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Penn West cuts 2016 capex by 90 pct

Published 2016-01-28, 06:44 a/m
© Reuters.  Penn West cuts 2016 capex by 90 pct
OBE
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Jan 28 (Reuters) - Canada's Penn West Petroleum Ltd PWT.TO
cut its 2016 capital budget by as much as 90 percent to C$50
million from a year earlier, to weather a steep plunge in crude
oil prices.
The company said it expects to produce 60,000-64,000 barrels
of oil equivalent per day this year, about 30 percent lower than
its 2015 production estimate in September.

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