People | Debt | Forecast - Production | Hedging | Job Cuts / Downsize / Layoff | Capital Markets | Capital Expenditure
Penn West Leans Out, Targets Spending Within Cash Flow
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Penn West Petroleum Ltd. has announced it has taken the following further actions in response to the current commodity price environment:
we will limit our capital expenditures to funds flow from operations by year-end 2015 we will suspend our dividend and reduce board compensation we will significantly reduce our cost structure through a 35% workforce reduction Updated 2015 Guidance We have updated our guidance given the impact of the $414 million in asset dispositions to date and the further planned reductions in our capital programs. Our revised 2015 capital budget is $500 million, representing capital expenditures of approximately $245 million in the second half of 2015. Our revised 2015 production guidance range is 86,000 - 90,000 boe/d. Although we continue to view funds flow…- ✓ Full news archive — U.S., Canada & international coverage
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