Penn Virginia Corporation (NYSE:PVA) disclosed that it was able to realize better pricing for oil while it was not fortunate enough on gas and natural gas liquids pricing. The company witnessed a drop in unit production costs in the second quarter. However, net loss for the June quarter widened due to non-cash derivatives expenses that included mark-to-market adjustments.
Penn Virginia Corporation (NYSE:PVA) said that oil price realization was $82.44 per barrel in the second quarter, up from $71.79 a barrel. However, gas and natural gas liquids realized price slipped to $2.54 per thousand cubic feet and $13.54 per barrel respectively. That was in comparison with $3.14 Mcf and $13.6 per barrel, which included derivatives.
The company’s production costs per unit dipped to 10.4 per barrel of oil equivalent from $10.68 per BOE. Recurring general and administrative cost per unit production also fell 4% to $4.59 a BOE from $4.77. It was also lower than $5.98 recorded in the year-ago second quarter. Total production was more than 2.1 million BOE or 23,519 BOE a day, which is lower than 24,721 BOE a day. On a YOY basis, production witnessed 8% growth in the second quarter.
Penn Virginia Corporation (NYSE:PVA) reported a net loss of $86.2 million or a loss of $1.19 a share in the second quarter. In comparison, its net loss was $63.2 million or a loss of 88 cents a share in the March quarter. On an adjusted basis, net loss narrowed to $32 million from $44.9 million. Similarly, loss per share also narrowed to 44 cents from 62 cents in the first quarter of the current year.
Penn Virginia Corporation (NYSE:PVA)’s total product revenues improved 13.6% to $83.12 million from $73.1 million in the first quarter. However, on a YOY basis, it dropped 39.1%. Its capital expenditures were reduced by 36% to $94 million from $147 million in the March quarter.
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