CALGARY, May 6 /PRNewswire-FirstCall/ -- PENN WEST ENERGY TRUST
(TSX - PWT.UN; NYSE - PWE) is pleased to announce its results for
the first quarter ended March 31, 2009
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Operations - First quarter production averaged 180,100(1) boe per
day and was weighted 59 percent to oil and natural gas liquids.
This production level was ahead of our guidance of 180,000 boe per
day before dispositions or approximately 176,700 boe per day after
dispositions. Penn West closed the sale of assets producing
approximately 4,900 boe per day in the quarter (3,300 boe per day
average over the quarter) and entered the second quarter ahead of
our targets at approximately 182,000 boe per day weighted 58
percent to oil and natural gas liquids. - Crude oil and NGL
production averaged 105,643 barrels per day and natural gas
production averaged approximately 447 mmcf per day in the first
quarter of 2009. - Development capital expenditures were $181
million in the first quarter of 2009 before $140 million of net
asset dispositions, resulting in capital expenditures of $41
million. In the quarter, we drilled a total of 21 net wells with a
success rate of 95 percent. Financial Results - Funds flow(2) of
$348 million in the first quarter of 2009 was 45 percent lower than
the $632 million realized in the first quarter of 2008. On a
per-unit-basis(2) basic funds flow was $0.87 per unit in the first
quarter of 2009 compared to $1.76 per unit in the first quarter of
2008. - Net loss of $98 million ($0.25 per unit-basic) in the first
quarter of 2009 compared to net income of $78 million ($0.22 per
unit-basic) in the first quarter of 2008. - The netback(2) of
$25.66 per boe in the first quarter of 2009 was 37 percent lower
than the first quarter of 2008. - Net debt(2) reduction, including
the effects of working capital is approximately $259 million(3) in
the first quarter of 2009. Business Environment - WTI averaged
US$43.21 per barrel in the first quarter of 2009 compared to
US$97.95 per barrel for the same period in 2008 and US $58.76 in
the fourth quarter of 2008. The decline in the benchmark WTI price
was a result of higher inventory levels and lower demand. The
effect of the lower benchmark prices was partially offset in the
quarter by narrower quality offsets for Canadian heavy and sour
crudes and a weakening in the Canadian dollar to US dollar exchange
rate. - The AECO Monthly Index averaged $5.34 per GJ in the first
quarter of 2009 compared to $6.75 per GJ for the same period in
2008 and $6.43 per GJ in the fourth quarter of 2008. The decline in
natural gas prices was the result of the economic slowdown and high
storage levels of natural gas compared to historical levels. (1)
Please refer to the "Oil and Gas Information Advisory" section
below for information regarding the term "boe". (2) The terms
"funds flow", "funds flow per unit-basic", "netback" and "net debt"
are non-GAAP measures. Please refer to the "Calculation of Funds
Flow" and "Non-GAAP Measures Advisory" sections below. (3) Consists
of $100 million long-term debt reduction and an increase of
non-cash operating and investing working capital of $51 million and
$108 million, respectively, per the Consolidated Statement of Cash
Flows. Financing - Penn West continued to be active in its debt
management and hedging programs throughout the first quarter of
2009. We believe these activities will enable us to remain
flexible, in this period of low commodity prices and economic
uncertainty, to pursue accretive and strategic acquisition
opportunities. - In February 2009, Penn West closed the issuance of
17,731,000 trust units on a bought-deal basis with a syndicate of
underwriters at $14.10 per trust unit. The total gross proceeds
raised of approximately $250 million ($238 million net) were used
to reduce bank debt. - During the first quarter of 2009, Penn West
closed the net sale of properties for proceeds of approximately
$140 million. The proceeds from these transactions were used to
reduce bank debt. - In March 2009, Penn West restructured its
natural gas collars by reducing the floor price on its April 2009
to October 2009 natural gas collars to $6.50 per GJ and entered
into new collars for the latter part of 2009 and through to October
2010 on 63,000 GJ per day with an average floor price of $6.50 per
GJ and an average ceiling price of $9.50 per GJ. In addition, Penn
West entered into WTI costless collars of 15,000 barrels per day
for 2010 with an average floor price of US$51.93 per barrel and an
average ceiling price of US $68.30 per barrel. - In May 2009, Penn
West closed the private placement of senior unsecured notes (the
"2009 Notes") with an aggregate principal amount of approximately
$250 million. The 2009 Notes have terms of five years to 10 years
and bear an average fixed interest rate of approximately 8.9
percent. The proceeds of the issue were used to reduce bank debt.
