Penn Virginia cuts production estimate; shares tumble

Shares of Penn Virginia Corp. fell 14 percent Tuesday after the Radnor oil and gas producer cut its fourth-quarter production outlook because of delays completing wells in Texas.

The oil and gas producer now expects production of 10.7-billion to 11.0-billion cubic feet (Bcfe) of natural gas equivalent for the quarter, down about 13 percent from 12.2 Bcfe to 12.7 Bcfe.

Penn Virginia stock, which has lost 71 percent of its value this year, closed at $5.07 Tuesday on the New York Stock Exchange, down 84 cents.    - Andrew Maykuth