battery was expanded to 13,500 boe per day. We will drill to fill over the next year.

Resource Appraisal

  • The combination of multi-stage fracture technology with proven secondary and tertiary recovery methods provide Penn West with a broad suite of profitable opportunities. By year-end 2012, we anticipate having a number of EOR projects underway.
  • In the Peace River Oil Partnership, the second steam injection cycle continued throughout the first quarter at the Seal Main thermal pilot and planning for the next pilot is ongoing.
  • In the Cordova Joint Venture, we continue to appraise the ultimate recoverable gas potential and further refine our drilling and completions techniques.

HIGHLIGHTS

�  Three months ended March 31
�  2012 2011 % change
Financial
(millions, except per share amounts)
�  �  �  � 
Gross revenues (1) $ 870 $ 844 3
Funds flow �  337 �  356 (5)
� �  Basic per share �  0.71 �  0.77 (8)
� �  Diluted per share �  0.71 �  0.77 (8)
Net income �  59 �  291 (80)
� �  Basic per share �  0.12 �  0.63 (81)
� �  Diluted per share �  0.12 �  0.63 (81)
Capital expenditures, net (2) �  338 � �  436 (22)
Debt at period-end (3) �  3,397 �  2,838 20
Dividends paid (4) $ 127 $ 41 100
Payout ratio (5) �  38% �  12% 26
Operations �  �  �  �  � 
Daily production �  �  �  �  � 
� �  Light oil and NGL (bbls/d) �  89,029 �  85,651 4
� �  Heavy oil (bbls/d) �  18,170 �  18,698 (3)
� �  Natural gas (mmcf/d) �  361 �  371 (3)
Total production (boe/d) �  167,420 �  166,135 1
Average sales price �  �  �  �  � 
� �  Light oil and NGL (per bbl) $ 84.16 $ 80.07 5
� �  Heavy oil (per bbl) �  72.68 �  62.82 16
� �  Natural gas (per mcf) $ 2.29 $ 3.79 (40)
Netback per boe �  �  �  �  � 
� �  Sales price $ 57.59 $ 56.82 1
� �  Risk management loss �  (1.24) �  � � � � � � �  (0.79) 57
� �  Net sales price �  56.35 �  56.03 1
� �  Royalties �  (10.59) �  � � � � �  (10.04) 5
� �  Operating expenses �  (17.93) �  � � � � �  (15.92) 13
� �  Transportation �  (0.49) �  � � � � � � �  (0.51) (4)
� �  Netback $ 27.34 $ 29.56 (8)
(1)� �  Gross revenues include realized gains and losses on commodity contracts.
(2)�  Includes net asset acquisitions/dispositions and excludes business combinations.
(3)� �  Comparative debt at December 31, 2011 was $3,219 million.
(4)� �  Includes dividends paid prior to those reinvested in shares under the dividend reinvestment plan. In 2011, we began paying dividends on a quarterly basis. The last monthly distribution payment as a Trust was declared in December 2010 and paid in January 2011 ($0.09 per unit). Our first quarterly dividend ($0.27 per share) as a corporation was paid in April 2011.
(5) Payout ratio is calculated as dividends paid divided by funds flow. The term "payout ratio" is a non-GAAP measure. See "Non-GAAP Measures Advisory" section below.
�  � 

DRILLING STATISTICS

�  Three months ended March 31
2012 2011
�  Gross Net Gross Net
Oil 188 151 171 145
Natural gas 20 17 12 8
�  208 168 183 153
Stratigraphic and service 50 27 67 32
Total 258 195 250 185
Success rate (1) �  100% �  100%

(1)� �  Success rate is calculated excluding stratigraphic and service wells.

CAPITAL EXPENDITURES

�  Three months ended March 31
(millions) 2012 � � � � � � � � � � � � � � � � � � �  2011
Land acquisition and retention $ 8 $ 18
Drilling and completions �  497 �  351
Facilities and well equipping �  199 �  146
Geological and geophysical �  8 �  6
Corporate �  8 �  3
Capital expenditures (1) �  720 �  524
Joint venture, carried capital �  (60) �  (32)
Property dispositions, net �  (322) �  (56)
Total capital expenditures $ 338 $ 436

(1)� � Capital expenditures include costs related to development capital and Exploration and Evaluation activities.

