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Penn Virginia GP Holdings(PVG)

 
123Jump Rating: - Short-Term Growth   Underwriters: Lehman Brothers
      UBS Investment Bank
Status: Priced  
 
Address: 3 Radnor Corporate Ctr., Ste. 300,
 FiledDate: 07/11/2006
  100 Matsonford Rd.
    
  Radnor, PA 19087
 Filed Price Range ($):
       
Telephone: 610-687-8900 Filed Offer Amount ($ Million): $144.90
       
Fax: 610-687-3688 Shares Offered (Millions): 6
       
Websites: www.pennvirginia.com Shares Outstanding (Millions): 38.42
       
Management: James Dearlove, Pres./CEO/Dir.
 IPO Date: 12/05/2006
  Frank Pici, VP/CFO/Dir.
    
  Final Offer Price ($): $18.00
       
Industry: Energy Final Offer Size (Millions of Shares): 6.30
       
Employees: Final Offer Amount ($ Million): $113.40
       
Competitors: Oil companies
 S-1 Forms:
     
   
       
     
     
     
       
 
- Avoid        - Value Gap        - Short-Term Growth        - Long-Term Growth        - Long-Term Value

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Corporate / History Profile Executives Products Services
Company Strategy
The Company is a Delaware limited partnership formed in June 2006 that currently owns three types of equity interests in Penn Virginia Resource Partners, L.P., a publicly traded Delaware limited partnership that is principally engaged in the management of coal properties and the gathering and processing of natural gas.
Product/Services Portfolio
As of December 31, 2005, the Company owned or controlled approximately 689 million tons of proven and probable coal reserves located on approximately 337,000 acres in Kentucky, New Mexico, Virginia and West Virginia.

The Company’s midstream operations currently include three natural gas gathering and processing systems and one standalone natural gas gathering system, including: the Beaver/Perryton gathering and processing facilities in the Texas/Oklahoma panhandle area, the Crescent gathering and processing facilities in central Oklahoma, the Hamlin gathering and processing facilities in west-central Texas, and the Arkoma gathering system in eastern Oklahoma.

These systems include approximately 3,450 miles of natural gas gathering pipelines and three natural gas processing facilities, which have 160 MMcfd of total capacity.

The Beaver/Perryton System is a natural gas gathering system stretching over ten counties in the Anadarko Basin of the panhandle of Texas and Oklahoma. The system consists of approximately 1,180 miles of natural gas gathering pipelines, ranging in size from two to 16 inches in diameter, and the Beaver natural gas processing plant. Included in the system is an 11-mile, 10-inch diameter, FERC-jurisdictional residue line.

The Crescent System is a natural gas gathering system stretching over seven counties within central Oklahoma’s Sooner Trend. The system consists of approximately 1,675 miles of natural gas gathering pipelines, ranging in size from two to 10 inches in diameter, and the Crescent gas processing plant located in Logan County, Oklahoma.

The Hamlin System is a natural gas gathering system stretching over eight counties in West Central Texas. The system consists of approximately 517 miles of natural gas gathering pipelines, ranging in size from two to 12 inches in diameter and with current capacity of approximately 20 MMcfd, and the Hamlin natural gas processing plant located in Fisher County, Texas.

The Arkoma System is a stand-alone gathering operation in southeastern Oklahoma’s Arkoma Basin and is comprised of three separate gathering systems, two of which are 100% owned with the third system being 49% owned. PVR operates and maintains all three systems. The Arkoma System consists of a total of approximately 78 miles of natural gas gathering pipelines, ranging in size from three to 12 inches in diameter.

Investment Analysis
Total revenues increased to $83.1 million for the nine months ended September 30, 2006 from $69.4 million, or 20%, for the same period in 2005.

Coal royalty revenues increased to $73.3 million for the nine months ended September 30, 2006 from $60.9 million, or 20%, for the same period in 2005.

Operating expenses increased to $5.6 million, or 37%, for the nine months ended September 2006 compared to $4.1 million for the nine months ended September 30, 2005.

Total expences increased to $28 million, or 15%, for the nine months ended September 2006 compared to $24.2 million for the nine months ended September 30, 2005.

Operating income increased to $55.1 million, or 22%, for the nine months ended September 2006 compared to $45.2 million for the nine months ended September 30, 2005.

Income Data (Thousand $ Except EPS)
Year Revenues Costs Oper Income Taxes Net Income EPS
2005 518,815 439,734 79,081 0.00 25,782 0.00
2006 135,164 116,918 18,246 0.00 4,507 0.00
*As of period ended March 31, 2006

Balance Sheet Data (Thousand $)

Year

 Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2006 9,110 67,896 0.00 83,735 82,001 458,750 626,215 131,588 0.00
*As of period ended March 31, 2006

Cash Flow Summary (Thousand $)

Year

 Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2005 94,450 -303,621 211,376 2,205
2006 12,273 -8,565 -17,748 -14,040
*As of period ended March 31, 2006
 
 
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