Jun 13, 2011
Penn West Petroleum Ltd. (NYSE: PWE) expects a hit on its cash flow from wildfires that are still blazing through northern Alberta, Canada. The company's chief operating officer Murray Nunns stated at a conference Monday that they expect to see a C$60 million to C$70 million hit due to the fires.
The wildfires are affecting around 35,000 barrels of oil a day as well as production. Nunns stated that about half of the shut-down facilities are ready to restart, and all of them will be ready by the end of June. By July, they expect to be back at full production.
Penn West Petroleum has a potential upside of 32.3% based on a current price of $23.13 and an average consensus analyst price target of $30.78.
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