Penn Virginia Corporation Announces Third Quarter 2012 Results; Provides Updates Of Operations And Full-Year 2012 Guidance; Provides Preliminary 2013 Guidance

Penn Virginia Corporation (NYSE: PVA) today reported results for the three months ended September 30, 2012, provided updates of operations and full-year 2012 guidance and provided preliminary guidance for 2013.

Third Quarter 2012 Highlights

Third quarter 2012 results compared to the third quarter of 2011 were as follows:
  • Oil and natural gas liquids (NGLs) production of 776 thousand barrels of oil (MBO), or 52 percent of total equivalent production, an increase of 19 percent compared to 649 MBO, or 33 percent of total equivalent production
  • Oil production of 573 MBO, an increase of 34 percent compared to 427 MBO
  • Oil and NGL revenues of $63.7 million, or 84 percent of product revenues, an increase of 33 percent compared to $47.8 million, or 58 percent of product revenues
  • Product revenues from the sale of natural gas, crude oil and NGLs of $75.6 million, or $8.37 per thousand cubic feet of natural gas equivalent (Mcfe), a decrease of eight percent compared to $82.0 million, or $6.86 per Mcfe (22 percent increase in per unit revenues) due to lower gas prices and divestitures of natural gas properties
  • Gross operating margin, a non-GAAP (generally accepted accounting principles) measure defined as total product revenues less total direct operating expenses, of $5.68 per Mcfe, an increase of 20 percent compared to $4.72 per Mcfe
  • Adjusted EBITDAX, a non-GAAP measure, of $61.2 million, a decrease of eight percent compared to $66.3 million due to lower gas prices and production, lower NGL prices and the receipt of $2.9 million in the prior year period related to the termination of an interest rate swap, partially offset by higher oil prices and production
  • Operating loss of $24.5 million, including $17.3 million of charges related to firm transportation commitments in Appalachia, compared to a loss of $9.0 million
  • Net loss of $32.6 million, or $0.71 per diluted share, compared to a loss of $6.7 million, or $0.15 per diluted share
  • Adjusted net loss, a non-GAAP measure which excludes the effects of changes in derivatives fair value, impairments, restructuring costs and other gains or losses that affect comparability to the prior year period, of $7.3 million, or $0.16 per diluted share, compared to a loss of $6.7 million, or $0.15 per diluted share

Definitions of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to GAAP-based measures appear later in this release.

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