Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Penn West Cuts 25 Percent of Jobs, Expects C$25 Million Expense

Aug. 22 (Bloomberg) -- Penn West Petroleum Ltd. Chief Executive Officer David Roberts, who took over the Canadian oil producer in June, has cut 550 jobs, or 25 percent of the company’s workforce, this year.

Penn West, based in Calgary, expects to record a C$25 million ($23.8 million) expense related to the job cuts in the third quarter of 2013, the company said in a statement today.

“While I now believe we are staffed at an appropriate level to efficiently move the company forward, our processes and actions must continue to drive cost improvements to our bottom line so our shareholders can measure the progress we are making,” Roberts said in the statement.

When Penn West appointed Roberts to replace Murray Nunns in June, it said the company would cut costs and review alternatives.

Penn West made the announcement after the close of regular trading on North American markets. The shares rose 1.2 percent to C$11.92 at the close in Toronto. Penn West has gained 10.4 percent this year.

To contact the reporter on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.