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Penn Virginia Corporation Announces Fourth Quarter And Full-Year 2012 Results; Provides Initial 2013 Guidance

Stocks in this article: PVA

Penn Virginia Corporation (NYSE: PVA) today reported financial results for the three and twelve months ended December 31, 2012 and provided initial 2013 guidance.

Fourth Quarter 2012 Highlights

Fourth quarter 2012 results, as compared to third quarter 2012 results where applicable, were as follows:

  • As previously reported, production in the fourth quarter of 2012 was 1.4 million barrels of oil equivalent (MMBOE), or 15,444 barrels of oil equivalent (BOE) per day (BOEPD), compared to 1.4 MMBOE, or 15,245 BOEPD, pro forma to exclude production from assets sold
  • Product revenues from the sale of crude oil, natural gas liquids (NGLs) and natural gas were $76.0 million, or $53.48 per BOE, increases of one percent and six percent compared to $75.6 million, or $50.25 per BOE
  • Oil and NGL revenues were $63.2 million, or 83 percent of product revenues, a decrease of one percent compared to $63.7 million, or 84 percent of product revenues
  • Operating margin, a non-GAAP (generally accepted accounting principles) measure, was $39.29 per BOE, an increase of 15 percent compared to $34.11 per BOE
  • Operating loss was $6.0 million, compared to a loss of $6.5 million, excluding impairments and loss on firm transportation commitment
  • Adjusted EBITDAX, a non-GAAP measure, was $62.3 million, an increase of two percent compared to $61.2 million
  • Loss attributable to common shareholders (which includes our preferred stock dividend) was $56.1 million, or $1.05 per diluted share, compared to a loss of $32.6 million, or $0.71 per diluted share
  • Adjusted loss attributable to common shareholders (which includes our preferred stock dividend), a non-GAAP measure which excludes the effects of certain costs and other gains or losses that affect comparability to other periods, of $11.8 million, or $0.22 per diluted share, compared to a loss of $7.3 million, or $0.16 per diluted share

A recently completed Eagle Ford Shale (0.9 net) well, the Technik #1H in Lavaca County with 18 frac stages, tested at an initial rate of 1,136 barrels of oil and 1,853 thousand cubic feet (Mcf) per day on a 25/64 th inch choke, with flowing casing pressure of approximately 2,350 psi.

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

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