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

(b) Our equity-classified share-based compensation expense includes non-cash charges for our stock option expense and the amortization of common, deferred and restricted stock and restricted stock unit awards related to equity-classified employee and director compensation in accordance with accounting guidance for share-based payments.

     
PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited
(in thousands)
As of
December 31, December 31,
2012 2011
Assets
Current assets $ 96,515 $ 145,346
Net property and equipment 1,723,359 1,777,575
Other assets 23,115   20,132  
Total assets $ 1,842,989   $ 1,943,053  
 
Liabilities and shareholders' equity
Current liabilities $ 112,025 $ 106,607
Revolving credit facility - 99,000
Senior notes due 2016 294,759 293,561
Senior notes due 2019 300,000 300,000
Other liabilities and deferred income taxes 241,089 297,576
Total shareholders' equity 895,116   846,309  
Total liabilities and shareholders' equity $ 1,842,989   $ 1,943,053  
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited
(in thousands)
 
Three months ended Year ended
December 31, December 31,
2012 2011 2012 2011
Cash flows from operating activities
Net loss $ (54,441 ) $ (27,939 ) $ (104,589 ) $ (132,915 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash portion of loss on extinguishment of debt - - 3,144 22,456
Loss on firm transportation commitment - - 17,332
Depreciation, depletion and amortization 54,448 49,310 206,336 162,534
Impairments 75,168 33,617 104,484 104,688
Derivative contracts:
Net losses (gains) (4,937 ) 4,176 (36,187 ) (15,651 )
Cash settlements 5,534 7,078 29,723 27,380
Deferred income tax benefit (36,232 ) (25,129 ) (68,676 ) (85,501 )
(Gain) loss on the sales of assets, net (1,875 ) (2,251 ) (4,282 ) (2,474 )
Non-cash exploration expense 7,869 8,483 32,634 60,940
Non-cash interest expense 955 995 4,062 6,807
Share-based compensation (equity-classified) 2,114 1,801 6,347 7,430
Other, net 701 50 1,004 275
Changes in operating assets and liabilities 1,940   (8,614 ) 50,126   (11,228 )
Net cash provided by operating activities 51,244   41,577   241,458   144,741  
Cash flows from investing activities
Capital expenditures - property and equipment (113,713 ) (127,349 ) (370,907 ) (445,623 )

Proceeds from the sales of assets, net

3,443 8,291 96,719 39,368
Other, net -   -   180   100  
Net cash used in investing activities (110,270 ) (119,058 ) (274,008 ) (406,155 )
Cash flows from financing activities
Dividends paid - (2,580 ) (5,176 ) (10,316 )
Proceeds from revolving credit facility borrowings 107,000 84,000 211,000 114,000
Repayment of revolving credit facility borrowings (184,000 ) - (310,000 ) (15,000 )
Proceeds from the issuance of senior notes - - - 300,000
Retirement of convertible notes (4,915 ) - (4,915 ) (232,963 )
Debt issuance costs paid (253 ) (4 ) (2,032 ) (8,854 )
Proceeds from the issuance of preferred stock, net 110,337 - 110,337 -
Proceeds from the issuance of common stock, net 43,474 - 43,474 -
Other, net -   -   -   1,148  
Net cash provided by financing activities 71,643   81,416   42,688   148,015  
Net increase (decrease) in cash and cash equivalents 12,617 3,935 10,138 (113,399 )
Cash and cash equivalents - beginning of period 5,033   3,577   7,512   120,911  
Cash and cash equivalents - end of period $ 17,650   $ 7,512   $ 17,650   $ 7,512  
 
Supplemental disclosures of cash paid for:
Interest (net of amounts capitalized) $ 26,943 $ 27,301 $ 54,808 $ 44,589
Income taxes (net of refunds received) $ (29 ) $ (223 ) $ (32,603 ) $ 210
 
PENN VIRGINIA CORPORATION
CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited
(in thousands)
     
 
Three months ended Year ended
December 31, December 31,
  2012     2011     2012     2011  
Reconciliation of GAAP "Loss attributable to common shareholders"

Non-GAAP "Loss, as adjusted, attributable to common shareholders"

Loss attributable to common shareholders $ (56,128 ) $ (27,939 ) $ (106,276 ) $ (132,915 )
Adjustments for derivatives:
Net losses (gains) included in net loss (4,937 ) 4,176 (36,187 ) (15,651 )
Cash settlements 5,534 7,078 29,723 27,380
Adjustment for impairments 75,168 33,617 104,484 104,688
Adjustment for restructuring costs 9 728 1,293 2,351
Adjustment for gain on sale of assets (1,875 ) (2,251 ) (4,282 ) (2,474 )
Adjustment for loss on extinguishment of debt 20 18 3,164 25,421
Adjustment for loss on firm transportation commitment - - 17,332 -
Impact of adjustments on income taxes   (29,550 )   (21,622 )   (45,801 )   (56,511 )
Loss, as adjusted, attributable to common shareholders (a) $ (11,759 ) $ (6,195 ) $ (36,550 ) $ (47,711 )
 
Loss, as adjusted, per share, diluted $ (0.22 ) $ (0.14 ) $ (0.76 ) $ (1.04 )
 

Reconciliation of GAAP "Net loss" to Non-GAAP "Adjusted EBITDAX"

Net loss $ (54,441 ) $ (27,939 ) $ (104,589 ) $ (132,915 )
Income tax benefit (36,258 ) (27,783 ) (68,702 ) (88,155 )
Interest expense 14,502 14,383 59,339 56,216
Depreciation, depletion and amortization 54,448 49,310 206,336 162,534
Exploration 7,445 10,724 34,092 78,943
Share-based compensation expense (equity-classified awards)   2,114     1,801     6,347     7,430  
EBITDAX (12,190 ) 20,496 132,823 84,053
Adjustments for derivatives:
Net (gains) losses included in net income (4,937 ) 4,176 (36,187 ) (15,651 )
Cash settlements 5,534 7,078 29,723 27,380
Adjustment for loss on firm transportation commitment - - 17,332 -
Adjustment for impairments 75,168 33,617 104,484 104,688
Adjustment for gain on sale of assets (1,875 ) (2,251 ) (4,282 ) (2,474 )
Adjustment for other non-cash items 561 (908 ) 561 (908 )
Adjustment for loss on extinguishment of debt   20     18     3,164     25,421  
Adjusted EBITDAX (b) $ 62,281   $ 62,226   $ 247,618   $ 222,509  
 

(a) Loss, as adjusted, attributable to common shareholders represents loss attributable to common shareholders adjusted to exclude the effects, net of income taxes, of non-cash changes in the fair value of derivatives, impairments, restructuring costs, gain on the sale of assets and loss on firm transportation commitment. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within our industry. Loss, as adjusted, attributable to common shareholders is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to loss attributable to common shareholders.

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