Canadian oil and gas producer Penn West Petroleum said it would cut more than 400 jobs, or around 35 percent of its workforce, to endure a weak oil market. The company said it was cutting capital spending, suspending dividends and “significantly” cutting costs through a 35 percent workforce reduction. President and Chief Executive Officer Dave Roberts said steps taken today will help the company endure an era of historically low crude oil prices. “Limiting our capital programs to the funds flow generated from our assets and suspending our dividend are necessary steps,” he said in a statement. “We remain flexible and well positioned to move forward when oil prices improve.” The company said it expects to save about $34 […]