May 4 Canadian oil and gas producer Penn West
Petroleum Ltd reported a quarterly profit,
compared to year-ago loss, helped by an uptick in crude prices
and gains from asset sales.
The company reported a net profit of C$27 million ($19.69
million), or 5 Canadian cents per share, in the first quarter
ended March 31, compared with a loss of C$100 million, or 20
Canadian cents per share, a year earlier.
Total production fell 54.7 percent to 34,900 barrels of oil
equivalent per day, primarily due to asset sales.
The Calgary-based company said gross revenue fell to C$132
million from C$231 million.
($1 = 1.3712 Canadian dollars)
(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak