- Penn Virginia (PVA) -5.1% AH after Q4 earnings and revenue both come in below Wall Street expectations.
- Q4 production was 1.8M boe, or ~20K boe/day, up 2% Q/Q; Eagle Ford shale production was 13,111 boe/day, up 5%.
- Year-end 2013 proved oil and gas reserves increased 20% Y/Y to 136.3M boe; Eagle Ford reserves rose 189% to 75.6M boe (89% oil and NGLs).
- FY 2014 production is seen at 9.1M-9.8M boe, or 25K-26.8K boe/day, up 34%-43% Y/Y; product revenues, excluding the impact of any hedges, are expected at $587M-$630M, up 36%-46% Y/Y.
- Capital expenditures are expected to be $575M-$640M, up 13%-25% over 2013 capex.
Penn Virginia -5.1% AH as Q4 misses estimates
Feb 19 2014, 18:49 ET