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Penn West Petroleum’s second quarter profit fell 64 percent. The company earned $271 million, or 58 cents per share, after Alberta wildfires and Saskatchewan floods disrupted production, causing output to fall five percent.
The company also cut its full-year output target
New president and CEO Murray Nunns tells BNN Mother Nature had her way with the company in western Canada, adding, “that trickled on through onto to the earnings side of the equation.”