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Penn West Revises Capex Downward
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Penn West Petroleum Ltd. has announced that in response to the current commodity price environment, it is reducing its capital budget by approximately $215 million and reducing its 2015 dividend by approximately $160 million commencing with the 2015 first quarter dividend payment payable on April 15, 2015.
In November 2014, when Penn West announced its 2015 capital budget, the forward strip for crude oil was in the range of the Company's Canadian per barrel modeling assumption of $86.50. Since that time however, crude oil prices have declined significantly.
Reflecting this reduction in the outlook for crude oil prices, the Company has reduced its Canadian crude oil pricing assumption for 2015 by approximately 25 percent to $65.00 per barrel. In order to maintain financial flexibility, the…
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