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Gas industry

Penn West Petroleum Reports Record Results for Q2 and H1 1995

Strategic Insights

— 1 min read

Penn West Petroleum Ltd., a Calgary-based oil and gas company, has announced its record-breaking results for the three and six months ended June 30, 1995. The company's financial performance has seen substantial growth, with significant increases in cash flow, gross revenues, and net income. This remarkable performance is a testament to the company's strategic decisions and operational efficiency.

Key Takeaways:

  • Penn West Petroleum's cash flow for the second quarter increased by 38 percent to $14.2 million, with a basic and fully diluted earnings per share of $0.47 and $0.45, respectively.
  • Net income for the second quarter of 1995 increased by 28 percent to $2.4 million, with a basic and fully diluted earnings per share of $0.08 and $0.08, respectively.
  • Gross revenues for the six months ended June 30, 1995 increased by 90 percent to $57.6 million, with a cash flow increase of 94% to $28.2 million.
  • Net income for the first six months of 1995 increased by 15 percent to $4.4 million, with a basic and fully diluted earnings per share of $0.15 and $0.15, respectively.
  • William Andrew, Chief Operating Officer, Larry Jones, Vice President Land and Corporate Development, and Glenn A. Hamilton, Treasurer and Secretary, are available for comment on the company's financial performance.

Statistics:

  • Cash flow for the second quarter increased by 38% to $14.2 million.
  • Net income for the second quarter of 1995 increased by 28% to $2.4 million.
  • Gross revenues for the six months ended June 30, 1995 increased by 90% to $57.6 million.
  • Cash flow increased by 94% to $28.2 million for the first six months of 1995.
  • Net income for the first six months of 1995 increased by 15% to $4.4 million.

Sources:

  • Penn West Petroleum (TSE:PWT)
  • Business Wire, Aug. 14, 1995.

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