Penn Virginia Corp. Updates H2 Production Guidance - Quick Facts

(RTTNews) - Penn Virginia Corp. (PVA) announced updated guidance for the second half of 2014. During the second half of 2014, the company now expects production to range between 23.4 and 25.5 thousand barrels of oil equivalent per day (MBOEPD), with production of 20.8 to 22.0 MBOEPD expected during the third quarter and 26.0 to 29.0 MBOEPD expected in the fourth quarter.

The company said, although well results continue to meet or exceed expectations, it anticipates delays in the timing of completions associated with second half of 2014 drilling program. As a result of the delays, the company now expects four (2.5 net) fewer wells will be turned in line in 2014, with those four wells now expected to be turned in line during the first quarter of 2015. As a result of the reduced 2014 completion activity, Penn Virginia expects second-half 2014 capital expenditures to range between $380 million and $420 million. Adjusted EBITDAX for the second half of 2014 is expected to range between $210 million and $245 million.

The company's preliminary estimate for 2015 total production is 35 to 45 percent higher than 2014, with oil production 45 to 60 percent higher than 2014. 2015 capital expenditures are expected to range between $750 million and $800 million with adjusted EBITDAX that will be between 35 and 40 percent higher than 2014.