Net losses narrow at the new Pengrowth Energy
Net losses at the "new" Pengrowth Energy narrowed to $27.2 million, down from a loss of $86 million for the same time last year.
Funds from operations declined 83% y/y to $7.2 million due to property divestures and higher diluent blending costs.
The company says it now remains focused on two 100% owned and operated assets - the Lindbergh SAGD facility and Groundbirch natural gas plant.
Lindbergh averaged 15,118 bbl/day in Q1, rising to 16,500 bbl/day by the middle of April. Total Q1 production averaged 19,541 boe/day but the company says it expects output to reach 24,000 boe/day by the end of the year, on expectations of higher production out of Lindbergh.