PENN WEST PETROLEUM $11.75 (Toronto symbol PWT; Shares outstanding: 485.0 million; Market cap: $5.7 billion; TSINetwork Rating: Average; Dividend yield: 4.8%; www.pennwest.com) is one of North America’s largest oil and gas producers. Its output is 63% oil and 37% gas.
In the quarter ended June 30, 2013, Penn West’s cash flow per share was unchanged at $0.57 from a year earlier. A 14.2% fall in daily output, to 140,083 barrels of oil equivalent from 163,181, offset higher oil and gas prices.
Penn West continues to shore up its finances and take measures to boost its value after it appointed Rick George as chairman and Allan Markin as vice-chairman.
George played a key role in building Suncor Energy, while Markin was important to the growth of Canadian Natural Resources.
Penn West has now cut its staff by over 25% since the start of 2013. It has also reduced its quarterly dividend by 48.1%, to $0.14 a share from $0.27. The new rate gives it a 4.8% yield.
The company continues to look at selling more properties to pay down its debt after it sold $1.6 billion of assets in 2012. It could also split into two parts, with one focused on riskier exploration properties that have growth potential and the other on projects with stable production that could support a high dividend.
The company holds a range of high-potential oil and gas properties with lots of drilling locations, but it will need time to replace the cash flow from the assets it has sold.
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