Impact: Negative. While 2015e production was modestly ahead of our estimates, the large downdraft to 2016e capital spending will see downward revisions to our estimates. Penn West announced that its Board of Directors has approved a minimalist 2016e capital budget of $50 mm (FCC was $175 mm; consensus $278 mm), which is anticipated to generate average volumes of 62,000 boe/d (67% liquids), at midpoint. The Company provided a range of cash flow sensitivities calling for $0-$40 mm of cash flow at ....
28 Jan 2016
PENN WEST PETROLEUM LTD. (PWT) ANNOUNCES OPERATIONAL UPDATE, 2016E CAPITAL BUDGET AND PROVIDES FULL YEAR GUIDANCE
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PENN WEST PETROLEUM LTD. (PWT) ANNOUNCES OPERATIONAL UPDATE, 2016E CAPITAL BUDGET AND PROVIDES FULL YEAR GUIDANCE
Impact: Negative. While 2015e production was modestly ahead of our estimates, the large downdraft to 2016e capital spending will see downward revisions to our estimates. Penn West announced that its Board of Directors has approved a minimalist 2016e capital budget of $50 mm (FCC was $175 mm; consensus $278 mm), which is anticipated to generate average volumes of 62,000 boe/d (67% liquids), at midpoint. The Company provided a range of cash flow sensitivities calling for $0-$40 mm of cash flow at ....