Penn West Energy Trust (PWE, PWT_U.TO) announced third quarter net income of C$7 million or C$0.02 per unit, compared to C$1,062 million or C$2.73 per unit in the prior year quarter.
Funds flow of C$349 million in the third quarter of 2009 was 47% lower than the C$662 million realized in the third quarter of 2008.
On a per-unit-basis, funds flow for the quarter was C$0.83 per unit, compared to C$1.71 per unit in the prior year quarter.
Gross revenues for the quarter declined to C$800 million from C$1.24 billion a year ago.
Looking ahead, the company now expects 2009 development capital expenditures to be in the range of about C$650 million to C$700 million. Earlier, the company expected 2009 development capital expenditures between C$600 million and C$825 million with the expectation that spending would be closer to the lower end of the range.
For 2010, the outlook for crude oil prices looks to be positive; however the outlook for natural gas prices is mixed. The company developed a preliminary 2010 capital budget of about $800 million to $900 million, excluding acquisition and disposition activities. Based on this level of capital spending, production is estimated to be about 170,000 to 180,000 boe per day, prior to acquisitions and dispositions, for 2010.
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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.