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Penn Virginia Gets 33% Oilier from Last Quarter; Drills Longest Lateral to Date
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Penn Virginia reported its Q1 2018 results.
Highlights: - Q1 2018 production of 16.1 BOEPD (up +28% YOY and up +33% 33% increase in oil production over the fourth quarter of 2018- Recorded net income of $10.3 million, or $0.68 per diluted share, in the first quarter of 2018. Adjusted net income was $22.3 million, or $1.48 per diluted share, in the first quarter of 2018;
Drilling Highlights - Longest Lateral to Date- Completed the longest lateral to date the McCreary-Technik 2H well, with a lateral length of greater than 9,100 feet and continued to increase operational efficiencies with feet drilled per day up by more than 40% and frac stages rising by more than 45% per day since deploying new service equipment in late 2017
Posted strong well results in Area 2 the two-well Southern…
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