January 28, 2016 / 11:55 AM / in 2 years

Penn West cuts 2016 capex by 90 percent

(Reuters) - Canada’s Penn West Petroleum Ltd PWT.TO 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

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