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Penn Virginia expects delays in timing of completions in H2 drilling program

  • Penn Virginia (NYSE:PVA) says well results continue to meet or exceed expectations, but it anticipates delays in the timing of completions associated with its H2 2014 drilling program.
  • As a result of the delays, PVA now expects four fewer wells will be turned in line in 2014, with the wells expected to be turned in line during Q1 2015.
  • H2 production is now expected at 23.4K-25.5K boe/day, with production of 20.8K-22K boe/day expected in Q3 and 26K-29K boe/day in Q4.
  • H2 capital expenditures are seen at $380M-$420M.
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