Penn Virginia income down

PENN Virginia Partners’ third quarterly of the year resulted in an adjusted net income of $US7.7 million, representing a 62% drop on the same period last year.

Justin Niessner

Adjusted earnings for the coal and gas company were relatively stable year-over-year at $61.2 million, though the group’s coal mining segment suffered a 32% loss due to decreased production and pricing.

Coal royalties on the quarter came to $28.8 million compared to $41 million in Q3 2011.

PRV president and chief executive Bill Shea said that while “very challenging coal markets” continued to pressure performance, solid growth in the company’s gas projects continued during the period.

PRV claims coal reserves of 893 million tons and an average annual coal production of 38Mt.

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