Penn Virginia selects Shea

PENN Virginia Resource Partners has appointed William Shea Jr as chief executive officer of both PVR and Penn Virginia GP Holdings, effective immediately.

Staff Reporter

The company said Shea will also become president of the general partner of PVG. He will retain his seat as director of Penn Virginia Corporation , PVG’s largest unit holder.

Shea replaces A James Dearlove, who resigned his positions in order to devote more time to his role as PVA’s director, president and CEO. Dearlove will also hold his seat as chairman of the general partners of PVR and PVG.

Prior to Penn Virginia, Shea served for 14 years with the general partner of Buckeye Partners in various roles including chairman, president and CEO, and chief operating officer.

He also held positions at Union Pacific, UGI Development and Laidlaw Environmental Services.

"We are pleased to have Bill take the day-to-day reins as chief executive officer of the general partner of both PVR and PVG given his similar executive experiences while at Buckeye and that he has become very familiar with our strategy and business developments while serving as a director of PVA since mid-2007," Dearlove said.

Penn Virginia holds 59 million tons of coal reserves in central Appalachia, 166Mt in the Illinois Basin, 45Mt in the San Juan Basin and 26Mt in northern Appalachia.

According to the company, its proven and probable reserves increased from 818Mt to 828Mt from the end of 2007 to the last day of 2008.

In the latter year, the master limited partnership’s lessees produced 33.7Mt of coal and paid PVR royalties of more than $US122.8 million.