RADNOR, Pa.--(BUSINESS WIRE)--Penn Virginia Corporation (NYSE:PVA - News) today reported financial and operational results for the fiscal year and three months ended December 31, 2007.Full-Year and Fourth Quarter 2007 Highlights
Full-year 2007 results, with comparisons to full-year 2006 results, included the following:
-- 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, a 30 percent increase as compared to 31.3 Bcfe, or 85.6 MMcfe per day; -- Record proved reserves of 680 Bcfe, a 40 percent increase as compared to 487 Bcfe; -- Operating cash flow, a non-GAAP (generally accepted accounting principles) measure, of $301.2 million as compared to $262.0 million; -- Net income of $50.8 million, or $1.32 per diluted share, as compared to $75.9 million, or $2.01 per diluted share; and -- Adjusted net income, a non-GAAP measure which excludes the effects of a non-cash change in derivatives fair value, of $69.8 million, or $1.82 per diluted share, as compared to $60.7 million, or $1.61 per diluted share.
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