Penn West Petroleum declares 2016 capital budget (Scandinavian Oil-Gas Magazine)

Penn West Petroleum declares 2016 capital budget

Published Jan 29, 2016

Penn West Petroleum Ltd. says that the Board of Directors has approved a highly disciplined capital budget of $50 million for 2016.

This budget responds to the significant decline in commodity prices and proposes capital spending levels 90 per cent lower than the 2015 planned capital program.

The Company 2016 capital budget is consistent with the strategy announced on September 1, 2015 which limits our total expenditures to funds flow from operations, while driving down cost structure.

Tags: Penn West Petroleum Ltd.

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