New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
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
Check below for free stories on PWE the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
September 18, 2014
10:34 EDTPWEHigh option volume stocks
Subscribe for More Information
09:36 EDTPWEActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL YHOO TWTR VVUS RAD PWE WFM TSLA PIR SHLD
07:39 EDTPWEPenn West sees Q3 average production 100K Boe/d
Subscribe for More Information
07:38 EDTPWEPenn West lowers 2014 capital budget to $820M from $900M
Penn West has revised its 2014 capital budget from $900M to $820M to reflect the reclassification of $80M of the budget from capital expenditures to operating expenses in connection with the restatement of certain of its historical financial statements.
07:32 EDTPWEPenn West provides operational updates
Subscribe for More Information
07:29 EDTPWEPenn West reports Q2 EPS C$29c vs. (C$11c) a year ago
Subscribe for More Information
07:24 EDTPWEPenn West reduced headcount by almost 50% since 2012
Subscribe for More Information
07:22 EDTPWEPenn West President: company on track for FY14 production goal 101K-106K Boe/d
Subscribe for More Information
07:20 EDTPWEPenn West says 'fundamentals remain strong'
Penn West announced that the company's long term strategy, operations, strategy and anticipated growth going forward are unchanged. Cash and debt balances are unaffected by restatement. FY14 production guidance of 101,000 boe-106,000 boe remain unchanged. FY14 development activities remain unchanged. FY13 year end independent reserves estimates remain unchanged. Reports Q1 net income up 7%, or $7M. Reports FY13 net income up 3%, or 29M. Reports FY12 net income down 16% or 24M.
07:17 EDTPWEPenn West reports Q3 total production 106,706 Boe/d vs. 140,083 Boe/d a year ago
Subscribe for More Information
07:14 EDTPWEPenn West announces action initiated as result of review
Subscribe for More Information
07:13 EDTPWEPenn West reports Q2 EPS CAN29c vs. (CAN11c) a year ago
Subscribe for More Information
07:12 EDTPWEPenn West provides results of review, confirms no impact to strategic direction
Penn West announced the results of the voluntary internal review undertaken by the Audit Committee of certain accounting practices, completed the restatement of certain financial statements and related management's discussion and analysis, or MD&A, and confirmed that the Audit Committee's findings do not impact Penn West's strategic direction. The Review identified that certain operating expenses were reclassified to property, plant and equipment without adequate support and were determined to be incorrectly recorded as property, plant and equipment. Reversing the capitalization of operating expenses results in adjustments of $11M in 1Q14, $85M in 2013 and $94M in 2012 decreasing reported property, plant and equipment and increasing operating expenses. As a result of these adjustments, depletion and depreciation expense, impairment charges, gains on dispositions and deferred income tax expense have also been restated in 1Q14, 2013 and 2012, together with the effect of these items from prior periods on opening retained earnings as at January 1, 2012, as further described in our restated financial statements and restated MD&A for the year ended December 31, 2013. The net impact of reversing these reclassifications increases operating expenses and decreases property, plant, and equipment by the following amounts: $66M in 2012; $71M in 2013; $9M in 1Q14.
September 9, 2014
17:41 EDTPWEPenn West says audit committee review ongoing
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use