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8 months ago
BRIEF-Penn West to announce a 2017 total capital budget of $180 mln
January 5, 2017 / 11:45 AM / 8 months ago

BRIEF-Penn West to announce a 2017 total capital budget of $180 mln

Jan 5 (Reuters) - Penn West Petroleum Ltd -

* To announce a 2017 total capital budget of $180 million

* David Dyck, chief financial officer will be departing company

* 2017 capital budget expected to provide about 15% production growth in key development areas from q4 of 2016 to q4 of 2017

* David Hendry, Penn West's vice president of finance for last two years, will assume position of CFO

* Gregg Gegunde, senior vice president of exploitation, production and delivery, will be departing company

* Q4 volumes averaged approximately 38,500 boe per day, bringing full year 2016 production to 55,000 boe per day

* Q4 volumes in key development areas averaged approximately 25,000 boe per day

* In Q4, received an additional $20 million in proceeds from asset dispositon, for a total of $95 million in proceeds in second half of 2016

* In Q4 of 2016, Penn West reduced capacity available under its revolving syndicated bank facility to $600 million from $1.2 billion

* $180mm total capital budget is expected to deliver full year 2017 production of 27,000 - 29,000 boe per day

* Now hedged approximately 50% of forecasted net oil volumes and 30% of our forecasted net gas volumes for 2017 Source text for Eikon: Further company coverage:

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