WSJ: Oil And Gas Producer Penn Virginia Looking To Sell Itself


Feb 26 (Reuters) - Oil and gas producer Penn Virginia Corp is considering selling itself, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company's shares rose as much as 15 percent in morning trading.

Radnor, Pennsylvania-based Penn Virginia has been working with Bank of America Corp to search for potential buyers, the Journal said. (

Penn Virginia, which has a market capitalization of about $445 million as of Wednesday's close, according to Thomson Reuters data, was not immediately available for comment.

The company's biggest shareholder, investment firm Soros Fund Management LLC, had suggested in June that Penn Virginia sell itself to maximize shareholder value. (

The company reported a bigger-than-expected quarterly loss on Wednesday, hurt mainly by a drop in oil prices.

Crude oil prices, which fell to more than six-year lows last month, have nearly halved since June, hurt by a supply glut and weak demand.

The company's shares were up about 10.5 percent at $6.85 on the New York Stock Exchange on Thursday. Up to Wednesday's close, the stock had fallen more than 62 percent in the past nine months.

(Reporting By Manya Venkatesh in Bengaluru; Editing by Simon Jennings)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours