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January 10, 2013
05:11 EDTPWEPenn West Exploration provides FY13 production forecast
The 2013 Base Capital Budget will be directed predominantly toward light oil projects within Penn West's resource assets portfolio. The weighting is expected to increase the corporate oil and liquids split of current production volumes of approximately 62%, post the divestments that closed in December 2012, to a range of approximately 65%-68% at year end 2013 dependent upon capital spending levels. As in prior years, base natural gas production will be allowed to decline while the focus of the capital program will be to grow oil production. This is a pattern that Penn West has demonstrated consistently over the past several years. The company is committed to continuing improvements in netback realizations through our capital rotation from natural gas weighted base assets to our light oil weighted core resource assets. After accounting for the divestment of approximately 13,000 boe per day, production declines associated with limited operational activity in the second half of 2012 and lower peak drilling activity planned for 1Q13, the company forecasts 2013 average annual production to be in the range of 135,000 boe-145,000 boe per day. The 2013 Base Capital Budget is expected to maintain average production volumes approximately flat to modestly lower relative to year-end 2012 levels. Penn West has several major turnaround programs planned in June and July that are expected to bring approximately 10,000 boe per day of production off-line and impact production volumes in Q2 and Q3.
News For PWE From The Last 14 Days
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October 1, 2015
06:34 EDTPWEPenn West lowers FY15 production view to 84K-88K BOE/d from 86K-90K BOE/d
Penn West lowered its annual production guidance range as a result of the divestiture of its Weyburn Unit working interest and Mitsue properties to 84K-88K BOE/d from 86K-90K BOE/d. The company's capital budget for the year remains unchanged at $500M. Still expects operating costs for the year $19.25/boe-$19.75/boe with G&A for the year $2.80/boe-$3.05/boe.
06:32 EDTPWEPenn West announces sale of non-operated 9.5% working interest in Weyburn unit
Penn West announced that it has entered into a definitive agreement for the sale of its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan for cash consideration of $205M, subject to closing adjustments customary in transactions of this nature. We intend to use the proceeds from this disposition to reduce our senior debt. Upon the completion of the sale of our Weyburn Unit working interest, we will have raised approximately $810M in total proceeds this year through our non-core asset disposition program. The following are some of the key metrics and implied transaction multiples for the Weyburn Unit working interest for first half 2015: Production of 2,500 bbl/d, Liquids Weighting of 100%, Operating cost of $11.50/bbl, nomralized operating cost of $25.00/bbl, and normalized field netback of $17.50/bbl.
06:32 EDTPWEPenn West announces sale of non-operated 9.5% working interest in Weyburn Unit
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