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Penn Virginia Reports Fourth Quarter and Year-End 2018 Results
Increased Proved Reserves by 69%, Replaced 734% of Production, Grew Production by 110%
HOUSTON, February 27, 2019 (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 2018, andyear-end reserve estimates.
Significant Fourth Quarter and Full-Year Highlights
Entered into a definitive merger agreement on October 28, 2018, to be acquired by Denbury Resources Inc. (Denbury), with a special meeting of shareholders anticipated in April 2019;
Grew production for the fourth quarter of 2018 to 25,686 barrels of oil equivalent per day (BOEPD) (77% crude oil). Produced 21,765 BOEPD (76% crude oil) for full year 2018. Total production increased 110% and oil production increased 120% over 2017 levels;
Increased proved reserves by 69% to approximately 123 million barrels of oil equivalent (MMBOE), representing a reserve replacement ratio(1) of approximately 734% of 2018 production. The standardized measure of discounted future net cash flows related to proved reserves (Standardized Measure) increased by 175% to $1.6 billion;
Identified more than 450 net drilling locations at year-end, of which approximately 100 locations are higher rate of return extended reach laterals (XRLs) and increased net treatable lateral length by 13% to 2.9 million feet;
Yielded a realized oil price of $61.84 per barrel, an approximate $2.50 per barrel premium over the West Texas Intermediate (WTI) average price, for the fourth quarter of 2018;
Recorded total cash direct operating expense per barrel of oil equivalent (BOE) of $12.36 and adjusted direct operating expense per BOE(2) of $10.90 for the fourth quarter of 2018. This included lease operating expense (LOE) of $4.21 per BOE. For the full year 2018, the Company had total cash direct operating expense per BOE of $12.52 and adjusted direct operating expense per BOE(2) of $11.99. This included LOE of $4.52 per BOE;
Generated net income of $200.7 million, or $13.10 per diluted share, and adjusted net income(3) of $39.2 million, or $2.56 per diluted share, for the fourth quarter of 2018. Net income was $224.8 million, or $14.70 per diluted share, and adjusted net income(3) of $140.5 million, or $9.19 per diluted share, for the full year 2018;
Generated adjusted EBITDAX(4) of $88.2 million for the fourth quarter of 2018 or approximately $37.34 per BOE. For the full year 2018, the Company generated adjusted EBITDAX(4) of $299.5 million, or approximately $37.70 per BOE; and
Lowered Penn Virginias debt to adjusted EBITDAX ratio to approximately 1.7x as of December 31, 2018, pro forma for the Hunt acquisition.
The following information was filed by Penn Virginia Corp (PVAC) on Wednesday, February 27, 2019 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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