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Forest Oil Reports $127 Million Write-Down
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Forest Oil Corporation announced financial and operational results for the third quarter of 2014.
For the three months ended September 30, 2014, Forest reported a net loss of $106 million, or $(0.90) per diluted share, compared to net earnings of $2 million, or $0.02 per diluted share in the third quarter of 2013. Net loss for the third quarter of 2014 included the following items:
Ceiling test write-down of oil and gas properties of $127 million Unrealized gains on derivative instruments of $23 million Other items of $1 millionWithout the effect of these items, Forest’s results for the third quarter were as follows:
Adjusted EBITDA of $39 million Adjusted discretionary cash flow of $24 million Operational UpdateForest is focusing its drilling activity primarily on its oil and…
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