Penn West Petroleum slashes dividend, cuts 2015 budget

Wed Dec 17, 2014 8:42am EST
 
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Dec 17 (Reuters) - Canada's Penn West Petroleum Ltd slashed its dividend to 3 Canadian cents per share from 14 Canadian cents, and cut its 2015 capital budget by a quarter due to a big slide in oil prices.

Penn West said its capital budget for the year would drop to C$625 million ($537.6 million) from C$840 million. ($1 = 1.1624 Canadian dollars) (Reporting by Swetha Gopinath in Bengaluru; Editing by Sriraj Kalluvila)