Mon, Jun. 29, 11:12 AM
- Penn Virginia (PVA -7.9%) has lost the entire bounce it gained from last week's chatter about a BP takeover offer, and WSJ reports no such offer or rejection occurred between the two.
- Instead, it appears the report gained traction thanks to still-online documentation of a takeover tussle from exactly 13 years earlier involving PVA and another suitor with a name similar to BP’s.
- Nevertheless, SunTrust maintains its Buy rating and $10 price target, still seeing PVA as an interesting acquisition candidate since the oil and gas explorer is among the "largest attractive acreage positions versus the corresponding enterprise value."
- SunTrust calls PVA "an embattled Eagle Ford player with what we deem as a valuable contiguous acreage/asset position... though high leverage and relatively tight liquidity limit near-term activity/cash flow/catalysts."
Fri, Jun. 26, 2:21 PM
- Penn Virginia (PVA +0.8%) shareholder Lone Star Value Management issues a letter calling on the company to immediately consider strategic alternatives to explore "all credible proposals."
- Lone Star's statement comes a day after a report that BP had offered to buy PVA for $8/share.
- "If it is true that [PVA] could be sold for an 80% premium or more to a credible buyer, the board has a fiduciary duty to fully explore such an offer," says the statement from Lone Star, which owns a 2.8% stake in PVA.
Thu, Jun. 25, 12:17 PM
- Penn Virginia (PVA +7.8%) spikes higher after a report that BP (BP +0.3%) has offered $8/share in a takeover bid for the company, and that PVA has hired BofA to help it search for potential buyers.
- PVA is said to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10/share, according to U.K. publication Proactive Investors.
- BP rivals such as Exxon Mobil (XOM -0.1%) and Chevron (CVX -0.1%) also may be interested in buying PVA, the report says.
Jul. 10, 2014, 4:34 PM
- Penn Virginia (PVA) agrees to acquire Eagle Ford acreage for $45M from an unnamed seller.
- The acquired acreage is adjacent to PVA's Shiner area, and is estimated to contain ~150 gross potential drilling locations, most of which should be prospective in the Upper Eagle Ford Shale.
- PVA says the deal will bring its total Eagle Ford acreage position to ~142.5K acres.
Jan. 22, 2014, 4:40 PM
- American Midstream Partners (AMID) agrees to acquire a ~120-mile natural gas gathering and redelivery system in the Eagle Ford shale from a subsidiary of Penn Virginia (PVA) for ~$100M.
- Upon closing the acquisition, AMID also will enter into a long-term, fee-based gathering agreement where PVA will dedicate for 25 years all current and future natural gas production from the areas served by the system.
- To help pay for the deal, AMID announces a public offering of 3.4M of its common units.
Nov. 20, 2013, 5:30 PM
- Analysts say the $6B deal for GeoSouthern will give Devon Energy (DVN) a better balance between oil and natural gas.
- Canaccord says oil currently accounts for 12% of DVN's total volume, and the deal likely significantly increases DVN's oil production, as GeoSouthern is the fourth largest oil producer in the Eagle Ford.
- "The deal makes them more of an oil company and grows their production," says a Hodges Capital analyst. "A lot of people still have the idea that they are too much of a gas company and this deal will change that right away."
- The investor reaction to the deal was tempered by the high price paid, which Richard Zeits says sets a new record in the Eagle Ford play in terms of price paid per net undeveloped acre in a major transaction; the major beneficiary today was Penn Virginia (PVA), whose shares surged 4% thanks to its strong presence in the area.
Apr. 3, 2013, 7:20 AM
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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