Financial and Operating Highlights
Penn West Energy Trust is a Canadian senior independent oil and natural gas income trust whose more than 1,800 head office and field employees are committed to maximizing unitholder value over the long term. Penn West’s track record of success has been achieved through a balance of successful drilling on internally generated prospects and cost-effective acquisitions. On May 31, 2005, Penn West Petroleum Ltd. converted all its assets and liabilities into an income trust. Shareholders of Penn West Petroleum Ltd. received three units of Penn West Energy Trust for each common share held. Penn West paid its first distribution on July 15, 2005.
Highlights
- Funds flow of $632 million, net income of $78 million and production of 192,291 boe per day in the first quarter of 2008.
- The acquisitions of Canetic Resources Trust and Vault Energy Trust closed in early January 2008.
- Penn West’s Board of Directors resolved to keep our distribution level at $0.34 per unit, per month for the months of May June and July based on current forecasts of commodity prices, production levels and planned capital expenditures.
Click here for full 2008 First Quarter Report
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Financial (millions, except per unit amounts) |
Three months ended March 31
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2008 |
2007 |
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| Gross Revenues (1) | $ 1,136 |
$ 582 |
| Funds flow |
632 |
311 |
| Basic per unit |
1.76 |
1.31 |
| Diluted per unit |
1.75 |
1.30 |
| Net income |
78 |
96 |
| Basic per unit |
0.22 |
0.41 |
| Diluted per unit |
0.22 |
0.40 |
| Total expenditures, net |
278 |
216 |
| Long-term debt at period-end (2) |
3,639 |
1,402 |
| Distributions paid (3) | $ 337 |
$ 424 |
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| Operations | ||
Daily production |
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Natural gas (mmcf/d) |
500 |
340 |
Light oil and NGL (bbls/d) |
81,678 |
49,106 |
Heavy oil (bbls/d) |
27,338 |
22,610 |
Total production (boe/d) |
192,291 |
128,447 |
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Average sales price |
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Natural gas ($/mcf) |
$ 7.98 |
$ 7.59 |
Light oil and NGL ($/bbl) |
88.77 |
59.49 |
Heavy oil ($/bbl) |
66.64 |
41.03 |
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Netback per boe |
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Sales price |
$ 68.35 |
$ 50.08 |
Risk management |
(3.41) |
0.29 |
Net sales price |
64.94 |
50.37 |
Royalties |
12.25 |
9.63 |
Operating expenses |
11.64 |
10.70 |
Transportation |
0.48 |
0.53 |
Netback |
$ 40.57 |
$ 29.51 |
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Barrels of oil equivalent (boe) are based on six mcf of natural gas equalling one barrel of oil (6:1). This could be misleading if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and may not represent a value equivalency at the wellhead.
(1) Gross revenues include realized gains and losses on commodity contracts.
(2) Excluding convertible debentures assumed on the Canetic and Vault acquistions.
(3) Includes distributions paid prior to those reinvested in trust units under the distribution reinvestment plan.
