Penn Virginia: The Marl Fairway Confirmed Wider
Richard Zeits • 10 Comments
Richard Zeits • 10 Comments
Can Penn Virginia Really Be This Cheap?
Stephen Simpson, CFA
Stephen Simpson, CFA
Tue, May 17, 12:27 PM
- George Soros, who once called gold “the ultimate bubble,” has resumed buying the yellow metal after a three-year absence, disclosing during Q1 he bought 1.05M shares in the SPDR Gold Trust ETF (GLD +0.3%) valued at $123.5M, while also doubling his wager against the S&P 500.
- Soros Fund also made a big bet on miner Barrick Gold (ABX +3.1%), adding a $263.7M stake and raising its ownership to 19.4M shares, making it Soros’ largest U.S.-listed holdings and giving him a 1.7% stake.
- Otherwise, Soros continued to unwind his commodity exposure, selling off positions in Kinder Morgan (KMI +4.3%) and Baker Hughes (BHI +2.8%) - stakes which were just opened in Q4 - as well as Dow Chemical (DOW +0.9%) and Penn Virginia (NYSE:PVA).
- But other prominent investors have started to take profits; John Paulson’s hedge fund cut its stake in the SPDR Gold Trust to 4.8M shares from 5.8M and its stake in AngloGold Ashanti (AU -1%) to 15.2M shares from 22.9M.
Fri, May 13, 5:06 AM
- Three oil and gas bankruptcies this week - Chaparral Energy, Penn Virginia (NYSE:PVA) and Linn Energy (NASDAQ:LINE) - suggests that crude at $45 a barrel isn't even enough to rescue energy companies on the verge of collapse.
- According to law firm Haynes & Boone, 130 North American oil and gas producers and service companies have filed for bankruptcy since the start of 2015 owing almost $44B.
- More energy firms are also nearing default, including Breitburn Energy Partners (NASDAQ:BBEP) and SandRidge Energy (NYSE:SD).
Thu, May 12, 8:25 AM
- Penn Virginia (NYSE:PVA) files for Chapter 11 bankruptcy protection through a prearranged restructuring it says will reduce its long-term debt by more than $1B.
- PVA says it reached agreements with holders of 87%, or $1.03B, of its total funded debt obligations to restructure under Chapter 11.
- PVA says it has received a commitment for $25M in debtor-in-possession financing, up to $128M in committed exit financing and a $50M backstopped rights offering.
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.
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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