March 17, 2016 |
Embattled Radnor oil and gas producer Penn Virginia reported gloomy annual earnings late Tuesday, as its auditors expressed "substantial doubt" about its ability to be a going concern. The company, which primarily produces oil and natural gas liquids in Texas and has been slammed by depressed energy prices, reported a loss of $1.6 billion on revenue of $305 million. Much of the loss was attributed to a $1.4 billion impairment from the reduced value of its oil reserves. The auditor's negative assessment puts Penn Virginia's revolving credit agreement into technical default.
September 17, 2015 |
The New York Stock Exchange is threatening to delist the shares of embattled Radnor oil producer Penn Virginia Corp. for failing to maintain an average closing stock price of at least $1 for the last 30 consecutive trading days. Under NYSE rules, Penn Virginia will regain compliance if, on the last trading day of any calendar month in the next six months, its closing share price and its consecutive 30 trading-day average closing share price are at least $1 per share. Penn Virginia's shares have sunk in the last year along with the oil price; its 52-week price has ranged from $13.99 to 71 cents.
February 27, 2015 |
Penn Virginia Corp., the Radnor oil and gas exploration company, reported an adjusted fourth quarter loss of $25.4 million, or 35 cents per share. Analysts surveyed by Bloomberg had anticipated a loss of 10.5 cents per share. The company, which reported earnings Wednesday after markets closed, reported product revenues of $101.4 million, or $51.73 per barrel of oil equivalent, compared to $141.9 million, or $67.91 per barrel a year ago. A Bloomberg consensus of 16 analysts had anticipated sales of $137.6 million.
January 12, 2013
By Teo Ballve As Venezuelan President Hugo Chavez fights for his life, an honest assessment of his 14 years in office must take into account his significant achievements. From humble origins, Chavez worked his way up the ranks of the Venezuelan military. He seized the national spotlight in 1992 after leading military officers in a failed coup. In a televised address, Chavez admitted the power grab had failed - "for now," as he ominously put it. For many viewers, the once-obscure colonel became a national folk hero, the person who had finally stood up to a corrupt regime.
August 24, 2012
DEAR HARRY: I was browsing on my computer the other night when I came across an article that claimed that the U.S. has oil reserves in a belt from Montana to Texas that exceed those of the entire Middle East. The estimates run to a trillion barrels. This is supposed to be a long-held secret by an agreement among the major oil-drilling companies. The article seemed to be the real McCoy, with all kinds of backup information. It also urged readers to sell their oil-company stocks and get involved in buying long-term oil options.
May 20, 2012 |
CAMP DAVID, Md. - Confronting an economic crisis that threatens them all, President Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge. "There's now an emerging consensus that more must be done to promote growth and job creation right now," Obama proclaimed after hosting unprecedented economic talks at Camp David, his mountaintop retreat.
March 28, 2012
IN THE REGION Sales of generic Seroquel begin Drugmakers have begun selling generic versions of the antipsychotic Seroquel, days after a U.S. court dismissed a bid by British pharmaceutical company AstraZeneca to extend the patent. Mylan Inc. and Teva Pharmaceutical Industries Ltd. say they are starting the commercial launch of quetiapine fumarate tablets. A U.S. court on Friday dismissed AstraZeneca's bid to extend patents on the medication's active ingredient, quetiapine, and on the formula for Seroquel XR, the extended-release version.
June 24, 2011 |
WASHINGTON - The price of oil tumbled Thursday after the U.S. and other industrialized countries said they would release 60 million barrels of crude from their stockpiles in a bid to revive the flagging economic recovery by driving down painfully high energy prices. The stockpiled oil, half of it to come from the U.S. government's Strategic Petroleum Reserve, is scheduled to be sold on the energy markets in the next 30 days, the Obama administration said Thursday. "This is about addressing supply disruptions and their potential impact on global economic growth," a senior administration official told reporters on a conference call.
March 29, 2011 |
STRUGGLING to recover from the financial assault by Wall Street, and drowning in foreclosures, lost jobs, rising taxes, escalating medical costs, cuts to school programs which inevitably lead to burgeoning prisons, we're engaged in yet another military conflict in a Muslim nation. We're barely out of Iraq, which has cost U.S. taxpayers a staggering $782 billion. (Sound familiar? It's the amount of our economic stimulus.) Also entrenched in a futile conflict in Afghanistan, which has cost more than $390 billion and is climbing, we find ourselves reluctantly dragged by our European allies, the Arab League and the plaintive cries from Libyan rebels who faced extermination by their leader of 42 years, the delusional madman Moammar Gadhafi.
October 14, 2008 |
It can be telling when a campaign relies on numerical demagoguery. Every candidate and campaign does so to an extent, but John McCain's team seems to be especially prone. Consider the incessant talk about earmarks, those congressional provisions that fund specific projects in a legislator's district or state. This is often unnecessary pork-barrel spending and, in many (but not all) cases, nothing to celebrate. Although this is hardly a presidential issue, McCain likes to rail about purportedly frivolous earmarks - for example, for mapping the DNA of bears in Montana or upgrading a planetarium in Chicago.