Penn West Shrinking to Grow After Staff Exits
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Penn West Petroleum Ltd., the worst performing oil and natural gas stock among its Canadian peers this year, may sell more assets and forgo higher output to cut costs after the ouster of four executives.
The company will be “opportunistic” about selling acreage outside its primary oil developments, striving to reduce production costs and meet targets to boost returns, said Chairman John Brussa. Penn West fired Chief Operating Officer Hilary Foulkes and three vice presidents on Nov. 6, after reporting lower third quarter output than analysts’ expected and reducing its production outlook for 2012.