PWE
Penn West Petroleum Ltd.NYSE
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  • Wed, Nov. 2, 3:13 PM
    • Penn West Petroleum (PWE -2.2%) says it is restarting its field operations in Alberta with a four-rig drilling program, following a series of asset sales that reduced debt and strengthened its balance sheet.
    • In its Q3 results, PWE says it generated C$75M in proceeds from the sale of ~6K boe/day, keeping it on track to achieving its total disposition goal of C$100M-C$200M by the end of 2016.
    • PWE says Q3 production averaged 41,233 boe/day, ahead of expectations but only half of last year's 82,198 boe/day output; the company lowers its FY 2016 production guidance to 52K-55K boe/day from its earlier 55K-57K boe/day outlook.
    • PWE also says its FY 2016 capital budget remains unchanged at $90M, plus $15M allocated for decommissioning expenditures.
    | Wed, Nov. 2, 3:13 PM | 19 Comments
  • Wed, Nov. 2, 6:34 AM
    • Penn West Petroleum (NYSE:PWE): Q3 FFO of $0.06
    • Revenue of $136M (-53.9% Y/Y)
    • Press Release
    | Wed, Nov. 2, 6:34 AM | 36 Comments
  • Tue, Oct. 4, 7:56 AM
    • Penn West Petroleum (NYSE:PWE) selects David French as its new CEO effective Oct. 24, when he will succeed David Roberts.
    • French most recently served as President and CEO of Bankers Petroleum, after climbing the ladder at Apache.
    • Roberts has been PWE'se President and CEO since June 2013 and has more than 30 years of operational experience in the upstream oil and gas business.
    | Tue, Oct. 4, 7:56 AM | 62 Comments
  • Thu, Aug. 4, 5:39 PM
    • Penn West Petroleum (NYSE:PWE) says it plans to spend $40M more than previously announced this year, nearly doubling its total capital budget for 2016 to $90M.
    • PWE, which reported a Q2 net loss of $132M, also anticipates a $150M capital budget in 2017.
    • PWE also says asset sales have allowed it to pare its total debt to $491M from $2.1B at the end of last year.
    | Thu, Aug. 4, 5:39 PM | 34 Comments
  • Mon, Jul. 18, 12:18 PM
    • Canadian Natural Resources (CNQ -0.3%) has bought up ~12K natural gas wells across Alberta over the last two years, pushing past Encana (ECA -1.2%) as Canada's top natural gas producer, according to a Reuters analysis of regulatory data.
    • "All these new wells have low production, but they were bought for pennies for the dollar," Raymond James analyst Chris Cox says, noting the wells are in adjacent properties which offer cost synergies, and "if you are expecting pricing to improve then you get an additional uplift."
    • CNQ's North American natural gas production rose 9% in 2015 and 35% in 2014, and while the company bought wells, most rivals sold assets or maintained a steady well count; Cenovus Energy's (CVE -0.6%) well count fell 2% in Alberta during 2013-15, and Penn West (PWE +0.3%) shed nearly 30% of its wells during the period.
    | Mon, Jul. 18, 12:18 PM | 5 Comments
  • Thu, Jun. 23, 5:17 PM
    • Penn West Petroleum (NYSE:PWE) CEO David Roberts says he is concerned that the new rule affecting energy acquisitions in Alberta will hinder its ability to find buyers for assets it plans to sell.
    • The CEO says PWE, which recently sold its entire position in Saskatchewan to reduce debt, is in talks at various stages to dispose of additional properties in Alberta and British Columbia, but that discussions on the Alberta properties will be affected by the new ruling that requires asset buyers to have double the financial strength than previously mandated.
    • The Alberta Energy Regulator's surprise rule change is "off the mark,” Roberts says after PWE’s annual shareholders meeting, adding that it is not fair to "isolate 70% of the companies that might be part of a transaction market."
    • PWE hopes to unload additional assets with output of 20K boe/day for C$100M-C$200M in Alberta and B.C. by the end of 2016, the CEO says.
    | Thu, Jun. 23, 5:17 PM | 95 Comments
  • Mon, Jun. 13, 12:29 PM
    • Penn West Petroleum (PWE +44.5%) surges more than 40% following late Friday's news that it agreed to sell all of its Saskatchewan assets, including its Dodsland Viking area, for $975M.
    • “The sale is a definitive step which will help to change the narrative from constant discussions around its debt toward constructive conversations around Penn West’s recent performance in its remaining Cardium area,” Raymond James analyst Jeremy McCrea writes as he upgrades shares to Outperform from Sell.
    • PWE says it will now target growing its Cardium and Viking positions in Alberta and plans to continue selling assets outside its primary areas of focus; PWE’s Cardium oil wells have been some of the best revenue generators in the Canadian industry over the last year, Raymond James says.
    • PWE got an attractive price for the properties, reflecting closely-held Teine Energy’s ability to pay up, with Teine paying ~15x the debt adjusted cash flow of the assets vs. recent deals of ~7x, Desjardins Capital says.
    | Mon, Jun. 13, 12:29 PM | 59 Comments
  • Fri, Jun. 10, 11:17 PM
    • Penn West Petroleum (NYSE:PWE) agrees to sell its Viking light oil assets in Saskatchewan to Teine Energy for C$975M ($763M), as well as some of its assets in Alberta to unidentified buyers for ~C$140M.
