Nature of Operations
|9 Months Ended|
Sep. 30, 2017
|Accounting Policies [Abstract]|
|Nature of Operations||
Nature of Operations
Penn Virginia Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company engaged in the onshore exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist primarily of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in South Texas. Our operations are substantially concentrated with over 90 percent of our production, revenues and capital expenditures attributable to this region. We also have less significant operations in Oklahoma, primarily consisting of non-operated properties in the Granite Wash.
In late August 2017, southeast Texas was adversely impacted by Category 4 Hurricane Harvey. While we experienced no long-term damage to our producing assets or facilities in that region, our production, drilling and completion operations were all curtailed for several days at the end of August 2017. Sales of production were initially curtailed to approximately 50 percent of full potential due to compression availability and localized flooding and were brought back online to full potential in early September 2017.
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
Reference 1: http://www.xbrl.org/2003/role/presentationRef