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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery, the benchmark in North America, lost 18 cents to $75.64 on the New York Merc, while Brent for January, the international benchmark, lost 10 cents to $79.31 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $15.75 to WTI ($59.89), down from a discount of $15.60. Natural gas for December, the international benchmark, soared on a blast of winter cold across the U.S. Midwest, adding 32.1 cents to $4.34. The TSX energy index lost 1.70 points to close at 257.30.

Penn West Petroleum Ltd. (PWT) lost three cents to $4.72 on 2.7 million shares, after releasing details about its plans for 2015. It aims to spend $840-million and produce an average of 95,000 to 105,000 barrels of oil equivalent a day. Adjusting for dispositions, the 2015 plan implies a 3- to 8-per-cent increase in average production over 2014, when Penn West expects to produce 101,000 to 106,000 barrels a day. It boasted today that it will probably be above the midpoint of that range. Investors may have hoped for more ambitious production plans, but Penn West emphasizes that it does not want to have to cut its dividend, which currently yields 11.8 per cent. Investors do not seem enthusiastic. It is about one year exactly since Penn West, having fallen to around $11.60 from its early 2011 high above $28, announced a comeback plan that mainly involved $1.5-billion to $2-billion in asset sales before 2015. In its update today, Penn West talked up the progress it has made over the year -- lower costs, greater "discipline" and so on -- but the facts are: the stock has lost over half its value, and only $1-billion in asset sales has been completed. The new corporate presentation pushes back the asset sale deadline to early 2016. Penn West "remains confident" in its new plans. Management, as it pointed out during a conference call this afternoon, has been showing its optimism by buying. SEDI shows at least 99,400 shares bought since Nov. 4, most of which were bought by chairman Rick George (of Suncor Energy Inc. (SU: $39.19) fame) and chief financial officer David Dyck. Those two now hold 870,200 and 74,500, respectively, of Penn West's 495 million shares. The company received the suggestion of a share buyback during its conference call, but said it is not keen.

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