Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg News

Penn West Shares Fall on Earnings Miss

November 02, 2012

Penn West Petroleum Ltd. (PWT), the oil and natural gas producer that agreed to sell C$1.3 billion ($1.31 billion) in assets last month, fell to the lowest in three years after a wider-than-expected third-quarter loss.

Penn West dropped 7.2 percent to C$12.09 at the close in Toronto. The Calgary-based company is down 40 percent this year.

The company reported a loss of C$67 million, or 14 cents a share, versus a gain of C$138 million, or 29 cents, a year earlier. The loss was 7 cents larger than the average of four analysts’ estimates compiled by Bloomberg.

Penn West’s production of the equivalent of 160,339 barrels of oil a day in the quarter was below the “conservative forecast” of 162,500 barrels by Allan Stepa, a Calgary-based analyst at Desjardins Securities Inc. The sale of assets producing about 12,000 barrels a day helped “clean up the balance sheet,” he said in a note today.

The company announced a plan to boost 2012 spending by C$100 million to lift its output, though “given its historical track record of over-promising and under-delivering with respect to growth targets, we believe investors will continue to take a wait-and-see approach,” Stepa said.

To contact the reporter on this story: Rebecca Penty in Calgary at

To contact the editor responsible for this story: Susan Warren at

blog comments powered by Disqus