Oil and gas company Penn Virginia has reported a net income of $0.3 million, or $0.01 per diluted share, for the fourth quarter ended December 31, 2008, compared to $5.4 million, or $0.14 per diluted share, for the same period of 2007.
The company has reported total revenues of $225.69 million for the fourth quarter ended December 31, 2008, compared to $228.52 million for the same period of 2007.
For the year 2008, the company has reported a net income of $124.2 million, or $2.95 per diluted share, compared to $50.8 million, or $1.32 per diluted share, for the year 2007. The company has reported total revenues of $1.22 billion for the year 2008, compared to $852.95 million for the year 2007.
James Dearlove, president and CEO of Penn Virginia, said: “We are pleased to report the growth in production and proved reserves in 2008, a year in which commodity price and stable financial markets deteriorated by the fourth quarter.
“For us, the fallout from this erosion in the markets has been a reduction in planned capital expenditures in 2009, as well as additional non-cash impairment charges in our reported financial results during the fourth quarter.”
