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Penn Virginia Corporation (NASDAQ: PVAC) announced the deferral of its senior unsecured notes offering due to feedback from potential investors indicating the proposed financing did not significantly differ from existing financing. CEO Darrin Henke expressed confidence in their strong balance sheet and near-term growth opportunities, opting to wait for a more favorable offering. The company remains focused on cash returns, capital discipline, and accretive consolidation.
Penn Virginia Corporation (NASDAQ: PVAC) announced its intent to offer $350 million in senior unsecured notes due 2028 through its subsidiary, Penn Virginia Holdings, LLC. The proceeds will be utilized to fully repay and terminate its second lien term loan, reduce borrowings under its revolving credit facility, and cover related fees and expenses. The notes will be offered in a private placement under Rule 144A and Regulation S of the Securities Act. No registration for the notes will be provided under the Securities Act or state laws, and this announcement does not constitute an offer to sell or a solicitation for investment.
Penn Virginia Corporation (NASDAQ:PVAC) reported its first-quarter 2021 results, achieving a net cash provided by operating activities of $32 million and generating free cash flow of $6 million. The company exceeded production expectations, selling 16,324 bbl/d and achieving total sales volumes of 20,534 boe/d. Despite a net loss of $20 million, adjusted net income was $15 million. Capital expenditures totaled approximately $54 million, below prior guidance. Penn Virginia raised its 2021 production guidance by over 6% and remains focused on capital discipline and debt reduction.
Penn Virginia Corporation (NASDAQ:PVAC) reported strong operational performance in Q1 2021, selling 16,324 BOPD, exceeding guidance. Total production reached 20,534 BOEPD, benefiting from enhanced drilling and completion methods. Capital expenditures were approximately $54 million, below guidance, resulting in Free Cash Flow for six consecutive quarters and reduced debt to $376 million. The company increased its 2021 production guidance due to positive well performance. Updated reserves were approximately 136.5 MMBOE, indicating significant future drilling potential.
Penn Virginia Corporation (NASDAQ:PVAC) reported strong financial results for Q4 2020, achieving net cash from operations of $32 million and free cash flow of $3 million. Oil sales volumes reached 16,719 BOPD, surpassing guidance, while capital expenditures were below projections. However, the company faced a net loss of $136 million due to a significant impairment of oil and gas properties. For 2021, Penn Virginia aims to increase cash returns and improve operational efficiency. Notably, the company's proved reserves decreased to 126.4 MMBOE at year-end 2020.
Penn Virginia Corporation (NASDAQ:PVAC) announced that it will release its fourth quarter and full-year 2020 results on March 8, 2021, after market close. A conference call will be held on March 9, 2021, at 11 a.m. Eastern. Investors can access the earnings call via the company's website or by calling the provided phone numbers. A replay will be available after the webcast until March 15, 2021. Penn Virginia focuses on the development and production of oil, NGLs, and natural gas in the Eagle Ford shale region of South Texas.
Penn Virginia Corporation (NASDAQ:PVAC) announced significant operational updates on February 16, 2021. The company closed transactions with Juniper Capital, leading to reduced debt and enhanced liquidity. In the fourth quarter of 2020, PVAC achieved oil production of 16,719 barrels per day, surpassing guidance, and realized an oil price of approximately $48.84 per barrel. Notably, capital expenditures were below guidance at $33 million, and the company reported positive free cash flow for both the quarter and the full year 2020. The CEO expressed optimism regarding the benefits of recent transactions.
Penn Virginia Corporation (PVAC) announced significant developments, including the closing of the Juniper transaction and a reaffirmed borrowing base of $375 million. The Board of Directors expanded from four to nine members, with Edward Geiser as Chairman. New Board members bring extensive energy industry experience. Juniper Capital Advisors now owns approximately 59.6% of PVAC's equity. The company is committed to maintaining at least $25 million of available capacity under its revolving credit facility and will avoid a borrowing base redetermination in Spring 2021 if minimum hedging thresholds are met.
Penn Virginia Corporation (NASDAQ:PVAC) has announced that its shareholders approved all proposals related to a strategic investment by Juniper Capital Advisors. With over 77% voting in favor, the transaction is set to close on January 15, 2021. This partnership aims to significantly enhance Penn Virginia’s balance sheet, bolster its asset base, and position the company for future success. The management expressed confidence in generating free cash flow while maintaining low leverage, despite acknowledging potential economic risks.
Penn Virginia Corporation (NASDAQ:PVAC) has announced the departure of Senior VP, Operations & Engineering, Benjamin A. Mathis, effective January 4, 2021. The company has appointed Julia Gwaltney as the new Senior VP, Development, effective January 5, 2021. Gwaltney brings extensive experience from her previous roles at Gary Permian and Samson Resources. She has been awarded 48,400 restricted stock units to incentivize her service, with performance criteria linked to the company's success from 2021 to 2023.
