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Former Penguins coach Eddie Olczyk diagnosed with colon cancer

Pittsburgh Tribune-Review - 8 August 2017 - 6:42pm
Former Penguins coach Eddie Olczyk stands between Mario Lemieux (left) and Sidney Crosby during a game against the Lightning on Oct. 15, 2005." src = "http://triblive.com/rss/photos/?STREAMOID=zCenxQ8d2hg5Jo2izunJSM$daE2N3K4ZzOUsqbU5sYsOTPWeorWV0v94LfjGzlFeWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Former Penguins coach Eddie Olczyk was diagnosed with colon cancer. Olczyk, who turns 51 on Aug. 16, had surgery last week, and Chicago Blackhawks team ...
Categories: State

EPA: High levels of manganese found in southeast Chicago

Pittsburgh Tribune-Review - 8 August 2017 - 6:39pm
CHICAGO — The U.S. Environmental Protection Agency has cited a Chicago facility after finding high levels of brain-damaging manganese in a low-income neighborhood. Data posted ...
Categories: State

Experts: Lives at risk if no sleep tests for train engineers

Pittsburgh Tribune-Review - 8 August 2017 - 6:12pm
Metro North Railroad engineer William Rockefeller is wheeled on a stretcher away from the area where the commuter train he was operating derailed, killing four people, in the Bronx borough of New York. The National Transportation Safety Board said that Rockefeller had "severe obstructive sleep apnea." " src = "http://triblive.com/rss/photos/?STREAMOID=ZVI2vz3eC0YxaubK0mNmsM$daE2N3K4ZzOUsqbU5sYvgA9q47OPptoNG5bRUEFiqWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
U.S. officials are abandoning plans to require sleep apnea screening for truck drivers and train engineers, a decision that safety experts say puts millions of ...
Categories: State

Police arrest 1 in Cranberry shooting that was about drugs, not jewelry

Pittsburgh Tribune-Review - 8 August 2017 - 6:12pm
" src = "http://triblive.com/rss/photos/?STREAMOID=uX$9gFetQwE1Jyg69oGJhc$daE2N3K4ZzOUsqbU5sYutuQ7PenVxyasczYY$GbTEWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Authorities on Tuesday arrested a man suspected of shooting a Cranberry Township man twice in front of two witnesses over a drug deal that went ...
Categories: State

Education savings accounts could be coming to Pa.

Pittsburgh Tribune-Review - 8 August 2017 - 6:00pm
As one of the earliest adopters of education savings accounts moves towards rolling back the program, Pennsylvania could be a step closer to adopting it. ...
Categories: State

Pitt basketball completes 2017 recruiting class with Juco power forward

Pittsburgh Tribune-Review - 8 August 2017 - 5:51pm
Pitt coach Kevin Stallings calls a play during the first half of an against Virginia on Saturday, March 4, 2017, in Charlottesville, Va." src = "http://triblive.com/rss/photos/?STREAMOID=Jbi77Xq6dAQTVLZgl6Wsmc$daE2N3K4ZzOUsqbU5sYsB3WIRWkQwTdGIXOKoFwfNWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Pitt basketball coach Kevin Stallings completed his 2017 recruiting class Tuesday when junior college power forward Kene Chukwuka announced plans to enroll this year. Stallings has 11 ...
Categories: State

Model’s reps say her ordeal was real despite shoe shopping

Pittsburgh Tribune-Review - 8 August 2017 - 5:51pm
In this image made from video taken on Sunday, Aug. 6, 2017, model Chloe Ayling speaks with the media outside of her house in Surrey, England. The lawyer for British model Chloe Ayling says police are holding a suspect in her kidnapping." src = "http://triblive.com/rss/photos/?STREAMOID=9P61kaJZarEGlJ07YC4wgs$daE2N3K4ZzOUsqbU5sYurS9AQT$qCzYa5HAR4FpbTWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
MILAN — A model who claimed she was kidnapped in Italy and held captive in a remote farmhouse was spotted shopping with her alleged captor ...
Categories: State

Stocks close lower, snapping Dow’s 10-day winning streak

Pittsburgh Tribune-Review - 8 August 2017 - 5:51pm
Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on August 8, 2017 in New York. " src = "http://triblive.com/rss/photos/?STREAMOID=4cdOXf6RC5U1$Cq2WHLuaM$daE2N3K4ZzOUsqbU5sYup0hTkPy4vhbBqi9zvNMj1WCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Losses in health care and consumer-focused companies pulled stocks broadly lower Tuesday, snapping a 10-day winning streak for the Dow Jones industrial average. Energy stocks ...
Categories: State

102-year-old Kenyan voter wouldn’t dream of missing election

Pittsburgh Tribune-Review - 8 August 2017 - 5:48pm
Lydia Gathoni Kiingati, 102, casts her vote just after dawn at a polling station in Gatundu, north of Nairobi, Kenya, Tuesday, Aug. 8, 2017. Kenyans are going to the polls to vote in a general election after a tightly-fought presidential race between incumbent President Uhuru Kenyatta and main opposition leader Raila Odinga." src = "http://triblive.com/rss/photos/?STREAMOID=OpH61d65QuyxQxL4r_FBKc$daE2N3K4ZzOUsqbU5sYtHWrsVsVyFc4eCW9O7tXy5WCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
GATUNDU, Kenya — Stooped but determined, a 102-year-old woman believed to be one of Kenya’s oldest citizens cast her ballot in national elections on Tuesday. ...
Categories: State

