- Penn West (PWE) +4.1% premarket after Q2 earnings beat expectations and says cash and debt balances were not affected by the financial restatement.
- Says it remains on pace to meet FY 2014 production guidance of 101K-106K boe/day, and produced 105.7K boe/day (65% liquids) during Q2.
- Says it has filed restated financial statements and confirms no impact on strategic direction; ~$80M of budgeted development capital expenditures will be accounted for as operating expenses rather than capex, so FY 2014 capital budget of $900M has been revised to $820M.