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UPDATE 1-Penn West Petroleum lowers capex, suspends dividend, to cut jobs

Published 2015-09-01, 06:41 a/m
UPDATE 1-Penn West Petroleum lowers capex, suspends dividend, to cut jobs
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Sept 1 (Reuters) - Canada's Penn West Petroleum Ltd PWT.TO
cut its 2015 capital budget for the third time this year,
suspended its dividend and said it would lay off about 35
percent of its workforce as it copes with the slump in crude oil
prices.
The oil and gas producer will continue to look for more
opportunities to reduce capital spending this year, it said in a
statement on Tuesday. ID:nCNWvRVnHa
The company, which has been selling assets to reduce debt,
lowered its 2015 capital spending forecast by 13 percent to
C$500 million ($380 million).
Penn West had in March slashed its quarterly dividend to 1
Canadian cent per share from 14 Canadian cents. It said it
expects to save about C$20 million by suspending the payout.
The Calgary, Alberta-based company cut its 2015 production
forecast to 86,000 to 90,000 barrels of oil per day (boepd) from
90,000 to 100,000 boepd.
The company's shares closed at C$1.03 on Monday, down nearly
58 percent this year.
($1 = C$1.32)

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