Aquion Energy founder hopeful in first interview since bankruptcy

Pittsburgh Tribune-Review - 8 August 2017 - 5:42pm
Jay Whitacre, director of Carnegie Mellon's Wilton E. Scott Institute for Energy Innovation, founded Aquion Energy in 2009." src = "http://triblive.com/rss/photos/?STREAMOID=JsywreRX9b7$XFNM_utyLs$daE2N3K4ZzOUsqbU5sYtg2GvvKiNC8BJcbQH9x3yYWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Battery wiz Jay Whitacre hasn’t given up on his innovative saltwater batteries. Despite his company, Aquion Energy Inc., going bankrupt in March, Whitacre told the ...
Categories: State

Disney to launch streaming services for movies, live sports

Pittsburgh Tribune-Review - 8 August 2017 - 5:33pm
The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange." src = "http://triblive.com/rss/photos/?STREAMOID=t0gKtHu9T07qKy9r4lpdqM$daE2N3K4ZzOUsqbU5sYvHnwcrjZvPH9RjFxOMK40mWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
NEW YORK — Disney is launching streaming services for both its movies and live sports, shaking up how it interacts with viewers as it navigates ...
Categories: State

Penn Virginia Corporation Reports Second Quarter 2017 Results and Provides Operational Update

Oil - 8 August 2017 - 5:33pm

---Recently Announced Acquisition of Eagle Ford Properties
Expected to Provide Significant Long-Term Upside---

HOUSTON, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (“Penn Virginia” or the “Company”) (NASDAQ:PVAC) today announced its financial and operational results for the second quarter 2017.

Recent Key Operational and Second Quarter Highlights 

• Production reached 10,159 BOEPD in the second quarter of 2017, of which 74% was crude oil, an increase of approximately 8% over the first quarter of 2017;  

• The Lager 3H well continues to exceed the Company’s type curve with a current flow rate of approximately 1,000 barrels of oil equivalent per day (“BOEPD”), of which 70% is crude oil, with over 95 days online and active choke management;

• The recently completed Zebra 6H and 7H wells have exhibited strong initial production rates and are outperforming the Company’s type curve;

• Entered into a definitive agreement to acquire 19,600 net acres contiguous to the Company’s core operations in the Eagle Ford, offering an expanded well inventory including the opportunity for extended reach laterals (“XRLs”) with PV10 breakeven pricing of less than $30 per barrel;

• Comparing the second and first quarters of 2017:

  • Total product revenues increased by 5% to $36.3 million, of which 89% was generated by crude oil sales;
  • Total direct operating expenses increased 1% to $12.9 million, but decreased 6% on a per barrel of oil equivalent (“BOE”) basis to $13.96 per BOE;
  • Operating income was $11.4 million, down 1%;
  • Net income was $21.3 million, as compared to $28.1 million, with the decrease primarily associated with lower derivatives income; and
  • Adjusted EBITDAX(1) was $23.1 million, an increase of almost 15%;

• The Company’s borrowing base under its credit facility was increased over 55%, from $128 million to $200 million in the second quarter of 2017.  At the end of the quarter, the Company had liquidity of approximately $172 million.

(1)  Adjusted EBITDAX is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based measures appear at the end of this release. 

Management Comment 

“During the second quarter, we continued to build on the positive momentum we achieved in the first quarter,” said John A. Brooks, Interim Principal Executive Officer and Chief Operating Officer. “Our recently announced acquisition of contiguous assets in the Eagle Ford will allow us to further accelerate our production growth.” 

Mr. Brooks continued, “The recent success we have seen with our drilling program, especially with the strong performance of the Lager 3H in Area 2, gives us confidence in our ability to further capitalize on opportunities within our legacy acreage and the properties we are acquiring.  This strategic transaction is a bolt on to our existing acreage footprint so our operating team knows the area very well. Most important, the acquisition provides Penn Virginia the opportunity for drilling a significant number of XRLs that generate superior economics. 

“On the acquired acreage, we have identified 91 gross locations in the lower Eagle Ford formation, with 43 of these locations identified for XRLs, including 26 locations that have the potential to be 10,000 feet or greater. Beyond the superior economics associated with drilling longer laterals complemented by higher working interests, we also see further upside in testing the upper Eagle Ford/Austin Chalk, centralizing operations and gaining scale.” 

Mr. Brooks concluded, “While we see significant opportunity across our soon to be expanded core acreage position, we remain focused on ensuring we maintain a healthy balance sheet and ample liquidity. We will do this by continuing to focus on high return projects and capital discipline, including primarily drilling within cash flow with a target leverage ratio of net debt to EBITDAX of 1.5x or below.  As we implement our capital plan on the combined assets, we believe we will achieve this goal by the end of 2018.”

