Oil price drop hurts Radnor's Penn Virginia Corp.
Penn Virginia Corp., the Radnor oil and gas exploration company, reported an adjusted fourth quarter loss of $25.4 million, or 35 cents per share. Analysts surveyed by Bloomberg had anticipated a loss of 10.5 cents per share.
Penn Virginia Corp., the Radnor oil and gas exploration company, reported an adjusted fourth quarter loss of $25.4 million, or 35 cents per share. Analysts surveyed by Bloomberg had anticipated a loss of 10.5 cents per share.
The company, which reported earnings Wednesday after markets closed, reported product revenues of $101.4 million, or $51.73 per barrel of oil equivalent, compared to $141.9 million, or $67.91 per barrel a year ago. A Bloomberg consensus of 16 analysts had anticipated sales of $137.6 million.
Penn Virginia, like many exploration companies, has been hurt by falling oil prices, which have depressed revenue and the value of its oil reserves. The company is drilling primarily in the Eagle Ford formation in Texas.
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