Tue, Nov. 10, 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.
Mon, Nov. 9, 4:38 PM
Sun, Nov. 8, 5:35 PM
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Mon, Oct. 12, 12:45 PM
Thu, Jul. 30, 11:59 AM
- Penn Virginia (PVA -30%) plunges to a new 52-week low after reporting a large Q2 loss, a 40% Y/Y drop in revenues and falling production.
- PVA says Q1 production from its Eagle Ford operations was 20,259 boe/day, a 5% Q/Q decline, as the play has underperformed as a result of using less proppant.
- PVA lowers full-year production guidance to 20.7K-22.6K boe/day from previous guidance of 23.8K-26.2K boe/day, with product revenues expected at $284M-$307M vs. previous guidance of $320M-$350M.
- Howard Weil downgrades PVA to Sector Perform from Focus Stock and cuts its price target to $4 from $9, as the quarter again failed to meet production expectations, which the firm thought were relatively conservative.
Wed, Jul. 29, 4:23 PM
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Oct. 29, 2014, 4:19 PM
Jul. 30, 2014, 6:38 PM
- 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.
Jul. 30, 2014, 4:16 PM
Jul. 29, 2014, 10:33 AM
- Arch Coal (ACI +3.5%) moves higher after its Q2 earnings loss came in better than expected as operating costs per ton fell 7%.
- Q2 sales fell 7% Y/Y to $713.8M, missing analyst consensus, but operating costs per ton fell to $20.55 from $21.19.
- ACI lowers its FY 2014 sales volume targets, including cutting its thermal sales volumes forecast to 124M-130M tons from 124M-132M tons to reflect the effects of transportation bottlenecks and the impact of a fall in steel production.
- Other coal names also are higher: ANR +4.3%, ARLP +2.4%, PVA +1.9%, WLB +1.9%, BTU +1.4%, RNO +0.9%, WLT +0.8%, KOL +0.4%.
May 12, 2014, 4:10 PM
May 11, 2014, 5:35 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.
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