Penn West Petroleum Ltd., the Canadian oil and natural gas producer with the highest dividend yield, had its biggest gain in 17 months after naming former Suncor Energy Inc. head Rick George as its chairman.
Penn West Petroleum Ltd., the worst performing oil and natural gas stock among its Canadian peers this year, may sell more assets and forgo higher output to cut costs after the ouster of four executives.
China’s sovereign wealth fund agreed to invest C$817 million ($803 million) in a new oil-sands venture with Canada’s Penn West Energy Trust , gaining a stake in the world’s largest crude deposits outside Saudi Arabia.
Penn West Petroleum Ltd., the Canadian oil and natural gas producer selling assets to pay down debt, fell to the lowest level in more than three years after announcing the departure of four executives.
Penn West Petroleum Ltd., the oil and natural gas producer that agreed to sell C$1.3 billion ($1.31 billion) in assets last month, fell to the lowest in three years after a wider-than-expected third-quarter loss.
Pengrowth Energy Corp. and Penn West Petroleum Ltd. are under pressure to follow Enerplus Corp. with dividend cuts as high-yielding Canadian oil and gas producers preserve cash in response to falling energy prices.