Penn West’s year-end results continue to paint a challenging picture for the Company with fourth quarter cash flow well below our thinking and the consensus estimate, coupled with a significant haircut to year-end reserves. Year-end reserves were down close to 50% in the 1P and 2P categories as were NPVs, as a result of ongoing disposition activity, economic factors, and negative technical revisions (largely stemming from an “FDC alignment”). Further uncertainty exists surrounding the Company’s ....
11 Mar 2016
Year-End Results, Breach of Covenants Forecast by 2Q16
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Year-End Results, Breach of Covenants Forecast by 2Q16
Penn West’s year-end results continue to paint a challenging picture for the Company with fourth quarter cash flow well below our thinking and the consensus estimate, coupled with a significant haircut to year-end reserves. Year-end reserves were down close to 50% in the 1P and 2P categories as were NPVs, as a result of ongoing disposition activity, economic factors, and negative technical revisions (largely stemming from an “FDC alignment”). Further uncertainty exists surrounding the Company’s ....