Penn West cuts 2016 capex by 90 pct

Thu Jan 28, 2016 6:44am EST
 
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Jan 28 (Reuters) - Canada's Penn West Petroleum Ltd cut its 2016 capital budget by as much as 90 percent to C$50 million from a year earlier, to weather a steep plunge in crude oil prices.

The company said it expects to produce 60,000-64,000 barrels of oil equivalent per day this year, about 30 percent lower than its 2015 production estimate in September. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)