Devon Eagle Ford Acquisition

As previously announced, Penn Virginia entered into a definitive agreement to acquire Eagle Ford assets located primarily in Lavaca County, Texas for $205 million in cash from Devon Energy Corporation (“Devon”). The Company anticipates the acquisition will close on September 30, 2017, with an effective date of March 1, 2017. Penn Virginia expects the purchase price will be adjusted downwards by approximately $15 million to reflect estimated net cash flows from the effective date to closing, resulting in a net purchase price of approximately $190 million. The acquisition is expected to be funded with $150 million of new committed debt financing and borrowings under the Company’s credit facility.

The acquisition is accretive to Penn Virginia under all measures, including earnings, cash flow and net asset value per share.  Further, the Company estimates it is purchasing the acreage at an attractive price of approximately $2,900 per net acre, after reducing for production value, the aforementioned purchase price adjustment, over-riding royalty interest in non-acquired acreage, and the value of the acquired midstream assets.

Second Quarter 2017 Operating Results

Total production in the second quarter of 2017 increased approximately 8% to 10,159 BOEPD, or 925 thousand barrels of oil equivalent (“MBOE”). Approximately 74%, or 685 MBOE, was from crude oil, 14% from natural gas liquids (“NGLs”), and 12% from natural gas.

The table below shows production results and related operating information for the Company's Area 1 (two-string) and Area 2 (three-string) lower Eagle Ford wells: 

                          24 Hour IP Average Gross Daily Production Rates(1) 30-Day Average Gross Daily Production Rates(1) Gross / Net WellsLateral Length Frac Stages Proppant  Oil RateEquivalent RateOil Percentage Oil RateEquivalent RateOil Percentage  Feet lb per foot BOPD/1000ftBOEPD/1000ft  BOPD/1000ftBOEPD/1000ft 2-String Area 1 Type Curve  6,000302,000 22525190% 16918990%Sable Pad (4H - 5H)(2)2 / 1.26,401322,404 39942394% 17418594%Axis Pad (1H - 3H)3 / 1.97,056352,484 27829993% 16717993%Kudu Pad (6H - 9H)4 / 1.75,429272,415 26128392% 15216294%Lager 3H(3)(4)1 / .47,920402,452 24531777% 17524073%Zebra Pad (6H-7H)(3)2 / .94,726282,876 28732289% 20822394%                                                                                           (1)  Wellhead rate only.  The natural gas liquids yield is 135 to 155 barrels per million cubic feet of natural gas.(2) Excludes the Sable 6H which had operational issues and only had 9 open stages at the time of measuring the 24-hour and 30-day IP rates.  The remaining stages were subsequently opened to flow.(3) Choke management in effect.(4) Area 2 well with higher expected gas to oil ratio than Area 1 type curve.


Penn Virginia drilled seven gross (2.3 net) and turned to sales seven gross (3.0 net) Eagle Ford wells during the quarter. 

During the second quarter of 2017, Penn Virginia turned to sales four wells from the Kudu pad, located in the northern portion of Area 1. The Company has an average working interest of 43.7% in each of the Kudu wells. On average, the wells had a 30-day IP of 806 BOEPD (94% oil), or 162 BOEPD per 1,000 feet of lateral.

The Zebra 6H and 7H wells on the two-well Zebra pad were also completed and turned to sales in the second quarter. These two wells targeted the lower Eagle Ford Shale in Area 1. The wells were drilled approximately 400 feet apart. The Company has a 42.5% working interest and is the operator of both wells. On average, the wells had a 30-day IP of 1,058 BOEPD (94% oil), or 223 BOEPD per 1,000 feet of lateral.

The Company’s first well that utilized its slickwater completion design in Area 2 of the lower Eagle Ford Shale was completed in April 2017.  The Lager 3H well has been on line for over 95 days with cumulative production of approximately 136 MBOE (70% oil) and is currently producing approximately 1,000 BOEPD.  As a result of the acquisition, Penn Virginia will increase its working interest in the Lager 3H well from approximately 41% to 96%.

Penn Virginia is actively managing the choke size on the Zebra pad and Lager 3H in order to maintain pressure, which should ultimately increase recoverable reserves. These three wells are currently outperforming the Company's type curve.  Additionally, given the success of the Lager 3H well, the Company is accelerating drilling in Area 2. The Schacherl-Effenberger pad, which was originally designed as a one-well pad, will now be a two-well pad. These two wells are scheduled to be drilled in fourth quarter of 2017.

The Company has begun completion operations on its eight-well "super pad", consisting of the adjoining four-well Chicken Hawk pad and the four-well Jake Berger pad. Two of the wells are targeting the upper Eagle Ford Shale/lower Austin Chalk and six wells are targeting the lower Eagle Ford Shale, testing the "stack and stagger" completion technique. The wells are in Area 1 and spaced approximately 400 feet apart and are expected to be turned to sales in late third quarter.

In the second quarter of 2017, the Company leased and/or extended approximately 1,000 net acres, increasing its core acreage position to approximately 57,000 net acres with approximately 530 gross (more than 350 net) drilling locations. Approximately 93 percent of Penn Virginia’s core acreage is held by production.

Second Quarter 2017 Financial Results 

Total product revenues were $36.3 million in the second quarter of 2017 compared to $34.7 million in the first quarter of 2017, primarily due to an 8% increase in production that was partially offset by a decline in commodity prices.  Crude oil sales contributed approximately 89% of total product revenues.

The average realized price for crude oil declined 4% from the previous quarter to $47.25 per barrel in the second quarter of 2017.  Including cash settlements from oil derivatives, the realized price for crude oil was $46.57, which was 1% higher than the first quarter. The realized price of NGLs decreased from $19.34 per barrel in the previous quarter to $15.59 per barrel ($0.37 per gallon) in the second quarter.  The realized price of natural gas was $2.88 per thousand cubic feet (Mcf), a 6% decrease from the previous quarter.  The total realized equivalent price for all production without the impact of derivatives during the second quarter was $39.24 per BOE. 

Total direct operating expenses consisting of cash general & administrative (“G&A”) expense, lease operating expense (“LOE”), gathering, processing & transportation expense (“GPT”), and severance and ad valorem taxes were $12.9 million, or $13.96 per BOE, in the second quarter of 2017 compared to $12.7 million, or $14.89 per BOE, in the first quarter. 

Operating income was $11.4 million in the second quarter of 2017 as compared to operating income of $11.6 million in the previous quarter due to higher depreciation, depletion and amortization expense.

Net income for the second quarter of 2017 was $21.3 million, or $1.42 per diluted share, compared to a net income of $28.0 million, or $1.87 per share, in the first quarter of 2017.  Significantly contributing to the decrease was a lower gain on derivatives of $11.0 million in the second quarter of 2017 compared to a $17.0 million gain in the previous quarter.  

Adjusted EBITDAX(1) was $23.1 million in the second quarter of 2017, a 15% increase from the first quarter of 2017.  Significantly contributing to the second quarter increase was an 8% increase in volumes, most of which was attributable to crude oil.

(1)  Adjusted EBITDAX is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based measures appear at the end of this release.

Hedging Update

Penn Virginia has hedged a substantial portion of its proved developed crude oil production through the end of 2019. The Company is currently unhedged with respect to NGL and natural gas production. Upon closing of the pending Devon transaction, Penn Virginia expects to hedge a significant portion of the oil and natural gas production associated with the acquired production.

The table below sets forth the Company’s current oil hedge positions:

 Oil Volumes
Barrels Per Day  Average Swap Price ($/barrel)2017 (remaining)4,408  $48.5920184,476  $49.3720192,916  $49.75

Capital Resources and Liquidity

As of June 30, 2017, Penn Virginia had $37.0 million outstanding on its credit facility and liquidity of $172.3 million, consisting of $163.0 million undrawn capacity on its credit facility, $0.8 million outstanding in issued letters of credit, and $10.1 million of cash. As of August 4, 2017, the Company had outstanding borrowings of $47 million and liquidity of $158 million, including $6 million in cash.

The Company expects to finance the recently announced acquisition with $150 million of new committed debt financing and borrowings under the Company’s credit facility. In addition, Penn Virginia is in discussions with its bank lending group to further amend and increase its reserve-based credit facility beyond the current borrowing base of $200 million.

The Company is committed to maintaining financial discipline and a strong balance sheet with a targeted net debt to EBITDAX of 1.5x or below. Penn Virginia believes it will achieve that level by the end of 2018 through the development of the combined assets.

Guidance

The table below sets forth the Company’s current operational guidance for 2017 and 2018, which has been updated to reflect the closing of the pending acquisition on September 30, 2017.

   2017
 2018
 Production (BOEPD)  % oil   % oil  Third quarter9,200 - 9,600 74%      Fourth quarter (exit rate)14,600 - 15,200 74% 21,000 -23,000 74%  Full year10,600 - 11,200 73% 20,000 - 22,000 74% Realized Price Differentials         Oil (off WTI, per barrel)$2.00 - $2.50        Natural gas (off Henry Hub, per MMBtu)$0.10 - $0.20       Direct operating expenses         Cash G&A expense ($ millions)$12 - $14        Lease operating expense (per BOE)$5.00 - $5.50        GPT expense (per BOE)$2.75 - $3.00        Ad valorem and production taxes (% of production revenues)5.75% - 6.25%       Capital expenditures ($ millions)$140 - $160   $220 - $240           

Average daily production in the 2017 third quarter is expected to be 9,200 to 9,600 BOEPD with approximately 74% of production comprised of crude oil. The Company anticipates a decline in volume in the third quarter compared to the second quarter due to a delay in the completion of the eight-well “super pad” to late in the third quarter.  The Company expects total 2017 production volumes to range between 3.9 and 4.1 MMBOE, or 10,600 to 11,200 BOEPD, with approximately 73% comprised of crude oil. Capital spending for the full year 2017 is anticipated at $140 million to $160 million, with approximately 90% being directed to drilling and completions in the Eagle Ford.  Penn Virginia expects well costs to increase slightly from previous guidance with its Area 1 Gen 3 design wells anticipated to cost between $5.0 million and $5.2 million, and its Gen 4 design wells expected to cost between $5.3 million to $5.7 million for an average 6,000-foot lateral.

