Drilling & Completions | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Drilling Activity
Penn Virginia Grows Production +144% YOY to 22.9 MBOEPD; Touts Drill Time Record
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Penn Virginia reported its Q3 2018 results.
Recently, Penn Virginia inked a deal where it will be acquired by Denbury Resources for $1.7B. This agreement came shortly after the company announced it was exploring strategic alternatives to increase its value.
Production Up +144% YOY / Touts Drill Time Record:
- Q3 production of 22.9 MBOEPD (77% oil) - flat from 2Q18 and up +144% YOY
- Drill Record: Drilled the Amber Porter (SA) Unit 2 2H in approximately 14 days (1,419 feet per day), a Company record for drilling a three string well
Third Quarter 2018 Operating Results
Total production in the third quarter of 2018 increased four percent from the second quarter of 2018, to approximately 2.1 million BOE, or 22,912 BOEPD (77% oil). Oil production grew nine percent over second quarter of 2018 levels to 17,753 barrels of oil per day.
Penn Virginia drilled and turned to sales 10 gross (9.7 net) wells in the Eagle Ford during the third quarter of 2018. The Company currently has three rigs active with two completion spreads. During the quarter, Penn Virginia drilled its fastest three string well to date. The 19,890 foot Amber Porter (SA) Unit 2 2H well was drilled in approximately 14 days or 1,419 feet per day.
As of November 2, 2018, the Company had approximately 98,600 gross (84,700 net) acres. Approximately 92% of Penn Virginia's acreage is held by production. During the first nine months of 2018, the Company has either leased or renewed approximately 4,490 gross (4,250 net) acres.
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