Penn West posts loss of $1.2B in 4th quarter

Penn West Petroleum Ltd. on Thursday reported a loss of $1.2 billion in its fourth quarter.

The Calgary, Alberta-based company said it had a loss of $2.40 per share. Losses, adjusted for asset impairment costs and non-recurring costs, came to $1.73 per share.

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The oil and natural gas company posted revenue of $204.5 million in the period.

For the year, the company reported that its loss widened to $1.98 billion, or $3.95 per share. Revenue was reported as $950 million.

The company's shares closed at $1.23. A year ago, they were trading at $1.64.