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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Penn Virginia Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 11, 2009 09:07PM
Penn Virginia Corp. (PVA) filed Quarterly Report for the period ended 2009-03-31. Highlight of Business Operations:We have a geographically diverse asset base with core areas of operation in the East Texas, Mid-Continent, Appalachian and Mississippi regions of the United States. As of December 31, 2008, we had proved natural gas and oil reserves of approximately 916 Bcfe, of which 82% were natural gas and 51% were proved developed. In the three months ended March 31, 2009, we produced 13.7 Bcfe, a 30% increase compared to 10.5 Bcfe in the same period of 2008. However, our average realized price received for natural gas decreased 46%, from $8.26 per Mcf in the three months ended March 31, 2008 to $4.48 per Mcf in the three months ended March 31, 2009, while the average realized price received for our crude oil decreased 62%, from $97.00 per Bbl to $37.01 per Bbl and the average realized price received for our natural gas liquids, or NGLs, decreased 58%, from $54.94 per Bbl to $22.93 per Bbl in the same periods. As of December 31, 2008, PVR owned or controlled approximately 827 million tons of proven and probable coal reserves in Central and Northern Appalachia, the San Juan Basin and the Illinois Basin. PVR enters into long-term leases with experienced, third-party mine operators, providing them the right to mine PVR’s coal reserves in exchange for royalty payments. PVR actively works with its lessees to develop efficient methods to exploit its reserves and to maximize production from PVR’s properties. PVR does not operate any mines. In the three months ended March 31, 2009, PVR’s lessees produced 8.7 million tons of coal from its properties and paid to PVR coal royalties revenues of $30.6 million, for an average royalty per ton of $3.50. Approximately 82% of PVR’s coal royalties revenues in the three months ended March 31, 2009 were derived from coal mined on its properties under leases containing royalty rates based on the higher of a fixed base price or a percentage of the gross sales price. The balance of our coal royalties revenues for the respective periods was derived from coal mined on PVR’s properties under leases containing fixed royalty rates that escalate annually. PVA is in the portfolios of John Keeley of Keeley Fund Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
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