On Wednesday, Penn Virginia Corporation (NYSE:PVA)’s shares declined -4.07% to $4.72.
Penn Virginia Corporation (PVA) stated financial results for the three months ended March 31, 2015 and offered updates of its operations and 2015 capital plan and guidance.
Key Highlights
First quarter 2015 results contrast, as applicable, to fourth quarter 2014 results were as follows:
- Total production during the first quarter was 2.2 million barrels of oil equivalent (MMBOE), or 24,721 barrels of oil equivalent (BOE) per day (BOEPD), a 16% sequential enhance contrast to 21,314 BOEPD.
- Total production raised 17% over the first quarter of 2014 and 29%, pro forma to exclude volumes from Mississippi properties sold in July 2014.
- Eagle Ford production was 21,390 BOEPD, a 23% sequential enhance contrast to 17,459 BOEPD.
- Realized oil and gas prices were $71.79 per barrel and $3.14 per Mcf, contrast to $77.99 per barrel and $4.03 per Mcf, counting oil and gas derivatives.
- Product revenues were $110.6 million, contrast to $111.8 million, counting oil and gas derivatives.
- Drilling and completion costs in the Eagle Ford, counting facilities, have reduced by about $2.5 million per well, or 25%, from early fourth quarter 2014.
- Unit production costs, counting lease operating expense, gathering, processing and transportation expenses and production and ad valorem taxes, reduced to $10.68 per BOE from $11.52 per BOE.
- Adjusted EBITDAX, a non-GAAP (generally accepted accounting principles) measure, was $77.6 million, contrast to $84.8 million.
- As a result of our active Upper Eagle Ford drilling program, 11 wells were turned in line since the end of 2014.
- Over the past 12 months, 23 Upper Eagle Ford wells have been brought on line with an initial potential (IP) rate of 1,223 BOEPD and a 30-day average rate, for the 21 applicable wells, of 942 BOEPD.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States. The company’s operations comprise the drilling of unconventional horizontal development wells in the Eagle Ford Shale in South Texas. It also has operations in the Granite Wash in Oklahoma, and the Haynesville Shale and Cotton Valley in East Texas.
Key Energy Services, Inc. (NYSE:KEG)’s shares dropped -3.08% to $2.20.
Key Energy Services, Inc. (KEG) declared that it has closed a $100 million asset-based revolving credit facility (“ABL”) due February 2020 and closed and funded a $315 million term loan facility due June 2020. The Facilities replace Key’s existing $400 million senior revolving credit facility.
The Facilities do not have cash flow based financial maintenance covenants; however, the Facilities require Key to maintain $100 million in liquidity, counting cash and availability under the ABL. Upon closing, Key had $270.6 million of liquidity, assuming the completion of certain post-closing collateral perfection requirements. The Facilities also require Key to maintain the ratio of the net orderly liquidation value of its assets and certain term loan proceeds to term loan borrowings of 1.5x. As of the date of closing, this ratio was 2.15x. The ABL also comprises a fixed charge coverage ratio of 1.0x, which is tested only if excess availability under the ABL falls below a specified threshold or upon the occurrence of certain other events. The term loan was issued at an OID of 3.0% with an annual rate of LIBOR plus 9.25% with a 1.00% LIBOR floor. The ABL bears interest at an annual rate on outstanding borrowings of LIBOR plus 4.5%, with a fee on unused commitments ranging from 1.00% - 1.25% based on utilization. Key plans to file copies of the Facilities with the U.S. Securities and Exchange Commission as exhibits to a Current Report on Form 8-K, and reference should be made to the Facilities for a complete description of their terms.
Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States and internationally. It offers rig-based services, counting the maintenance, workover, and recompletion of existing oil wells; completion of newly-drilled wells; and plugging and abandonment of wells at the end of their lives, in addition to specialty drilling services to oil and natural gas producers.
At the end of Wednesday’s trade, United Technologies Corporation (NYSE:UTX)‘s shares surged 1.00% to $118.51.
United Technologies Corporation (UTX) has launched the 5th annual Sikorsky Helicopter 2050 Program and Challenge, which asks children, ages 9-16, to create an eco-friendly helicopter of the future that addresses potential challenges of 2050.
The national competition kicked off June 1 and will run until October 15, 2015. The winner of the 2015 competition will receive the Igor Sikorsky Youth Innovator Award and a $1,000 scholarship. In addition, the young innovator will be flown to Sikorsky’s headquarters in Stratford, Connecticut, to tour the assembly lines of the iconic BLACK HAWK and SEAHAWK® military helicopters and meet with Sikorsky rotorcraft engineers.
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; modernization products to upgrade elevators and escalators; and maintenance and repair services.
Spectra Energy Corp. (NYSE:SE), ended its Wednesday’s trading session with -0.31% loss, and closed at $34.81.
Spectra Energy Corp. (SE) said the cause of the leak isn’t known, and he declined to estimate how much it cost the company. The leak occurred Sunday or Monday on a 24-inch-wide backup pipeline buried 4 feet below the riverbed. The line was closed when it ruptured and the roughly 4 million cubic feet of natural gas that escaped had been what was left over inside, he said.
An incident report presented by the company to the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration indicates a boat might have struck the pipeline. Welch said investigators are still working to determine if a boat was involved. Porter said a towboat stated an explosion and sustained unspecified damage.
The auxiliary line is part of the company’s Texas Eastern Pipeline, which transports fuel from Texas to New Jersey. The company provides gas to CenterPoint Energy in the Little Rock area.
Welch said Spectra Energy Corp. has indefinitely closed the main pipeline while crews work to determine how the backup was damaged.
Porter said it’s unclear if the spill has affected the environment. Arkansas Department of Environmental Quality spokeswoman Katherine Benenati said state investigators don’t plan to survey the site.
Spectra Energy Corp, through its auxiliaries, owns and operates a portfolio of natural gas-related energy assets in North America. The company’s Spectra Energy Partners segment engages in the transmission, storage, and gathering of natural gas, in addition to transportation and storage of crude oil and natural gas liquids (NGLs) for customers in various regions of the midwestern, northeastern, and southeastern United States and Canada. Its natural gas pipeline systems comprise of about 21,000 miles of transmission pipelines; and storage capacity comprises 295 billion cubic feet (Bcf). Its Distribution segment offers natural gas storage, transmission, and distribution services for residential, commercial, and industrial customers in Canada.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
