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This is an old revision of this page, as edited by Raarthik (talk | contribs) at 07:13, 4 August 2015 (→Penn Virginia GP Holdings, L.P.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Penn Virginia are three interrelated Radnor, Pennsylvania-based companies that trade separately on the New York Stock Exchange and control 916.4 Bcfe of oil and gas deposits, 827 tons of coal [1] and have 400 million cubic feet per day (MMcfd) midstream oil and natural gas pipeline and processing operations.[2] Forrest Wylie is expected to be named President, and COO by the end of the first quarter 2012

The components are:

  • Penn Virginia Corporation (NYSE: PVA) (owns natural gas and oil and has large ownership interest in the other two companies)[3]
  • Penn Virginia GP Holdings, L.P. (NYSE: PVG) (controlled by Penn-Virginia Corporation and is the largest shareholder of Penn Virginia Resources)[4]
  • Penn Virginia Resources (NYSE: PVR) (controls the coal and pipeline operations)[5]

All three companies are registered in Delaware.

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.[6]

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.,[7] 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.[8] 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.[8]

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.[8]

In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P.

Components

Penn Virginia Corporation

Penn Virginia principally deals with natural gas, which constitutes 82 % of its energy reserves. The rest of their energy reserves are oil.[9]

Its fields are:

Penn Virginia GP Holdings, L.P.

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.[10]

Penn Virginia Resources

Penn Virginia Resources does not mine coal. Rather it leases the mines to third parties.

Its coal properties are at:[11]

Its natural gas and oil midstream operations are located in:

References

  1. ^ "Oil and Gas Operations". Pennvirginia.com. Retrieved 2010-05-09.
  2. ^ "PVR: Natural Gas Midstream". Pvresource.com. Retrieved 2010-05-09.
  3. ^ "Penn Virginia Corporation: NYSE:PVA quotes & news - Google Finance". Google.com. Retrieved 2010-05-09.
  4. ^ "Penn Virginia GP Holdings, L.P.: NYSE:PVG quotes & news - Google Finance". Google.com. Retrieved 2010-05-09.
  5. ^ "Penn Virginia Resources: NYSE:PVR quotes & news - Google Finance". Google.com. 2010-02-11. Retrieved 2010-05-09.
  6. ^ "WSJ: Penn Virginia considers sale after $423 million Q4 loss". Petro Global News. Retrieved 2 March 2015.
  7. ^ "Biographical Sketch Of Hon". Freepages.genealogy.rootsweb.ancestry.com. Retrieved April 16, 2013.
  8. ^ a b c Dinger, Ed. "Penn Virginia Corporation." International Directory of Company Histories, Volume 85. 2007
  9. ^ "Penn Virginia Corporate Overview". Pennvirginia.com. Retrieved 2010-05-09.
  10. ^ "PVG: General". Pvgpholdings.com. 2006-12-04. Retrieved 2010-05-09.
  11. ^ "PVR: Coal and Natural Resource Management". Pvresource.com. 2008-12-31. Retrieved 2010-05-09.
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