PENN VIRGINIA CORP

CIK:0000077159|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues and other	$ 258,148	$ 256,455
Operating expenses
Lease operating	29,990	18,102
Gathering, processing and transportation	10,180	9,040
Production and ad valorem taxes	16,042	13,140
General and administrative	12,668	9,779
Depreciation, depletion and amortization	85,303	50,893
Total operating expenses	154,183	100,954
Operating income	103,965	155,501
Other income (expense)
Interest expense, net of amounts capitalized	(14,718)	(10,697)
Gain on extinguishment of debt	0	2,157
Derivative gains (losses)	25,658	(167,887)
Other, net	(123)	76
Income (loss) before income taxes	114,782	(20,850)
Income tax (expense) benefit	(991)	189
Net income (loss)	113,791	(20,661)
Net (income) loss attributable to Noncontrolling interest	(61,792)	10,676
Net income (loss) attributable to Class A common shareholders	$ 51,999	$ (9,985)
Net income (loss) per share attributable to Class A common shareholders:
Basic (in dollars per share)	$ 2.74	$ (0.47)
Diluted (in dollars per share)	$ 2.67	$ (0.47)
Weighted average shares outstanding – basic (in shares)	18,975	21,107
Weighted average shares outstanding – diluted (in shares)	19,623	21,107
Crude oil
Revenues
Revenues	$ 236,932	$ 226,732
Natural gas liquids
Revenues
Revenues	12,154	16,740
Natural gas
Revenues
Revenues	8,345	12,127
Other operating income, net
Revenues
Revenues	$ 717	$ 856

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 113,791	$ (20,661)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on extinguishment of debt	0	(2,157)
Depreciation, depletion and amortization	85,303	50,893
Derivative contracts:
Net (gains) losses	(25,658)	167,887
Cash settlements and premiums paid, net	(7,358)	(29,408)
Deferred income tax expense (benefit)	806	(721)
Non-cash interest expense	933	800
Share-based compensation	2,051	924
Other, net	349	(182)
Changes in operating assets and liabilities, net	(9,968)	(33,540)
Net cash provided by operating activities	160,249	133,835
Cash flows from investing activities
Capital expenditures	(171,464)	(71,173)
Proceeds from sales of assets and other, net	447	656
Net cash used in investing activities	(171,017)	(70,517)
Cash flows from financing activities
Proceeds from credit facility borrowings	156,000	50,000
Repayments of credit facility borrowings	(131,000)	(130,000)
Repayments of acquired and other debt	(238)	(83)
Payments for share repurchases	(4,816)	0
Distributions to Noncontrolling interest	(1,691)	0
Dividends paid	(1,438)	0
Withholding taxes for share-based compensation	(1,287)	(445)
Debt issuance costs paid	0	(113)
Net cash provided by (used in) financing activities	15,530	(80,641)
Net increase (decrease) in cash and cash equivalents	4,762	(17,323)
Cash and cash equivalents – beginning of period	7,592	23,681
Cash and cash equivalents – end of period	12,354	6,358
Cash paid for:
Interest, net of amounts capitalized	22,997	20,214
Non-cash investing and financing activities:
Changes in accrued liabilities related to capital expenditures	(22,408)	9,361
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 15,865	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 12,354	$ 7,592
Accounts receivable, net of allowance for credit losses	138,546	139,715
Derivative assets	23,756	29,714
Prepaid and other current assets	18,460	22,264
Assets held for sale	1,186	1,186
Total current assets	194,302	200,471
Property and equipment, net	1,874,836	1,809,000
Derivative assets	216	316
Other assets	17,278	4,420
Total assets	2,086,632	2,014,207
Current liabilities
Accounts payable and accrued liabilities	239,792	265,609
Derivative liabilities	32,286	67,933
Total current liabilities	272,078	333,542
Deferred income taxes	7,022	6,216
Derivative liabilities	1,320	3,416
Other non-current liabilities	13,131	9,934
Long-term debt, net	629,480	604,077
Commitments and contingencies (Note 11)
Equity
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued as of March 31, 2023 and December 31, 2022	0	0
Paid-in capital	216,941	220,062
Retained earnings	314,801	264,256
Accumulated other comprehensive loss	(96)	(111)
Ranger Oil shareholders’ equity	531,838	484,399
Noncontrolling interest	631,763	572,623
Total equity	1,163,601	1,057,022
Total liabilities and equity	2,086,632	2,014,207
Common Class A
Equity
Common stock	190	190
Common Class B
Equity
Common stock	$ 2	$ 2