Distributions - Penn West's Board of Directors resolved to maintain
the Trust's distribution level at $0.15 per unit per month, for the
May 2009 distribution paid in June subject to maintenance of
current forecasts of commodity prices, production levels and
planned capital expenditures. Reece Acquisition - On April 30,
2009, Penn West announced the closing of the acquisition of Reece
Energy Exploration Corp. ("Reece"). The total acquisition cost was
approximately $101 million of which approximately $40 million was
the assumption of Reece's debt and working capital. We have reduced
our planned 2009 development spending by the amount of debt
assumed. The acquisition added approximately 1,900 barrels of oil
equivalent per day to our production base and 75,000 acres of
undeveloped land, the majority of which is located in our Dodsland
oil resource play. Regulatory - In March 2009, the Government of
Alberta announced further changes to the New Alberta Royalty
Framework (the "NRF") and introduced the Energy Incentive Program
(the "EIP"). There are three parts to the EIP which became
effective on April 1, 2009. The first is the new well incentive
program which offers a maximum five percent royalty rate for one
year on all new wells that begin producing conventional oil or
natural gas between April 1, 2009 and March 31, 2010. The second is
the drilling royalty credit which provides a $200 per metre
drilling royalty credit on all conventional oil and natural gas
wells drilled. These credits are based on a sliding scale and
maximums available will be based on our 2008 production levels and
the results of wells drilled between April 1, 2009 and March 31,
2010. The third part of the EIP is the province's plan to invest in
abandonment and reclamation activities of older oil and gas well
sites. Penn West expects the EIP will reduce the amount of its
royalties by approximately $35 million in 2009. HIGHLIGHTS Three
months ended March 31 ---------------------------------- 2009 2008
% change
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Financial (millions, except per unit amounts) Gross revenues(1) $
781 $ 1,136 (31) Funds flow 348 632 (45) Basic per unit 0.87 1.76
(51) Diluted per unit 0.87 1.75 (50) Net income (loss) (98) 78
(100) Basic per unit (0.25) 0.22 (100) Diluted per unit (0.25) 0.22
(100) Capital expenditures, net(2) 41 278 (85) Long-term debt at
period-end 3,797 3,639 4 Convertible debentures 289 336 (14)
Distributions paid(3) $ 314 $ 337 (7) Payout ratio(4) 90% 53% 37
Operations Daily production Light oil and NGL (bbls/d) 79,315
81,678 (3) Heavy oil (bbls/d) 26,328 27,338 (4) Natural gas
(mmcf/d) 447 500 (11)
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Total production (boe/d) 180,096 192,291 (6)
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Average sales price Light oil and NGL (per bbl) $ 44.50 $ 88.77
(50) Heavy oil (per bbl) 36.92 66.64 (45) Natural gas (per mcf)
5.37 7.98 (33) Netback per boe Sales price $ 38.30 $ 68.35 (44)
Risk management gain (loss) 9.63 (3.41) 100
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Net sales price 47.93 64.94 (26) Royalties (6.80) (12.25) (45)
Operating expenses (14.93) (11.64) 28 Transportation (0.54) (0.48)
13
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Netback $ 25.66 $ 40.57 (37)
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(1) Gross revenues include realized gains and losses on commodity
contracts. (2) Excludes business combinations and includes net
proceeds on property acquisitions/dispositions. (3) Includes
distributions paid prior to those reinvested in trust units under
the distribution reinvestment plan. (4) Payout ratio is calculated
as distributions paid divided by funds flow. Penn West subsequently
reduced its distribution level to reduce its payout ratio
consistent with the decline in commodity prices. DRILLING PROGRAM
Three months ended March 31
---------------------------------------------- 2009 2008
---------------------------------------------- Gross Net Gross Net
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Oil 22 14 78 46 Natural gas 17 5 81 42 Dry 1 1 4 4
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40 20 163 92 Stratigraphic and service 2 1 23 23
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Total 42 21 186 115
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Success rate(1) 95% 96%
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(1) Success rate is calculated excluding stratigraphic and service
wells. In response to issues in financial markets and the decline
in commodity prices, Penn West reduced its first quarter 2009
development programs compared to 2008 and successfully focused its
