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News Breaks
January 10, 2013
05:07 EDTPWEPenn West Exploration approves capital budget of $900M
The 2013 Base Capital Budget is $900M and includes an option to layer in up to $300M of incremental capital weighted in the second half of the year. This incremental capital is subject to commodity price and crude oil differential realizations, demonstrating expected capital efficiencies and ongoing strategic portfolio management. Penn West will announce in advance, if the company plans to spend beyond the Base Capital Budget of $900M.
News For PWE From The Last 14 Days
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January 28, 2016
06:50 EDTPWEPenn West approves FY16 Capital Budget of $50M
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06:46 EDTPWEPenn West expects FY16 annual production 60K,BOE/d-64K BOE/d
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06:46 EDTPWEPenn West sees FY16 production 60,000-64,000 boe/d
Penn West provided the following comments regarding production for FY16: "Given our focus on managing the business at current price levels, we continue to monitor the profitability of each of our fields. Our Budget reflects expected shuts ins of up to 4,000 boe/d of uneconomic non-core production during Q1 of 2016. We also anticipate that low commodity prices will weigh on the profitability of individual equipment repair or replacement projects at a certain portion of our non-core fields. Therefore, we estimate the deferral of these projects will reduce our 2016 annual average production by an additional 2,500 boe/d. We will be positioned to execute on these repair opportunities as the project economics improve to levels that warrant investment. As a result of optimizing our operations for the current price environment, including the significant reductions to our capital program, we expect average annual production in 2016 between 60,000 boe/d and 64,000 boe/d, with a liquids weighting between 66% and 68%. These ranges do not take into account any potential dispositions. Our base decline remains approximately 20% to 22%."
06:44 EDTPWEPenn West reports Q4 production voumes over 77,000 boe/d
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06:44 EDTPWEPenn West approves capital budget of $50M for FY16
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