Canada's Penn West Raises 2017 Capex Budget



Reuters

Jan 5 (Reuters) - Canadian oil and gas producer Penn West Petroleum Ltd raised its 2017 capital budget to C$180 million ($135 million) from C$150 million, and said it expected a 15 percent increase in production from core areas.

The Calgary-based company, which had forecast 2016 capital spending of C$90 million, said in November it expected 10 percent core production growth in 2017.

The company also said on Thursday that David Hendry, vice president of finance, will take over form David Dyck as the company's chief financial officer.

(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)



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