efforts on less capital intensive production restoration and
optimization activities to maintain its production. UNDEVELOPED
LANDS As at March 31 ---------------------------------- 2009 2008 %
change
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Gross acres (000s) 3,569 4,804 (26) Net acres (000s) 2,868 3,927
(27) Average working interest 80% 82% (2)
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CORE AREA ACTIVITY Undeveloped land Net wells drilled for the as at
March 31, 2009 Core Area period ended March 31, 2009 (thousands of
net acres)
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Central 5 437 Eastern 1 355 Northern 1 767 North West Alberta 1 520
Southern 13 789
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21 2,868
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TRUST UNIT DATA Three months ended March 31
---------------------------------- (millions of units) 2009 2008 %
change
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Weighted average Basic 399.4 359.5 11 Diluted 399.4 361.2 11
Outstanding as at March 31 408.3 374.9 9
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In February 2009, Penn West issued approximately 17.7 million trust
units on a bought deal basis with a syndicate of underwriters. On
April 30, 2009, Penn West issued an additional 4.7 million trust
units on the closing of the Reece acquisition. Letter to our
Unitholders
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Now more than ever Penn West is focusing on the fundamental
building blocks of our business. During the first quarter of 2009,
Penn West concentrated on base operations, costs associated with
adding new volumes, and broad financial/business strategies. Global
market recalibration persisted through the quarter with weak
commodity prices and lingering tightness in the credit markets.
Production Penn West exited the first quarter with daily production
averaging approximately 182,300 boe per day, which is ahead of our
forecast. This figure is net of dispositions in the quarter of
approximately 4,900 boe per day. Guidance for the first six months
of 2009 remains unchanged at 180,000 boe per day, before the impact
of asset dispositions. Throughout the first quarter of 2009, we
focused on reducing cost structures both internally as well as
through external service companies, while adding production volumes
through optimization. While operating costs trended higher in the
first quarter, we anticipate these costs to moderate in future
quarters. Operating costs were $14.93 per boe in the first quarter,
abnormally high due to increased spending on repair and maintenance
projects aimed at restoring production volumes lost in the previous
quarter as a result of extremely cold and challenging weather.
Capital Spending Our 2009 capital program is partly focused on
further development of scalable and repeatable projects. These
projects have the potential to add significant production and
reserves to Penn West through the use of horizontal, multi-stage
completion technology. Particular emphasis is being placed on our
developing oil plays at Swift Current, Pembina, Dodsland and our
natural gas prospects at July Lake. Approximately 60 percent of
first quarter development drilling was in Saskatchewan. In southern
Saskatchewan, we continued our drilling program with an additional
15 wells (net). In the Swift Current area, Penn West will soon
commission the recently constructed central facility as part of our
ongoing initiatives to lower operating costs and streamline
production. In Dodsland, Penn West is planning to ramp up capital
programs targeting light oil in the Viking formation. With the
acquisition of Reece Energy in late April, Penn West strengthened
its position in this oil resource play. Penn West plans on drilling
four to five horizontal wells utilizing multi-stage fracture
technology to obtain primary recovery on the new lands. Industry
cost structures were initially slow to react to declining market
conditions, however we are beginning to experience lower vendor
rates and expect to realize lower costs in the second half of this
year. As we anticipated this, we weighted a majority of our $600
million capital program to the second half of 2009. We focused much
of our capital to date this year on re-activations, re-entries, and
up-hole completion opportunities as these activities are highly
capital efficient and provide attractive returns at current
commodity prices. We believe a focus on reducing the absolute cost
of production additions to be appropriate given current market
conditions. Business Strategies We are actively high-grading our
extensive portfolio of producing assets and land base at Penn West.
