Penn Virginia Q2 Results Miss Estimates

(RTTNews) - Penn Virginia Corp. (PVA) reported a net loss for the second quarter of $105.9 million or $1.59 per share, compared to a net loss of $27.2 million or $0.43 per share for the year-ago quarter.

Excluding items, adjusted net loss for the latest quarter was $4.3 million or $0.07 per share.

Total revenue for the second quarter rose to $139.36 million from $109.66 million a year ago. Product revenue for the second quarter roee to $136.43 million from $109.73 million last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share on revenue of $149.60 million for the second quarter. Analysts' estimates typically exclude special items.

The company said it now expects 2014 production to range between approximately 8.8 and 9.2 MMBOE. This represents a decrease of between 7 and 290 MBOE from previous guidance, excluding approximately 260 MBOE of production from the company's Mississippi assets, the sale of which it expects to close on July 31, 2014. 2014 oil production is expected to range between approximately 5.3 and 5.6 million barrels of oil. This represents a decrease of between 400 and 550 MBOE barrels from previous guidance and is due primarily to delays in the timing of completions during the first half of 2014 resulting from operational complexities associated with pad drilling and completions.