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

“Since July 31 st, we have sold our Appalachian assets, completed concurrent offerings of $161 million of preferred and common equity and received a $32 million federal income tax refund, significantly improving the strength of our balance sheet and financial liquidity. As a result, we are well positioned to fund our 2013 Eagle Ford Shale drilling program, on which we will continue to be focused.”

Third Quarter 2012 Financial and Operational Results


Our third quarter 2012 realized oil price of $99.45 per barrel was 14 percent higher than the $87.03 per barrel price in the prior year quarter. Our third quarter 2012 realized NGL price of $32.94 per barrel was 31 percent lower than the $48.00 per barrel price in the prior year quarter. Our third quarter 2012 realized natural gas price of $2.72 per thousand cubic feet (Mcf) was 36 percent lower than the $4.24 per Mcf price in the prior year quarter. Adjusting for oil and gas hedges, our third quarter 2012 effective oil price was $107.53 per barrel, and our effective natural gas price was $3.77 per Mcf, or increases of $8.08 per barrel and $1.05 per Mcf over the realized prices.

Overview of Financial Results

The operating loss in the third quarter of 2012 was $24.5 million, compared to the $9.0 million loss in the prior year quarter. The increase in loss of $15.5 million was due primarily to a $17.3 million increase in charges during the third quarter of 2012 related to firm transportation commitments for divested Appalachian assets and a $5.7 million decrease in total revenues, partially offset by a $7.5 million decrease in other operating expenses. Oil and NGL revenues were $63.7 million in the third quarter of 2012, 33 percent higher than the $47.8 million in the prior year quarter. Oil and NGL revenues were 84 percent of product revenues in the third quarter of 2012, compared to 58 percent in the prior year quarter.

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