PENN WEST PETROLEUM $11.38 - Toronto symbol PWT

PENN WEST PETROLEUM $11.38 (Toronto symbol PWT; Shares outstanding: 485.0 million; Market cap: $5.7 billion; TSINetwork Rating: Average; Dividend yield: 5.1%) is moving to shore up its finances and boost its value after it appointed Rick George as chairman and Allan Markin as vice-chairman.

George played a key role in building Suncor Energy, while Markin was important to the growth of Canadian Natural Resources.

Penn West already plans to cut its staff by 10% and reduce its quarterly dividend by 48.1%, to $0.14 from $0.27. The new rate will give it a 4.9% yield, based on today’s share price.

The company will also look at selling properties to pay down its debt. It could also split into two parts, with one focused on riskier exploration properties with growth potential and the other on projects where stable production could support a high dividend.

Penn West is still a hold.

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