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Penn West Petroleum Ltd. (PWE)

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1.57-0.01 (-0.63%)
As of 12:38PM EDT. Market open.
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  • What this report omits is that the US government has dumped 7 million barrels of oil into the market from the Strategic Petroleum Reserve so far in the month of May. Had they not done that, non-SPR US oil storage would have dropped more than analyst estimates. Western Canada oil storage in Hardisty and Edmonton dropped from 59% of capacity to 52% of capacity in March and this was *before* the outage occurred at the ConocoPhillips Syncrude facility in early April. This is shaping up to be an interesting quarter in the energy sector.


    EIA Says U.S. Crude Supplies Declined for the Sixth Week
    Government figures showed 1.75 million barrels decline in oil stockpiles for the week ended May 12.
  • Everybody hates PWE....except Institutions.....not they own 21% up from 7% 3 months ago
  • Khalid al-Falih, energy minister for Saudi Arabia, says OPEC and its production-cutting allies need to keep holding back output for another nine months. Photo: hamad i mohammed/Reuters
    OPEC’s Foil: It Can’t Drain Enough Stored Oil
    Cartel is doubling down on its production cuts to drain glutted inventories
    By Georgi Kantchev ,  Sarah McFarlane  and  Benoit Faucon 
    WSJ | 2017-05-22T17:29:00.000Z
    OPEC is likely to extend and perhaps even deepen its production cuts on Thursday for one main reason: It has failed to drain superhigh levels of oil in storage enough to raise prices significantly.
    On Sunday, Khalid al-Falih, energy minister for the Organization of the Petroleum Exporting Countries’ top producer, Saudi Arabia, said OPEC and its production-cutting allies need to keep holding back output for another nine months. The group’s top leaders meet in Vienna on Thursday to make a decision.
    “We are all ready to consider other creative suggestions that may emerge to between now and May 25,” Mr. Falih told reporters in Riyadh.
    OPEC’s predicament underscores the powerful role global oil inventories now play, after years of being a technical detail that some traders ignored. With more data available than ever, oil storage has joined shale production as a symbol of a global glut of crude that has knocked OPEC on its heels.
    “The production deal was a risky maneuver by OPEC,” said Antoine Halff, senior researcher at Columbia University’s Center on Global Energy Policy. “By choosing a storage target, they set themselves up for failure.”
    Almost six months after OPEC’s 13 members and 11 other heavyweight producers pledged to cut around 2% of global oil supply, stored crude has only recently begun falling and remains at historically high levels. Oil prices were up almost 1% at $51.12 a barrel on Monday but remain below the levels reached in the days after the production cut’s announcement and short of the $60 a barrel target that Saudi Arabia wants.
    OPEC leaders say they want to reduce storage levels in the Organization for Economic Cooperation and Development—a club of industrialized countries like the U.S.—to a five-year average. About 550 million barrels of crude and oil products have been added to the world’s stocks since 2014, when prices began crashing, said Christopher Bake, a member of the executive committee at the world’s largest oil trader Vitol Group.

    OPEC leaders have said they want to siphon off over 300 million barrels of crude oil from OECD stocks, which reached record highs of over 3 billion barrels last year.
    But OECD stocks continued increasing in early 2017 and fell in March by just 32 million barrels, according to the International Energy Agency, a global adviser to oil-consuming places such as the U.S., India and Europe. Even if the OPEC and non-OPEC cuts are extended into the second half of 2017, stocks won’t draw down to the five-year average this year, the IEA said.
    An OPEC official said the group’s plan was beginning to work and merely needed more time.
    “Stocks are now coming down,” the official said.
    The official said OPEC was also concerned about high inventories in 2008 and 2009, when the global economic crisis depressed demand and prices, sending storage levels higher. Storage levels eventually fell, and prices rose, in 2009 as the crisis abated and oil demand growth returned.
    OPEC focus on storage levels came after the cartel was humbled by U.S. shale production’s ability to withstand low prices. Now the group has found that its power to flush oil out of storage is also limited.
    One of the main culprits might be OPEC itself—the group ramped up output just before the cuts were slated to start in January, adding to the world’s already vast oversupply. According to data from oil-tanker tracking firm Kpler, OPEC’s January to April exports were in line with the same period last year, meaning just as much oil has hit the global market after the cuts.
    “OPEC itself delayed reaching the inventories goal by increasing production late last year,” said Olivier Jakob, managing director of consultancy Petromatrix.
    OECD storage is only a slice of what investors are looking at. More than half of the world’s oil refining capacity is now outside of the OECD, in countries like China and India, where accurate storage data is difficult to come by.
    China made significant inventory drawdowns early in the year followed by large inventory builds to recover to an oil stock level of 783 million barrels as of May 17, according to data from global storage monitoring firm Ursa Space Systems Inc., which monitors 75% of China’s storage capacity
    Saudi Arabia’s stocks rose by 2.3%, or 6 million barrels, over February and March, according to the Joint Organisations Data Initiative, a group based in Riyadh that compiles oil industry information. According to Kpler, stocks appear to be falling in major oil storage hubs in the Caribbean and South Africa.
    There is also less oil being held in giant tankers at sea, an expensive way to hoard oil but one that became common during the glut. According to Kpler, the volume of oil held on ships had fallen around 23% from December to 91.1 million barrels at the end of April.
    “If they continue to fall, that will give the market some new confidence,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas .
    But there are some ominous signs for OPEC and any extended bet to reduce oil storage.
    —Summer Said and Margherita Stancati contributed to this article.
  • RBC Croft calling for oil in low $60 range by end of the year. Her argument is that two of the US shale regions need $60 oil to make money. Only the Bakken area can make money at these levels. She does not see Shale flooding the market. Also Iraq now is on board for at least a six month extension of November oil deal. This should put a floor of $50 under oil price for several months which should be very positive for PWE. Do not understand why Zacks would lower PWE rating without waiting for the June 7 Analyst presentation. RBC Croft is a very smart oil analyst and is right more often than wrong. Good luck folks.
  • http://www.cnbc.com/2017/05/21/oil-rises-on-expectation-of-extended-possibly-deepened-output-cut.html

