Both of my parents purchased LTC policies from Genworth. Unfortunately, my father passed (age 92) and never drew a nickel (100% profit for GNW).
My mother is in St George's Retirement in Roswell but keeps her home at Sea Island. We utilize helpers in both locations.
Of course, there is a ceiling on GNW exposure (i.e. what we can draw to assist her over her life time) so it is the "model" which had flaws. The ceiling (maximum exposure for Genworth) always existed.
Of course, there is no chance of a policy holder not receiving benefits (only of the carrier ceasing the sale of new policies) and the other poster (obviously, bearish despite alleging that he holds shares - simply lied).
Only an idiot would stop paying premiums on a vested policy. The poster (sellhighbuylow_27) has no understanding whatsoever, of the insurance industry, much less being an agent authorized to sell policies….
I went with my hunch and exited in first 5 minutes - I will buy back in, just don't know whether to wait or to nibble at day end....
This is a monumental bungle IF you believe in a commodity (oil) rebound - which Is precisely why I bought WLL - not a "longtime" shareholder....
They are hedging into '16 and '17 at CURRENT oil process....this appears to be a tragic misstep, and frankly I am shocked at management's decision.....
Continental went to the opposite extreme (sold even their existing hedges betting on the fast turnaround) and the street liked the strategy - CLR reported last night and stock rose nicely today.....
To save costs, Penn West has cut down its workforce by half from its peak levels of late-2012. The company has successfully brought down its drilling and completion costs since 2012 and has projected further reduction in the coming years at Cardium and Slave Point. At Cardium, Penn West has achieved substantial drilling efficiencies by bringing average number of drilling days from 22 to 8.
Over the next four years, Penn West will spend 95% of its development capital on its three core areas and plans to drill hundreds of wells each year, particularly at Cardium.
In its press release which came out last week, the company's president said, "In early July we had eight drilling rigs operating and we can reiterate our plans to drill 210 wells in the year within previous operated development capital estimates. Importantly our 2015 well planning is largely in place and we expect full year 2016 development plans to be well advanced by the end of 2014."
In the previous quarter, the company obtained operator-ship of Pembina Cardium unit #11, which lies in the heart of Cardium's Pembina field as the company moves forward to develop this asset. Meanwhile, in July, a 30-well program was initiated in Cardium's Willesden Green area. With four rigs already in place, a fifth one will be added in October. Cardium's Pembina area is also expected to host a nine well program in late 2014.
At Viking, during the latter half of the year Penn West, plans to drill 84 wells with 75 of them expected to be in production mode near the end of 2014.
The company swung to a net profit of $128 million from a loss of $48 million in the same quarter last year, due to the strength in the Canadian dollar, 45% drop in operating expenses and 29% lower depletion and depreciation charges.
Penn West also improved its financial health by lowering its net debt by $242.24 million from the first quarter of 2014 to $2.1 billion at the end of second quarter. Penn West has been trying to improve its financial health for the last six years following the $3.2 billion takeover of Canetic Resources.
Penn West also reported a drop in exploration and development capital expenditure by $1.8 million to $58.53 million due to the breakup conditions. During the quarter, Penn West drilled 10 light oil wells, of which 8 were in Viking, and completed 12 wells, of which 8 were in Cardium. The company also brought 10 Viking wells and 4 Slave Point wells on production.
Overall, this was a strong quarter in which the company ended up beating both top and bottom line estimates, production was within expectations and the company managed to cut down its debt, despite all the negativity surrounding the accounting scandal.
Although Penn West did not post the aggressive growth it expected following the massive purchase of Canetic Resources, the company is now operating under a new top leadership, including a relatively new CEO, with a renewed focus on long-term growth.
Following the corrections, Penn West is all set to pursue its restructuring process that involves $1.82 billion in asset disposals, cost saving initiatives and fueling the growth in its core operations; the light oil business.
The company has recently released its quarterly results, with an update on its accounting review, last Thursday which shows that the markets might have over-reacted.
Penn West has performed an internal review of the accounting policies and has restated its results from the first quarter of this year going back to 2012. The company did not find any reason to restate the results prior to 2012. The main changes that the company has made are shown in the picture below.
(click to enlarge)
The impact on net income is largely uneven, the operating costs increased while fund flows decreased. Fund flows is a non-GAAP measure used by Penn West which shows cash flows from operations before changes in non-cash working capital and decommissioning expenditures. It is used to measure the company's ability to reward shareholders through dividends and fund its capital expenditures.
More importantly, the accounting irregularities did not hit Penn West's balance sheet and its future growth plans, albeit it has reclassified its development capital expenses as operated expenses which caused 8.9% drop in its capital budget for this year to $645 million.
During the quarter, Penn West reported 12.75% drop in gross revenues to $585.3 million on the back of lower production which fell to 106,706 barrels of oil equivalents, or boe, per day, a drop from 140,083 boe per day in the same quarter last year. Some of the drop was due to asset dispositions. That said, the latest production numbers were in line with the company's 2014 production forecast of 101,000 to 106,000 boe per day.
Meanwhile, Penn West reported 13.9%, 18.3% and 34% increase in sales price of light oils/NGLs, heavy oil and natural gas respectively. This led to an increase in fund flows from $249 million a year ago to $298 million in the previous quarter.
Penn West: Putting Its House In Order
Sep. 28, 2014 5:37 AM ET | 2 comments | About: Penn West Petroleum Ltd. (PWE)
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Penn West is recovering after it was hit with a major accounting scandal.
The company has recently released its impressive second quarter results.
The company has set its eyes on its long-term future.
Is it worth investing?
Penn West Exploration (NYSE:PWE), one of the leading Canadian exploration and production companies, has been eyeing a turnaround under the new leadership but the company's efforts received a major setback earlier this year due to an accounting scandal. However, the Calgary-based oil producer seems to have put most of its problems behind it.
Penn West operates primarily in Western Canada and focuses on production of light oils from its reserves spread over five million acres. The company is focusing on producing from three core plays, Cardium, Viking and Slave Point.
Penn West holds 625 million barrels of proved and probable (2P) reserves, of which 67% are proved, valued at $8.9 billion. These assets consist of 50% light and medium oil, 30% natural gas, 13% heavy oils and 7% natural gas liquids, or NGLs. At Cardium, where Penn West is eyeing its long term future, the company has booked 161 million barrels of oil equivalents of 2P reserves while Viking and Slave Point could have 31 million and 40 million barrels of 2P reserves respectively.
Earlier in July, Penn West made headlines when its new CFO discovered accounting irregularities related to misclassification of some of the operating expenses dating back to 2007. Since then, the company's shares have plummeted by23 %, currently trading around $7, as investors braced for the full impact on the company's earnings and balance sheet.
Actually, they (the SEC) have absolutely prosecuted this previously - just Google it.....this is precisely an instance where they do act......
I note that you have dramatically moved from your original/initial contention - "I don't remember it, so therefore it didn't occur...." to a very different tune "it is harmless, so just put him on ignore.."
Aur - he is so lost.
He was/is trying to live through his image as portrayed on this Board.
Now his image (even in his own empty head) is destroyed.
You kid about him working (as a stock boy) at Walmart, but we both know it is a very real a possibility.
His ramblings are not only uneducated - they are utter nonsense.
He is so paranoid that he doesn't realize that no one is buying his BS.
When he started posting fictitious conversations with Penn West Investor Relations regarding the anticipated dividend - it went (in my eyes) from ignorance to dangerous.
I recognize you first thought is - "lighten up dog, no one here has EVER believed him - we just tolerate his gibberish".
THAT is the only reason I have not yet reported him - his posts are so pathetic that no one can take them seriously....
But what if someone came to this Board for the first time - did not recognize that he is the Board Buffoon and acted upon his lie regarding the dividend.....
I realize his lie was a transparent attempt to bolster the stock but we both know how serious this sort of lie is in the eyes of the SEC,
I am Long (and concentrated) on PWE BUT I do appreciate your posts and also ohiowhitebear -
A board of blind cheerleaders watching the stock drop is worthless...
I speculate that options expiration (triple witches) played a large role on Friday's action, but tomorrow will be telling.
The alternative is that there is a large investor exiting/reducing a position....
