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Penn West Petroleum to slash quarterly dividend by 78%, cut 2015 capital budget

2014-12-17 17:31:16| Energy - Topix.net

Penn West Petroleum Ltd. is reducing its 2015 capital budget and slashing its dividend by 78.6 per cent in response to the current price environment, in which the price of crude has plunged globally to five-year lows. The Calgary-based company says its dividend will drop to three cents per share, starting with the April 15 payout to shareholders, from 14 cents per share.

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