Penn Virginia: The Marl Fairway Confirmed Wider
Richard Zeits • 10 Comments
Richard Zeits • 10 Comments
Wed, Mar. 16, 9:55 AM
- Penn Virginia (PVA -26%) says it has reached a credit amendment with its reserve-based lenders to push back its default date until April 12, with a possible further extension to May 10.
- PVA says it will use the additional time to continue discussions with its creditors to reach agreement on a comprehensive debt restructuring.
Fri, Jan. 15, 4:45 PM
- Penn Virginia (NYSE:PVA) says it has retained financial advisers Jefferies and legal advisors Kirkland & Ellis on strategic alternatives related to restructuring its balance sheet and enhancing liquidity.
- Shares closed today at just $0.07 after reaching as high as $8 last April.
Tue, Jan. 12, 6:27 PM
- The NYSE says it will begin proceedings to delist Penn Virginia (NYSE:PVA) from the Exchange, and trading in the common stock will be suspended immediately.
- The NYSE says PVA is no longer suitable for listing based on “abnormally low” price levels.
- Shares fell 19% in today's trade after tumbling 49% YTD and 95% in the past six months.
Nov. 10, 2015, 2:34 PM
- Penn Virginia (PVA -21.2%) is sharply lower after reporting a wider than expected Q3 loss, guiding for Q4 2016 oil production to decline 5% Y/Y, and forecasting $140M-$160M in 2016 capex vs. prior guidance of $200M-$250M.
- Oppenheimer analyst Robert Du Boff says his biggest concern about PVA's future is the company’s troubling debt load, noting a debt/EBITDA ratio of 3.9x even after $74M in asset sales.
- Du Boff says PVA is on track to trip its revolver covenant (4.75x) during Q1 2016, and notes "substantial doubts about its ability to continue as a going concern” expressed in the latest 10-Q filing.
Nov. 9, 2015, 6:40 PM| Nov. 9, 2015, 6:40 PM | 1 Comment
Nov. 9, 2015, 4:38 PM
- Penn Virginia (NYSE:PVA): Q3 EPS of -$0.60 misses by $0.11.
- Revenue of $111.98M (-45.5% Y/Y) beats by $20.77M.
Nov. 8, 2015, 5:35 PM
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Oct. 26, 2015, 8:08 AM
- Penn Virginia (NYSE:PVA) announces the retirement of President and CEO Baird Whitehead, effective immediately; he had previously indicated his intention to retire sometime this year.
- Chairman Edward Cloues will become interim CEO, and says his initial focus will be to work with the company's advisers to restructure the balance sheet and enhance its liquidity.
Oct. 12, 2015, 12:45 PM
Sep. 17, 2015, 9:10 AM
- Penn Virginia (NYSE:PVA) -7.4% premarket after suspending the Q3 dividend on its series A and B preferred depositary shares, citing the current commodity price environment and the need to preserve liquidity.
- Earlier this week, the struggling oil and gas explorer received a non-compliance notice from the NYSE regarding the exchange's $1 minimum price bid rule.
Sep. 15, 2015, 10:57 AM
- Penn Virginia (PVA +3.8%) says it had been notified by the NYSE of its non-compliance with the exchange's $1 minimum price bid rule.
- PVA says it will notify the NYSE of its intent to cure the deficiency and return to compliance with NYSE continued listing standards.
Aug. 14, 2015, 12:47 PM
- The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
- The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
- Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
- Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
- Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
- ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
Aug. 13, 2015, 5:58 PM
- The median North American independent producer can survive at a ~$42/boe price, according to a new analysis by Moody’s that found that many producers can handle low commodity prices thanks to significant cost savings and continued production growth.
- EQT Corp. (NYSE:EQT) had the lowest costs at $13.07/boe, and Penn Virginia (NYSE:PVA) had the highest full-cycle costs at $135/boe, according to the study.
- E&Ps paid an average $13.68 to bring one barrel of oil equivalent to the surface, Moody's says, with production costs higher among companies that mainly produced oil while gas companies drilled for less; EQT had the lowest production costs and Canadian Oil Sands (OTCQX:COSWF) had the highest.
- The largest expense among producers is finding and acquiring new oil and gas, but Moody’s cautions that its numbers here are not definitive, since the study only examined a single year of expenses and companies usually spend money and book reserves over a years-long period.
Aug. 7, 2015, 11:58 AM
- Penn Virginia (PVA +0.8%) is higher despite receiving a downgrade to Neutral from Outperform with a $1 price target, slashed from $4, at Credit Suisse, which notes the company is operating only one rig in the Eagle Ford after operating eight rigs in 2014 and does not expect to add a second rig until early 2016.
- The firm says PVA's initial 2016 budget infers a cash flow deficit of ~$147M at today's strip, and expects the company to end 2015 with $200M in projected liquidity, implying further capital markets activity will be required to fund more drilling activity.
Aug. 4, 2015, 3:57 PM
- Penn Virginia (PVA +6.8%) is higher following news it hired Jefferies to advise it on how to best finance or monetize its holdings in the Eagle Ford shale after a sales process begun earlier this year failed to produce a viable bid.
- Earlier this year, PVA reportedly was working with Bank of America in exploring a sale of the company.
Jul. 30, 2015, 12:47 PM
Penn Virginia Corp is an independent oil and gas company. The Company is engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas in onshore regions of the United States.
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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