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

Depreciation, depletion and amortization (DD&A) expense increased by $4.0 million, or nine percent, to $49.3 million, or $5.47 per Mcfe produced, in the third quarter of 2012 from $45.3 million, or $3.80 per Mcfe produced, in the prior year quarter, due primarily to higher DD&A costs attributable to our Eagle Ford Shale oil wells and reserve revisions associated with our gas assets.

Capital Expenditures

During the third quarter of 2012, capital expenditures were approximately $85 million, compared to $114 million in the prior year quarter, consisting of:
  • $73 million for drilling and completion activities
  • $5 million for pipeline, gathering, facilities and seismic
  • $6 million for leasehold acquisitions and other

Comparison of Third Quarter of 2012 to Second Quarter of 2012

As shown in the table above, production in the third quarter of 2012 of approximately 9.0 Bcfe, or 98.1 MMcfe per day, was 1.7 Bcfe, or 19.0 MMcfe per day, less than in the second quarter of 2012 due primarily to a 1.5 Bcfe decline in natural gas production as a result of the Appalachian sale and natural declines, as well as lower NGL production in the Mid-Continent associated with ethane rejection and reduced natural gas production. Crude oil production was essentially flat on a sequential basis as a result of the reduction in the rig count in the Eagle Ford Shale from three rigs to two rigs earlier in the year. We expect crude oil production to decrease slightly for the fourth quarter, after which we expect oil production to begin increasing in the first quarter of 2013 due to contributions associated with the third rig. During the third quarter of 2012, total product revenues were flat at approximately $76 million compared to the prior quarter as the decline in total production was offset by higher realized oil and gas prices. Due to flat sequential direct operating expenses of approximately $24 million in both quarters, increased cash settlements of derivatives in the third quarter and despite the sale of Appalachia at the end of July, third quarter Adjusted EBITDAX of approximately $61 million was slightly higher than the approximately $60 million in the prior quarter.

5 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
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs