Exhibit 99.1
Penn Virginia Reports Second Quarter 2020 Results
--- Generated Net Cash Provided by Operating Activities of $56.4 Million and Free Cash Flow of $6.6 Million for the Second Quarter 2020 ---

HOUSTON, August 6, 2020 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (“Penn Virginia
or the “Company) (NASDAQ:PVAC) today announced its financial and operational results for the second quarter 2020.
Recent Significant Highlights
Generated net cash provided by operating activities of $56.4 million and free cash flow (“FCF)(1) of $6.6 million for the second quarter of 2020 and expects to generate significant FCF(1) for 2020;
Produced 18,888 barrels of oil per day (“BOPD) and 24,617 barrels of oil equivalent per day (“BOEPD) for the second quarter of 2020;
Realized oil price for the second quarter of 2020 of $23.97 per barrel and $50.37 per barrel including hedge settlements;
Reported net loss of $94.7 million (includes a non-cash impairment of oil and gas properties of $35.5 million and non-cash unrealized losses on derivatives of $79.6 million), or $6.24 per share, and adjusted net income(2) of $19.6 million, or $1.29 per diluted share, for the second quarter of 2020;
Generated adjusted EBITDAX(3) of $66.4 million for the second quarter of 2020;
Reduced accounts payable by approximately $45 million in the second quarter of 2020;
Estimated proved reserves were 123.1 million barrels of oil equivalent (“MMBOE) with a standardized measure of $936.8 million and an SEC PV-10 value(4) of $967.9 million as of August 1, 2020;
Estimated proved developed reserves were 54.7 MMBOE with a standardized measure of $705.6 million and PV-10 value(4) of $708.7 million at SEC pricing and $726.0 million (at strip pricing as of August 5, 2020 – see Appendix); and
Recorded a mark-to-market value of the Company's commodity hedge position of approximately $32 million as of August 5, 2020.
“Our second quarter results represent another outstanding achievement for Penn Virginia, said John A. Brooks, President and Chief Executive Officer of Penn Virginia. “We posted strong realized pricing in part due to our ability to store production. This storage provided us the option to delay selling our production until prices had recovered from their record lows. Our realized hedge book gains also contributed significantly to our high realized price of over $50 per barrel. The second quarter represents the third consecutive quarter in which we have been free cash flow positive. I would like to extend my thanks to the employees of Penn Virginia for their ongoing efforts to work hard while we take efforts to keep them healthy and safe. They have kept us operating efficiently and are largely responsible for the solid second quarter results.
Mr. Brooks added, “Looking ahead, we expect to generate positive free cash flow for the remainder of the year and plan to use that free cash flow to continue to reduce debt. We will remain focused on capital discipline, preservation of our strong balance sheet, and cash on cash returns.
Second Quarter 2020 Operating Results
Total production for the second quarter of 2020 was 2.24 MMBOE, or 24,617 BOEPD (77% crude oil). During the second quarter of 2020, the Company did not spud any wells but turned to sales three gross (2.8 net) wells.
Second Quarter 2020 Financial Results
Operating expenses were $97.9 million (includes a non-cash impairment of oil and gas properties of $35.5 million), or $43.72 per barrel of oil equivalent (“BOE), in the second 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 $24.4 million, or $10.87 per BOE, in the second quarter of 2020. Total G&A expenses for the second quarter of 2020 were $3.56 per BOE, which included $1.0 million of non-cash share-based compensation. For the second quarter of 2020, adjusted cash G&A expenses(5), which excludes non-cash share-based compensation, were $3.14 per BOE. LOE was $4.06 per BOE for the second quarter of 2020.
Net loss for the second quarter of 2020 was $94.7 million (includes a non-cash impairment of oil and gas properties of $35.5 million and non-cash unrealized losses on derivatives of $79.6 million), or $6.24 per share, compared to a net income of $51.6 million, or $3.40 per diluted share, in the second quarter of 2019. Adjusted net income(2) was


The following information was filed by Penn Virginia Corp (PVAC) on Friday, August 7, 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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