Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Canada's Penn West Petroleum to sell Mitsue assets for C$192.5 mln

Published 2015-09-15, 08:31 a/m
© Reuters. Canada's Penn West Petroleum to sell Mitsue assets for C$192.5 mln
OBE
-

Sept 15 (Reuters) - Canadian oil producer Penn West
Petroleum Ltd PWT.TO PWE.N said it would sell its assets in
Mitsue in Central Alberta for C$192.5 million ($145.4 million)
in cash to reduce debt.
The company said it would have raised C$605 million this
year by divesting its non-core assets upon the closing of the
Mitsue deal.
Penn West had long-term debt C$2.21 billion as of June 30.
The company lowered its budget and cut jobs this month and
said it would only spend cash it earned from operations.

The company had also cut its 2015 production forecast to
86,000 to 90,000 barrels of oil equivalent per day (boepd) from
90,000 to 100,000 boepd.
The company's Toronto-listed shares have fallen more than 91
percent in the last 12 months.
($1 = 1.3237 Canadian dollars)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.