Penn West Petroleum Ltd’s 2016 capital budget down 90% from last year, production to fall – FINANCIAL NEWS-ecozik.com
Home / Financial News / Penn West Petroleum Ltd’s 2016 capital budget down 90% from last year, production to fall

Penn West Petroleum Ltd’s 2016 capital budget down 90% from last year, production to fall

Penn West CEO Dave Roberts. The Calgary-based company is cutting its capital budget for 2016 to only one-tenth of what it spent last year.

CALGARY – Penn West Petroleum Ltd. is cutting its capital budget for 2016 to simply one-tenth of what it spent last year as the conventional oil and gas producer lowers its average daily output, shuts in wells and activly works to reduce expenses.

The Calgary-based company says its 2016 budget capital budget is going to be just $50 million, reflecting plans to shut within the same as 4,000 barrels per day of uneconomic production within the first quarter of this year.

The company also says its 2015 capital spending was $20 million underneath the $500 million which was anticipated in September. Earlier, the 2015 budget had been set at $840 million for 2015.

Related

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *

*