New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 12, 2014
21:14 EDTPWEPenn West delayed in filing unaudited financial statements
Penn West provided an update on its Audit Committee's review announced on July 29. Penn West said it is "working diligently and devoting all necessary resources to file its Q2 financial statements and related disclosures and its restated historical financial statements and related disclosures as soon as practicable, and in any event anticipates filing them no later than the October 14, 2014 date contemplated by the Management Cease Trade Order." As anticipated in its July 29, announcement, the company has concluded that it will be delayed in filing its unaudited interim financial statements for the three and six month periods ended June 30. The company advised lenders under its bank facility and holders of its senior unsecured notes of defaults arising from matters in relation to the decision to restate certain historical financial results and the delay in filing the company's Q2 filings. The company has obtained a waiver of the defaults under its bank facility from its lenders which, subject to certain conditions, has the effect of extending the cure period under its Bank Facility until October 14. During this period, Penn West has access to up to approximately $660M under its bank facility, approximately $250M of which has been drawn to date. Accordingly, the company believes that it has access to sufficient funds to satisfy its liquidity needs during the cure period.
News For PWE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 19, 2014
10:17 EDTPWEOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
08:59 EDTPWEPenn West downgraded to Reduce from Hold at TD Securities
Subscribe for More Information
December 17, 2014
15:26 EDTPWEPenn West downgraded to Underperform from Neutral at Macquarie
Subscribe for More Information
08:39 EDTPWEPenn West CEO says cuts made with focus on profitability, not production
Dave Roberts, Penn West President and CEO stated, "Penn West's business model assumes a conservative long run-term commodity price, however, the recent downturn falls outside our lowest probabilistic expectations. We have assured our investors that our business is strong and that we would reduce capital rather than seeking to increase production into a declining commodity cycle - focusing on profitability not production. The fundamental attraction of the Company remains a best in basin light oil opportunity across three play areas in western Canada. We have the advantage of being able to adjust our spending profile across a diverse portfolio of assets to maximize our returns and focus on higher cash returning assets in such a commodity price environment. In addition, we have a number of other means available to protect our long-term sustainability in the event that low commodity prices persist. Our resources are secure, our operational performance demonstrated, our future intact." The company noted it currently has a completely undrawn $1.7B credit facility that is covenant based, not reserves based, lending agreement, and therefore is not directly impacted by the change in reserve values resulting from movements in commodity prices. The covenants in the credit facility have been aligned with the covenants in the company's senior notes, Penn West said.
08:37 EDTPWEPenn West lowers 2015 production guidance 5% to 90K-100K boe per day
Subscribe for More Information
08:34 EDTPWEPenn West to cut dividend to 3c from 14c, lowers 2015 capital budget
Penn West announces that in response to the current commodity price environment, it is reducing its capital budget by approximately $215M and reducing its 2015 dividend by approximately $160M commencing with the 2015 first quarter dividend payment payable on April 15, 2015. In November, 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% to $65.00 per barrel. In order to maintain financial flexibility, the capital budget has been reduced to $625M from $840M. In addition, the board has approved a reduction to Penn West's quarterly dividend commencing in the first quarter of 2015 to 3c per share from 14c per share, subject to final board review and approval of each quarterly dividend prior to the declaration thereof. Commencing with Penn West's first quarter 2015 dividend, payable on April 15, 2015, the board has also suspended Penn West's Dividend Reinvestment Plan , or DRIP, until further notice.
08:32 EDTPWEPenn West to cut dividend to 3c from 14c
Subscribe for More Information
08:31 EDTPWEPenn West reducing 2015 dividend, capital budget
Subscribe for More Information
December 11, 2014
10:13 EDTPWEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARIAD (ARIA) downgraded at Credit Suisse... AbbVie (ABBV) downgraded to Equal Weight from Overweight at Morgan Stanley... Aimco (AIV) downgraded to Hold from Buy at KeyBanc... Anglo American (AAUKY) downgraded to Underperform from Neutral at Exane BNP Paribas... Approach Resources (AREX) downgraded at Sterne Agee... CommVault (CVLT) downgraded to Neutral from Outperform at Macquarie... Fifth Street Senior (FSFR) downgraded to Perform from Outperform at Oppenheimer... Harmonic (HLIT) downgraded to Neutral from Buy at Sidoti... Macerich (MAC) downgraded to Hold from Buy at Deutsche Bank... Newell Rubbermaid (NWL) downgraded to Outperform from Strong Buy at Raymond James... Olin Corp. (OLN) downgraded at Longbow... Penn West (PWE) downgraded to Underperform from Neutral at BofA/Merrill... Prudential plc (PUK) downgraded to Neutral from Buy at Nomura... Semiconductor Manufacturing (SMI) downgraded to Hold from Buy at Jefferies... Suncor (SU) downgraded to Neutral from Buy at BofA/Merrill... Talisman Energy (TLM) downgraded to Underperform from Neutral at BofA/Merrill... Thompson Creek (TC) downgraded to Hold from Buy at Deutsche Bank... Toll Brothers (TOL) downgraded to Underperform from Sector Perform at RBC Capital... Travelers (TRV) downgraded to Neutral from Buy at UBS... United Therapeutics (UTHR) downgraded at Credit Suisse... Vera Bradley (VRA) downgraded to Underperform from Neutral at Sterne Agee.
09:03 EDTPWEPenn West downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded Penn West to Underperform due to high leverage and likely dividend cuts and asset sales.

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

I agree to the theflyonthewall.com disclaimer & terms of use