HOUSTON, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NASDAQ:PVAC) today announced an operational update.
Operational and Financial Update
- Closed transactions with Juniper Capital on January 15, 2021, which resulted in reduced debt, enhanced liquidity and a larger asset base;
- Sold 16,719 barrels of oil per day for the fourth quarter of 2020, at the high end of guidance. Total sales for the fourth quarter of 2020 were 21,502 barrels of oil equivalent per day;
- Realized oil price for the fourth quarter of 2020 of approximately $48.84 per barrel, including hedge settlements;
- Estimated capital expenditures for the fourth quarter of 2020 of $33 million, which was below the low end of guidance; and
- Free cash flow (“FCF”)(1) positive for the fourth quarter of 2020 and for the full year 2020.
Darrin Henke, President and Chief Executive Officer of Penn Virginia, commented, “We were pleased to finish the year with strong operational results, including fourth quarter oil production volumes that materially exceeded the mid-point of guidance and capital expenditures below the low end of guidance. These strong operating results generated free cash flow for the quarter, our fifth consecutive quarter with free cash flow. Going forward, we expect to benefit from the advantages afforded by the recently closed transactions with Juniper, including our much stronger balance sheet, significantly enhanced liquidity, and larger operational footprint.”
About Penn Virginia Corporation
Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com. The information on the Company’s website is not part of this release.