    US crude settles at $50.73, up 40 cents, after Saudi Arabia and Iraq agree on output cuts
    Oil was bolstered by confidence that top exporters will agree this week to extend supply curbs, and possibly deepen the cuts.
  • MarketDataBull: What is your opinion on the news release yesterday of a reserve base credit facility? Is this a good thing or are we headed down the same path that got the company into trouble and almost bankruptcy in the past?
  • News Release Issued: May 18, 2017 (12:18pm MDT)

    To view this release online and get more information about Penn West Exploration visit: http://pennwest.mediaroom.com/index.php?s=27585&item=135292

    Penn West Closes New Reserve-based Credit Facility

    CALGARY, May 18, 2017 /CNW/ - PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE) ("Penn West", the "Company", "we", "us" or "our") is pleased to announce it has transitioned to a reserve-based syndicated revolving credit facility ("Credit Facility") with a group of nine lenders. Royal Bank of Canada and the Bank of Nova Scotia acted as co-lead arrangers and joint bookrunners for the Credit Facility.

    "We updated our credit facility to reflect the strong balance sheet and robust long-life asset portfolio of the new Penn West," commented David Hendry, Chief Financial Officer of Penn West. "This is a great moment for the Company. This facility provides the flexibility for us to grow and invest in the projects that create the best return for our shareholders. We would like to thank our lending syndicate for their continued strong support."

    The underlying borrowing base is $550 million, less the amount of outstanding pari passu senior notes, such that the Company will have $410 million of availability under the Credit Facility as at today's date. The initial revolving period of the Credit Facility ends on May 17, 2018, with an additional one year term out period, and is subject to a semi-annual borrowing base redetermination in May and November of each year. On April 30, 2017, the Company had $285 million drawn under its previous credit facility.

    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".

    SOURCE Penn West

    For further information: PENN WEST, Penn West Plaza, Suite 200, 207 - 9th Avenue SW, Calgary, Alberta, T2P 1K3, Phone: 403-777-2500, Fax: 403-777-2699, Toll Free: 1-866-693-2707, Website: www.pennwest.com; Investor Relations: Toll Free: 1-888-770-2633, E-mail: investor_relations@pennwest.com

  • pwe start to have income. Clever, did you see that? a few cents per share this quarter. Good sign.
  • What surprises me is after 2 3/4 years pf saying the same thing day in day out marketdatabull is still pumping. Have you an once of pride loser ?
    Any shame at all ?
  • Oil up PWE down again. Oil stocks and especially PWE are dead money.
  • Typically good stocks go up !
    Not down for 10 years.
    Maybe you folks are holding the chart upside down.
  • This should be a fun ride between now and Labor Day. 2.50 coming
  • Oil up PWE floundering again?
  • Some folks are calling for oil price in $60 to $70 range if Saudis and Russia push through an oil production cut until March 2018. This is very good news for PWE. It will be interesting to see if a dividend is reinstated in 2018. I hope they can restart a dividend in 2018 because I think that will cause the stock price to break out much higher. Time will tell. Good luck folks.
  • The Next Energy "Game Changer"?

    As natural gas from shale becomes a global energy "game changer," oil and gas researchers are working to develop new technologies to produce natural gas from methane hydrate deposits. This research is important because methane hydrate deposits are believed to be a larger hydrocarbon resource than all of the world's oil, natural gas and coal resources combined. [1] If these deposits can be efficiently and economically developed, methane hydrate could become the next energy game changer.
  • marketdatabull has been pumping pwe for 2 3/4 years now without a profit. 2 3/4 years of failure . 2 3/4 years of wasted time and money.
    I am a trader I go where the action is it is not in oil at this time.
    You fools sit here and waste time and money.
    I did make a nice return shorting pwe @ 12.00 all the way down to 1.80 where I covered my short.
    Fracking is the reason oil is low and will stay low for years to come. They found so much oil that as oil reaches the 50.00 zone the frackers come back on line crushing the price of oil again and again.
  • I see the pumptarts have difficulty admitting their own failure. Especially mike . If you listened to me you would have made money in the pot stocks more money than you will ever make in pwe.
    Remember when oil was 54.00 I posted oil would decline back to a 40 handle all of you pumptarts said I had no idea what I was talking about. Well it declined back to 46.00
  • Penn West Petroleum Ltd (NYSE:PWE) (TSE:PWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.