Penn West Petroleum Ltd , a Canadian oil company looking to cut costs and debt to boost profits and raise a sagging share price, said on Tuesday it expects lower output in 2014 as it sells or shuts in wells. The company, one of Canada's largest conventional oil producers, said it expects production this year to average between 101,000 and 106,000 barrels of oil equivalent per day, down from its prior estimate for 2014 of between 105,000 to 110,000 boepd in 2014.The cut comes after Penn West shut in 3,200 boepd it considers unprofitable to produce. It has also reached a production sharing agreement on properties producing 6,700 boepd to raise C$175 million ($159.4 million). It did not identify its partner in the transaction.The agreement is part of the company's plan under new Chief Executive Dave Roberts to sell as much as C$2 billion in assets as it revamps its operations to boost a share price that has dropped by more than half over the past two years.Roberts is the former chief operating officer of Marathon Oil Corp.
Marathon Oil Corporation (Marathon Oil) is an international energy company engaged in exploration and production, oil sands mining and integrated gas with operations in the United States, Angola, Canada, Equatorial Guinea. Shares of MRO traded higher by 0.94% or $0.32/share to $34.28. In the past year, the shares have traded as low as $29.47 and as high as $38.18. On average, 5266760 shares of MRO exchange hands on a given day and today's volume is recorded at 3846634.
Penn West Petroleum Ltd. (Penn West), formerly Penn West Energy Trust, is a Canadian exploration and production company. Shares of PWE fell by 1.44% or $-0.12/share to $8.23. In the past year, the shares have traded as low as $8.02 and as high as $13.16. On average, 2497780 shares of PWE exchange hands on a given day and today's volume is recorded at 2587733.
Penn West Petroleum Ltd. (Penn West), formerly Penn West Energy Trust, is a Canadian exploration and production company. Shares of PWT fell by 2.06% or $-0.19/share to $9.03. In the past year, the shares have traded as low as $8.42 and as high as $13.57. On average, 1331410 shares of PWT.TO exchange hands on a given day and today's volume is recorded at 2272218.
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