Penn Virginia CorporationOTCPK - Current
Advanced Chart
  • Tue, Sep. 13, 1:10 PM
    • Penn Virginia (OTCPK:PVAHQ) says it has emerged from bankruptcy, four months after filing for Chapter 11 protection.
    • PVA says it reduced its total long-term debt by $1.1B, has a commitment for up to $200M in new financing plus $50M through a rights offering subscribed by a large portion of its existing unsecured bondholders.
    • PVA's existing common stock has been cancelled, and new common stock will be issued to bondholders and certain general unsecured claimholders.
    | Tue, Sep. 13, 1:10 PM | 3 Comments
  • 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.
    | Tue, May 17, 12:27 PM | 17 Comments
  • 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).
    | Fri, May 13, 5:06 AM | 86 Comments
  • 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.
    | Thu, May 12, 8:25 AM | 14 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.
    | Wed, Mar. 16, 9:55 AM | 4 Comments
  • 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.
    | Fri, Jan. 15, 4:45 PM | 5 Comments
  • 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.
    | Tue, Jan. 12, 6:27 PM | 5 Comments
  • 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. 10, 2015, 2:34 PM | 4 Comments
  • Nov. 9, 2015, 6:40 PM
    • Genworth Financial (getting dropped from the S&P 500) is taking ROVI's spot in the S&P MidCap 400 following the Nov. 17 close. Rovi, in turn, will take Penn Virginia's (NYSE:PVA) spot in the S&P SmallCap 600.
    • Penn Virginia has fallen to $0.75 after hours. Rovi hasn't yet moved.
    | 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. 9, 2015, 4:38 PM
  • Nov. 8, 2015, 5:35 PM
  • 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. 26, 2015, 8:08 AM | 2 Comments
  • Oct. 12, 2015, 12:45 PM
    | 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. 17, 2015, 9:10 AM | 7 Comments
  • 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.
    | Sep. 15, 2015, 10:57 AM | 5 Comments
  • 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
    | Aug. 14, 2015, 12:47 PM | 207 Comments