Second Quarter 2017 Conference Call 

A conference call and webcast covering second quarter 2017 financial and operational results is scheduled for Wednesday, August 9, 2017 at 11:00 a.m. EDT.  Prepared remarks will be followed by a question and answer period. Investors and analysts may participate via phone by dialing toll free 877-316-5288 (international: 734-385-4977) five to 10 minutes before the scheduled start time, or via webcast by logging on to our website, www.pennvirginia.com, at least 15 minutes prior to the scheduled start time to download supporting materials and install any necessary audio software.  An on-demand replay of the webcast will also be available at our website beginning shortly after the webcast.

EnerCom Conference

Penn Virginia will participate in EnerCom’s 22nd The Oil & Gas Conference® to be held in Denver, CO on August 14-17, 2017. Penn Virginia’s presentation will begin at 12:05 ET on Wednesday, August 16, 2017.  A link to the webcast and presentation will be available on the Company's website at www.pennvirginia.com.

About Penn Virginia Corporation

Penn Virginia Corporation is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas.  For more information, please visit our website at www.pennvirginia.com.

Cautionary Statement Regarding Estimates and Guidance The estimates and guidance presented in this release do not include any acquisitions of additional properties, including the Devon acreage. These estimates and guidance are based on assumptions of capital expenditure levels, prices for oil, natural gas and NGLs, current indications of supply and demand for oil, well results and current operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe the estimates and guidance, and the assumptions on which they are based are reasonable, they are inherently uncertain and are subject to, among other things, significant business, economic, operational and regulatory risks and uncertainties and are subject to material revision. Projections regarding the Devon acreage that we do not yet own or operate are inherently more speculative than statements regarding our acreage. Actual results may differ materially from estimates and guidance. Please read “Forward Looking Statements.”

Forward-Looking Statements 

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as "guidance," "projects," "estimates," “expects," "continues," "intends," “plans,” "believes," forecasts," "future," and variations of such words or similar expressions in this press release to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: timing, costs and unknown risked related to the pending acquisition, the Company’s ability to realize expected benefits of the pending acquisition and the risk the acquisition in not consummated as expected; potential adverse effects of the completed bankruptcy proceedings on our liquidity, results of operations, business prospects, ability to retain financing and other risks and uncertainties related to our emergence from bankruptcy; our ability to satisfy our short-term and long-term liquidity needs, including our inability to generate sufficient cash flows from operations or to obtain adequate financing to fund our capital expenditures and meet working capital needs; negative events or publicity adversely affecting our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; new capital structure and the adoption of fresh start accounting, including the risk that assumptions and factors used in estimating enterprise value vary significantly from the current estimates in connection with the application of fresh start accounting; plans, objectives, expectations and intentions contained in this press release that are not historical; our ability to execute our business plan in the current commodity price environment; any decline in and volatility of commodity prices for oil, NGLs, and natural gas; our anticipated production and development results; our ability to develop, explore for, acquire and replace oil and natural gas reserves and sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; our ability to contract for drilling rigs, frac crews, supplies and services at reasonable costs; our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from that estimated in our proved oil and natural gas reserves; drilling and operating risks; concentration of assets; our ability to compete effectively against other oil and gas companies; leasehold terms expiring before production can be established and our ability to replace expired leases; costs or results of any strategic initiatives; environmental obligations, results of new drilling activities, locations and methods, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key employees; counterparty risk related to the ability of these parties to meet their future obligations; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; physical, electronic and cybersecurity breaches; litigation that impacts us, our assets or our midstream service providers; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in our filings with the SEC. Additional information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this release speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. 


PENN VIRGINIA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited (in thousands, except per share data)               Successor Successor Predecessor Successor Predecessor   Three Months Three Months Three Months Six Months Six Months   Ended Ended Ended Ended Ended   June 30, March 31, June 30, June 30, June 30,   2017  2017  2016  2017  2016  Revenues           Crude oil $  32,351  $  30,073  $  32,019  $  62,424  $  57,985  Natural gas liquids (NGLs)    2,043     2,302     2,431     4,345     4,384  Natural gas    1,880     2,343     1,917     4,223     4,319    Total product revenues    36,274     34,718     36,367     70,992     66,688  Gain (loss) on sales of assets, net    (134)    65     910     (69)    757  Other, net     142     203     (125)    345     204    Total revenues    36,282     34,986     37,152     71,268     67,649  Operating expenses           Lease operating    5,370     4,916     5,225     10,286     11,417  Gathering, processing and transportation     2,555     2,551     4,650     5,106     8,468  Production and ad valorem taxes    2,119     1,979     2,163     4,098     2,916  General and administrative     2,873     3,281     12,982     6,154     30,686    Total direct operating expenses    12,917     12,727     25,020     25,644     53,487  Share-based compensation - equity classified awards     848     846     1,966     1,694     1,364  Exploration     -     -     4,320     -     5,647  Depreciation, depletion and amortization    11,076     9,810     11,746     20,886     25,558    Total operating expenses    24,841     23,383     43,052     48,224     86,056  Operating income (loss)    11,441     11,603     (5,900)    23,044     (18,407) Other income (expense)           Interest expense     (1,274)    (538)    (32,221)    (1,812)    (56,655) Derivatives    11,061     17,016     (21,759)    28,077     (17,267) Other    101     -     (6)    101     (1,030) Reorganization items, net    -     -     (7,380)    -     (7,380) Income (loss) before income taxes     21,329     28,081     (67,266)    49,410     (100,739) Income tax benefit (expense)    -     -     -     -     -  Net income (loss)    21,329     28,081     (67,266)    49,410     (100,739) Preferred stock dividends     -     -     (2,820)    -     (5,972) Net income (loss) attributable to common shareholders     $  21,329  $  28,081  $  (70,086) $  49,410  $  (106,711) Net income (loss) per share:           Basic $  1.42  $  1.87  $  (0.79) $  3.30  $  (1.22) Diluted $  1.42  $  1.87  $  (0.79) $  3.27  $  (1.22)             Weighted average shares outstanding, basic     14,992     14,992     89,051     14,992     87,496  Weighted average shares outstanding, diluted    15,050     14,992     89,051     15,097     87,496                            Successor Successor Predecessor Successor Predecessor   Three Months Three Months Three Months Six Months Six Months   Ended Ended Ended Ended Ended   June 30, March 31, June 30, June 30, June 30,   2017  2017  2016  2017  2016  Production           Crude oil (MBbls)    685     608     791     1,293     1,764  NGLs (MBbls)    131     119     187     250     400  Natural gas (MMcf)    653     765     1,070     1,418     2,318  Total crude oil, NGL and natural gas production (MBOE)   925     855     1,156     1,779     2,551              Prices           Crude oil ($ per Bbl) $  47.25  $  49.47  $  40.48  $  48.29  $  32.87  NGLs ($ per Bbl) $  15.59  $  19.34  $  13.01  $  17.38  $  10.95  Natural gas ($ per Mcf) $  2.88  $  3.06  $  1.79  $  2.98  $  1.86              Prices - Adjusted for derivative settlements           Crude oil ($ per Bbl) $  46.57  $  46.19  $  61.20  $  46.39  $  59.49  NGLs ($ per Bbl) $  15.59  $  19.34  $  13.01  $  17.38  $  10.95  Natural gas ($ per Mcf) $  2.88  $  3.06  $  1.79  $  2.98  $  1.86  

 

PENN VIRGINIA CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited (in thousands)                   June 30, December 31,         2017  2016      Assets           Current assets   $  58,684  $  38,884      Net property and equipment      272,461     247,473      Other assets      6,007     5,329        Total assets   $  337,152  $  291,686                  Liabilities and shareholders' equity           Current liabilities   $  59,263  $  62,629      Credit facility      37,000     25,000      Other liabilities       4,193     18,509      Total shareholders' equity     236,696   185,548        Total liabilities and shareholders' equity   $337,152    $291,686                                              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited (in thousands)                                                                                       Successor Successor Predecessor Successor Predecessor   Three Months Three Months Three Months Six Months Six Months   Ended Ended Ended Ended Ended   June 30, March 31, June 30, June 30, June 30,   2017  2017  2016  2017  2016  Cash flows from operating activities           Net income (loss) $  21,329  $  28,081  $  (67,266) $  49,410  $  (100,739) Adjustments to reconcile net income (loss) to net cash provided by operating activities:            Depreciation, depletion and amortization    11,076     9,810     11,746     20,886     25,558  Accretion of firm transportation obligation    -     -     142     -     317  Derivative contracts:                     Net losses (gains)    (11,061)    (17,016)    21,759     (28,077)    17,267  Cash settlements, net    (466)    (1,992)    16,393     (2,458)    46,952  (Gain) loss on sales of assets, net    134     (65)    (910)    69     (757) Non-cash exploration expense    -     -     857     -     1,713  Non-cash interest expense    800     188     20,920     988     22,189  Share-based compensation (equity-classified)    848     846     1,966     1,694     1,364  Other, net    20     18     (9)    38     (13) Changes in operating assets and liabilities    4,195     (10,728)    11,644     (6,533)    31,922  Net cash provided by operating activities     26,875     9,142     17,242     36,017     45,773  Cash flows from investing activities                     Capital expenditures    (25,842)    (17,741)    (570)    (43,583)    (14,575) Proceeds from sales of assets, net    -     -     -     -     126  Other, net    -     -     1,186     -     1,186  Net cash used in (provided by) investing activities    (25,842)    (17,741)    616     (43,583)    (13,263) Cash flows from financing activities                     Proceeds from credit facility borrowings    7,000     7,000     -     14,000     -  Repayment of credit facility borrowings    -     (2,000)    (5,393)    (2,000)    (5,468) Debt issuance costs paid    (1,090)    -     -     (1,090)    -  Proceeds received from rights offering, net    55     -     -     55     -  Other, net    (25)    (30)    -     (55)    -  Net cash provided by (used in) financing activities    5,940     4,970     (5,393)    10,910     (5,468) Net (decrease) increase in cash and cash equivalents    6,973     (3,629)    12,465     3,344     27,042  Cash and cash equivalents - beginning of period    3,132     6,761     26,532     6,761     11,955  Cash and cash equivalents - end of period $  10,105  $  3,132  $  38,997  $  10,105  $  38,997  

 

