This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: PVA

Capital Resources and Liquidity, Interest Expense and Impact of Derivatives

As of December 31, 2012, we had total debt with a carrying value of $595 million ($600 million aggregate principal amount), consisting of $295 million of 10.375 percent senior unsecured notes due 2016 and $300 million principal amount of 7.25 percent senior unsecured notes due 2019.

As of December 31, 2012, we had no borrowings under our revolving credit facility (the “Revolver”), with approximately $298 million of unused borrowing capacity under the Revolver commitment. Together with cash and cash equivalents of approximately $18 million, our financial liquidity was approximately $316 million. Our indebtedness at December 31, 2012, net of cash and cash equivalents, was approximately $577 million, representing 39 percent of book capitalization and 2.3 times 2012 Adjusted EBITDAX of $247.6 million. We have no debt maturities until 2016. As of February 15, 2013, we had approximately $270 million of available borrowing capacity under the Revolver and approximately $4 million of cash and cash equivalents, for available financial liquidity of approximately $274 million.

In October 2012, we completed concurrent public offerings of 9,200,000 shares of our common stock and 1,150,000 depositary shares, each representing a 1/100 th interest in a share of our 6 percent Series A convertible perpetual preferred stock. The two offerings provided approximately $154 million of net proceeds after issuance costs.

Interest expense decreased to $14.5 million in the fourth quarter of 2012 from $15.0 million in the third quarter due to lower average levels of debt outstanding.

During the fourth quarter of 2012, derivatives income was $4.9 million, compared to a derivatives loss of $12.3 million in the third quarter. Fourth quarter 2012 cash settlements of derivatives resulted in net cash receipts of $5.5 million, compared to $9.2 million of net cash receipts in the third quarter.

Derivatives Update

To support our operating cash flows, we hedge a portion of our oil and natural gas production at pre-determined prices or price ranges. Based on hedges currently in place, we have hedged approximately 4,600 barrels of daily crude oil production in 2013, or approximately 58 percent of the midpoint of 2013 crude oil production guidance, at a weighted average floor/swap price of $97.35 per barrel. We have also hedged approximately 20,000 Mcf of daily natural gas production in 2013, or approximately 55 percent of the midpoint of 2013 natural gas production guidance, at a weighted average floor/swap price of $3.76 per Mcf.

6 of 12

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs