Thursday, Provident Energy Trust (PVE-UN.TO,PVX) said its loss for the second quarter narrowed, primarily due to a significant decrease in unrealized loss on financial derivative instruments and lower interest expense.
Provident Energy's net loss for the second quarter narrowed to C$80.06 million or C$0.31 per unit from a net loss of C$184.08 million or C$0.72 per unit in the year-ago period. Net loss from continuing operations was C$80.06 million or C$0.31 per unit, compared with a net loss from continuing operations of C$261.29 million or C$1.03 per unit a year-ago.
The narrower net loss was primarily due to a C$319.0 million decrease in the unrealized loss on financial derivative instruments and lower interest expense.
Funds flow from continuing operations declined to C$48.51 million or C$0.19 per unit, compared with C$165.47 million or C$0.65 per unit in the same quarter year-ago. The company's net revenue for the second quarter was C$305.92 million, compared with C$420.22 million for the same quarter in the year-ago period.
Segment-wise, Upstream revenues were C$78.88 million, compared with C$164.44 million in the year-ago period. Midstream revenues for the quarter were C$314.53 million, compared with C$662.31 million year-ago.
The company's daily upstream production of crude oil from continuing operations fell by 20% to 10,035 barrels, or BPD, per day from the prior year period. The production of natural gas liquids fell 6% to 1,105 BPD, while the production of natural gas declined by 12% to 75,735 million cubic feet, or MCF, per day from the previous year.
Net loss for the six months was C$120.34 million or C$0.46 per unit, compared with a net loss of C$150.46 million or C$0.59 per unit in the year-ago period. Year-to-date net loss from continuing operations was C$120.34 million or C$0.46 per unit, compared with a net loss of C$236.18 million or C$0.93 per unit in the year-ago period.
Year-to-date revenue was C$776.69 million, compared with C$1.12 billion in the prior year period.
The company also announced a cash distribution of C$0.06 per unit payable on September 15, 2009 to unitholders of record as of August 24, 2009. For unitholders receiving their cash distribution in U.S. funds, the August 2009 cash distribution will be about US$0.06 per unit based on an exchange rate of 0.9195. PVX is currently trading on the New York Stock Exchange at $5.18. PVE-UN is currently trading on the Toronto Stock Exchange at $5.64.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.