PENN VIRGINIA CORPORATION CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited (in thousands)               Successor Successor Predecessor Successor Predecessor   Three Months Three Months Three Months Six Months Six Months   Ended Ended Ended Ended Ended   June 30, March 31, June 30, June 30, June 30,   2017  2017  2016  2017  2016  Reconciliation of GAAP "Net income (loss)" to Non-
GAAP "Adjusted EBITDAX"
           Net income (loss) $  21,329  $  28,081  $  (67,266) $  49,410  $  (100,739) Adjustments to reconcile to Adjusted EBITDAX:           Interest expense    1,274     538     32,221     1,812     56,655  Income tax (benefit) expense    -      -      -      -      -   Depreciation, depletion and amortization    11,076     9,810     11,746     20,886     25,558  Exploration    -      -      4,320     -      5,647  Share-based compensation expense (equity-classified)        848     846     1,966     1,694     1,364  Loss (gain) on sale of assets, net    134     (65)    (910)    69     (757) Accretion of firm transportation obligation    -      -      142     -      317  Adjustments for derivatives:           Net losses (gains)    (11,061)    (17,016)    21,759     (28,077)    17,267  Cash settlements, net    (466)    (1,992)    16,393     (2,458)    46,952  Adjustment for special items:           Reorganization items, net    -      -      7,380     -      7,380  Strategic and financial advisory costs    -      -      6,973     -      18,036  Restructuring expenses    -      (20)    351     (20)    1,099  Adjusted EBITDAX $  23,134  $  20,182  $  35,075  $  43,316  $  78,779   Adjusted EBITDAX represents net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, and share-based compensation expense, further adjusted to exclude the effects of gains or losses on sale of assets, accretion of firm transportation obligation, non-cash changes in the fair value of derivatives, strategic and financial advisory costs, restructuring expenses and other non-cash items.  We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating, investment recommendations of companies within the oil and gas exploration and production industry.  We use this information for comparative purposes within our Industry.  Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income (loss).  Adjusted EBITDAX as defined by Penn Virginia may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as operating income or cash flows from operating activities.  Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Penn Virginia’s results as reported under GAAP.CONTACT: Contact: Steve Hartman Chief Financial Officer (713) 722-6529 invest@pennvirginia.com
Categories: State

Noble Energy Announces Pricing of Offering of $600 Million of Senior Notes Due 2028 and $500 Million of Senior Notes Due 2047

Oil - 8 August 2017 - 5:25pm

Houston, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today announced that it has priced an offering of $600 million of 3.850% senior notes that will mature on January 15, 2028 (“the 2028 notes”), and $500 million of 4.950% senior notes that will mature on August 15, 2047 (“the 2047 notes”), pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. The price to the public for the 2028 notes and the 2047 notes are 99.688% and 99.643% of the principal amounts, respectively.

The Company intends to use the net proceeds from the offering, together with cash on hand or available liquidity, to purchase in a cash tender offer or otherwise redeem any and all of its outstanding $1 billion 8.25% senior notes and to pay fees, premiums, expenses and unpaid and accrued interest related to the tender offer or redemption.

The offering is expected to close on August 15, 2017, subject to customary closing conditions. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., DNB Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA LLC served as joint book-running managers for the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (or telephone toll-free at 800-831-9146 or e-mail at prospectus@citi.com), J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk (or telephone collect at 212-834-4533) or MUFG Securities Americas, Inc,1221 Avenue of the Americas, 6th Floor New York, NY 10020 (or telephone at  877-649-6848). An electronic copy of the prospectus supplement will be available on the website of the Securities and Exchange Commission at www.sec.gov.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This announcement shall not constitute a notice of redemption under the indenture governing the Notes.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded more than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives®.

Forward Looking Statements

This news release contains certain “forward-looking statements” within the meaning of federal securities laws. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy’s current views about future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the effects of global, national and regional economic and market conditions, changes in the financial markets and interest rates, the volatility in commodity prices for crude oil and natural gas, the ability to consummate the senior notes offering, tender offer or redemption and other risks inherent in Noble Energy’s businesses that are discussed in Noble Energy’s most recent annual report on Form 10-K and in other Noble Energy reports on file with the Securities and Exchange Commission. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.

CONTACT: Investor Contacts: Brad Whitmarsh (281) 943-1670 brad.whitmarsh@nblenergy.com Megan Repine (832) 639-7380 megan.repine@nblenergy.com Megan Dolezal (281) 943-1861 megan.dolezal@nblenergy.com Media Contacts: Reba Reid (713) 412-8441 media@nblenergy.com Deena McMullen (281) 943-1732 media@nblenergy.com

Categories: State

TLC reality special featuring singer Jackie Evancho, family airs Wednesday

Pittsburgh Tribune-Review - 8 August 2017 - 5:12pm
Jackie Evancho, the Pine Township singing phenom, gets ready for hair and makeup before resuming shooting a video at WPXI's studios in the North Hills, Thursday, March 2, 2017." src = "http://triblive.com/rss/photos/?STREAMOID=NNJ8m5OXWpuJKy116p4rgM$daE2N3K4ZzOUsqbU5sYtYg_1dJ1nkKXFIXLz8YJxQWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
America first met Pittsburgh’s Jackie Evancho as a tiny opera powerhouse. “Yup, that’s me,” the blonde-haired little girl reassured the host of “America’s Got Talent” ...
Categories: State

Sound Community Bank CEO Laurie Stewart Elected to American Bankers Association Officer Position

Banking - 8 August 2017 - 5:09pm

SEATTLE, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Laurie Stewart, President and CEO of Sound Community Bank, was selected as the candidate for the Vice Chairman position on the American Bankers Association (ABA) slate of officers.  Once elected at the ABA Annual Convention in Chicago, October 15-17, Stewart begins a 3-year term.  The position advances from Vice Chairman to Chairman-Elect, finally to Chairman over the course of the term.

