Net losses narrow at the new Pengrowth Energy

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.

A bigger and better CNRL outlines plans for "capacity creep" at Horizon

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Planned and unplanned shutdowns dent Suncor's first quarter production

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