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Penn Virginia Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2012 11:41AM
Penn Virginia Corp. (PVA) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:The proportion of total product revenues attributable to oil and NGLs was 82% for the three months ended March 31, 2012. This represents an increase of approximately 156% from the corresponding prior year period and approximately 26% from the three months ended December 31, 2011.
As illustrated below, oil production volume coupled with improved oil prices were the significant factors for increasing revenues. The increase was partially offset by lower natural gas and NGL production volume and prices. The following table provides an analysis of the change in our revenues for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011:
Our natural gas and crude oil revenues may change significantly from period to period as a result of changes in commodity prices. As part of our risk management strategy, we use derivative instruments to hedge natural gas and crude oil prices. During the three months ended March 31, 2012 and 2011, we received $8.0 million and $6.7 million in net cash settlements from oil and gas derivatives.