“Third quarter capital programs were reduced sharply to allow for the refocusing of investments to key future activities in the Cardium and Viking as well as ensuring our programs and execution going forward would be more efficient and effective,” says Dave Roberts, President and Chief Executive Officer. “Not surprisingly, production in the [previous] quarter was down approximately 4.5 per cent from the previous quarter reflecting a low volume of capital driven additions to offset natural declines.”

Penn West is planning to increase its production of liquids to about 80 per cent of its total output by 2018. 

This comes after Encana Corporation made a similar announcement yesterday of a 20 per cent reduction of its workforce.