PWE Netback 2014年和2013年比没怎么降啊? 是因为原来卖价就很低,还是对冲得好?
$畔西能源信托(PWE)$
看2015年的一季报了,重点关注一下.

@shylook  @投资女学徒 @Dongdonglin
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Netback $22.04(2014)   $25.30(2013)


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Fourth Quarter Highlights

Production in the fourth quarter averaged 97,143 boe per day. Full year average production of 103,989 boe per day was above the mid-point of guidance (101,000 to 106,000 boe per day).Funds flow for the fourth quarter of 2014 was $137 million ($0.28 per share – basic) compared to $203 million in the comparative period in 2013. The decline is attributed to lower crude oil prices and lower production volumes due to asset dispositions which both contributed to lower revenues. Full year funds flow in 2014 of $935 million was only five percent lower than 2013 despite a 23 percent reduction in production volumes year over year.Development capital expenditures for the fourth quarter were $247 million compared to $176 million in the comparative period in 2013. For the full year 2014, all planned development activities were completed on development capital expenditures of $732 million, approximately 11 percent below guidance of $820 million, as cost reductions and operational efficiencies were realized throughout the year.Over 90 percent of 2014 net wells drilled were in the Company's three core light oil areas.As at December 31, 2014, the Company was in compliance with all financial covenants under its lending agreements. Specifically, the reported senior debt to EBITDA ratio of 2:1 times at the end of the quarter was well within the covenant threshold of 3:1, and the senior debt to capitalization ratio of 28 percent at the end of the quarter was well within the covenant threshold of 50 percent.Realized a sustainability ratio of 102 percent, which measures uses of cash over sources of cash by the Company in the year. This result is better than the target of 110 percent for 2014.Successfully completed the divestiture of certain non-core assets located in south central Alberta for total proceeds of approximately $355 million in the fourth quarter, bringing the full year 2014 non-core divestitures proceeds to approximately $560 million. Since announcing the strategic long-term plan in late 2013, the Company has completed over $1 billion in asset dispositions, proceeds of which were applied against the Company’s bank facility.At December 31, 2014, the Company had $1.7 billion of credit capacity available as there were no drawings on its bank facility.The net loss in 2014 of $1,733 million was largely due to the non-cash goodwill impairment ($1,100 million) and property, plant and equipment impairment ($634 million) charges, recorded in the fourth quarter of 2014, resulting from a decline in forecasted commodity prices and limited planned development capital in the non-core areas where the impairments were recorded. See “Net Loss Discussion” below for details.