(Adds details, share close)
July 30 (Reuters) - Canadian oil producer Penn West
Petroleum Ltd PWT.TO PWE.N cut its 2015 capital budget for
the second time as it looks to contain costs amid a steep fall
in crude oil prices.
The company also reported a smaller-than-expected quarterly
loss, helped by a 21 percent fall in total expenses.
Penn West cut its capital budget to C$575 million ($443
million) from C$625 million on Thursday, after lowering its
price assumption for Canadian crude oil to C$60 from C$65. In
December, it cut its full-year budget by about 26 percent.
The company said in May that it had sold or entered into
deals to sell assets for about C$415 million and would use the
proceeds to repay debt.
Penn West amended some of its debt covenants earlier in the
year after it had trouble meeting some terms related its cash
flow.
The company's cash flow from operating activities, a measure
of its ability to pay for drilling and other projects, was a
negative C$67 million in the quarter ended June 30, compared
with a positive C$214 million a year earlier.
Penn West said average sales price for light oil and natural
gas liquids fell 39 percent to C$58.05 per barrel in the second
quarter, while prices for heavy oil fell nearly 42 percent to
C$46.44.
The company's net loss was C$28 million, or 6 Canadian cents
per share, in the quarter, compared with a profit of C$143
million, or 29 Canadian cents per share, a year earlier.
Excluding an asset gain and deferred income tax expense, the
company's loss was 13 Canadian cents per share, smaller than the
average analyst estimate of 15 Canadian cents, according to
Thomson Reuters I/B/E/S.
Calgary, Alberta-based Penn West's total revenue fell 43
percent to C$325 million. ID:nPnc77Gc3
Up to Wednesday's close of C$1.72, the company's
Toronto-listed stock had fallen 29 percent this year. Its
U.S.-listed stock had fallen 37 percent.
($1= C$1.2966)