By Philadelphia Business Journal

Penn Virginia Resource Partners LP said Wednesday it has bought 18.6 million tons of coal reserves along with associated timber, oil and gas assets on over 4,700 acres in West Virginia for $21.6 million.

The partnershipâ¿¿s press release on the acquisition is here.

On Tuesday, after the market closed, the Radnor, Pa., partnership announced third-quarter results that beat analystsâ¿¿ estimates.

In a press release, Bill Shea, the CEO of Penn Virginia Resource Partnersâ¿¿ general partner, said the partnershipâ¿¿s coal business had a strong quarter, but the growth in its midstream natural-gas business was dampened somewhat by lower margins.

Penn Virginia Resource Partners (NYSE:PVR) said it had net income of $35.9 million, or 50 cents per diluted limited partner unit, in the third quarter, beating the 42-cents-per-diluted-unit average estimate of five analysts polled by Thomson Reuters. The partnership had net income attributable to itself of $7.3 million, or 19 cents per diluted unit, in the third quarter of 2010.

Penn Virginia Resource Partnersâ¿¿ revenue in the most recently ended quarter was $308.4 million, beating the $306.1 million average estimate of five analysts polled by Thomson Reuters.

Copyright 2011 American City Business Journals

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