May 7 - Bonavista Energy Trust (BNP_u.TO) posted a 54 percent fall in its first-quarter profit, hurt by a drop in commodity prices and production volumes.
The company reported net income of C$33 million ($28.28 million), or 28 Canadian cents per unit, down from C$72.3 million, or 67 Canadian cents per unit, in the year-ago quarter.
Production revenue fell 40 percent to C$179.1 million, with natural gas prices dropping 19 percent to C$6.37 per mcf and the average oil and liquids price declining 25 percent to C$51.35 per barrel.
For the three months ended March 31, production slipped 6 percent to 51,347 barrel of oil equivalent (boe) per day. Average natural gas production fell 3 percent and total oil and gas liquids production declined 8 percent.
In 2009, Bonavista expects capital expenditures between C$225 million and C$250 million, which is a reduction of over 50 percent from 2008.
The company also said it expects that this level of capital expenditures will result in the drilling of between 110 and 120 wells and production levels to average between 51,500 and 52,500 boe per day. In 2008, the company's production was 53,190 boe per day.
Bonavista Energy units closed at C$18.50 Thursday on the Toronto Stock Exchange. ($1=1.167 Canadian Dollar)
The company reported net income of C$33 million ($28.28 million), or 28 Canadian cents per unit, down from C$72.3 million, or 67 Canadian cents per unit, in the year-ago quarter.
Production revenue fell 40 percent to C$179.1 million, with natural gas prices dropping 19 percent to C$6.37 per mcf and the average oil and liquids price declining 25 percent to C$51.35 per barrel.
For the three months ended March 31, production slipped 6 percent to 51,347 barrel of oil equivalent (boe) per day. Average natural gas production fell 3 percent and total oil and gas liquids production declined 8 percent.
In 2009, Bonavista expects capital expenditures between C$225 million and C$250 million, which is a reduction of over 50 percent from 2008.
The company also said it expects that this level of capital expenditures will result in the drilling of between 110 and 120 wells and production levels to average between 51,500 and 52,500 boe per day. In 2008, the company's production was 53,190 boe per day.
Bonavista Energy units closed at C$18.50 Thursday on the Toronto Stock Exchange. ($1=1.167 Canadian Dollar)
