Oil producer Penn West to cut jobs, suspend dividend

Tue Sep 1, 2015 6:12am EDT
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Sept 1 (Reuters) - Canadian oil and gas producer Penn West Petroleum Ltd said it would lay off about 35 percent of its workforce and suspended its dividend as it copes with a slump in crude oil prices.

The company also lowered its 2015 capital spending forecast by 13 percent to C$500 million ($380 million). ($1 = 1.3169 Canadian dollars) (Reporting by Anannya Pramanick in Bengaluru; Editing by Don Sebastian)