Seeking Alpha

Penn Virgina cuts full-year production outlook, sees higher capex

  • Penn Virginia (NYSE:PVA) -2.1% AH after Q2 earnings and revenues fall well short of expectations.
  • Q2 production from Eagle Ford shale operations rose 6% to 15,618 boe/day vs. 14,761 boe/day in the year-ago quarter.
  • Lowers 2014 production guidance to 8.8M-9.2M boe, due primarily to less than expected production during H1; raises preliminary guidance for 2015 production growth to 35% Y/Y and 45% for oil.
  • Raises guidance for 2014 capex to $762M-$808M ($410M-$456M for H2 of 2014), from $607M-$641M previously.
  • Also announces a $150M sale of the rights to construct and operate a crude oil gathering and intermediate transportation system in the Eagle Ford.
From other sites
Comments (1)
  • Mike Maher
    , contributor
    Comments (2826) | Send Message
     
    Adding one drilling rig in August and one in Oct or November, daily production should really ramp up into the end of the year.
    30 Jul 2014, 07:00 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs