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Penn Virginia Reports Fourth Quarter and Year-End 2017 Results, Provides
Operational Update and Closes Previously Announced Acquisition
Strong Results in Area 2 from 2 Well Pad with IP Rate of Over 5,000 BOEPD
Grew Proved Reserves by 47%, Replaced 710% of 2017 Production
Expects 2018 Production Growth of ~125%
HOUSTON, March 1, 2018 (GLOBE NEWSWIRE) Penn Virginia Corporation (Penn Virginia or the Company) (NASDAQ:PVAC) today announced its financial and operational results for the fourth quarter and full year 2017, andyear-end reserve estimates.
Significant Operational Accomplishments
|||Strong well results in Area 2 the two-well Geo Hunter pad had a 30-day initial production (IP) rate of 3,767 barrels of oil equivalent per day (BOEPD) and a previously announced 24-hour IP rate of 5,465 BOEPD. In addition, the Company recorded a 24-hour IP rate from its Southern Hunter Amber two-well pad of 5,092 BOEPD. Both pads utilized the Companys slickwater completion design;|
|||Produced 3.8 million barrels of oil equivalent (MMBOE), or 10,353 BOEPD (73% crude oil), for full year 2017, including 12,340 BOEPD (74% crude oil) in the fourth quarter of 2017 a 32% increase over the fourth quarter of 2016. Achieved a 2017 exit rate (average of last five days of 2017) of approximately 14,650 BOEPD. Targeting year-over-year production growth of ~125%(1) for 2018 under its current development program;|
|||Increased proved reserves by approximately 47% to 72.6 MMBOE (85 MMBOE pro forma for the Hunt acquisition discussed below), representing 710% of 2017 production at a drill-bit finding and development cost of approximately $4.40 per barrel of oil equivalent (BOE)(2);|
|||Increased drilling locations at year-end (pro forma for the Hunt acquisition) to 500 net (589 gross), of which approximately 80 net locations (100 gross) are higher rate of return extended reach laterals (XRLs) (12 in Area 1 and 68 in Area 2), which provides the underpinning for the Companys 2018 development program; and|
|||Closed the previously announced acquisition of Eagle Ford assets located primarily in Gonzales and Lavaca Counties, Texas, from Hunt Oil Company (Hunt) on March 1, 2018.|
|||Incurred a net loss of $10.8 million, or $0.72 per diluted share, in the fourth quarter of 2017. Adjusted net income(3) was $15.8 million, or $1.06 per diluted share, in the fourth quarter of 2017. Net income was $32.7 million, or $2.17 per diluted share, for the full year 2017. Adjusted net income(3) was $43.4 million, or $2.88 per diluted share, for the full year 2017;|
|||Generated adjusted EBITDAX(4) of $37.4 million in the fourth quarter of 2017, up 78% over the fourth quarter of 2016, or approximately $32.97 per BOE. For the full year 2017, the Company generated adjusted EBITDAX(4) of $102.2 million, or approximately $27.05 per BOE; and|
|||Increased the borrowing base under its credit facility by more than 40% to $340 million, effective March 1, 2018. Current availability under the credit facility is $164.2 million.|
The following information was filed by Penn Virginia Corp (PVAC) on Friday, March 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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