Penn Virginia (PVA) Misses Q1 EPS by 20c, Offers FY Guidance

Penn Virginia (NYSE: PVA) reported Q1 EPS of ($0.62), $0.20 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $110.6 million versus the consensus estimate of $100.3 million.

Full-Year 2015 Guidance

Full-year 2015 guidance highlights are as follows:

• Production is expected to be 23,800 to 26,200 BOEPD, unchanged from previous guidance.
  • 2015 crude oil production guidance is 14,000 to 15,400 barrels of oil per day (BOPD), compared to previous guidance of 13,800 to 15,100 BOPD.
  • Production in the second quarter of 2015 is expected to range between 24,000 and 26,000 BOEPD.
• Product revenues, excluding the impact of any hedges, are expected to be $320 to $350 million, compared to previous guidance of $312 to $343 million.
  • Our crude oil revenue estimate assumes realized pricing of West Texas Intermediate (WTI) crude oil benchmark pricing of $56.15 per barrel (ranging from $55 per barrel in the second quarter to $62 per barrel in the fourth quarter of 2015), with realized pricing of $3 to $4 per barrel less. Benchmark (Henry Hub) natural gas pricing is assumed to be $2.75 per Mcf (ranging from $2.57 per Mcf in the second quarter to $2.81 per Mcf in the fourth quarter of 2015), with an approximate $0.07 per Mcf negative differential, while NGL pricing is assumed to be 26% of the WTI price.
  • Cash receipts from the settlement of derivatives are expected to be $119 to $123 million based on the foregoing assumptions.
• Adjusted EBITDAX, a non-GAAP measure, is expected to be $300 to $340 million, unchanged from previous guidance.
  • Net cash provided by operating activities, including expected working capital changes, is expected to be $165 to $185 million.
• Capital expenditures are expected to be $325 to $370 million, compared to previous guidance of $295 to $345 million.
  • Drilling and completion capital expenditures, which will continue to be focused on the Upper Eagle Ford, are expected to be $310 to $350 million, compared to previous guidance of $270 to $310 million. Despite the decrease in well costs from the fourth quarter, guidance increased by $40 million due to $25 million of completion capital expenditures deferred into 2015 associated with an active eight rig drilling program for much of the second half of 2014 and an incremental $15 million attributable to an increase in net wells planned for the remainder of the year.
  • Pipeline, gathering, facilities, seismic and other capital expenditures are expected to be $5 to $8 million, compared to previous guidance of $10 to $15 million.
  • Lease acquisition capital expenditures are expected to be $10 to $11 million, compared to previous guidance of $15 to $20 million.

For earnings history and earnings-related data on Penn Virginia (PVA) click here.

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