Ranger Oil Corporation: Difference between revisions
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Updated for recently changes in Penn Virginia's operations, including delisting from NYSE and declaration of bankruptcy. Removed references to former subsidiaries Penn Virginia Group and Penn Virginia Resources, which no longer exist. |
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'''Penn Virginia''' |
'''Penn Virginia Corporation''' ({{OTC Pink|PVAHQ}}) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in South Texas. Penn Virginia headquarters and corporate office is located in [[Radnor, Pennsylvania]], with operations primarily conducted from offices in [[Houston, Texas]] and district operations facilities at various locations in Texas.<ref>{{cite web|url=http://www.pennvirginia.com/about |title=Penn Virginia Corporation | publisher=pennvirginia.com |date= |accessdate=2016-08-24}}</ref> |
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Forrest Wylie is expected to be named President, and COO by the end of the first quarter 2012 |
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In January 2016, Penn Virginia announced it had received notification from the [[New York Stock Exchange]] (NYSE) that the NYSE had determined to commence proceedings to delist the Company's common stock and that the Company will begin trading on the [[OTC Pink]].<ref>{{cite web|title=Penn Virginia Corporation Announces Suspension of Trading and Commencement of NYSE Delisting Procedures; Common Stock Expected to Begin Trading on the OTC Pink|url=http://ir.pennvirginia.com/press-releases/detail/272/penn-virginia-corporation-announces-suspension-of-trading|publisher=pennvirginia.com|accessdate=24 August 2016}}</ref> In May 2016, Penn Virginia announced that it had filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code.<ref>{{cite web|title=Penn Virginia Corporation Files Voluntary Chapter 11 Petitions to Facilitate Restructuring With the Overwhelming Support of Its Funded Debt Holders|url=http://ir.pennvirginia.com/press-releases/detail/275/penn-virginia-corporation-files-voluntary-chapter-11|accessdate=24 August 2016}}</ref> |
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The components are: |
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*'''Penn Virginia Corporation''' ({{nyse|PVA}}) (owns natural gas and oil and has large ownership interest in the other two companies)<ref>{{cite web|url=http://www.google.com/finance?q=NYSE%3APVA |title=Penn Virginia Corporation: NYSE:PVA quotes & news - Google Finance |publisher=Google.com |date= |accessdate=2010-05-09}}</ref> |
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*'''Penn Virginia GP Holdings, L.P.''' ({{nyse|PVG}}) (controlled by Penn-Virginia Corporation and is the largest shareholder of Penn Virginia Resources)<ref>{{cite web|url=http://www.google.com/finance?q=NYSE%3APVG |title=Penn Virginia GP Holdings, L.P.: NYSE:PVG quotes & news - Google Finance |publisher=Google.com |date= |accessdate=2010-05-09}}</ref> |
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*'''Penn Virginia Resources''' ({{nyse|PVR}}) (controls the coal and pipeline operations)<ref>{{cite web|url=http://www.google.com/finance?q=NYSE%3APVR |title=Penn Virginia Resources: NYSE:PVR quotes & news - Google Finance |publisher=Google.com |date=2010-02-11 |accessdate=2010-05-09}}</ref> |
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All three companies are registered in Delaware. |
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In February 2015, Penn Virginia announced it was considering a sale after $423 million 2014 Q4 loss. The company is working with [[Bank of America]] to look for potential buyers.<ref>{{cite news|title=WSJ: Penn Virginia considers sale after $423 million Q4 loss|url=http://petroglobalnews.com/2015/03/wsj-penn-virginia-considers-sale-after-423-million-q4-loss/|accessdate=2 March 2015|publisher=Petro Global News}}</ref> |
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==History== |
==History== |
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In 1902 the Stonega Coke & Coal Co. was formed to be the company's operational arm. In 1917 it acquired a major stake in Westmoreland Coal.<ref name="encyclopedia1"/> |
In 1902 the Stonega Coke & Coal Co. was formed to be the company's operational arm. In 1917 it acquired a major stake in Westmoreland Coal.<ref name="encyclopedia1"/> |