Either way - it is safe to presume that Hawwy will eliminate this topic at some point - remember, everyone is "out to get him".....
Yes, I confirmed that no phone call occurred with any investor confirming the dividend until it was announced publicly last week .
If you draft one (1) more post lying and stating that you were advised (only person in the world) of an October dividend way back almost a month ago - I am reporting this.
If you think that I am bluffing, then you do not know me, and you are mistaken.
Posts like yours are actually dangerous to legitimate investors.
Oh, and by the way (as many of us would have suspected), YAHOO RETAINS DELETED POSTS.
Again Hawwy - you can NOT alter your: 1) lack of intellect; 2) that you are completely broke; so 3) stop lying - you can treat that problem.
Oh - AND IF A SINGLE POSTER HERE BELIEVES THE PURPORTED CALL WITH IR TOOK PLACE AS HAWWY CONTENDS - PLEASE COMMENT NOW.
Side Note - Hawwy you seem to take issue with my semantics - saying that a call DID occur, if not with the content you recited to this Board. I guess that IR is supposed to track every whacko that calls spouting nonsense. You desperation is not concealed well. I asked if a call occurred wherein they (IR) advised an investor (back in October) that the dividend would occur in October - they said "the call never occurred" - I HAVE IT IN WRITING FROM PENN WESST INVESTOR RELATIONS.
Two (2) posters here have asked for the thread (back when this topic last appeared) and I sent it to them.
I have it for the SEC as well.
You should have let "sleeping dogs lie" Harry.
Again, just one (1) more post - mark my words.
Notice that you don't have Hawwy joining you in an attempt to rewrite history…..
Take a look at my post on August 23, at 11:13 am.
Fortunately, I "cut and paste" the relevant portion of Harry's lie.
Double click on my alias above and all of my posts will appear.
The posts immediately after (coming forward toward today's date) are a dialogue with Harry and the context tells you of Harry's side of the exchange (because naturally Hawwy has deleted his posts - a tell-tell sign of deception).
I called IR (and wrote ) and they confirmed that the purported call (wherein they confirmed a dividend) didn't take place.
Obviously, it would have been giant news.
We all expected the dividend but no other members lied with factual miss-information to this Board.
My own research shows Hawwy's post as an SEC violation when posted on a public message board.
Today Hawwy is so humiliated that his shameless retaliation (to my post) is that he DID speak to IR even if the content of his conversation (as posted) was a contorted lie….
It is fine to have a "board buddy" ED but when there is conscious effort to provide material misinformation on a public board you should choose your friends a bit more carefully..
If Hawwy makes ONE (1) more post supporting his LIE - I am filing a report with the SEC.
Frankly, Hawwy's fictitious trades mean nothing to anyone here, BUT when Hawwy represented that he had a phone conversation with Investor Relations for Penn West back in August wherein they allegedly confirmed a dividend would be paid in October - it became a far more dangerous type of deceit.
A dividend will be paid (as most of us predicted) BUT Hawwy never had the conversation in August PWE IR - in fact, the company did not announce the October '14 dividend until THIS WEEK..
PWE IR confirmed that the call never occurred.
Hawwy's lie regarding the dividend (and posted on a message board) is actually an SEC VIOLATION
Well apparently, poor Hawwy was SO humiliated yesterday in the thread that he went bawling to Yahoo crying that he was "both embarrassed and abused by another poster who made him feel inadequate and inferior".
They (Yahoo) have removed the topic because Hawwy appears to be emotionally disturbed........they have specifically requested that I give Hawwy a reprieve because he is breaking down....
I am ok with that, but they (Yahoo) likely do not know that he initiated my thread by posting (and deleting) a thread with my alias named in the Topic (deleted a day later by Hawwy) and hoping I would never eyeball it...
As I understand it, Hawwy would try to apologize himself to this entire Board, but he can't spell the word "apologize" even though Yahoo provides spell check application within each post....
Well, I did all those things - Hawwy - and I am damn proud of it - grow up, get a life - now go crying to Yahoo you pathetic maggot.
OK the stock is trading at $2 which is 80% of $2.50 but there have been no assurances from either company that the deal is still a "go".
The sale and the terms are public and there has been no public representation by any party that the closing is in jeopardy in any fashion - so can ACP insiders BUY at this time based only upon on the shake out of "scared hands" without violating any SEC regs.......or are they "frozen"....?
that is over double the regular hours trading today....
One good thing, is you do NOT see Mr. Pev refuting that he was 100% wrong....
Granted, he may not "admit" the mistake (it take character to develop this ability) but at least he is not re-broadcasting the BS or backpedaling on his statement (like Harry).
Ador however; does have his "head in the sand" - anything short of "full steam ahead" or "all is good" is deemed a short opinion by the same alias...
How has that philosophy worked out so far Ador?
Do you feel good about where you stand on your PWE investment......new lifetime low this week....?
There was another selloff (I did not expect) on high volume Friday....
That must have been me and all my aliases on a shorting spree...
It sucks, but the best thing you can do (Ador) is to begin to pay attention.....how does your family feel about your long term investment here? ....do they know?
I am significantly down here but I want correct information (good or bad)......harry is the board joke and Ador is pathetic.....
Mr Pev...I assume you are foreign and English is not your first language BUT get it right or stick to the elements which you DO know (suck as the price fluctuations of natural gas) and you can contribute.....do not cheerlead....it does not suit you....
I am not spinning anything about future dividend because we don't know - same with guidance. Of course I hope it is maintained. production looked good in Q2. You got caught (in writing - you can't delete) in an UNMITIGATED LIE - end of story.
I do understand what you are saying, and I am disagreeing with you completely.
I believe my post was clear and not subject to misinterpretation.
We can agree to disagree.
I think our posts speak for themselves and we "are beating a dead horse" here.
We agree on far too much to get caught up on semantics...
Harry, we completely understand your statement I am saying YOUR statement is a LIE.
I believe that the substance of your LIE MAY VERY WELL come true - i.e. that the company WILL issue a statement and WILL pay a dividend in mid October
BUT that result (desired) does not make you purported conversation with IR true.
ANYONE WHO QUESTIONS THIS CAN GO TO THE COMANY WEBSITE AND SEND A ONE SENTENCE INQUIRY TO IR……the response will be crystal clear.
They can NOT speculate on the dividend until the restatements are complete.
Obviously, all of these class actions would make any "loose cannon" a liability.
There is NO loose cannon - HARRY LIED ….yet again……
I expect this all WILL occur (statement and then dividend) and when (if) it does, it will NOT convert Harry's LIE into a truth…..
Again, anyone who wants my thread with IR can just shoot me an e-mail or contact IR - it won't take 2 minutes and the communication will be in writing…
I am careful of replying to YOUR own post Harry because when you delete (obsessively) the replies get re-sorted…..
You can KEEP swearing the conversation with IR occurred Harry. but it will not become a reality by continually repeating the LIE…..this is why you have no creditability on this Board…it is NOT why you are broke...
Do not back off your purported 1/2 conversation with IR harry -
You said IR assured you of the dividend, I am saying this statement is a BLATANT LIE -
I have contacted them myself (in writing) about the covenants and the dividend -
They advised me they can not state the dividend is safe at this time (I personally believe that even a reduction in the dividend may hurt the stock price) but that (at the time of the tread with IR) the CFO was negotiating on the covenants.
Later (after my e-mail exchange with IR) of course the covenants were resolved - anyone who cares, shoot me an e-mail and I will forward my threads…..
I did mistakenly believe you were short (and I was incorrect).
You, however, misread my sentence, it was not vague in the slightest and must be read in the context of the entire post….no "deconstruction" is needed.
Just read it using English with common sense, the rest falls in place….don't "jump the gun" and hack out a post, delete it and re-write it - and then go back and say - "oops"…and try to cover your misstatement with gobbilygook - it comes out as gibberish - EOS
Lesson to be learned - like Pev - it is FAR BETTER to step up and acknowledge a mistake, we all make them but (unless you delete like Harry) it is THERE for the world to see…..
It IS "unfortunate" (for me as a "long") that Pev is wrong and you are correct because I would feel MUCH BETTER now knowing the dividend is "safe" - it is not safe (YET) but I believe it will be. and Roberts will protect it at all costs…..if not, there will another massive sell off...