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

Stocks in this article: PVA

Operating Expenses

As discussed below, fourth quarter 2012 total direct operating expenses decreased $4.1 million, or approximately 17 percent, to $20.2 million, or $14.19 per BOE produced, compared to $24.3 million, or $16.14 per BOE produced, in the third quarter of 2012.

  • Lease operating expenses increased by $0.4 million to $6.6 million, or $4.68 per BOE produced, from $6.2 million, or $4.13 per BOE produced, in the third quarter due primarily to higher subsurface workover expenses in East Texas.
  • Gathering, processing and transportation expenses decreased by $0.6 million to $2.5 million, or $1.78 per BOE produced, from $3.1 million, or $2.08 per BOE produced, in the third quarter due primarily to the divestiture of Appalachian assets in July 2012.
  • Production and ad valorem taxes decreased by 41 percent to $2.7 million, or 3.6 percent of product revenues, from $4.6 million, or 6.1 percent of product revenues, in the third quarter due primarily to the divestiture of Appalachian assets in July 2012.
  • General and administrative (G&A) expenses, excluding share-based compensation, decreased by $2.1 million, or 20 percent, to $8.3 million, or $5.82 per BOE produced, from $10.4 million, or $6.88 per BOE produced, in the third quarter due primarily to a $1.4 million decrease in restructuring costs as a result of higher costs in the third quarter related to the sale of our Appalachian assets and the closing of our Pittsburgh office.

Exploration expenses decreased by $1.9 million, or 20 percent, to approximately $7.4 million in the fourth quarter of 2012 from approximately $9.3 million in the third quarter due primarily to the divestiture of Appalachian assets in July 2012.

DD&A expenses increased by $5.1 million, or 10 percent, to $54.4 million, or $38.32 per BOE produced, in the fourth quarter of 2012 from $49.3 million, or $32.80 per BOE produced, in the third quarter due primarily to the continued transition towards higher cost oil versus gas wells, as well as the impact of negative natural gas reserve revisions.

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