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Penn Virginia Resource Partners, L.P. Announces Second Quarter 2010 Results And Declares Quarterly Distribution

Penn Virginia Resource Partners, L.P. (NYSE:PVR) today reported financial and operational results for the three months ended June 30, 2010 and provided an update of full-year 2010 guidance.

Second Quarter 2010 Highlights

Second quarter 2010 highlights and results, with comparisons to second quarter 2009 results, included the following:
  • A $5.0 million one-time non-cash charge for the vesting of equity awards related to the separation from Penn Virginia Corporation. This one time charge is reflected in the distributable cash flow, net income and adjusted net income numbers below.
  • Quarterly distributable cash flow (DCF), a non-GAAP (generally accepted accounting principles) measure, of $30.2 million as compared to $34.6 million;
  • Net income of $23.3 million, or $0.32 per limited partner unit, as compared to $13.3 million, or $0.13 per limited partner unit;
  • Adjusted net income, a non-GAAP measure which excludes the effects of the non-cash change in derivatives fair value, of $14.3 million, or $0.15 per limited partner unit, as compared to $17.9 million, or $0.22 per limited partner unit;
  • Coal royalties revenue of $34.9 million or $3.93 per ton as compared to $30.0 million or $3.43 per ton;
  • Coal production by lessees of 8.9 million tons, as compared to 8.7 million tons;
  • Quarterly natural gas midstream system throughput volumes of 29.2 billion cubic feet (Bcf), or 320 million cubic feet (MMcf) per day, as compared to 31.3 Bcf, or 344 MMcf per day;
  • Midstream gross margin of $24.9 million, or $0.85 per thousand cubic feet (Mcf), as compared to $20.9 million, or $0.67 per Mcf; and
  • Midstream gross margin, including the cash impact of midstream derivatives, of $24.5 million, or $0.84 per Mcf, as compared to $24.3 million, or $0.77 per Mcf.

Reconciliations of non-GAAP financial measures to GAAP-based measures appear in the financial tables later in this release.

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