* Q1 production fell 54.7 pct to 34,900 boepd
* Qtrly adj loss of C$0.01/shr vs est of C$0.03/shr
* Oper costs rose 11.2 pct to C$14.48/boe in the qtr
(Adds details, estimates)
May 4 Canadian oil and gas producer Penn West
Petroleum Ltd reported a smaller-than-expected
quarterly loss, as crude prices ticked up after a more than
Oil prices began to rise late last year and have now
stabilized at above $50 per barrel, as an OPEC-led production
cut and rebounding demand slowly erode a global glut.
The company said average sales price of heavy oil more than
doubled in the first quarter, while light oil and natural gas
liquids prices rose 65.3 percent.
However, operating costs rose 11.2 percent to C$14.48 per
barrel of oil equivalent (boe) in the three months ended March
31, partly due to the timing and costs related to assets sold or
held for sale.
Quarterly total production fell 54.7 percent to 34,900
barrels of oil equivalent per day (boepd), primarily due to
Penn West had said in June it would sell its Saskatchewan
assets for $975 million to Teine Energy Ltd.
The company — which in 2013 was a 133,000 boepd producer —
operates primarily in the Cardium, Viking and Peace River areas
of Alberta after shrinking its portfolio dramatically to help
survive the downturn.
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.
In the latest quarter, the company recorded a C$32 million
gain from the sale of assets.
Excluding items, the company lost 1 Canadian cent per share,
according to Thomson Reuters I/B/E/S. Analysts on average had
expected a loss of 3 Canadian cents per share.
($1 = 1.3712 Canadian dollars)
(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak