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

Fourth Quarter 2012 Results

Overview of Financial Results

The $81.1 million operating loss in the fourth quarter of 2012 was $56.6 million higher than the $24.5 million loss in the third quarter of 2012 due primarily to a $74.5 million increase in impairment expense associated with our Marcellus Shale assets and a $5.1 million increase in depreciation, depletion and amortization (DD&A) expenses. The effect of these items was partially offset by a $4.1 million decrease in total direct operating expenses, a $17.3 million decrease in loss on firm transportation obligations and a $1.8 million decrease in exploration expenses. Oil and NGL revenues were $63.2 million in the fourth quarter of 2012, a slight decrease compared to $63.7 million in the third quarter of 2012 due primarily to slightly lower prices. Oil and NGL revenues were 83 percent of product revenues in the fourth quarter of 2012, compared to 84 percent in the third quarter of 2012.

Pricing

Our fourth quarter 2012 realized oil price was $99.30 per barrel, compared to $99.45 per barrel in the third quarter of 2012. Our fourth quarter 2012 realized NGL price was $32.40 per barrel, compared to $32.94 per barrel in the third quarter of 2012. Our fourth quarter 2012 realized natural gas price was $3.41 per Mcf, compared to $2.72 per Mcf in the third quarter of 2012. Adjusting for oil and gas hedges, our fourth quarter 2012 effective oil price was $106.33 per barrel and our effective natural gas price was $3.83 per Mcf, or increases of $7.03 per barrel and $0.42 per Mcf over the realized prices.

Production

Production in the fourth quarter of 2012 and full-year 2012 exceeded the upper end of our guidance. On a pro forma basis to exclude production from assets sold in 2011 and 2012, production in the fourth quarter of 2012 was 1.4 MMBOE, or 15,444 BOEPD, compared to 1.4 MMBOE, or 15,245 BOEPD, in the third quarter of 2012. As a percentage of total equivalent production, oil and NGL volumes were 56 percent in the fourth quarter of 2012, compared to 52 percent in the third quarter of 2012.

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