Dallas, Texas 03/14/2014 (FINANCIALSTRENDS) – Penn West Petroleum Ltd (USA) (NYSE:PWE) has reported results for the fourth quarter of 2013, in the first week of March, making big noise of the changes rung in the quarter and the impact on revenue, operations results.
The company reported that with long–term strategy in place since November of 2013, it has been able to see average production increase to 123,995 BOEs for the day. And to reiterate the impact of the strategy changes, it was found that the product numbers did match the estimate members showed on the final prices.
Ever since Penn West Petroleum Ltd (USA)(NYSE:PWE) made the announcement changes, the expectations of turnaround saga have commenced. The petroleum company has seen an increase in stock prices, even though it has seen fourth quarter results drop by $1.49/share in Canadian money.
Management have reported that the drop in the quarterly report was due to the impairment charges slapped on it- to the tune of $742 Million in Canadian dollars. It appears that investors are willing to remain invested in this company which is expected to see fast and quick forward movement in the light-oil position.
Penn West Petroleum Ltd (USA)(NYSE:PWE) it appears will not be considering the loss of the previous quarters and is likely to see the current fund flow which is $0.44 per share. Though this is decidedly lower by over 29%, with the overall low being reportedly at $0.62 in the past quarter yerar. The asset of sales and completion in the current year will also report the budget shrinking for this company.
The shrinkage in the asset will see a drop in production volume, in this quarter. The increase in the production which is currently at 124k and above per day will see the company crest several notches upward in the following quarters.