During the first quarter of 2012, we continued our light-oil focus with our capital program concentrating on our key light-oil properties in the Carbonates, Cardium, Viking and Spearfish. Completion and tie-in activities continue as we move into the second quarter. In January 2012, we completed net property dispositions with production of 4,500 boe per day as part of our ongoing portfolio management.

LAND

�  As at March 31
�  Producing Non-producing
�  2012 2011 %
change
2012 2011 %
change
Gross acres (000s) 5,979 6,366 (6) 2,879 2,924 (2)
Net acres (000s) 4,014 4,229 (5) 2,025 2,023 -
Average working interest 67% 66% 1 70% 69% 1
�  �  �  �  � 

COMMON SHARES DATA

(millions of shares) Three months ended March 31
2012 2011 % change
Weighted average �  �  � 
�  Basic 472.6 461.8 2
�  Diluted 472.9 468.1 1
Outstanding as at March 31 472.9 464.3 2

Letter to our Shareholders

Over the past several years we have seen a steady rise in both oil demand and its price worldwide. This parallels the slow and steady economic recovery in the West, with robust growth in Asian and emerging economies. Throughout the first quarter of 2012, price differentials between Canadian crude oil and the benchmark West Texas Intermediate price widened and natural gas prices further deteriorated.�  The uncertainty as to the duration of these events has been reflected in Canadian energy stock price performance over recent months. Despite volatility in commodity return and the market, our strategy of light-oil development remains unchanged. Penn West's extensive inventory ensures years of light-oil development while we wait to see how natural gas inventory levels and domestic demand balance out.�  We believe the solution to crude oil differentials in North America will be solved more readily than the natural gas supply / demand balance issue.

As a significant, oil-oriented exploration and production company utilizing horizontal multi-stage fracture technology, Penn West must adapt to the impact that technology is having on the supply / demand equation in North America. Growing Canadian conventional crude oil, increasing synthetic crude shipments from the oil sands of northern Alberta, and an increase in Bakken oil production have all contributed to the rising supply of oil. Current US pipeline infrastructure is insufficient to deliver North American crude oil to key refinery sites on both the Gulf coast and east-coast. Canadian and US crude sources can displace imports providing there is an evolution in the pipeline infrastructure which transports these products to refineries and allows North American crude to compete on a world basis. Rising supply, limitations of existing infrastructure, and a significant number of refineries being off-line in the first quarter of 2012 combined to produce differentials which at peak levels exceeded $25 per barrel on light sweet crudes. Subsequent to refinery turnarounds, differentials have narrowed significantly.

Penn West is actively mitigating the impact of future differentials and any potential weakness in crude oil pricing. To ensure firm access to pipelines in the US, Penn West has contracted pipeline capacity on some of the near-term pipeline expansions. Under a wide differential scenario, this should provide greater certainty of access to US markets where our crude oil will fetch a higher price. We have evolved our crude oil marketing strategies, moving towards direct sales to refiners of choice. We have been actively hedging our crude oil volumes increasing the floor price each year, reaching approximately $95 for 2013.

At a more macro level, there are several infrastructure transport issues which will need to be addressed on an ongoing basis to ensure long-term certainty for crude oil development in North America. We believe the first generation of these changes is already underway as projects intended to increase capacity into Gulf Coast refineries will reduce the backlog of crude inventories in the US mid-continent. This is a significant step in reducing pricing differentials on crude oil produced here in Canada. Second generation infrastructure developments include additional de-bottlenecking in the US via line extensions, many of which are already underway, and possible eastern Canada line reversals which could allow the flow of crude from western Canada to refineries located in eastern North America. Longer-term, we believe the third generation of pipeline infrastructure could include the development and expansion of crude oil capacity to western Canadian ports allowing increased export to Asian markets. These projects have longer lead times and will require government support. We view recent announcements by the Canadian federal government to shorten the approval and regulatory process, while maintaining rigorous standards, as important steps in support of a vibrant and growing energy industry in Canada which has beneficial economic impacts that extend to a broad spectrum of industries across the nation.

"Signed"

Murray R. Nunns
President and Chief Executive Officer� � 
Calgary, Alberta
May 3, 2012

Outlook

This outlook section is included to provide shareholders with information about our expectations as at May 3, 2012 for production and capital expenditures for 2012 and readers are cautioned that the information may not be appropriate for any other purpose. This information constitutes forward-looking information. Readers should note the assumptions, risks and discussion under "Forward-Looking Statements".

Our production and capital guidance for 2012 remains unchanged.� After giving effect to net acquisition and disposition activity to date in 2012, our forecast average production for 2012 is between 168,500 and 172,500 boe per day and our exploration and development capital, net of acquisition and disposition activity to date in 2012, is forecasted to be in the range of $1.3 billion to $1.4 billion.�  These ranges are consistent with our prior forecasts as filed on SEDAR at www.sedar.com.

Non-GAAP Measures Advisory

This news release includes non-GAAP measures not defined under IFRS including funds flow, funds flow per share-basic, funds flow per share-diluted, netback and payout ratio. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Funds flow is cash flow from operating activities before changes in non-cash working capital and decommissioning expenditures. Funds flow is used to assess our ability to fund dividends and planned capital programs. See "Calculation of Funds Flow" below. Netback is a per-unit-of-production measure of operating margin used in capital allocation decisions, to economically rank projects and is the per unit of production amount of revenue less royalties, operating costs, transportation and realized risk management. Payout ratio is calculated as dividends paid divided by funds flow. We use payout ratio to assess the adequacy of retained funds flow to finance capital programs.

Calculation of Funds Flow

(millions, except per share amounts) Three months ended March 31
2012 2011
Cash flow from operating activities $ 234 $ 240
Increase in non-cash working capital �  79 �  96
Decommissioning expenditures �  24 �  20
Funds flow $ 337 $ 356
�  �  �  �  � 
Basic per share $ 0.71 $ 0.77
Diluted per share $ 0.71 $ 0.77
�  �  �  �  � 

Oil and Gas Information Advisory

Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value.

Forward-Looking Statements

In the interest of providing our securityholders and potential investors with information regarding Penn West, including management's assessment of our future plans and operations, certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "objective", "aim", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future.

In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our corporate strategy to provide shareholder return through a combination of oil production growth and a stable dividend; our intention and ability to establish the growth potential of the largest light oil inventory in Western Canada; our capital expenditure guidance for 2012; the details of our second quarter dividend; our belief that consistent, predictable results and an inventory of multi-well pads for tie-in position us well to continue our operational momentum; certain disclosures contained under the heading "Operations Update" in respect of our Carbonates, Cardium, Viking and Spearfish oil development plays and our Peace River Oil Partnership and Cordova Joint Venture, including our belief that our drilling inventory on our Carbonates play is growing, our belief that the ongoing expansion of our Slave Point facilities will ensure growth capacity and area control, our belief that the southwest Saskatchewan Viking play is a predictable and highly economic resource play, our belief that our current inventory on our Spearfish play supports over five years of growth, our belief that a combination of multi-stage fracture technology with proven secondary and tertiary recovery methods provide us with a broad suite of profitable opportunities and that by year-end 2012 we anticipate having a number of EOR projects underway, our belief that there will be another thermal pilot well on our Peace River oil play, and our intention to continue to appraise the ultimate recoverable gas potential on our Cordova joint venture and further refine our drilling and completions techniques; our anticipation that completion and tie-in activities on our key light-oil properties in the Carbonates, Cardium, Viking and Spearfish plays will continue as we move into the second quarter; our strategy to focus on light oil development; our belief that our extensive inventory ensures years of light-oil development; our belief that the solution to crude oil differentials in North America will be solved more readily than the natural gas supply / demand balance issue; our belief that Canadian and US crude sources can displace imports; our intention to actively mitigate the impact of future differentials and any potential weakness in crude oil pricing; our belief that infrastructure projects intended to increase capacity into Gulf Coast refineries will reduce the backlog of crude inventories in the US mid-continent; and certain disclosures contained under the heading "Outlook" relating to our forecast exploration and development capital expenditures for 2012 and our forecast average production levels for 2012.

With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things: future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil prices; future capital expenditure levels; future crude oil, natural gas liquids and natural gas production levels; drilling results; future exchange rates and interest rates; the amount of future cash dividends that we intend to pay and the level of participation in our dividend reinvestment plan; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; the impact of increasing competition; our ability to obtain financing on acceptable terms, including our ability to renew or replace our credit facility and our ability to finance the repayment of our senior unsecured notes on maturity; and our ability to add production and reserves through our development and exploitation activities. In addition, many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements, and such assumptions should be taken into account when reading such forward-looking statements: see in particular the assumptions identified under the heading "Outlook".

Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the impact of weather conditions on seasonal demand and ability to execute capital programs; risks inherent in oil and natural gas operations; uncertainties associated with estimating reserves and resources; competition for, among other things, capital, acquisitions of reserves, resources, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; geological, technical, drilling and processing problems; general economic conditions in Canada, the U.S. and globally; industry conditions, including fluctuations in the price of oil and natural gas; royalties payable in respect of our oil and natural gas production and changes thereto; changes in government regulation of the oil and natural gas industry, including environmental regulation; fluctuations in foreign exchange or interest rates; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed, including wild fires and flooding; failure to obtain industry partner and other third-party consents and approvals when required; stock market volatility and market valuations; OPEC's ability to control production and balance global supply and demand of crude oil at desired price levels; political uncertainty, including the risks of hostilities, in the petroleum producing regions of the world; the need to obtain required approvals from regulatory authorities from time to time; failure to realize the anticipated benefits of dispositions, acquisitions, joint ventures and partnerships, including the completed dispositions, acquisitions, joint ventures and partnerships discussed herein; changes in tax and other laws that affect us and our securityholders; changes in government royalty frameworks; uncertainty of obtaining required approvals for acquisitions and mergers; the potential failure of counterparties to honour their contractual obligations; and the other factors described in our public filings (including our Annual Information Form) available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

� 
Penn West Petroleum Ltd.
Consolidated Balance Sheets
�  �  �  � 
(CAD millions, unaudited) �  March 31, 2012 December 31, 2011
�  �  �  �  �  � 
Assets �  �  �  �  � 
Current �  �  �  �  � 
�  Accounts receivable �  $ 484 $ 486
�  Other� � � � � � � � � � � � � � � � � � � �  �  �  117 �  104
�  Risk management �  �  74 �  39
�  �  �  675 �  629
Non-current �  �  �  �  � 
� �  Deferred funding assets �  �  528 �  596
� �  Exploration and evaluation assets �  �  515 �  418
� �  Property, plant and equipment �  �  11,935 �  11,893
� �  Goodwill �  �  2,020 �  2,020
� �  Risk management �  �  32 �  28
�  �  �  15,030 �  14,955
Total assets �  $ 15,705 $ 15,584
�  �  �  �  �  � 
Liabilities and Shareholders' Equity �  �  �  �  � 
Current �  �  �  �  � 
�  Accounts payable and accrued liabilities �  $ 1,036 $ 1,117
�  Dividends payable �  �  128 �  127
�  Risk management �  �  169 �  114
�  �  �  1,333 �  1,358
Non-current �  �  �  �  � 
� �  Long-term debt �  �  3,397 �  3,219
� �  Decommissioning liability �  �  576 �  607
� �  Risk management �  �  51 �  46
� �  Deferred tax liability �  �  1,311 �  1,287
�  �  �  6,668 �  6,517
Shareholders' equity �  �  �  �  � 
� �  Shareholders' capital�  �  �  8,884 �  8,840
� �  Other reserves �  �  90 �  95
� �  Retained earnings �  �  63 �  132
� � �  �  �  �  9,037 �  9,067
Total liabilities and shareholders' equity �  $ 15,705 $ 15,584
�  �  �  �  �  � 

Penn West Petroleum Ltd.
Consolidated Statements of Income
� 
�  Three months ended
March 31
(CAD millions, except per share amounts, unaudited) �  2012 2011
�  �  �  �  �  � 
Oil and natural gas sales �  $ 889 $ 856
Royalties �  �  (161) �  (150)
�  �  �  728 �  706
�  �  �  �  �  � 
Risk management loss �  �  �  �  � 
�  Realized �  �  (19) �  (12)
�  Unrealized �  �  (63) �  (176)
�  �  �  646 �  518
�  �  �  �  �  � 
Expenses �  �  �  �  � 
�  Operating �  �  273 �  238
�  Transportation �  �  8 �  8
�  General and administrative �  �  39 �  37
�  Share-based compensation �  �  17 �  78
�  Depletion and depreciation �  �  312 �  247
�  Gain on dispositions �  �  (72) �  (24)
�  Exploration and evaluation �  �  1 �  4
�  Unrealized risk management gain �  �  (42) �  (31)
�  Unrealized foreign exchange gain �  �  (31) �  (38)
�  Financing �  �  47 �  47
�  Accretion �  �  11 �  12
�  �  �  563 �  578
Income (loss) before taxes �  �  83 �  (60)
�  �  �  �  �  � 
�  Deferred tax expense (recovery) �  �  24 �  (351)
�  �  �  �  �  � 
Net and comprehensive income �  $ 59 $ 291
�  �  �  �  �  � 
Net income per share �  �  �  �  � 
�  Basic �  $ 0.12 $ 0.63
�  Diluted �  $ 0.12 $ 0.63
Weighted average shares outstanding (millions) �  �  �  � 
�  Basic �  �  472.6 �  461.8
�  Diluted �  �  472.9 �  468.1
�  �  �  �  �  �  � 

Penn West Petroleum Ltd.
Consolidated Statements of Cash Flows
� 
�  Three months ended
March 31
(CAD millions, unaudited) �  2012 2011
�  �  �  �  �  � 
Operating activities �  �  �  �  � 
�  Net income �  $ 59 $ 291
�  Depletion and depreciation �  �  312 �  247
�  Gain on dispositions �  �  (72) �  (24)
�  Exploration and evaluation �  �  1 �  4
�  Accretion �  �  11 �  12
�  Deferred tax expense (recovery) �  �  24 �  (351)
�  Share-based compensation�  �  �  12 �  70
�  Unrealized risk management loss �  �  21 �  145
�  Unrealized foreign exchange gain �  �  (31) �  (38)
�  Decommissioning expenditures �  �  (24) �  (20)
�  Change in non-cash working capital �  �  (79) �  (96)
�  �  �  234 �  240
Investing activities �  �  �  �  � 
�  Capital expenditures �  �  (660) �  (492)
�  Acquisitions �  �  (9) �  (27)
�  Proceeds from dispositions �  �  331 �  107
�  Change in non-cash working capital �  �  (8) �  (19)
�  �  �  (346) �  (431)
Financing activities �  �  �  �  � 
�  Increase in bank loan �  �  209 �  57
�  Proceeds from issuance of notes �  �  - �  75
�  Issue of equity �  �  3 �  100
�  Dividends paid �  �  (100) �  (34)
�  Settlement of convertible debentures �  �  - �  (7)
�  �  �  112 �  191
�  �  �  �  �  � 
Change in cash �  �  - �  -
Cash, beginning of period �  �  - �  -
Cash, end of period �  $ - $ -
�  �  �  �  �  � 

� 
Penn West Petroleum Ltd.
Statements of Changes in Shareholders' Equity
�  �  � 
(CAD millions, unaudited) �  � 
�  Shareholders'
Capital
Other
Reserves
Retained
Earnings
Total
�  �  �  �  �  �  �  �  �  � 
Balance at January 1, 2012 �  $ 8,840 $ 95 $ � � � � � �  132 $ 9,067
Net and comprehensive income �  �  - �  - �  59 �  59
Share-based compensation �  �  - �  9 �  - �  9
Issued on exercise of options and share rights �  �  17 �  (14) �  - �  3
Issued to dividend reinvestment plan �  �  27 �  - �  - �  27
Dividends declared �  �  - �  - �  (128) �  (128)
Balance at March 31, 2012 �  $ 8,884 $ 90 $ 63 $ 9,037

(CAD millions, unaudited) �  � 
�  Shareholders'
Capital
Other
Reserves
Retained
Earnings
Total
�  �  �  �  �  �  �  �  �  � 
Balance at January 1, 2011 �  $ 9,170 $ - $ (610) $ 8,560
Elimination of deficit �  �  (610) �  - �  610 �  �  -� 
Net and comprehensive income �  �  - �  - �  291 �  291
Implementation of Option Plan and CSRIP �  �  - �  81 �  - �  81
Share-based compensation �  �  - �  12 �  - �  12
Issued on exercise of options and share rights �  �  112 �  (12) �  - �  100
Issued to dividend reinvestment plan �  �  7 �  - �  - �  7
Dividends declared �  �  - �  - �  � � �  (125) �  (125)
Balance at March 31, 2011 �  $ 8,679 $ 81 $ 166 $ 8,926
�  �  �  �  �  �  �  �  �  � 

Investor Information

Penn West shares are listed on the Toronto Stock Exchange under the symbol PWT and on the New York Stock Exchange under the symbol PWE.

A conference call will be held to discuss Penn West's results at 10:00am Mountain Time (12:00pm Eastern Time) on May 4, 2012.

To listen to the conference call, please call 647-427-7450 or 1-888-231-8191 (North America toll-free). This call will be broadcast live on the Internet and may be accessed directly on the Penn West website at www.pennwest.com or at the following URL:

http://event.on24.com/r.htm?e=456788&s=1&k=A3266F6F97922698A78637A9D335BA5B

A digital recording will be available for replay two hours after the call's completion, and will remain available until May 18, 2012 21:59 Mountain Time (23:59 Eastern Time). To listen to the replay, please dial 416-849-0833 or 1-855-859-2056 (North America toll-free) and enter Conference ID 76710433, followed by the pound (#) key.

� 

� 

� 

� 

For further information:

PENN WEST EXPLORATION
Penn West Plaza
Suite 200, 207 - 9th Avenue SW
Calgary, Alberta�  T2P 1K3

Phone: 403-777-2500
Fax: 403-777-2699
Toll Free: 1-866-693-2707
Website:� www.pennwest.com

Investor Relations:
Toll Free: 1-888-770-2633
E-mail:� investor_relations@pennwest.com

Murray Nunns, President & Chief Executive Officer
Phone:�  403-218-8939
E-mail:� murray.nunns@pennwest.com

Jason Fleury, Senior Manager, Investor Relations
Phone:�  403-539-6343
E-mail:� jason.fleury@pennwest.com

 

To unsubscribe or change your settings click here:

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Penn West Energy Trust

CODE : PWE
ISIN : CA7078871059
Suivi et investissement
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Penn West Energy Trust est une société de production minière et de pétrole basée au Canada.

Penn West Energy Trust détient divers projets d'exploration au Canada.

Son principal projet en exploration est SWAN HILLS au Canada.

Penn West Energy Trust est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 80,7 millions US$ (73,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 29 mai 2009 à 9,98 US$, et son plus bas niveau récent le 01 avril 2020 à 0,15 US$.

Penn West Energy Trust possède 504 340 988 actions en circulation.

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Financements de Penn West Energy Trust
01/12/2011confirms closing of its private placement of notes and provi...
16/07/2008announces the pricing of a proposed private placement of Not...
30/05/2008Confirms the Closing Of Its Private Placement of Notes
01/06/2007confirms the closing of the private placement of notes
Nominations de Penn West Energy Trust
05/06/2013announces appointment of new President and Chief Executive O...
Rapports Financiers de Penn West Energy Trust
16/05/2016Announces its Financial and Operational Results for the Firs...
05/11/2015Announces its Financial and Operational Results for the Thir...
30/07/2015Announces Its Financial And Operational Results For The Seco...
21/01/2014Provides Fourth Quarter, 2013 Operational Update and Announc...
06/11/2013Announces its Financial Results for the Third Quarter Ended ...
05/11/2009Announces Its Results for the Third Quarter Ended September ...
12/08/2009Results for the Second Quarter Ended June 30, 2009
19/02/2009announces its results for the fourth quarter ended December ...
29/01/2009announces an executive appointment and provides a fourth qua...
08/08/2008announces its results for the second quarter ended June 30, ...
13/05/2008Files its 2008 First Quarter Financial Statements
07/05/2008Announces its results for the first quarter ended March 31, ...
22/02/2008announces fourth quarter and year end results
07/05/2007announces first quarter results
Projets de Penn West Energy Trust
18/04/2016Announces the Closing of the Sale of Slave Point and Non-cor...
01/10/20156:32 am Penn West Energy agrees to sell its non-operated 9.5...
03/09/2013Exploration to Participate in Upcoming Conferences
23/08/2013Exploration Announces Employee Reductions
24/06/2013Exploration Issues Statement Regarding Produced Water Releas...
06/06/2013Exploration Announces Voting Results from the 2013 Annual an...
06/05/2013Exploration announces the appointments of Mr. Rick George as...
14/03/2013Exploration Confirms Filing of its 2012 Year End Disclosure ...
10/01/2013Exploration announces its 2013 capital budget
17/10/2012s Asset Dispositions and Results of Contingent Resources Stu...
15/06/2012Exploration Announces Renewal of Its Bank Facility
16/03/2012Exploration Confirms Filing of its 2011 Year End Documents
Communiqués de Presse de Penn West Energy Trust
27/07/2016Penn West Announces Conference Call Details to Discuss its R...
04/07/2016Regains Compliance with the New York Stock Exchange's Contin...
04/07/2016Penn West Regains Compliance with the New York Stock Exchang...
24/06/2016Penn West Announces the Closing of the Sale of Its Saskatche...
23/06/2016Penn West Announces Voting Results From the 2016 Annual and ...
21/06/2016Penn West Announces Competition Act Clearance to Complete Sa...
16/06/2016Penn West Announces Annual and Special Meeting of Shareholde...
10/06/2016Penn West Announces $1.1 Billion In Asset Sales, Including T...
16/05/2016Penn West Announces its Financial and Operational Results fo...
16/05/2016Penn West reports 1Q loss
03/05/2016Penn West Announces Conference Call Details To Discuss Its R...
18/04/2016Penn West Announces the Closing of the Sale of Slave Point a...
21/03/2016Penn West Announces the Sale of Slave Point and Non-core Ass...
10/03/2016Penn West reports 4Q loss
28/01/2016Penn West Announces Operational Update, 2016 Capital Budget ...
05/01/2016Penn West Receives Continued Listing Standard Notification F...
05/01/20166:32 am Penn West Energy receives non-compliance notice from...
23/12/2015Where Opportunity is Found - Research Reports on Xueda Educa...
28/11/2015Investors Are Losing Confidence In Black Box Corporation (BB...
25/11/2015Is Credit Suisse High Yield Bond Fund (ETF) (DHY) A Good Sto...
05/11/2015Penn West reports 3Q loss
05/11/2015Penn West says asset sales will help maintain debt covenant
05/11/20156:43 am Penn West Energy beats by $0.26, beats on revs
05/11/2015Penn West Announces its Financial and Operational Results fo...
01/10/2015Penn West Announces The Sale Of Its Non-Operated 9.5% Workin...
15/09/2015Penn West announces sale of Mitsue properties for $192.5 mil...
10/09/2015SolarEdge Technologies, Compania de Minas Buenaventura, Cres...
09/09/2015Caught by Oil's Steep Fall, Canadian Producers Cut Dividend
08/09/2015Penn West Receives Continued Listing Standard Notification F...
01/09/2015Penn West, ConocoPhillips cut combined 900 jobs in Canada
01/09/2015Penn West Petroleum lowers capex, suspends dividend, to cut ...
01/09/2015Penn West Announces Further Actions In Response To Current C...
30/07/2015Penn West Announces 2015 Third Quarter Dividend
30/07/2015Penn West Announces Its Financial And Operational Results Fo...
30/07/2015Penn West reports 2Q loss
23/07/2015Penn West Announces Conference Call Details To Discuss Its R...
22/04/2015Penn West Announces Conference Call Details To Discuss Its R...
15/04/2015Canada Stocks to Watch: Penn West, Freehold, Ballard and mor...
14/04/2015Canada's Penn West to sell land, royalties to Freehold for C...
14/04/2015Penn West Announces $321 Million Sale of Royalties
02/04/2015NYSE stocks posting largest percentage increases
17/03/2015Baupost Group Added Stake in Bellatrix Exploration
15/03/2015Penn West Announces its Financial and Operational Results fo...