This means the sale of approximately 4,900 boe per day not deemed
to be core and the pursuit of those properties in certain key areas
which add the kind of scalable and repeatable opportunities
necessary for sufficient scale, as demonstrated by the acquisition
of Reece Exploration. This process of selling non-core assets and
adding to core areas will allow us to further strengthen our
presence in plays that are suitable, at our size, to drive more
efficient and concentrated reserve additions in the future.
Financial Strategies Funds flow for the quarter was $348 million or
$0.87 per unit, down from the same period last year as a result of
continued weakness in commodity prices. Despite lower commodity
prices for natural gas and oil this quarter compared to the prior
quarter and the first quarter of 2008, risk management activities
still enabled a first quarter 2009 netback of $25.66 per boe, after
the effects of risk management. Through our issuance of equity
early in the first quarter, the proceeds from asset dispositions
and the private placement of notes, we have reduced our reliance on
bank financing both in absolute terms and through debt
diversification. This is consistent with our ongoing strategy of
limiting the portion of our debt capital structure that is sourced
from banks, both here in Canada and abroad. We believe that prudent
balance sheet management is a key to our continued success in these
difficult economic times. Commodity Prices Crude oil prices
averaged just over US$40.00 per barrel during the first quarter,
while natural gas prices were softer than anticipated and have
remained at persistently low levels. Penn West continues to benefit
from a risk management program with approximately 36 percent of
2009 crude oil production (net of royalties) hedged with collars
having floors of US$80.00 per barrel. Approximately 30 percent of
2009 natural gas production (net of royalties) is hedged with
collars having an average $6.50 per GJ floor. While these hedges
are providing some relief from commodity price volatility in 2009,
we are also looking at our risk management profile for 2010. We
have hedged approximately 20 percent of our 2010 crude oil
production (net of royalties) using collars with an average
US$51.93 per barrel floor price and a US$68.30 per barrel ceiling
price and 14 percent of our natural gas production with $6.50 per
GJ floors and a $9.50 per GJ ceiling. We continue to
opportunistically hedge future production as part of our ongoing
risk management program. While we believe that fundamentals
indicate commodity price volatility will persist in the short-term,
we remain optimistic longer-term. Summary We at Penn West believe
our actions throughout the first quarter have positioned us well
for the future. We are continuing our strategy of debt retirement
and diversification while balancing reinvestment into our assets
with the payment of our monthly distribution. We have adjusted our
monthly distribution to a level we believe to be appropriate given
current commodity prices. While we are likely to see continued
volatility in capital markets broadly and commodity prices
specifically, the fundamental drivers of these markets are
beginning to show positive signs. Given crude oil and natural gas
play a highly prominent role in the functioning of the global
economy, we believe the fundamental outlook for our business
remains sound. Penn West believes the best approach during
difficult economic times is to ensure effective performance of our
assets and staff while continuing to advance key long-term projects
and reducing cost structures to levels commensurate with current
commodity prices. We continue to do the work necessary to establish
the full potential of our opportunity-rich asset base. On behalf of
the Board of Directors, (signed)"William E. Andrew" (signed)"Murray
R. Nunns" William E. Andrew Murray R. Nunns Chief Executive Officer
President and Chief Operating and Director Officer Calgary, Alberta
May 5, 2009 Outlook This outlook section is included to provide
unitholders with information as to our expectations as at May 5,
2009 for production and net capital expenditures for 2009 and
readers are cautioned that the information may not be appropriate
for any other purpose. This information constitutes forward-
looking information. Readers should note the assumptions, risks and
disclaimers under "Forward-Looking Statements". Our forecast 2009
development capital expenditures remain at the lower end of our
$600 million to $825 million range. Planned 2009 development
expenditures were also reduced by $40 million, the amount of
estimated debt assumed from the Reece acquisition. The reduction of
our planned capital program in 2009 compared to 2008 reflects the
current volatility in financial and commodity markets. In the first
half of 2009, we anticipate spending between $250 million and $325
million based on current commodity price levels and industry costs.
Our capital spending is limited in the first half of 2009 as we
expect industry service and other costs to decline and become more
consistent with the current commodity price environment as we move
through 2009. The 2009 capital program will be focused on low cost
production recovery and additions through production optimization
and we intend to continue the advancement of certain of our
enhanced oil recovery projects and resource plays. Based on this
level of capital expenditures, we forecast average production in
the first half of 2009 to be approximately 180,000 boe per day
prior to the effect of the 4,900 boe per day of property
dispositions. Our prior forecast, released on March 26, 2009 with
our 2008 annual results and filed on SEDAR at
http://www.sedar.com/, was based on 2009 capital expenditures
(excluding corporate acquisitions) between $600 million and $825
million with the expectation that spending will be near to the
lower end of the range. Non-GAAP Measures Advisory The above
information includes non-GAAP measures not defined under generally
accepted accounting principles ("GAAP"), including funds flow,
funds flow per unit-basic, netback, payout ratio and net debt.
Non-GAAP measures do not have any standardized meaning prescribed
by GAAP and are therefore unlikely to be comparable to similar
measures presented by other issuers. Funds flow is cash flow from
operating activities before changes in non-cash working capital and
asset retirement expenditures. Funds flow is used to assess our
ability to fund distributions and planned capital programs. Netback
is a per-unit-of-production measure of operating margin used in
capital allocation decisions. Operating margin is calculated as
revenue less royalties, operating costs and transportation. Payout
ratio is distributions paid divided by funds flow and we use it to
assess the adequacy of funds flow to fund capital programs. Net
debt is the total of long-term debt and working capital and is used
to assess the appropriateness of our distribution level and capital
program. Calculation of Funds Flow Three months ended March 31
---------------------------------- (millions, except per unit
amounts) 2009 2008
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Cash flow from operating activities $ 282 $ 367 Increase in
non-cash working capital 51 251 Asset retirement expenditures 15 14
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Funds flow $ 348 $ 632
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Basic per unit $ 0.87 $ 1.76 Diluted per unit $ 0.87 $ 1.75
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Oil and Gas Information Advisory 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 does not represent a value equivalency at the
wellhead. Forward-Looking Statements Certain statements contained
in this document constitute forward-looking statements or
information (collectively "forward-looking statements") within the
meaning of the "safe harbour" provisions of applicable securities
legislation. Forward-looking statements are typically identified by
words such as "anticipate", "continue", "estimate", "expect",
"forecast", "may", "will", "project", "could", "plan", "intend",
"should", "believe", "outlook", "potential", "target" and similar
words suggesting future events or future performance. In addition,
statements relating to "reserves" or "resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves and
resources described exist in the quantities predicted or estimated
and can be profitably produced in the future. In particular, this
document contains forward-looking statements pertaining to, without
limitation, the following: our ability to complete one or more
accretive and strategic acquisitions in the future; future
distribution levels; the benefits that may accrue to us from the
recent acquisition of Reece; the impact that the EIP is anticipated
to have on the royalties that we pay in 2009; our ability to
restore production volumes lost in the previous quarter; the
nature, focus and timing of our 2009 capital program and our
expectations regarding the results of said program, including our
belief in its potential to add significant production and reserves;
our business strategies going forward, including to sell non-core
assets and add to our position in core areas, and the potential
benefits to be derived therefrom; our financial strategies going
forward; our outlook for the capital markets and commodity prices;
the opportunities presented by our asset base and our ability to
capitalize on them; our risk management strategy going forward;
and, the disclosure contained under the headings "Letter to our
Unitholders" and "Outlook", which sets forth management's
expectations as to our capital expenditures for 2009 and the timing
for making said expenditures and the intended focus of such
expenditures, our expectation that service costs will decrease as
2009 progresses, and our forecast average production in the first
half of 2009. With respect to forward-looking statements contained
in this document, we have made assumptions regarding, among other
things: future oil and natural gas prices and differentials between
light, medium and heavy oil prices; future capital expenditure
levels; future oil and natural gas production levels; future
exchange rates and interest rates; the amount of future cash
distributions that we intend to pay; our ability to obtain
equipment in a timely manner to carry out development activities;
our ability to market our oil and natural gas successfully to
current and new customers; the impact of increasing competition;
our ability to obtain financing on acceptable terms; and our
ability to maintain existing production levels and add production
and reserves through our development and exploitation activities.
