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Hot Stocks
Penn Virginia reduces 2020 capital budget by 30% » 08:01
03/17/20
03/17
08:01
03/17/20
08:01
PVAC

Penn Virginia

$2.95 /

-0.72 (-19.62%)

Penn Virginia Corporation…

Penn Virginia Corporation announced the Company has reduced its 2020 capital budget and increased its 2020 oil hedge positions. The Company has reduced its 2020 capital budget by approximately 30% from its original budget. Penn Virginia's drilling rig and completion contracts are structured to provide ongoing flexibility, generally requiring approximately 30 days' notice for cancelation. Penn Virginia currently expects to have one active rig beginning in April and through the balance of 2020. The Company plans to provide a detailed update to its 2020 guidance by its first quarter 2020 earnings release. Penn Virginia may further reduce its revised capital budget based on market conditions. Penn Virginia recently restructured its oil hedge positions to move hedge positions from the second half of 2021 into the second and the fourth quarters of 2020. As a result, Penn Virginia is currently hedged for more than 80% of its expected 2020 oil production under its reduced drilling program. In addition to these hedges, the Company has also mitigated additional oil price exposure below $30 per barrel on 250,000 barrels of oil per month for the second and the third quarters of 2020 using put spreads. These hedge positions provide additional downside protection between $20 - $30 per barrel WTI but allow for full upside price exposure. As of March 13, 2020, the mark-to-market value of the Company's commodity hedge position was approximately $109M. Penn Virginia's total proved reserves as of December 31, 2019 were approximately 133.1 million barrels of oil equivalent. The proved reserves were calculated in accordance with Securities and Exchange Commission guidelines using the pricing of $55.67 per barrel for crude oil and $2.58 per million British Thermal Unit for natural gas. The Company's standardized measure of total proved reserves was $1.5 billion and the standardized measure of total proved developed reserves was $1.0 billion as of December 31, 2019. The value of the Company's total proved reserves, utilizing the SEC price guidelines, discounted at 10% and before tax, was $1.6 billion as of December 31, 2019. The PV-10 value of the Company's PD reserves utilizing the SEC price guidelines was $1.0 billion as of December 31, 2019. Using strip pricing and anticipated differentials as of March 13, 2020, the PV-10 value of the Company's PD reserves at December 31, 2019 was $610 million before giving effect to hedges. As of December 31, 2019, Penn Virginia had cash of $7.8 million and total debt of $562.4 million. The ratio of the PV-10 value of the Company's PD reserves adjusted for March 13, 2020 strip pricing and anticipated differentials, after giving effect to the Company's hedge position, to the Company's net debt at year-end of approximately $555 million, yields a ratio of approximately 1.3x.

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Downgrade
Penn Virginia downgraded to Market Perform from Outperform at Northland » 15:09
03/13/20
03/13
15:09
03/13/20
15:09
PVAC

Penn Virginia

$3.65 /

-0.49 (-11.84%)

Northland analyst Jeff…

Northland analyst Jeff Grampp downgraded Penn Virginia to Market Perform from Outperform with a $4 price target.

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Over a month ago
Earnings
Penn Virginia reports Q4 EPS $2.75, consensus $1.92 » 17:07
02/27/20
02/27
17:07
02/27/20
17:07
PVAC

Penn Virginia

$11.78 /

-1.29 (-9.87%)

Reports Q4 revenue…

Reports Q4 revenue $123.9M, consensus $115.7M. John A. Brooks, President and Chief Executive Officer of Penn Virginia commented, "We were pleased with our solid performance during the fourth quarter, which was highlighted by higher quarterly oil and total production volumes that both exceeded the mid-point of guidance and lower total cash direct operating costs per BOE as compared to the third quarter. Most importantly, our continued focus on increasing operational efficiencies and driving down costs led to strong cash margins during the fourth quarter and the generation of free cash flow, as well as a reduction in our leverage ratio." Mr. Brooks continued, "We believe Penn Virginia is uniquely positioned in this market. As we look into 2020, we expect to moderately grow oil production. This expected growth, coupled with a low-cost structure, anticipated strong cash margins, declining capital expenditures, and low leverage, positions Penn Virginia to generate free cash flow. We believe this makes Penn Virginia a strong investment opportunity and uniquely positioned among its peer group."

