Penn West CEO says he expects investors to remain wary

Thu Sep 18, 2014 4:52pm EDT
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CALGARY, Alberta, Sept 18 (Reuters) - David Roberts, chief executive of Penn West Petroleum Ltd, the Canadian conventional oil producer which released delayed third-quarter earnings on Thursday after finding accounting irregularities, said he expects investors to be in a "show-me" state after years of weak production and profits.

Roberts said in an interview that Penn West has mostly completed the restructuring he launched after coming to the job in July 2013 and he is now just fine-tuning the company's operations.

However despite two quarters of meeting the company's targets for oil production, Roberts thinks investors will remain cautious about the company.

"We still have a lot of proving to do in terms of execution capability," he said. "This is a company with a pretty poor track record over the last several years ... The market is going to remain in a 'show-me' state for a little while." (Reporting by Scott Haggett; Editing by David Gregorio)