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Penn West Petroleum records $728-million net loss, lower funds flow in Q4

CALGARY - Penn West Petroleum Ltd. (TSX:PWT) had a $728-million net loss in the fourth quarter, mostly due to non-cash asset impairment charges related to the company's disposal of natural gas assets late last year as it focuses on light oil production in Western Canada. The loss amounted to $1.49 per share and compared with a year-earlier net loss of 16 cents per share, when the overall loss was $78 million.

Penn West CEO sees big culture shift away from output, toward profitability

CALGARY - The CEO of Penn West Petroleum Ltd. says the company is in the midst of a big cultural shift, focused less on churning out as much oil as possible and more on profitability. "I lot of people get hung up on barrels," said David Roberts, the former Marathon Oil executive who took the reins of Penn West in June. "Barrels don't matter unless you're making money."

Penn West Petroleum announces another $175 million in asset sales

CALGARY - Oil and gas producer Penn West Petroleum Ltd. (TSX:PWT) has reached an agreement to sell another $175 million in non-core Alberta assets, adding to the $486 million in deals it closed late last year. The properties in central and southern Alberta produce about 6,700 barrels of oil equivalent per day and are 58 per cent weighted toward natural gas. In a release Tuesday, Penn West said the latest transactions are expected to close in mid-March. It did not identify the buyer.
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