Exhibit 99.1
Penn Virginia Reports First Quarter 2020 Results
--- Generated Net Cash Provided by Operating Activities of $72.5 Million and Free Cash Flow of $10.5 Million for the First Quarter 2020 ---

HOUSTON, May 7, 2020 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced its financial and operational results for the first quarter 2020.

Recent Significant Highlights

Generated net cash provided by operating activities of $72.5 million and free cash flow (“FCF”)(1) of $10.5 million for the first quarter of 2020 and expects to generate significant FCF(1) for 2020;

Produced 20,665 barrels of oil per day (“BOPD”) and 26,740 barrels of oil equivalent per day (“BOEPD”) in the first quarter of 2020;

Reported net income of $163.1 million, or $10.76 per diluted share, and adjusted net income(2) of $28.6 million, or $1.89 per diluted share, for the first quarter of 2020;

Generated adjusted EBITDAX(3) of $78.6 million for the first quarter of 2020;
Halted all drilling and completion activity in early April of 2020;

Anticipate curtailing approximately 12,600 BOEPD of its production in May 2020; and

Recorded a mark-to-market value of the Company’s commodity hedge position of approximately $138 million as of May 6, 2020.

John A. Brooks, President and Chief Executive Officer of Penn Virginia commented, “Given the unprecedented situation facing the entire industry, Penn Virginia has taken proactive steps to protect our financial position and manage our operations. These actions include early completion of our borrowing base redetermination, halting all drilling and completion activity, and curtailing a portion of our current production. We came into this environment with attractive leverage, a low-cost structure, and a strong hedge position, all of which create significant financial flexibility and allows us to focus on shareholder returns. We’ve since bolstered that hedge book so that it is comprised of a significant amount of ‘Put’ positions in the second and third quarters of 2020, over and above our expected production. These incremental puts are designed to create significant protection for the Company and additional free cash flow in a declining oil price environment but also allow for strong participation in the upside of a rising oil price environment. We have already realized the benefits of our initial hedges, which allowed us to generate free cash flow in the first quarter and expect, at current strip prices, that we will produce significant free cash flow in 2020. This position allows us to aggressively pay down our debt while prices are low, but stand ready to re-engage development operations as soon as prices recover to justify our well returns. In all cases, we remain focused on capital discipline and cash on cash returns for our shareholders.

First Quarter 2020 Operating Results

Total production increased approximately 10% from the first quarter of 2019 to 2.433 million barrels of oil equivalent (“MMBOE”), or 26,740 BOEPD (77% crude oil). During the first quarter of 2020, the Company spud 12 gross (10.2 net) wells and turned to sales 13 gross (11.0 net) wells. Currently, Penn Virginia has eight drilled but uncompleted wells.

First Quarter 2020 Financial Results

Operating expenses were $70.1 million, or $28.80 per barrel of oil equivalent (“BOE”), in the first quarter of 2020. Total cash direct operating expenses, which consist of lease operating expenses (“LOE”), gathering, processing, and transportation (“GPT”) expenses, production and ad valorem taxes, and cash general and administrative (“G&A”) expenses, were $28.5 million, or $11.71 per BOE, in the first quarter of 2020. Total G&A expenses for the first quarter of 2020 were $2.97 per BOE, which included $0.9 million of non-cash share-based compensation. For the first quarter of 2020, adjusted cash G&A expenses(4), which excludes non-cash share-based compensation, were $2.62 per BOE. LOE was $4.33 per BOE for the first quarter of 2020.



The following information was filed by Penn Virginia Corp (PVAC) on Friday, May 8, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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