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Penn Virginia Resource Partners L.P. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2012 11:22AM
Penn Virginia Resource Partners L.P. (PVR) filed Quarterly Report for the period ended 2012-06-30. Penn Virginia Resource Partners L P has a market cap of $2.04 billion; its shares were traded at around $24.76 with a P/E ratio of 30.7 and P/S ratio of 1.8. The dividend yield of Penn Virginia Resource Partners L P stocks is 8.1%. Penn Virginia Resource Partners L P had an annual average earning growth of 11.2% over the past 10 years.
Highlight of Business Operations:During the six months ended June 30, 2012, we recognized a $124.8 million impairment charge related to our tangible and intangible natural gas gathering assets in the Midcontinent Midstream segment located in the southern portion of the Fort Worth Basin of north Texas (the North Texas Gathering System). The impairment was triggered by continuing market declines of natural gas prices and lack of drilling in the area. The North Texas Gathering System represented less than 1% of our consolidated total revenues for the three months ended March 31, 2012 and 2011.
Natural gas revenues decreased primarily due to prices. The average natural gas spot price decreased 48%, from $4.31 in the second quarter of 2011 compared to $2.22 in the comparable period of 2012. The decrease in natural gas revenues was partially offset by an increase in volumes.
NGL and condensate revenues decreased primarily due to the prices received. Our average realized price received for a hypothetical NGL barrel in the second quarter of 2012 was $29.49 compared to $49.66 for the comparable period of 2011. NGL and condensate prices can fluctuate significantly based on market conditions in certain areas. In order to obtain favorable pricing, we sell our NGLs and condensate to several customers in multiple markets.
NGL and condensate revenues decreased primarily due to the prices received. Our average realized price received for a hypothetical NGL barrel in the first half of 2012 was $35.69 compared to $49.02 for the comparable period of 2011. NGL and condensate prices have significant fluctuations based on market conditions in certain areas. The decrease was partially offset due to an increase in volumes.
Coal royalties, which accounted for 85% of the Coal and Natural Resource Management segment revenues for the six months ended June 30, 2012 and 86% for the same period in 2011, were lower in 2012 as compared to 2011, reflecting the reduced demand for coal from our lessees customers due to the mild winter and lower natural gas prices.
Stocks Discussed: PVR,