08/08/2013 08:00 EDT | Updated 10/08/2013 05:12 EDT

Penn West operating results improve but lower Canadian dollar triggers Q2 loss

CALGARY - Penn West Petroleum Ltd. (TSX:PWT) reports its second-quarter funds flow from operations was ahead of budget, rising to $278 million or 57 cents per share — unchanged from a year earlier and up from $267 million or 55 cents per share in the first quarter of this year. However, the Calgary-based company also reported a net loss of $40 million or eight cents per share — primarily due to the accounting impact of a weaker Canadian dollar. A year earlier, Penn West had $235 million or 50 cents per diluted share of net income.