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.

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Comments (1)
  • Mike Maher
    , contributor
    Comments (2863) | 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
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