Penn Virginia
Encyclopedia
Penn Virginia are three interrelated Radnor, Pennsylvania
-based companies that trade separately on the New York Stock Exchange
and control 916.4 Bcfe of oil and gas deposits, 827 tons of coal and have 400 million cubic feet per day (MMcfd) midstream
oil and natural gas pipeline and processing operations.
The components are:
All three companies are registered in Delaware.
businessman John John Leisenring, Jr., whose grandfather had settled in the anthracite coal
-rich Lehigh Valley
in 1748. Leisenring's father ran a hotel in Mauch Chunk
which was the headquarters of the Lehigh Coal and Navigation Company
. Leisenring engaged numerous coal partnership but his biggest success was acquiring rights to a coal vein in on 67000 acres (271.1 km²) southwest Virginia, close to the Kentucky and Tennessee borders that had once been partially owned by Confederate
general John D. Imboden
who had sold it to the Tinsalia Coal & Iron Co. which also bought a Bristol Coal and Iron Company Narrow Gauge Railway to bring it to market.
In 1902 the Stonega Coke & Coal Co. was formed to be the company's operational arm. In 1917 it acquired a major stake in Westmoreland Coal.
In 1967 it changed its name to Penn Virginia Corporation. After going through a period of diversification it began acquiring and oil and gas companies in the 1980s. Penn Virginia was listed on the New York Stock Exchange in 1997. In 2001 it began decentralizing again spinning off its coal and pipeline operations into Penn Virginia Resources.
In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P.
Its fields are:
Its coal properties are at:
Its natural gas and oil midstream operations are located in:
Radnor, Pennsylvania
Radnor is a wealthy Main Line township. It is an unincorporated community in Radnor Township of Delaware County and Tredyffrin Township of Chester County in the U.S. state of Pennsylvania. It lies near the communities of Villanova and St...
-based companies that trade separately on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and control 916.4 Bcfe of oil and gas deposits, 827 tons of coal and have 400 million cubic feet per day (MMcfd) midstream
Midstream
The petroleum industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category....
oil and natural gas pipeline and processing operations.
The components are:
- Penn Virginia Corporation (owns natural gas and oil and has large ownership interest in the other two companies)
- Penn Virginia GP Holdings, L.P. (controlled by Penn-Virginia Corporation and is the largest shareholder of Penn Virginia Resources)
- Penn Virginia Resources (controls the coal and pipeline operations)
All three companies are registered in Delaware.
History
Penn Virginia's history dates to the Virginia Coal & Iron Co. (VC&I) founded in 1882 by Philadelphia, PennsylvaniaPhiladelphia, Pennsylvania
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
businessman John John Leisenring, Jr., whose grandfather had settled in the anthracite coal
Anthracite coal
Anthracite is a hard, compact variety of mineral coal that has a high luster...
-rich Lehigh Valley
Lehigh Valley
The Lehigh Valley, known officially by the United States Census Bureau as the Allentown-Bethlehem-Easton, PA-NJ metropolitan area and referred to locally as The Valley and A-B-E, is a metropolitan region consisting of Lehigh, Northampton, Berks, and Carbon counties in eastern Pennsylvania and...
in 1748. Leisenring's father ran a hotel in Mauch Chunk
Jim Thorpe, Pennsylvania
Jim Thorpe is a borough in Carbon County, Pennsylvania, USA. The population was 4,804 at the 2000 census. It is the county seat of Carbon County. The town has been called the "Switzerland of America" due to the picturesque scenery, mountainous location, and architecture; as well as the "Gateway to...
which was the headquarters of the Lehigh Coal and Navigation Company
Lehigh Coal and Navigation Company
The Lehigh Coal and Navigation Company is an anthracite coal mining company headquartered in Pottsville, Schuylkill County, Pennsylvania, U.S.A., with operations in the areas of Tamaqua, Coaldale, and Lansford...
