LONG BEACH, Calif. - Pacific Energy Resources Ltd. (TSX:PFE) has posted a loss of $39.3 million in the first quarter as it logged both realized losses and non-cash expenses tied to its hedging program.
The company said Friday that its latest quarter included booking $11 million in realized losses and another $13.9 million in non-cash expenses, which included unrealized losses tied to hedge contracts. When adjusted for these items, the company's net loss for the quarter was $14.5 million.
Comparable quarterly net earnings for the same period a year earlier were not provided.
First-quarter revenue moved up 787 per cent to $60.3 million.
Production jumped 376 per cent, primarily from the acquisition of Alaskan assets, which represents 61 per cent of total oil production.
"We are excited about the potential for the remainder of the year as we expect to make large strides operationally and in our plan to reduce both the aggregate debt outstanding as well as the cost of remaining debt," said president Darren Katic in a release.
"Our operational success should afford us access to lower cost capital some time later this year."
Pacific Energy plans to become profitable by the third quarter of next year, but the company noted that it could emerge from the red sooner if commodity prices continue to stay near record levels.
Company shares rose two cents to $1.32 on the Toronto Stock Exchange.
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