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Penn Virginia Corporation (NASDAQ:PVAC) reported third quarter 2020 financial results, generating $61 million in net cash from operating activities and $34 million in free cash flow. The company sold an average of 24,295 BOEPD at a realized oil price of $48.28 per barrel. Despite a $243 million net loss due to impairments, adjusted net income was $17 million, or $1.14 per diluted share. A significant highlight was a strategic agreement with Juniper Capital to acquire 59% equity for $150 million and additional assets, improving the balance sheet and enabling debt reduction.
Penn Virginia Corporation (NASDAQ:PVAC) announced a strategic transaction with Juniper Capital Advisors, enhancing its balance sheet and liquidity. Juniper will invest $188.4 million, comprising $150 million in cash at a 13% premium and oil and gas assets valued at approximately $38.4 million. This deal is set to double market capitalization, improve liquidity by 195% to $151 million, and reduce leverage by 30% to 1.1x. Additionally, it extends second-lien term loan maturity to September 2024 and cuts annual interest expenses by $6 million. The company aims for sustainable operations amidst low oil prices.
Penn Virginia Corporation (NASDAQ:PVAC) announced its operational update and third quarter earnings release scheduled for November 5, 2020. The Company estimated sales of 18,383 barrels of oil per day, exceeding guidance. The realized oil price was approximately $48.28 per barrel. Capital expenditures were reported at $8.0 million, below expectations. Free cash flow generated allowed a reduction of net debt by $34 million. The Company restarted its drilling program in October 2020. CEO Darrin Henke highlighted strong financial performance despite commodity price fluctuations.
Penn Virginia Corporation (NASDAQ: PVAC) will have President and CEO Darrin Henke present at the Barclays CEO Energy-Power Conference on September 9, 2020, at 1:05 p.m. ET. An updated corporate presentation will be available on their website that morning, along with a live webcast link in the investor relations section. As a pure-play independent oil and gas company, Penn Virginia focuses on developing and producing oil, NGLs, and natural gas, particularly in the Eagle Ford shale region of south Texas.
Penn Virginia Corporation (NASDAQ: PVAC) has announced the immediate retirement of John A. Brooks and the appointment of Darrin J. Henke as President, CEO, and Director. The Board expressed gratitude for Brooks' leadership during a challenging industry period. Henke, a seasoned oil and gas executive, previously led Gary Petroleum Partners and has extensive experience with Encana Oil & Gas. To incentivize Henke, the company granted him 115,000 restricted stock units, including both time-based and performance-based units, aligning with Nasdaq regulations.
Penn Virginia Corporation (NASDAQ:PVAC) reported its second quarter 2020 financial and operational results, highlighting a net cash provided by operating activities of $56.4 million and a free cash flow of $6.6 million. The company produced 18,888 BOPD and 24,617 BOEPD, achieving a realized oil price of $23.97 per barrel, or $50.37 including hedge settlements. Despite a net loss of $94.7 million due to impairments and unrealized losses, adjusted net income was $19.6 million, or $1.29 per diluted share. Proved reserves totaled 123.1 MMBOE, with a PV-10 value of $967.9 million as of August 1, 2020.
Penn Virginia Corporation (NASDAQ:PVAC) provided an operational update for Q2 2020, estimating production between 18,500-18,900 barrels of oil per day with realized oil prices of approximately $23.97 per barrel, or $50.37 with hedge settlements. The company expects to be slightly free cash flow positive in Q2 and significantly so in Q3. Capital expenditures are projected between $10.5-$12.5 million, while accounts payable were reduced by about $45 million. A conference call to discuss Q2 results is scheduled for August 7, 2020.
Penn Virginia Corporation (NASDAQ: PVAC) announced the resignation of Brian Steck from its Board of Directors effective June 26, 2020, following a reduction of Mangrove Partners' holdings. This decision was not due to any disagreements. Darin Holderness, Chairman of the Board, praised Steck's contributions over the past year. Penn Virginia operates as an independent oil and gas company, focusing on the development and production of oil, natural gas liquids, and natural gas in the Eagle Ford shale of south Texas.
Penn Virginia Corporation (PVAC) reported strong Q1 2020 results, generating net cash from operating activities of $72.5 million and free cash flow of $10.5 million. The company produced 20,665 BOPD, achieving net income of $163.1 million or $10.76 per diluted share. Adjusted EBITDAX was $78.6 million. Due to market conditions, Penn Virginia has halted all drilling and plans to curtail approximately 12,600 BOEPD of production in May 2020. The company maintains a strong hedge position valued at $138 million, ensuring financial flexibility and protection against oil price fluctuations.
