Penn West Petroleum Posts Narrower Net Loss In Q4

(RTTNews) - Penn West Petroleum Ltd. (PWE, PWT.TO) Thursday announced a fourth quarter net loss of C$1.606 billion, narrower than loss of C$1.772 billion last year. On a per share loss narrowed to C$3.20 from C$3.57 a year ago.

Funds flow from operations was C$36 million, down from C$142 million a year ago.

Revenue for the quarter plunged to C$273 million from C$473 million in the previous year.

The company also announced the appointment of Maureen Cormier Jackson as a director.

Penn West has reaffirmed its 2016 annual average production range of 60,000 to 64,000 boe/d.