Exploration & Production | Drilling / Well Results | Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update
Penn West Hones In on Cardium, Viking Plays in 1Q; Adds Wells
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Penn West Petroleum Ltd. has reported its results for the first quarter ended March 31, 2014.
All figures are in Canadian dollars unless otherwise stated.
President's MessagePenn West's first quarter results are a clear step forward toward achieving the goals in our long-term plan. We continued our out-performance with the drill bit, further focused the portfolio and reduced leverage and are taking active steps to improve our business processes and cost structure.
In the first quarter 80 percent of our capital spending was directed to our three core assets and the Company delivered more wells, for less money, than planned. Together with improved base production reliability, production additions matched asset declines despite a capital program that was roughly one third less in scope and…
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