Incorporated in Virginia and based in Pennsylvania, Penn Virginia is an oil and gas exploration and production company operating primarily in South Texas (Eagle Ford Shale). It also has assets in the Mid-Content, Mississippi, and to a much lesser extent in Appalachia (Marcellus Shale). In 2014 it reported proved reserves of 115 million barrels of oil equivalent, of which 77% were oil and natural gas liquids (NGLs) and 40% were proved developed. That year, some 83% of the company's proved reserves were located in Texas. Sales of crude oil from the Eagle Ford play accounted for the bulk of Penn Virginia's total revenues in 2014. The company filed for and emerged from Chapter 11 bankruptcy protection in 2016