Exploration & Production | Drilling & Completions | Top Story | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update
Penn West Cuts Cardium, Viking Drilling & Completion Costs 40%
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Penn West Petroleum Ltd. has reported its results for the fourth quarter and year ended December 31, 2013.
All figures are in Canadian dollars unless otherwise stated.
David E. Roberts, President & CEO, commented: "Four months ago, we began discussing a new vision for Penn West. We promised focus on the Company's industry leading light-oil positions in the Western Canada Sedimentary Basin; application of best-in-class operating practices; relentless cost control; and to de-lever the balance sheet to deliver shareholder value. We are pleased to say we are on plan.
"We have instilled a value-first culture at Penn West in which we challenge the cost/benefit of every activity we engage in and question the profitability of every barrel we produce. We are ahead of our asset disposition plans…
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