This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Penn Virginia Corporation Announces Third Quarter 2012 Results; Provides Updates Of Operations And Full-Year 2012 Guidance; Provides Preliminary 2013 Guidance

Penn Virginia Corporation (NYSE: PVA) today reported results for the three months ended September 30, 2012, provided updates of operations and full-year 2012 guidance and provided preliminary guidance for 2013.

Third Quarter 2012 Highlights

Third quarter 2012 results compared to the third quarter of 2011 were as follows:
  • Oil and natural gas liquids (NGLs) production of 776 thousand barrels of oil (MBO), or 52 percent of total equivalent production, an increase of 19 percent compared to 649 MBO, or 33 percent of total equivalent production
  • Oil production of 573 MBO, an increase of 34 percent compared to 427 MBO
  • Oil and NGL revenues of $63.7 million, or 84 percent of product revenues, an increase of 33 percent compared to $47.8 million, or 58 percent of product revenues
  • Product revenues from the sale of natural gas, crude oil and NGLs of $75.6 million, or $8.37 per thousand cubic feet of natural gas equivalent (Mcfe), a decrease of eight percent compared to $82.0 million, or $6.86 per Mcfe (22 percent increase in per unit revenues) due to lower gas prices and divestitures of natural gas properties
  • Gross operating margin, a non-GAAP (generally accepted accounting principles) measure defined as total product revenues less total direct operating expenses, of $5.68 per Mcfe, an increase of 20 percent compared to $4.72 per Mcfe
  • Adjusted EBITDAX, a non-GAAP measure, of $61.2 million, a decrease of eight percent compared to $66.3 million due to lower gas prices and production, lower NGL prices and the receipt of $2.9 million in the prior year period related to the termination of an interest rate swap, partially offset by higher oil prices and production
  • Operating loss of $24.5 million, including $17.3 million of charges related to firm transportation commitments in Appalachia, compared to a loss of $9.0 million
  • Net loss of $32.6 million, or $0.71 per diluted share, compared to a loss of $6.7 million, or $0.15 per diluted share
  • Adjusted net loss, a non-GAAP measure which excludes the effects of changes in derivatives fair value, impairments, restructuring costs and other gains or losses that affect comparability to the prior year period, of $7.3 million, or $0.16 per diluted share, compared to a loss of $6.7 million, or $0.15 per diluted share

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release.

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs