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Penn West Petroleum Ltd. Message Board

  • auramenko auramenko Aug 22, 2013 7:23 PM Flag

    Costs Are Coming Down

    August 22, 2013 06:22 pm

    Penn West Exploration Announces Employee Reductions

    Thursday, August 22, 2013

    Penn West Exploration Announces Employee Reductions
    17:50 EDT Thursday, August 22, 2013

    CALGARY, Aug. 22, 2013 /PRNewswire/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE - PWE) ("PENN WEST" or "the Company") announced today that as part of the ongoing process to improve competitive performance, the Company has further reduced its workforce to less than 1,600 full time equivalent employees. To date in 2013, the Company has reduced total employee count by over 25% from approximately 2,150 full time employees at the beginning of the year and by 30% from approximately 2,250 in the fall of 2012.

    Penn West President and CEO Dave Roberts remarked, "This week, Penn West has taken another series of focused steps to restore its competitiveness. With this week's change, we have now reduced the number of staff across the enterprise by over 550 from the beginning of the year. 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 continued, "These are never easy decisions, and parting with such a large number of our colleagues is difficult. The spirit of the Company remains positive, and we are focused on stewarding Penn West toward achieving consistent, industry leading metrics in the areas in which we operate."

    Penn West expects to record a charge related to employee separations of approximately $25 million in the 3rd quarter of 2013.

    Penn West shares are listed on the Toronto Stock Exchange under the symbol PWT and on the New York Stock Exchange under the symbol PWE.

    Sentiment: Buy

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