Petrobank Reports Lower Funds Flow from Operations on Weaker Sales
Petrobank Energy and Resources Ltd. (PBG.TO) reported that funds flow from operations decreased 19% from the third quarter of 2011 to $119.6 million, or $1.19 per diluted share, primarily as a result of lower realized commodity prices, as light oil differentials to WTI were wider than historical levels.
Oil and natural gas sales totaled $237 million, down from $272 million in the same period last year. Analysts predicted revenues of $268 million.
Adjusted net income rose 80% to $13.5 million, or $0.14 per share, below analyst expectations of $0.20 per share.
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