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In 1967 it changed its name to Penn Virginia Corporation. After going through a period of diversification it began acquiring and oil and gas companies in the 1980s. Penn Virginia was listed on the New York Stock Exchange in 1997. In 2001 it began decentralizing again spinning off its coal and pipeline operations into Penn Virginia Resources.<ref name="encyclopedia1"/> |
In 1967 it changed its name to Penn Virginia Corporation. After going through a period of diversification it began acquiring and oil and gas companies in the 1980s. Penn Virginia was listed on the New York Stock Exchange in 1997. In 2001 it began decentralizing again spinning off its coal and pipeline operations into Penn Virginia Resources.<ref name="encyclopedia1"/> In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P. and in 2010 completed divestiture of Penn Virginia GP Holdings, L.P.<ref>{{cite web|title=Penn Virginia Corporation Completes Divestiture of Penn Virginia GP Holdings, L.P.|url=http://ir.pennvirginia.com/press-releases/detail/115/penn-virginia-corporation-completes-divestiture-of-penn|accessdate=24 August 2016}}</ref> |
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In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P. |
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==Components== |
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===Penn Virginia Corporation=== |
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Penn Virginia principally deals with natural gas, which constitutes 82 % of its energy reserves. The rest of their energy reserves are oil.<ref>{{cite web|url=http://www.pennvirginia.com/pages/overview.html |title=Penn Virginia Corporate Overview |publisher=Pennvirginia.com |date= |accessdate=2010-05-09}}</ref> |
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Its fields are: |
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*[[East Texas]] (46%) |
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*[[Appalachia]] (19%) |
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*[[Mississippi]] (17%) |
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*[[Mid-Continent]] (15%) |
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*[[Gulf Coast]] (3%) |
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===Penn Virginia GP Holdings, L.P.=== |
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The company was spun off in December 2006. Its only cash asset is its interest in Penn Virginia Resources. It has 48 % interest in the Penn Virginia Resources and receives all incentive compensation from the company.<ref>{{cite web|url=http://www.pvgpholdings.com/content/general.html |title=PVG: General |publisher=Pvgpholdings.com |date=2006-12-04 |accessdate=2010-05-09}}</ref> |
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===Penn Virginia Resources=== |
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Penn Virginia Resources does not mine coal. Rather it leases the mines to third parties. |
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Its coal properties are at:<ref>{{cite web|url=http://www.pvresource.com/pages/coal.html |title=PVR: Coal and Natural Resource Management |publisher=Pvresource.com |date=2008-12-31 |accessdate=2010-05-09}}</ref> |
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* Central Appalachia Basin: in eastern Kentucky, southwestern Virginia and southern West Virginia (one of the most prominent properties is the mine under [[Black Mountain, Kentucky]], the [[List of U.S. states by elevation|highest point in Kentucky]]) |
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* Northern Appalachia Basin: in northern West Virginia |
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* [[Illinois Basin]]: southern Illinois and western Kentucky |
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* [[San Juan Basin]]: [[Four Corners]] area of New Mexico |
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Its natural gas and oil midstream operations are located in: |
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* [[Panhandle]]: Texas/Oklahoma panhandle area |
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* Crossroads: East Texas |
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* Crescent: central Oklahoma |
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* [[Arkoma]]: eastern Oklahoma |
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* North Texas Gas Gathering (NTGG): [[Bend Arch-Fort Worth Basin]] |
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*Hamlin: west central Texas. |
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==References== |
==References== |
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==External links== |
==External links== |
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*[http://www.pennvirginia.com/ Pennvirginia.com] |
*[http://www.pennvirginia.com/ Pennvirginia.com] |
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*[http://www.pvresource.com/ pvresouce.com] |
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*[http://www.pvgpholdings.com/ pvgpholdings.com] |
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[[Category:Companies established in 1882]] |
[[Category:Companies established in 1882]] |
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[[Category:Companies listed on the New York Stock Exchange]] |
[[Category:Companies formerly listed on the New York Stock Exchange]] |
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[[Category: |
[[Category:Companies listed on the Pink Sheets]] |
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[[Category:Radnor Township, Delaware County, Pennsylvania]] |
[[Category:Radnor Township, Delaware County, Pennsylvania]] |
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[[Category:Companies based in Philadelphia, Pennsylvania]] |
[[Category:Companies based in Philadelphia, Pennsylvania]] |
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Revision as of 16:13, 24 August 2016
Penn Virginia Corporation (OTC Pink: PVAHQ) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in South Texas. Penn Virginia headquarters and corporate office is located in Radnor, Pennsylvania, with operations primarily conducted from offices in Houston, Texas and district operations facilities at various locations in Texas.[1]
In January 2016, Penn Virginia announced it had received notification from the New York Stock Exchange (NYSE) that the NYSE had determined to commence proceedings to delist the Company's common stock and that the Company will begin trading on the OTC Pink.[2] In May 2016, Penn Virginia announced that it had filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code.[3]
History
Penn Virginia's history dates to the Virginia Coal & Iron Co. (VC&I) founded in 1882 by Philadelphia, Pennsylvania businessman John John Leisenring, Jr.,[4] whose grandfather had settled in the anthracite coal-rich Lehigh Valley in 1748. Leisenring's father ran a hotel in Mauch Chunk which was the headquarters of the Lehigh Coal and Navigation Company. Leisenring engaged numerous coal partnership but his biggest success was acquiring rights to a coal vein in on 67,000 acres (270 km2) southwest Virginia, close to the Kentucky and Tennessee borders that had once been partially owned by Confederate general John D. Imboden who had sold it to the Tinsalia Coal & Iron Co. which also bought a Bristol Coal and Iron Company Narrow Gauge Railway to bring it to market.[5] In 1902 the Stonega Coke & Coal Co. was formed to be the company's operational arm. In 1917 it acquired a major stake in Westmoreland Coal.[5]
In 1967 it changed its name to Penn Virginia Corporation. After going through a period of diversification it began acquiring and oil and gas companies in the 1980s. Penn Virginia was listed on the New York Stock Exchange in 1997. In 2001 it began decentralizing again spinning off its coal and pipeline operations into Penn Virginia Resources.[5] In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P. and in 2010 completed divestiture of Penn Virginia GP Holdings, L.P.[6]
References
- ^ "Penn Virginia Corporation". pennvirginia.com. Retrieved 2016-08-24.
- ^ "Penn Virginia Corporation Announces Suspension of Trading and Commencement of NYSE Delisting Procedures; Common Stock Expected to Begin Trading on the OTC Pink". pennvirginia.com. Retrieved 24 August 2016.
- ^ "Penn Virginia Corporation Files Voluntary Chapter 11 Petitions to Facilitate Restructuring With the Overwhelming Support of Its Funded Debt Holders". Retrieved 24 August 2016.
- ^ "Biographical Sketch Of Hon". Freepages.genealogy.rootsweb.ancestry.com. Retrieved April 16, 2013.
- ^ a b c Dinger, Ed. "Penn Virginia Corporation." International Directory of Company Histories, Volume 85. 2007
- ^ "Penn Virginia Corporation Completes Divestiture of Penn Virginia GP Holdings, L.P." Retrieved 24 August 2016.
External links
Categories:
- Companies established in 1882
- Companies formerly listed on the New York Stock Exchange
- Companies listed on the Pink Sheets
- Radnor Township, Delaware County, Pennsylvania
- Companies based in Philadelphia, Pennsylvania
- Delaware County, Pennsylvania
- Natural gas companies of the United States
- Oil companies of the United States