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Penn West Petroleum Ltd Announces Appointment Of New President And Chief Executive Officer; Initiation Of Corporate Strategic Review And Change To Dividend Policy

Tuesday, 4 Jun 2013 11:38pm EDT 

Penn West Petroleum Ltd announced that Murray Nunns, President and Chief Executive Officer, has informed the Board of Directors of his intention to retire from Penn West effective July 1, 2013, after serving the Company for more than eight years. Penn West's Board of Directors will form a Special Committee to explore strategic alternatives. The Special Committee will consider all alternatives to increase shareholder value, including strategic financing alternatives, asset divestments, joint ventures and/or other business combinations. Although strategy review is always an ongoing activity for all companies, the Company expect this concentrated effort will be completed by year end. Penn West also announced that its Board has approved a change to its dividend. Effective for its third quarter, Penn West's quarterly dividend will be reduced to $0.14 per common share from $0.27 per common share. This measure will provide Penn West with increased financial flexibility, and a sustainable dividend, as it continues to improve operating performance. The second quarter dividend of $0.27per common share will be paid as declared on May 1, 2013 to shareholders of record on June 28, 2013. 

Company Quote

0.06 +2.36%
24 Dec 2014