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(Image courtesy of Penn West Petroleum)
Canada’s Penn West Petroleum reported $87  million in losses for the first quarter as production fell 22%.
The fall in production is a result of divestments the company has made.

The company has been offloading assets in recent months to recover from several loss generating periods that resulted in jobs cuts.

Former CEO Murray Nunns also tendered her resignation in June of last year.

Penn West said its core light oil trio of the Cardium, Slave Point, and Viking were on target for production despite the overall decrease the company saw.