Penn West Falls After Reporting Drop in First-Quarter Crude Oil Production
Penn West Energy Trust dropped as much as 14 percent in Toronto trading after reporting an 8.6 percent decline in first-quarter oil and natural-gas production. The Calgary-based trust fell 81 cents to $19.01 at at 10:30 a.m. on the Toronto Stock Exchange and traded as low as $17.09, the lowest since October. Penn West reported first-quarter results, including production, in a statement issued this morning. The trust attributed the decline to asset sales.