“I am honored to be nominated for this important role,” said Stewart.  “The evolution of the banking industry signals the importance of collaboration, governance and ensuring a positive impact.  I plan to advocate for the industry with these ideals in mind. ”

“We’re excited that the nominating committee has put forth such an impressive slate of officers who have contributed so much to our industry,” said Rob Nichols, ABA president and CEO. “These bankers are passionate and engaged industry leaders who volunteer tremendous amounts of their time to represent banks of all sizes before Congress, regulators and gatherings in the U.S. and around the globe.  Our industry is grateful for their leadership, dedication and expertise.”

ABA represents banks of all sizes and charters and is the voice for the nation’s $17 trillion banking industry and its 2 million employees.  The association provides educational benefits and programs for its members, represents the industry in Washington and speaks on behalf of the industry in the press.

Stewart recently celebrated 26 years with Sound Community Bank.  In her 26-year career with Sound Community Bank, Stewart led the conversion of the organization from a $38 million dollar credit union to a $588 million publically traded commercial bank.  She has a long history in community banking and participation in industry affairs.  Recognized by American Banker as one of the Most Powerful Women in Banking in 2011, 2015, and once again in 2017, she served as Chair of the Board of Directors of the Washington Bankers Association (WBA) and is immediate past Chair for the Woodland Park Zoo in Seattle.  Stewart is a frequent speaker at conferences and colleges locally and nationally, and has testified in both Washington DC and Olympia, Washington on a variety of legislative and regulatory financial issues.  She helped create the WBA’s Executive Development Program which is now in its seventh year of existence.  Stewart is one of 14 bankers selected to serve on the inaugural FDIC Advisory Board and subsequently the CFPB Advisory Board.

Sound Community Bank is a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates banking offices in King, Pierce, Snohomish, Jefferson and Clallam Counties and on the web at www.soundcb.com.  Sound Community Bank is a subsidiary of Sound Financial Bancorp, Inc. (NASDAQ:SFBC).

 

CONTACT: For additional information: Media Contact: Brady Robb, Marketing Director (206) 448-0884 x202
Categories: State

Thirsty for a Moscow Mule? Consumer beware of the copper cup

Pittsburgh Tribune-Review - 8 August 2017 - 5:06pm
We know drinking can be hazardous to your health, but didn’t think the hardware holding the alcohol might be dangerous. It can be when it ...
Categories: State

Murrysville to host storm water management workshop for homeowners

Pittsburgh Tribune-Review - 8 August 2017 - 5:03pm
The Sept. 26 workshop will present a variety of storm water management techniques for homeowners." src = "http://triblive.com/rss/photos/?STREAMOID=DFaNjL_6GEC$s1EXufDyuc$daE2N3K4ZzOUsqbU5sYvsw9lMozTFKmjY4zEXTwUiWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Murrysville officials will sponsor a Westmoreland Conservation District workshop next month to educate homeowners about ways to manage storm water on their property. The free ...
Categories: State

$657 milion: Combined value of Mega Millions, Powerball jackpots

Pittsburgh Tribune-Review - 8 August 2017 - 4:54pm
A sign advertises the Pennsylvania lottery." src = "http://triblive.com/rss/photos/?STREAMOID=59d_xZVNR_JBab0fD0$qUs$daE2N3K4ZzOUsqbU5sYv0BqHFeVlqkKVzoLNKprcuWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Tonight’s Mega Millions jackpot and Wednesday’s Powerball jackpot are both more than $300 million, the Pennsylvania Lottery has reported. Mega Millions stands at a $350 ...
Categories: State

Pa. health department announces first human case of West Nile in 2017

Pittsburgh Tribune-Review - 8 August 2017 - 4:48pm
Mosquitos are collected in a container to be selected for West Nile testing at the Latrobe Municipal Authority sewage plant on Thursday, July 20, 2017." src = "http://triblive.com/rss/photos/?STREAMOID=xVlZxSRE_WSCs3yWrPvcxM$daE2N3K4ZzOUsqbU5sYufOP$GJPTVKU2U2iIINNu$WCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
A Montgomery County resident tested positive for probable West Nile virus, marking the first human case in Pennsylvania this year, state health officials said Tuesday. ...
Categories: State

‘Safety Town’ for kindergarteners coming to Monroeville

Pittsburgh Tribune-Review - 8 August 2017 - 4:48pm
Police teach preschoolers traffic safety during a Safety Town event in Westmoreland County last year." src = "http://triblive.com/rss/photos/?STREAMOID=_er2MUwbO$BcSouNu1v9fs$daE2N3K4ZzOUsqbU5sYso8ZCRjJQF8OTOCeX63ZyAWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Monroeville Parks and Recreation Department is hosting a weeklong day camp called “Safety Town” for incoming kindergarteners next week. The program will be held daily ...
Categories: State
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