CALGARY - Penn West Petroleum Ltd. is cutting its capital budget for 2016 to only one-tenth of what it spent last year as the conventional oil and gas producer lowers its average daily output, shuts in wells and works to reduce expenses.
Since the latter part of 2014 I've been singing the praises of Penn West Petroleum Ltd. (TSX:PWT)(NYSE:PWE). After years of mismanagement–including a minor accounting scandal–the company finally had competent oil industry vets in charge.
Penn West Petroleum Ltd. (TSX:PWT)(NYSE:PWE) used to be one of the dividend darlings of the Canadian oil patch. However, with oil prices in a free fall and its balance sheet loaded with debt, the company really had no choice but to first reduce and ...
As the saga between Suncor Energy Inc. (TSX:SU)(NYSE:SU) and Canadian Oil Sands Ltd. (TSX:COS) draws to a close, it's looking increasingly unlikely that Suncor will be successful in its takeover attempt.
This latest decline in crude has not been good for Penn West Petroleum Ltd. (TSX:PWT)(NYSE:PWE). Shares of the beleaguered energy producer are down some 90% over the last 52 weeks as the market becomes more and more bearish on the company.