. Leisenring engaged numerous coal partnership but his biggest success was acquiring rights to a coal vein in on 67000 acres (271.1 km²) southwest Virginia, close to the Kentucky and Tennessee borders that had once been partially owned by Confederate
Confederate States Army
The Confederate States Army was the army of the Confederate States of America while the Confederacy existed during the American Civil War. On February 8, 1861, delegates from the seven Deep South states which had already declared their secession from the United States of America adopted the...
general John D. Imboden
John D. Imboden
John Daniel Imboden was a lawyer, teacher, Virginia state legislator. During the American Civil War, he was a Confederate cavalry general and partisan fighter...
who had sold it to the Tinsalia Coal & Iron Co. which also bought a Bristol Coal and Iron Company Narrow Gauge Railway to bring it to market.
In 1902 the Stonega Coke & Coal Co. was formed to be the company's operational arm. In 1917 it acquired a major stake in Westmoreland Coal.
In 1967 it changed its name to Penn Virginia Corporation. After going through a period of diversification it began acquiring and oil and gas companies in the 1980s. Penn Virginia was listed on the New York Stock Exchange in 1997. In 2001 it began decentralizing again spinning off its coal and pipeline operations into Penn Virginia Resources.
In 2006 it spun off its ownership of Penn Virginia Resources into a third publicly traded company Penn Virginia GP Holdings, L.P.
Penn Virginia Corporation
Penn Virginia principally deals with natural gas, which constitutes 82 percent of its energy reserves. The rest of their energy reserves are oil.Its fields are:
- East TexasEast TexasEast Texas is a distinct geographic and ecological area in the U.S. state of Texas.According to the Handbook of Texas, the East Texas area "may be separated from the rest of Texas roughly by a line extending from the Red River in north central Lamar County southwestward to east central Limestone...
(46%) - AppalachiaAppalachiaAppalachia is a term used to describe a cultural region in the eastern United States that stretches from the Southern Tier of New York state to northern Alabama, Mississippi, and Georgia. While the Appalachian Mountains stretch from Belle Isle in Canada to Cheaha Mountain in the U.S...
(19%) - MississippiMississippiMississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
(17%) - Mid-Continent (15%)
- Gulf Coast (3%)
Penn Virginia GP Holdings, L.P.
The company was spun off in December 2006. Its only cash asset is interest in the Penn Virginia Resources. It has 48 interest in the Penn Virginia Resources and receives all incentive compensation from the company.Penn Virginia Resources
Penn Virginia Resources does not mine coal. Rather it leases the mines to third parties.Its coal properties are at:
- Central Appalachia Basin: in eastern Kentucky, southwestern Virginia and southern West Virginia (one of the most prominent properties is the mine under Black Mountain, Kentucky, the highest point in Kentucky)
- Northern Appalachia Basin: in northern West Virginia
- Illinois BasinIllinois BasinThe Illinois Basin is a Paleozoic depositional and structural basin in the United States, centered in and underlying most of the state of Illinois, and extending into southwestern Indiana and western Kentucky...
: southern Illinois and western Kentucky - San Juan BasinSan Juan BasinThe San Juan Basin is a geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around , encompassing much of northwestern New Mexico, southwest Colorado, and parts of Arizona and Utah....
: Four Corners area of New Mexico
Its natural gas and oil midstream operations are located in:
- PanhandlePanhandleA panhandle is an informal geographic term for an elongated arm-like protrusion of a geo-political entity, such as a subnational entity or a sovereign state.-Term:...
: Texas/Oklahoma panhandle area - Crossroads: East Texas
- Crescent: central Oklahoma
- Arkoma: eastern Oklahoma
- North Texas Gas Gathering (NTGG): Bend Arch-Fort Worth BasinBend Arch-Fort Worth BasinThe Bend Arch–Fort Worth Basin Province is a major petroleum producing geological system which is primarily located in north central Texas and southwestern Oklahoma...
- Hamlin: west central Texas.