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Peyto (PEYUF) had a 20-year record of no write-offs under the lower of cost or market calculations. That record came to an end in the first quarter and resulted in the reporting of a rare loss. The C$80 million impairment was fairly small compared to the impairments typically reported throughout the industry.
That small write-off is a tribute to the low-cost structure of this company. This management has for some time anticipated a natural gas price turnaround. It had the costs to wait out the current downturn. But it finally became evident that the turnaround