PVAC - Penn Virginia raises production guidance after outperforming in Q1 stock +5%

Penn Virginia (PVAC) moves up 5.40% after providing operational update with oil sales exceeding the company's  high end of the most recent guidance range for Q1 2021.Q1 total sales were 20,534 barrels of oil equivalent per day, with production for the seven days ending Mar. 31, 2021 averaging over 25,000 barrels of oil equivalent per day.Estimated capex of ~$54M, below the low end of the company's latest guidance.Oil price realised was $44.80 per barrel, including effects of derivatives.Generated free cash flow, resulting in reduction of long-term debt to $376M and net debt to $364M as of Mar. 31, 2021."Our strong sales volumes for the quarter were largely due to the outperformance of wells brought online during the period, which used our improved completion designs along with an adjusted approach to drilling and flowback. Volumes for the quarter were also less impacted from the February winter storm than we previously anticipated," says President and CEO

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Penn Virginia raises production guidance after outperforming in Q1, stock +5%