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Marketwire
Nov 20
Comment
CALGARY, ALBERTA -- (Marketwire) -- 11/20/09 -- Penn West Energy Trust ("Penn West") (TSX: PWT.UN) (NYSE: PWE)confirms that its November 2009 cash distribution will be CDN$0.15 per trust unit payable on December 15, 2009 to unitholders of record on
Upstream Online
Nov 5
Comment
Canada’s Penn West Energy Trust profit dropped 99% in the third quarter from a
year-before quarter in which earnings had been boosted by one-time gains.
Canadian Business
Nov 5
Comment
CALGARY - Penn West Energy Trust (TSX:PWT.UN) said Thursday it will continue to pump money into its oil projects even though its profits have
Marketwire
Nov 5
Comment
CALGARY, ALBERTA -- (Marketwire) -- 11/05/09 -- PENN WEST ENERGY TRUST (TSX: PWT.UN) (NYSE: PWE) is pleased to announce its results for the third quarter ended September 30, 2009 Corporate Strategy - Penn West continued to focus on positioning the
Canadian Business
Oct 22
Comment
CALGARY - Penn West Energy Trust (TSX:PWT.UN) sees horizontal drilling technology as a game changer in western Canada's conventional oil
Marketwire
Oct 20
Comment
CALGARY, ALBERTA -- (Marketwire) -- 10/20/09 -- Penn West Energy Trust ("Penn West") (TSX: PWT.UN) (NYSE: PWE) is one of 15 companies in Canada to be recognized as a 2009 Climate Disclosure Leader as part of the global Carbon Disclosure Project
Marketwire
Oct 14
Comment
CALGARY, ALBERTA -- (Marketwire) -- 10/14/09 -- Penn West Energy Trust (TSX: PWT.UN) (NYSE: PWE) will hold an Investor Day on Wednesday, October 21, 2009 in Calgary, Alberta. Penn West senior management will provide an update on our development plans
Marketwire
Sep 18
Comment
CALGARY, ALBERTA -- (Marketwire) -- 09/18/09 -- Penn West Energy Trust ("Penn West") (TSX: PWT.UN) (NYSE: PWE) confirms that its September 2009 cash distribution will be CDN$0.15 per trust unit payable on October 15, 2009 to unitholders of record on
Cloud Computing
Sep 15
Comment
Petrotranz Inc., announced today that Penn West Energy Trust (Penn West), North America's Largest Conventional Oil and Natural Gas Producing Income Trust, has signed an agreement to use its Software-as-a-Service (SaaS) based Crude Oil...
newratings.com
Aug 24
Comment
NEW YORK, August 21 (newratings.com) - Analysts at Credit Suisse initiate coverage of Penn West Energy (ticker: PWE) with a "neutral" rating. [more]
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more ▼WIKI ANALYSIS
WIKI ANALYSISTOP CONTRIBUTORS
PWE AT A GLANCE
Penn West Energy Trust is a Canadian Royalty trust specializing in oil and gas production. Canadian trusts are specialized business structures that are mandated to emphasize production and realizing capital (i.e. making money and paying unit holders) rather than a normal corporation’s business cycle. Trusts are able to pass most of earnings to unit holders with favorable tax treatment. Penn West have several oil and natural gas fields in western Canada, with a mix that is about 60-70% oil. They mainly focus on producing their reserves (as opposed to exploration), sometimes focusing on enhanced oil recovery techniques (EOR).
Business Financials
Penn West Energy (PWE) recently released Q3 2008 earnings.
Highlights (all figures in Canadian dollars unless otherwise noted):
- Due to the acquisitions, y/y comparisons may be misleading so I will be focusing on changes from Q2 2008. Keep in mind prices hit records in the beginning of Q3 (US$145) and now sit under US$60:
- Operating cash flow (OCF) came in at $1.58 per share (+21% y/y but -11% from Q2) while free cash flow (FCF) weighed in at $0.97 per share (+67% y/y, -17% from Q2). For those who prefer funds flow, FFO per share was $1.70, +19% y/y and -15% from Q2. Similar to last quarter, capex came in a little light at 59% of depreciation & amortization. The company stated that 20% of capital spending focused on areas with potential for organic growth but produce no immediate results.
- Other than the hedges falling out, the company’s balance sheet held steady. Management mentioned that the credit crisis may curtail access to capital markets but they have $1.5B available from a credit facility. The average term of their debt is 9 years so the financial fall-out shouldn’t hit them too hard.
- As expected, much of the hedging losses from last quarter reversed into big gains in Q3. Net prices realized came in at $71.54 per BOE, down 5.4% from Q2. Netback margins keep sliding, down to 52.1% for Q3 from 54.6% in Q2 and 61.8% Q3 2007. I’ll be interested to see what these look like after the big drop in prices and as capacity gets reduced, which should alleviate labor cost pressure.
- In keeping with recent patterns, production, at 191k BOE/day, fell short of projections of 195k - 205k BOE/day, ostensibly due to unplanned maintenance activities.
References
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