Penn West Petroleum Ltd. (Penn West), a large Canadian oil company, made multiple acquisitions that led to a buildup of goodwill (i.e., the purchase price was higher than the net book value of the acquisitions). When the economic environment worsened, there was concern that this goodwill had been impaired. The concern deepened as economic factors improved but Penn West’s stock performance continued to be poor, indicating that the market believed that the company was potentially overvalued. A review of Penn West’s accounting practices revealed irregularities, and industry analysts — as well as the U.S. Securities and Exchange Commission — began to question the value of the company’s goodwill. It was becoming clear that Penn West had been overly optimistic in its forecasts regarding revenue streams from its properties. Would the company be able to move forward? How?
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