athenian

Penn West Energy's Reassuring Earnings Update

Bui omits to mention two additional conditions (other than $45 oil) on which the company is relying when it says it can continue distributions at $0.23 for 2009. They are: natural gas at $5.50 per GJ and an exchange rate of $1.25. An average gas price of $5.50 looks very optimistic. And NG is 43% of Penn's production