Penn Virginia (PVAC) Reduces 2020 Capital Budget by 30%
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Penn Virginia Reduces 2020 Capital Budget by 30%
March 17, 2020 7:59 AM EDT--- Strengthens 2020 Oil Hedge Positions ---
HOUSTON, March 17, 2020 (GLOBE NEWSWIRE) -- Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ: PVAC) today announced the Company has reduced its 2020 capital budget and increased its 2020 oil hedge positions.
2020 Development Plans Update
The Company has reduced its 2020 capital budget by approximately 30% from its original budget. Penn Virginia's drilling rig and completion contracts are structured to provide ongoing flexibility, generally requiring approximately 30 days' notice for cancelation. Penn Virginia currently expects to have one active rig... More