12/03/2015Penn West Confirms Filing of its 2014 Year End Disclosure Do...
12/03/2015Penn West Announces 2015 First Quarter Dividend
12/03/2015Penn West Announces its Financial and Operational Results fo...
10/03/2015Penn West Announces Conference Call Details to Discuss its R...
19/01/2015Penn West to present at CIBC Whistler Institutional Investor...
17/12/2014Penn West Announces A Reduction in its 2015 Capital Budget a...
01/12/2014Penn West Announces the Closing of the $355 Million Non-Core...
17/11/2014Penn West Announces Details of its 2015 Capital Budget and L...
10/11/2014Penn West Announces Conference Call Details to Discuss its 2...
05/11/2014Penn West Announces 2014 Fourth Quarter Dividend
05/11/2014Penn West Announces its Financial Results for the Third Quar...
29/10/2014Penn West Announces Appointment of Mr. Raymond D. Crossley t...
28/10/2014Penn West Announces Conference Call Details to Discuss its R...
23/10/2014Penn West Announces $355 Million Non-Core Asset Disposition
30/07/2014Twitter and DreamWorks are big market movers
24/04/2014Penn West Announces Conference Call Details to Discuss its R...
20/12/2013Announces the Closing of $486 million of Non-Core Asset Dive...
06/11/2013Announces 2013 Fourth Quarter Dividend
06/11/2013Announces the Results of its Board Strategic Review Process,...
08/08/2013Exploration Announces its Financial Results for the Second Q...
08/08/2013Exploration Announces 2013 Third Quarter Dividend
08/08/2013Exploration Announces Results of Contingent Resources Studie...
05/07/2013Exploration announces the resignation of Mr. Allan Markin
02/05/2013Exploration announces its financial results for the first qu...
02/05/2013Exploration Announces 2013 Second Quarter Dividend
14/02/2013Exploration Announces 2013 First Quarter Dividend
14/02/2013Exploration Announces its Financial Results for the Fourth Q...
06/11/2012Announces Changes in Senior Management
02/11/2012Exploration Announces Its Financial Results for the Third Qu...
19/10/2012Provides 2012 Investor Day Webcast Playback
10/08/2012Exploration Announces its Financial Results for the Second Q...
04/05/2012Exploration announces its financial results for the first qu...
16/02/2012Exploration Announces its Financial Results for the Fourth Q...
30/01/2012North American Oil and Gas Boom Benefits Linn Energy and Pen...
26/05/2011Exploration ("Penn West") Provides Update on Wildfires in No...
30/04/2010 Announces The Renewal of Its Bank Facility
19/02/2010Confirms February Cash Distribution
21/12/2009Confirms December Cash Distribution
20/11/2009 Confirms November Cash Distribution
18/09/2009 Confirms September Cash Distribution
21/05/2009Confirms May Cash Distribution
10/03/2009enters into an arrangement agreement to acquire Reece Energy...
19/02/2009confirms February cash distribution
12/02/2009provides 2008 income tax information to Penn West unitholder...
15/01/2009announces 2009 capital program guidance and January cash dis...
17/12/2008confirms December cash distribution, provides spending guida...
18/11/2008confirms its November cash distribution
19/09/2008confirms its September cash distribution
27/08/2008announces disposition offering of non-core properties
20/08/2008confirms its August cash distribution and announces receipt ...
22/07/2008and Endev Energy Inc. Announce the Completion of Previously ...
19/06/2008Files Prospectus Supplement
26/05/2008Announces Proposed Clarifying Amendments to Long Term Incent...
21/05/2008enters into an Arrangement Agreement to acquire Endev Energy...
21/05/2008Confirms its May Cash Distribution
01/05/2008Penn West Energy Trust
18/04/2008 Confirms its April Cash Distribution
28/03/2008 Files 2007 Year End Disclosure Documents
20/03/2008Confirms its March Cash Distribution
06/03/2008 Announces Closing of Offer to Purchase 7.2 Percent and 8.0 ...
26/02/2008provides 2007 income tax information for former Vault unitho...
22/02/2008Confirms its February cash distribution and updates on hedgi...
08/02/2008Announces Changes to its Senior Management Team
01/02/2008provides 2007 income tax information for former Canetic unit...
29/01/2008Announces Offers to Purchase 7.2 percent and 8.0 percent Con...
22/01/2008Confirms its January Cash Distribution
10/01/2008Announce the Closing of Penn West's Acquisition of Vau
10/01/2008 Announce Vault Unitholder and Court Approval of Acquis
31/10/2007 and Canetic to merge and create Canada's flagship energy tr...
22/10/2007 confirms its October cash distribution and updates on hedgi...
19/09/2007provides an update on the acquisition of C1 Energy Ltd. and ...
07/09/2007announces further extension of offer for shares of C1 Energy...
21/08/2007Trust announces August cash distribution
10/08/2007Announces the extension of the Distribution Reinvestment Pla...
23/07/2007Announces Acquisition of 79.6% of C1 Energy Ltd. Common Shar...
18/07/2007announces July cash distribution
21/06/2007Announces June Cash Distribution
09/06/2007resumes partial production at its Wildboy property
01/06/2007and C1 Energy Ltd. announce a take-over bid for C1 Energy Lt...
23/05/2007announces May cash distribution
15/05/2007Responds to a Fire at its Northern British Columbia Gas Plan...
20/04/2007announces April cash distribution and 2008 crude oil hedges
19/03/2007announces March cash distribution
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