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Over a quarter ago
Earnings
Penn Virginia reports Q3 EPS $1.97, consensus $1.88 » 17:21
11/07/19
11/07
17:21
11/07/19
17:21
PVAC

Penn Virginia

$27.41 /

+0.18 (+0.66%)

Reports Q3 revenue…

Reports Q3 revenue $119.3M, consensus $120.05M. Total production increased approximately 27% from the third quarter of 2018 to 2.668 million barrels of oil equivalent, or 29,003 BOEPD . Penn Virginia turned to sales 20 gross wells during the third quarter of 2019, which is 4.8 net wells more than originally planned.

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Earnings
Penn Virginia reports Q3 EPS $1.97, consensus $1.88 » 17:21
11/07/19
11/07
17:21
11/07/19
17:21
PVAC

Penn Virginia

$27.41 /

+0.18 (+0.66%)

Reports Q3 revenue…

Reports Q3 revenue $119.3M, consensus $120.05M. Total production increased approximately 27% from the third quarter of 2018 to 2.668 million barrels of oil equivalent, or 29,003 BOEPD . Penn Virginia turned to sales 20 gross wells during the third quarter of 2019, which is 4.8 net wells more than originally planned.

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Hot Stocks
Penn Virginia appoints Russell Kelley Jr. as CFO » 08:08
11/04/19
11/04
08:08
11/04/19
08:08
PVAC

Penn Virginia

$25.67 /

+1.85 (+7.77%)

, XOG

Extraction Oil & Gas

$2.02 /

+0.31 (+18.13%)

Penn Virginia Corporation…

Penn Virginia Corporation (PVAC) announced that Russell T. Kelley, Jr. has been named Senior Vice President, Chief Financial Officer and Treasurer effective November 13, 2019. Kelley previously served as Chief Financial Officer of Extraction Oil & Gas, Inc. (XOG).

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Conference/Events
Penn Virginia management to meet with Northland » 04:55
09/04/19
09/04
04:55
09/04/19
04:55
PVAC

Penn Virginia

$27.86 /

-0.67 (-2.35%)

Meeting to be held in…

Meeting to be held in Boston on September 4 hosted by Northland.

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Conference/Events
Penn Virginia management to meet with Northland » 07:36
08/30/19
08/30
07:36
08/30/19
07:36
PVAC

Penn Virginia

$28.82 /

+0.21 (+0.73%)

Meeting to be held in…

Meeting to be held in Boston on September 4 hosted by Northland.

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Conference/Events
EnerCom to hold a conference » 09:55
08/14/19
08/14
09:55
08/14/19
09:55
CHAP

Chaparral Energy

$1.91 /

-0.08 (-4.02%)

, PVAC

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$30.04 /

-1.15 (-3.69%)

, ROSE

Rosehill Resources

$1.67 /

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, JOY

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+ (+0.00%)

, FTK

Flotek

$2.03 /

+ (+0.00%)

, NES

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-0.17 (-8.46%)

, PFIE

Profire Energy

$1.33 /

+ (+0.00%)

, E

Eni SpA

$29.21 /

-0.83 (-2.76%)

The Oil & Gas…

The Oil & Gas Conference will be held in Denver on August 11-14 with webcasted company presentations to begin on August 14 at 10 am; not all company presentations may be webcasted. Webcast Link

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Conference/Events
EnerCom to hold a conference » 08:56
08/14/19
08/14
08:56
08/14/19
08:56
CHAP

Chaparral Energy

$1.99 /

-0.005 (-0.25%)

, PVAC

Penn Virginia

$31.19 /

-0.21 (-0.67%)

, ROSE

Rosehill Resources

$1.66 /

-0.15 (-8.29%)

, JOY

Acquired by Komatsu

$0.00 /

+ (+0.00%)

, FTK

Flotek

$2.03 /

+0.09 (+4.64%)

, NES

Nuverra Environmental

$5.11 /

+0.07 (+1.39%)

, NBR

Nabors Industries

$2.01 /

-0.17 (-7.80%)

, PFIE

Profire Energy

$1.33 /

-0.04 (-2.92%)

, E

Eni SpA

$30.04 /

+0.53 (+1.80%)

The Oil & Gas…

The Oil & Gas Conference will be held in Denver on August 11-14 with webcasted company presentations to begin on August 14 at 10 am; not all company presentations may be webcasted. Webcast Link

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