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

Stocks in this article: PVA

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

       
PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited
(in thousands, except per share data)
 
Three months ended Year ended
December 31, December 31,
  2012     2011     2012     2011  
Revenues
Crude oil $ 55,472 $ 44,304 $ 229,572 $ 119,582
Natural gas liquids (NGLs) 7,753 9,636 31,051 43,394
Natural gas   12,763     23,410     49,861     137,070  
Total product revenues 75,988 77,350 310,484 300,046
Gain on sales of property and equipment, net 1,875 3,047 4,282 3,570
Other   331     54     2,383     2,389  
Total revenues 78,194 80,451 317,149 306,005
Operating expenses
Lease operating 6,653 7,466 31,266 36,988
Gathering, processing and transportation 2,524 3,896 14,196 15,157
Production and ad valorem taxes 2,719 2,401 10,634 13,690
General and administrative (excluding equity-classified share-based compensation) (a)   8,264     7,586     39,553     40,898  
Total direct operating expenses 20,160 21,349 95,649 106,733
Share-based compensation - equity classified awards (b) 2,114 1,801 6,347 7,430
Exploration 7,445 10,724 34,092 78,943
Depreciation, depletion and amortization 54,448 49,310 206,336 162,534
Impairments 75,168 33,617 104,484 104,688
Loss on firm transportation commitment - - 17,332 -
Other   -     796     -     1,096  
Total operating expenses   159,335     117,597     464,240     461,424  
 
Operating loss (81,141 ) (37,146 ) (147,091 ) (155,419 )
 
Other income (expense)
Interest expense (14,502 ) (14,383 ) (59,339 ) (56,216 )
Loss on extinguishment of debt (20 ) (18 ) (3,164 ) (25,421 )
Derivatives 4,937 (4,176 ) 36,187 15,651
Other   27     1     116     335  
 
Loss before income taxes (90,699 ) (55,722 ) (173,291 ) (221,070 )
Income tax benefit   36,258     27,783     68,702     88,155  
Net loss (54,441 ) (27,939 ) (104,589 ) (132,915 )
Preferred stock dividends   (1,687 )   -     (1,687 )   -  
 
Loss attributable to common shareholders $ (56,128 ) $ (27,939 ) $ (106,276 ) $ (132,915 )
 
Loss per share:
Basic $ (1.05 ) $ (0.61 ) $ (2.22 ) $ (2.90 )
Diluted $ (1.05 ) $ (0.61 ) $ (2.22 ) $ (2.90 )
 
Weighted average shares outstanding, basic 53,607 45,864 47,919 45,784
Weighted average shares outstanding, diluted 53,607 45,864 47,919 45,784
                 
 
Three months ended Year ended
December 31, December 31,
  2012     2011     2012     2011  
Production
Crude oil (MBbls) 559 450 2,252 1,283
NGLs (MBbls) 239 212 884 907
Natural gas (MMcf) 3,737 6,765 20,261 33,410
Total crude oil, NGL and natural gas production (MBOE) 1,421 1,789 6,513 7,759
 
Prices
Crude oil ($ per Bbl) $ 99.30 $ 98.49 $ 101.95 $ 93.19
NGLs ($ per Bbl) $ 32.40 $ 45.46 $ 35.13 $ 47.83
Natural gas ($ per Mcf) $ 3.41 $ 3.46 $ 2.46 $ 4.10
 
Prices - Adjusted for derivative settlements
Crude oil ($ per Bbl) $ 106.33 $ 101.21 $ 105.69 $ 94.28
NGLs ($ per Bbl) $ 32.40 $ 45.46 $ 35.13 $ 47.83
Natural gas ($ per Mcf) $ 3.83 $ 4.33 $ 3.44 $ 4.77
 

(a) Includes liability-classified share-based compensation expense attributable to our performance-based restricted stock units which are payable in cash upon the achievement of certain market-based performance metrics. A total of $(0.1) million and $0.7 million attributable to these awards is included in the three and twelve months ended December 31, 2012.

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