retract: is "not" an accepted accounting opinion...I'm looking for legitimate answers..if not then there is no reason for me to post here going forward
You mean like the BV of 8.6B and the accounting issues solved and the improved cost structure and the asset sales and the 300M funds flow?
so you know more than the accountants spending millions go through the books with a fine tooth correct? I'm ..could be anytimeloking forward to the asset sale,
I've never seen a company cash flowing 300M a qtr and a 7% dividend get hammered like this
cash flow (which will improve with better costs) is less than 3x market cap with dividend
Oil price has een holding steady at 92.5...PWE making money right now for the fact that they are making money..
The tide has turned here..the call clearly demonstrated that this company is going to be more profitable in the future then even this qtr
shorts have no ammo..oil could just as easilty go up..7 bucks is reduclous for a company like this making 300M cash flow per qtr and 7B in assets an no accounting problems gong forward
they could be producing more..they move production lower by design..they are driving down costs and moving to lower cost light oil ,,they will be boosting production in 2015 and the market should know this..why they are not getting credit right now is a mystery
Look for asset sale announcement any time from here...this is now a cash cow even at a lowe oil price
Stock was taken don due to accounting..trading at lesss than half book value while others are trading at 3 to 5x BV ...the company has changes...waiting for street to give it the credit it deserves
Cost to drill will go down to 42 bucks after the debt reduction and further ocst savings and moving more into light crude
The company had a watershed qtr...there is really nothing to complain about going forward..new management cleaning the deck..any negative comments are legacy in nature
"Penn West delivered a strong set of results in the quarter and continued to make progress toward our goals of long-term sustainability and overall competitiveness. Importantly, as we noted in a related press release today regarding our restatement, our long term strategy for our operations, development program and growth going forward is unchanged. We remain well on pace to meet our full year production guidance of 101,000 to 106,000 boe per day for 2014. Our cash and debt balances were not affected by the restatement, nor were our reserve volumes and values, and our bank facility and senior unsecured notes will continue in effect on their existing terms with delivery of our restated historical and second quarter financial statements. In short, our fundamentals remain strong; our proof point will be execution.
In the quarter, increased production reliability and continued strong development results enabled us to deliver average production of 105,702 boe per day before adjustments, over 65 percent of which were liquids, into a strong commodity environment. The company fully captured the increase in net sales price during the quarter to our netback per boe as a result of solid cost reduction efforts. Second quarter cash costs have declined roughly $80 million (approximately 20 percent) from the second quarter of 2013, with nearly $55 million of these reductions driven by structural cost changes in the enterprise. On an annualized run rate basis, these structural changes translate to projected annual savings of over $220 million. We expect our cost profile to continue to improve as a result of our ongoing continuous improvement activities"
Market will beging to price in asset sale in Nov. Already a done deal....10.50 and then we'll see..oil has to go up from there as Penn will need more time to bulk up on light crude production and reduce costs
there has to be a reason for it to go "no where fast"..what is your reason because where I am sitting, things are looking pretty fixed from an operational costs perspective; a volume perspective; accounting and from a debt perspective...and book value is currently 20 per share or 7.5B
accounting was hanging over its head for past few years..whether know to retail dudes or not devaluing the company...that is finally cleared out after years of