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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

Full-Year 2012 Guidance

Full-year 2012 guidance highlights are as follows:
  • Full-year 2012 production of approximately 38 to 39 Bcfe (7.9 to 8.3 Bcfe in the fourth quarter of 2012), compared to previous guidance of 37 to 40 Bcfe
    • Crude oil and NGLs are expected to comprise approximately 48 percent of total production during 2012, compared to previous guidance of approximately 47 percent (approximately 54 percent during the fourth quarter of 2012)
  • Full-year 2012 product revenues are expected to be approximately $301 to $307 million ($66 to $73 million in the fourth quarter of 2012), compared to previous guidance of $284 to $303 million, excluding the impact of our hedges
    • Crude oil and NGL product revenues are expected to be approximately 84 percent of total product revenues, unchanged from previous guidance
    • Full-year 2012 settlements of current commodity hedges are expected to result in cash receipts of approximately $30 million, $24 million of which was received during the first nine months of 2012
  • Full-year 2012 Adjusted EBITDAX, a non-GAAP measure, is expected to be $235 to $245 million ($50 to $60 million in the fourth quarter of 2012), compared to previous guidance of $225 to $245 million
  • Full-year 2012 capital expenditures are expected to be $338 to $350 million ($71 to $83 million in the fourth quarter of 2012), compared to $300 to $325 million of previous guidance, due to increased working interests in recent Lavaca County Eagle Ford Shale wells as a result of our partner going non-consent, as well as announced acreage additions in the Eagle Ford Shale during the third quarter of 2012
    • Approximately 90 percent of 2012 capital expenditures are expected to be allocated to the Eagle Ford Shale, approximately six percent to the Mid-Continent and four percent to other areas

Please see the Guidance Table included in this release for guidance estimates for full-year 2012. These estimates are meant to provide guidance only and are subject to revision as our operating environment changes.

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