In addition, many of the forward-looking statements contained in
this document are located proximate to assumptions that are
specific to those forward-looking statements, and such assumptions
should be taken into account when reading such forward-looking
statements: see in particular the assumptions identified under the
headings "Distributions" and "Outlook". Although Penn West believes
that the expectations reflected in the forward-looking statements
contained in this document, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct.
Readers are cautioned not to place undue reliance on
forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon
which the forward-looking statements are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause Penn
West's actual performance and financial results in future periods
to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other
things: the impact of weather conditions on seasonal demand and
ability to execute capital programs; risks inherent in oil and
natural gas operations; uncertainties associated with estimating
reserves and resources; competition for, among other things,
capital, acquisitions of reserves, resources, undeveloped lands and
skilled personnel; incorrect assessments of the value of
acquisitions, including the completed acquisitions discussed
herein; geological, technical, drilling and processing problems;
general economic conditions in Canada, the U.S. and globally;
industry conditions, including fluctuations in the price of oil and
natural gas; royalties payable in respect of our oil and natural
gas production and changes thereto; changes in government
regulation of the oil and natural gas industry, including
environmental regulation; fluctuations in foreign exchange or
interest rates; unanticipated operating events that can reduce
production or cause production to be shut-in or delayed; failure to
obtain industry partner and other third- party consents and
approvals when required; stock market volatility and market
valuations; OPEC's ability to control production and balance global
supply and demand of crude oil at desired price levels; political
uncertainty, including the risks of hostilities, in the petroleum
producing regions of the world; the need to obtain required
approvals from regulatory authorities from time to time; failure to
realize the anticipated benefits of acquisitions, including the
completed acquisitions discussed herein; changes in tax laws that
affect us and our securityholders; changes in the Alberta royalty
framework; uncertainty of obtaining required approvals for
acquisitions and mergers; and the other factors described in Penn
West's public filings (including our Annual Information Form)
available in Canada at http://www.sedar.com/ and in the United
States at http://www.sec.gov/. Readers are cautioned that this list
of risk factors should not be construed as exhaustive. The
forward-looking statements contained in this document speak only as
of the date of this document. Except as expressly required by
applicable securities laws, Penn West does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement. Penn
West Energy Trust Consolidated Balance Sheets (CAD millions,
unaudited) March 31, 2009 December 31, 2008
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Assets Current Accounts receivable $ 427 $ 386 Risk management 330
448 Other 99 106
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856 940
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Property, plant and equipment 12,113 12,452 Goodwill 2,020 2,020
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14,133 14,472
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$ 14,989 $ 15,412
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Liabilities and unitholders' equity Current Accounts payable and
accrued liabilities $ 505 $ 630 Distributions payable 94 132
Convertible debentures 7 7 Future income taxes 94 132
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700 901 Long-term debt 3,797 3,854 Convertible debentures 282 289
Risk management 10 6 Asset retirement obligations 604 614 Future
income taxes 1,288 1,368
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6,681 7,032
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Unitholders' equity Unitholders' capital 8,267 7,976 Contributed
surplus 86 75 Retained earnings (deficit) (45) 329
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8,308 8,380
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$ 14,989 $ 15,412
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Penn West Energy Trust Consolidated Statements of Operations and
Retained Earnings Three months ended March 31 (CAD millions, except
