Penn West to boost spending in 2017
Jan 6, 2017 | 1:55 PM
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CALGARY — Penn West Petroleum is the latest oil company to announce an increase in capital spending for 2017.
The Calgary-based company said it plans to double the amount of spending this year to approximately $180 million to boost drilling and production output this year.
The budget includes $160 million earmarked for exploration and development, with $20 million for decommissioning expenses. In 2016, the company budgeted $80 million for development and $15 million for decommissioning.
The announcement comes after other oil and gas companies, including Canadian Natural Resources, Husky Energy, Cenovus Energy, and TransCanada have announced planned boosts to capital spending following two years of low oil prices.
