PENN WEST PETROLEUM $12.97 (Toronto symbol PWT; Shares outstanding: 472.9 million; Market cap: $6.1 billion; TSINetwork Rating: Average; Dividend yield: 8.3%) has agreed to sell $1.3 billion worth of non-core properties. In all, these produce about 12,000 barrels per day.
To put that figure in perspective, it’s 7.4% of the 163,181 barrels a day that Penn West produced in the quarter ended June 30, 2012.
The company now aims to sharply reduce its long-term debt of $3.4 billion, which is a somewhat high 55.7% of its market cap. That will lower its interest costs and let it invest more money in its highest-potential oil and gas properties.
Penn West shares yield a high 8.3%, and the company paid out just 47% of its cash flow as dividends in the latest quarter. Cutting its debt will help it maintain its high payout.
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