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
Feb. 20, 2014, 3:44 PM
- Penn Virginia (PVA +9%) soars to a new 52-week high despite missing Q4 earnings forecasts as some Eagle Ford wells were brought online later than expected and anticipated 2014 capex is increasing due to increased leaseholds.
- The key takeaway, according to SunTrust analysts, is that Eagle Ford well results continue to materially improve, with the latest 23 wells averaging a 43% higher rate than the prior average.
- Shares have more than tripled in the past year as investors eat up the Eagle Ford growth story, one that appears to remain very much intact.
Feb. 19, 2014, 6:49 PM
- Penn Virginia (PVA) -5.1% AH after Q4 earnings and revenue both come in below Wall Street expectations.
- Q4 production was 1.8M boe, or ~20K boe/day, up 2% Q/Q; Eagle Ford shale production was 13,111 boe/day, up 5%.
- Year-end 2013 proved oil and gas reserves increased 20% Y/Y to 136.3M boe; Eagle Ford reserves rose 189% to 75.6M boe (89% oil and NGLs).
- FY 2014 production is seen at 9.1M-9.8M boe, or 25K-26.8K boe/day, up 34%-43% Y/Y; product revenues, excluding the impact of any hedges, are expected at $587M-$630M, up 36%-46% Y/Y.
- Capital expenditures are expected to be $575M-$640M, up 13%-25% over 2013 capex.
Feb. 19, 2014, 4:12 PM
Feb. 19, 2014, 12:10 AM| Feb. 19, 2014, 12:10 AM | 5 Comments
PVA vs. ETF Alternatives
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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