The company reported record annual oil and gas production of 40.6 billion cubic feet of natural gas equivalent (bcfe), or 111.1 million cubic feet of natural gas equivalent (mmcfe) per day, for 2007, a 30% increase, compared to 31.3bcfe, or 85.6mmcfe per day, for 2006.
For the fourth quarter of 2007, Penn Virginia reported net income of $5.4 million, or $0.14 per diluted share, compared to $10.7 million, or $0.28 per diluted share, for the same period in 2006. The company reported oil and gas production of 10.7bcfe, or 116.1mmcfe per day, for the fourth quarter of 2007, a 25% increase, compared to 8.6bcfe, or 93mmcfe per day, for the same period in 2006.
James Dearlove, president and CEO of Penn Virginia, said: We are pleased with the performance of our oil and gas operations, which delivered a 30% production increase in 2007 and a 25% fourth-quarter production increase over the prior-year quarter. This exceeds our original 2007 guidance, which estimated a 17% to 23% increase in production, excluding acquisitions.
