Penn Virginia output hits record

Penn Virginia said today it had record natural gas and oil production in the first quarter.

The Pennsylvania outfit said oil and gas production was 152.3 million cubic feet of natural gas equivalent per day in the quarter, up 32% from 115.6 Mmcfe in the first quarter of last year.

Its previous record was 143.8 Mmcfe in the fourth quarter last year.

Penn Virginia also said its oil and gas capital expenditures totaled $86 million in the quarter, according to a Philadelphia Business Journal report.

For the year, Penn Virginia still expects to produce 131.5 million to 137 Mmcfe, but it has lowered its expected capital expenditures to $130 million to $140 million from $210 million to $220 million because it expects natural gas prices to continue to be relatively low in the short term.