Penn Virginia reports a miserable year
Embattled Radnor oil and gas producer Penn Virginia reported gloomy annual earnings late Tuesday, as its auditors expressed "substantial doubt" about its ability to be a going concern.
Embattled Radnor oil and gas producer Penn Virginia reported gloomy annual earnings late Tuesday, as its auditors expressed "substantial doubt" about its ability to be a going concern.
The company, which primarily produces oil and natural gas liquids in Texas and has been slammed by depressed energy prices, reported a loss of $1.6 billion on revenue of $305 million.
Much of the loss was attributed to a $1.4 billion impairment from the reduced value of its oil reserves.
The auditor's negative assessment puts Penn Virginia's revolving credit agreement into technical default. It says it has negotiated an agreement with its lenders that a formal default will not be declared until April 12 at the earliest.
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