per unit ---------------------------------- amounts, unaudited)
2009 2008
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Revenues Oil and natural gas $ 625 $ 1,196 Royalties (110) (214)
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515 982 Risk management gain (loss) Realized 156 (60) Unrealized
(81) (193)
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590 729
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Expenses Operating 245 205 Transportation 9 8 General and
administrative 41 35 Financing 40 52 Depletion, depreciation and
accretion 385 396 Unrealized risk management (gain) loss 41 (7)
Unrealized foreign exchange loss 43 17
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804 706
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Income (loss) before taxes (214) 23
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Taxes Future income tax recovery (116) (55)
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Net and comprehensive income (loss) $ (98) $ 78 Retained earnings,
beginning of period $ 329 $ 658 Distributions declared (276) (382)
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Retained earnings (deficit), end of period $ (45) $ 354
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Net income (loss) per unit Basic $ (0.25) $ 0.22 Diluted $ (0.25) $
0.22 Weighted average units outstanding (millions) Basic 399.4
359.5 Diluted 399.4 361.2
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Penn West Energy Trust Consolidated Statements of Cash Flows Three
months ended March 31 ---------------------------------- (CAD
millions, unaudited) 2009 2008
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Operating activities Net income (loss) $ (98) $ 78 Depletion,
depreciation and accretion 385 396 Future income tax recovery (116)
(55) Unit-based compensation 12 10 Unrealized risk management 122
186 Unrealized foreign exchange loss 43 17 Asset retirement
expenditures (15) (14) Change in non-cash working capital (51)
(251)
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282 367
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Investing activities Acquisition of property, plant and equipment
(6) (1) Disposition of property, plant and equipment 146 5
Additions to property, plant and equipment (181) (282) Canetic and
Vault acquisition costs - (28) Change in non-cash working capital
(108) 120
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(149) (186)
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Financing activities Redemption of convertible debentures (4) (24)
Repayment of Canetic and Vault credit facilities - (1,557)
(Decrease)/increase in bank loan (100) 1,679 Issue of equity 248 13
Distributions paid (277) (292)
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(133) (181)
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Change in cash - - Cash, beginning of period - -
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Cash, end of period $ - $ -
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Interest paid $ 24 $ 26 Income taxes paid $ - $ 1
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Investor Information
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Penn West trust units and debentures are listed on the Toronto
Stock Exchange under the symbols PWT.UN, PWT.DB.B, PWT.DB.C,
PWT.DB.D, PWT.DB.E and PWT.DB.F and Penn West trust units are
listed on the New York Stock Exchange under the symbol PWE. A
conference call will be held to discuss Penn West's results at 2
p.m. Mountain Time (4 p.m. Eastern Time) on May 6, 2009. To listen
to the conference call, please call one of the following:
416-644-3419 (Toronto) 800-731-5319 (North American toll-free) A
taped recording will be available until May 13, 2009 by dialing
416-640-1917 (Toronto) or 877-289-8525 (North American toll-free)
and entering passcode 21303394 followed by the pound sign. This
call will be broadcast live on the Internet and may be accessed
directly on the Penn West website at http://www.pennwest.com/ or at
the following URL:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2615360
Penn West expects to file its Management's Discussion and Analysis
and unaudited interim consolidated financial statements on SEDAR
and EDGAR shortly. DATASOURCE: Penn West Energy Trust CONTACT: PENN
WEST ENERGY TRUST, Suite 200, 207 - Ninth Avenue S.W., Calgary,
Alberta, T2P 1K3, Phone: (403) 777-2500, Fax: (403) 777-2699, Toll
Free: 1-866-693-2707, Website: http://www.pennwest.com/; Investor
Relations: Toll Free: 1-888-770-2633, E-mail: ; William Andrew,
CEO, Phone: (403) 777-2502, E-mail: ; Jason Fleury, Manager,
Investor Relations, Phone: (403) 539-6343, E-mail:
Copyright
