All figures CAD$ unless noted:
Operating cash flow held up in the fourth quarter, dropping only 2% from Q3 to $602M. Funds flow from operations (FFO) fell 26% on a sequential basis to $490M, due to changes in working capital. The standardized distributable cash ratio (basically the ability to cover distributons from free cash flow) remains [...]
As promised, I dug a little into Penn West Energy (PWE) after they cut their distribution. Keep in mind that PWE’s numbers are basically an unknown moving target after the huge drop in oil prices. The earnings call on Feb 19 should shed much more light on where the company stands in this tumult.
More on [...]
Read the official press release here.
I will dig deeper into the numbers later but my first reaction is somewhat muted. I had been anticipating a distribution cut when oil was much higher (see previous posts here) so obviously, yesterday’s announced 33% cut was inevitable, given the drastic drop in energy prices.
Penn West is also cutting [...]
2008 Q3 highlights (all figures C$ unless otherwise noted):
Due to the acquisitions, YOY 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 $1.58 per share [...]
2008 Q2 highlights (all figures C$ unless otherwise noted):
Due to the acquisitions, YOY comparisons may be misleading so I will be focusing on changes from Q1 2008. Keep in mind the big spike in oil prices during the quarter (and the big drop since).
Operating cash flow improved markedly in Q2 2008 to $671M, [...]
In the comments section at SeekingAlpha of my latest post on PWE, I mentioned part of the frustration of holding PWE was missing out on this huge run-up in energy prices. Here’s an excerpt (complete with chart):
(What's this?)
Buy Penn West Energy Trust (NYSE: PWE)
(Oxbury Publishing, 4/15/08)
Penn West Energy Trust and Canetic [...]
