06:12:44 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Pengrowth Energy Corp
Symbol PGF
Shares Issued 543,032,572
Close 2016-01-28 C$ 1.06
Market Cap C$ 575,614,526
Recent Sedar Documents

Globe says Penn West Petro slashes 2016 budget by 90%

2016-01-29 06:52 ET - In the News

See In the News (C-PWT) Penn West Petroleum Ltd (3)

The Globe and Mail reports in its Friday, Jan. 29, edition that crude prices surged Thursday amid speculation an international deal was in the works to cut global production. The Globe's Shawn McCarthy, Jeff Lewis and Jeffrey Jones write that on Thursday Russian energy minister Alexander Novak said Saudi Arabia and other OPEC members may be willing to do a deal with non-OPEC members to cut global production by as much as 5 per cent. Analysts, however, were skeptical that an agreement was imminent or even doable. Some companies are already chopping budgets to cope with deteriorating oil prices. For many, it marks the second straight year of deep pullbacks. On Thursday, debt-saddled Penn West Petroleum slashed its 2016 budget by 90 per cent to $50-million. It also shut off 4,000 barrels of oil equivalent a day of output and deferred maintenance on another 2,500 boe/d, citing shaky economics. Penn West said it would spend another $20-million to decommission old wells. The moves followed earlier cuts by Husky Energy, which chopped planned spending this year by 27 per cent and scrapped its dividend entirely, and Pengrowth Energy, which lowered its 2016 outlay by 70 per cent from a year ago.

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