RE:what's wrong with FRU today Must be the news from Penn west this mornong.
CALGARY, Jan. 28, 2016 /CNW/ - PENN WEST PETROLEUM LTD. (TSX - PWT; NYSE – PWE.BC) ("Penn West", "we", "us" or "our") announces that the Board of Directors has approved a highly disciplined capital budget of $50 million for 2016. This budget responds to the significant decline in commodity prices and proposes capital spending levels 90 per cent lower than the 2015 planned capital program. Our 2016 capital budget is consistent with the strategy announced on September 1, 2015 which limits our total expenditures to funds flow from operations, while driving down our cost structure.
"Given the present state of the commodity price environment, our 2016 capital budget reflects the reality of living within our means at current price levels and managing the business on a week to week basis," stated Dave Roberts, President and CEO of Penn West. "In 2016, we will be prudent in limiting our capital expenditures to protect our balance sheet and we will continue our focus on the economics of every dollar we spend even at the expense of maintaining our production levels. We intend to only proceed on opportunities with near term payout at current price levels."
Read more at https://www.stockhouse.com/news/press-releases/2016/01/28/penn-west-announces-operational-update-2016-capital-budget-and-provides-full#QECT2F20YxJOFRqm.99