UPDATE: Penn West Exploration Sets 2013 Capital Budget of $900 Million; Shares Fall 3.6%, Nearing Yr Low
Penn West Petroleum Ltd. (PWT.TO) said the Board has approved a 2013 base capital budget of $900 million with the possibility of an additional $300 million based on certain conditions.
The focus of the 2013 capital budget is to improve capital efficiencies by focusing capital on those projects that, on average, are expected to produce flowing barrel efficiencies in the $35,000 to $40,000 per boe per day range while also attaining a minimum 20% internal rate of return target.
Shares are down 39 cents (3.61%) to $10.40 late morning. More than 1.7 million shares have been traded.
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