    • PWE says the sales bring the YTD total from asset dispositions to $1.3B, reducing pro forma net debt to ~$600M from $2.1B at year-end 2015; as a result, PWE expects to remain in compliance with all financial covenants for the current quarter through the rest of 2016.
    • Reports earlier this week indicated that PWE had received at least four bids from companies for the Viking light oil assets.
    | Fri, Jun. 10, 11:17 PM | 52 Comments
  • Wed, Jun. 8, 12:49 PM
    • Penn West Petroleum (PWE +9.9%) has received at least four bids from companies for its Viking light oil assets which could fetch more than C$500M ($395M), Reuters reports.
    • Bidders include Raging River Exploration (OTC:RRENF), Crescent Point Energy (NYSE:CPG), Whitecap Resources (OTC:SPGYF) and Teine Energy, according to the report; all four bidders have a presence in the Viking area of Saskatchewan, a light oil region that is attractive to energy producers because of its low costs to recover crude and competitive production costs.
    • PWE's Viking assets, which produce nearly 20K boe/day, are important to the company, and its willingness to sell them highlights the company's financial pressure over its large debt burden.
    | Wed, Jun. 8, 12:49 PM | 62 Comments
  • Thu, Jun. 2, 6:24 PM
    • Penn West Petroleum (NYSE:PWE) has hired Royal Bank of Canada to sell its Dodsland Viking light oil assets in Saskatchewan, Bloomberg reports.
    • Analysts see a potential sale of the Viking, a high-margin primary area of focus for PWE that could fetch at least C$400M or more, as a last-ditch effort to stay afloat.
    • "It’s a measure of last resort, but Viking asset sale potentially plugs the near-term hole,” Dundee Capital's Brian Kristjansen has said.
    • PWE said last month that it was working with lenders to avoid a default as it warned it might breach financial covenants by the end of Q2.
    | Thu, Jun. 2, 6:24 PM | 122 Comments
  • Mon, May 16, 10:35 AM
    • Penn West Petroleum (PWE -9.6%) warns of a going concern risk if it fails to reach agreement with its lenders to amend its borrowing limits by the end of Q2.
    • In its Q1 earnings report, PWE says it may not meet debt targets including senior debt to EBITDA and total debt to EBITDA if weak oil prices continue.
    • PWE says it was not in default on any financial covenants at the end of Q1, with 4.4X senior debt to EBITDA and total debt to EBITDA vs. its limit of 5x, but there is a risk of default at the end of Q2.
    | Mon, May 16, 10:35 AM | 52 Comments
  • Mon, May 16, 6:39 AM
    • Penn West Petroleum (NYSE:PWE): Q1 EPS of -$0.20
    • Revenue of $231M (-32.1% Y/Y)
    | Mon, May 16, 6:39 AM | 18 Comments
  • Mon, Mar. 21, 4:59 PM
    • Raging River Exploration (OTC:RRENF) is coveting Penn West’s (NYSE:PWE) Viking light oil development in Saskatchewan on the expectation PWE will be pushed to divest the properties this year, CEO Neil Roszell tells Bloomberg.
    • While today's sale of PWE’s Slave Point assets in Alberta may buy the company more time, Roszell thinks a Viking sale is probably inevitable as early as September.
    • PWE is among companies in talks with lenders as it anticipates breaching debt covenants by the end of Q2, while rival Raging River foresees opportunities to scoop up attractive properties as it finds itself in the opposite situation, strengthened by low debt and fresh from its latest equity financing.
    • Analysts expect PWE will need to sell more to continue operating; National Bank Financial says PWE is a “slave to asset sales,” referring to the Slave Point deal.
    | Mon, Mar. 21, 4:59 PM | 12 Comments
  • Mon, Mar. 21, 8:34 AM
    • Penn West Energy (NYSE:PWE) agrees to sell its properties in the Slave Point area of northern Alberta for $148M.
    • PWE says that although Slave Point was a core asset, the sale should lower the company's per barrel operating costs and reduce corporate decline rates.
    • PWE says it has closed or reached definitive agreements or letters of intent to sell some of its non-core assets for ~$80M.
    | Mon, Mar. 21, 8:34 AM | 10 Comments
  • Thu, Mar. 10, 2:14 PM
    • Penn West Petroleum (PWE -13%) plunges after reporting a Q4 loss of C$3.20/share and cash flow per share of $0.01.
    • PWE says it is in talks with lenders about possible amendments of covenants, selling assets and hedging positions, as it anticipates breaching debt covenants by the end of Q2.
    • Debt is the “overriding concern” for PWE, says Desjardins analyst Kristopher Zack, noting that the company has a covenant that requires its senior debt to be no more than 5x EBITDA.
    • PWE reaffirms its 2016 production guidance of 60K-64K boe/day after averaging 86,357 boe/day in 2015, as well as a C$50M capital budget adopted in January that was 90% less than last year.
    | Thu, Mar. 10, 2:14 PM | 46 Comments
  • Thu, Mar. 10, 9:27 AM
    • Penn West Petroleum (NYSE:PWE): Q4 EPS of -$3.20 may not be comparable to consensus of -$0.19.
    • Revenue of $273M (-42.3% Y/Y) beats by $13.97M.
    • Shares +3.3%.
    | Thu, Mar. 10, 9:27 AM | 40 Comments