Penn West Continues to Deleverage During 3Q; Fair Value Estimate Unchanged
Penn West's third-quarter results were highlighted by additional asset sales—coming on the heels of the closing of the Saskatchewan assets for CAD 975 million during the second quarter--which puts the company in a significantly improved financial position. At the end of the third quarter, Penn West had CAD 484 million in net debt, down from CAD 566 million at the end of the second quarter. As a result, the company is now in compliance with its debt covenants and expects to sell additional assets...
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