Aug. 07–The Houston oil and gas producer Penn Virginia Corp. posted a loss in the second quarter as growing capital expenditures ate into increased oil revenues.
The company said it lost $2.5 million or 17 cents a share for the three months that ended June 30, compared to a profit of $10.3 million, or 68 cents a share, in the same period of 2017.
Penn Virginia corp. said it produced nearly 1.5 million barrels in the second quarter, more than double the 685,000 barrels it produced in the same quarter of 2017. Second quarter crude oil revenues more than tripled at $101.7 million compared to the $32.4 million it made in the second quarter of 2017.
The company’s capital expenditures ballooned to $126 million in the second quarter, nearly five times higher than the $25.8 million it spent in the second quarter of 2017.
(c)2018 the San Antonio Express-News
Visit the San Antonio Express-News at www.mysanantonio.com
Distributed by Tribune Content Agency, LLC.