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News Breaks
January 10, 2013
10:25 EDTPWE, PWE, PWEPenn West Exploration to host conference call
Conference call to discuss 2013 capital budget will be held on January 10 at 11 am. Webcast Link
News For PWE From The Last 14 Days
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September 18, 2014
10:34 EDTPWEHigh option volume stocks
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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
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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
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07:29 EDTPWEPenn West reports Q2 EPS C$29c vs. (C$11c) a year ago
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07:24 EDTPWEPenn West reduced headcount by almost 50% since 2012
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07:22 EDTPWEPenn West President: company on track for FY14 production goal 101K-106K Boe/d
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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
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07:14 EDTPWEPenn West announces action initiated as result of review
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07:13 EDTPWEPenn West reports Q2 EPS CAN29c vs. (CAN11c) a year ago
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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
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