Penn West Energy loses $41M in Q2

Penn West Energy Trust reported a second-quarter loss of $41 million Wednesday as higher oil prices were partly offset by weak natural gas prices.

Penn West, based in Calgary, said revenue dropped 40 per cent to $791 million from $1.3 billion a year earlier.

The trust said oil prices averaged $59.62 US during the quarter, up from the first-quarter average of $43.21 but far below the year-earlier level of $124.

Quarterly production was 180,601 barrels of oil equivalent a day, exceeding second-quarter estimates of 177,000 barrels.

The board of directors decided monthly cash distributions would remain at 15 cents per unit for the period August through November 2009, subject to maintenance of current forecasts of commodity prices, production levels and planned capital expenditures.

Units of Penn West closed up 26 cents to $14.46 on the Toronto Stock Exchange.