Penn West Petroleum (PWE) Approves Capital Budget of $50M
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Penn West Announces Operational Update, 2016 Capital Budget and Provides Full Year Guidance
January 28, 2016 6:31 AM ESTCALGARY, Jan. 28, 2016 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE PWE.BC) ("Penn West", "we", "us" or "our") announces that the Board of Directors has approved a highly disciplined capital budget of $50 million for 2016. This budget responds to the significant decline in commodity prices and proposes capital spending levels 90 per cent lower than the 2015 planned capital program. Our 2016 capital budget is consistent with the strategy announced on September 1, 2015 which limits our total expenditures to funds flow from operations, while driving down our cost structure.
"Given the present state of the... More
