Sept 1 (Reuters) - Penn West Petroleum Ltd PWT.TO :
* Announces further actions in response to current commodity price environment
and updates 2015 guidance
* Says will suspend dividend and reduce board compensation
* Says will significantly reduce cost structure through a 35% workforce
reduction
* Says going forward, total capital expenditures will remain within our funds
flow from operations
* Says anticipate recording a one-time charge related to severance costs during
the third quarter
* Says will focus development capital on core viking and cardium light oil
properties in 2016
* Says over the last month, have identified $75 million of planned 2015 capital
activity that will be deferred
* Effective today, our board of directors has voluntarily decreased the annual
retainers payable to non-management directors
* Says $500 million revised FY capital budget represents a 40% reduction from
the original November 2014 guidance of $840 million
* Says decided to suspend dividend until further notice following payment on
October 15 of recently declared dividend
* Says expect to realize an additional 15% to 30% reduction in our overhead
costs
* Will focus our development capital on our core viking and cardium light oil
properties in 2016"
* Annual retainer payable to board chair to be cut by 50%, that payable to
non-management directors will be reduced by 40%
* Says continue to be in compliance with all of the financial covenants in our
syndicated bank facility and senior notes
* Says revised 2015 production guidance range is 86,000 - 90,000 boe/d
* Says total cost savings associated with workforce reduction are expected to
be approximately $45 million per year
* Rpt-penn west petroleum ltd pwt.to says will significantly reduce cost
structure through a 35% workforce reduction
* Source text for Eikon ID:nPn3lZVKt
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