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BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp

Penn Virginia Corp · May 28, 2014 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 1
    Brean Capitals 2014 Global Resources & Infrastructure Conference Investor Presentation May 28, 2014 NYSE: PVA
  2. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive the Growth Contiguous and highquality acreage position in the Eagle Ford Shale Approximately 86,800 net acres with over 1,500 remaining drilling locations and growing Approximately…
  3. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 3
    Operating Areas As of and for the Quarter Ended December 31, 2013 Eagle Ford Shale and Other Play Types Granite Wash/MidContinent East Texas Marcellus/Appalachia YE13 proved reserves: 10.6 MMBOE YE13 proved reserves: 35.9 MMBOE YE13…
  4. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 4
    Strategy Focused on operational execution and further expansion in the Eagle Ford Operating six drilling rigs in 2014, drilling 53 net wells Delivering high levels of production, reserve and EBITDAX growth Increasing acreage…
  5. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 5
    PVA is an Eagle Ford Shale Oil Growth Story Penn Virginia Continues to Demonstrate Growth in Oil Production We have significantly increased our oil production over the past three years and we expect that trend to continue Other…
  6. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 6
    Growing Our Eagle Ford Shale Position Increases in Production, Revenues and Reserves 6
  7. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 7
    Overview of the Eagle Ford Shale Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Higher GOR Oil EFS Operators Gonzales PVA BHP San Antonio CHK Wilson COG Bexar COP Lavaca CRK CRZO Atascosa DVN (new)…
  8. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 8
    Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 126,500 gross (86,800 net) acres in Gonzales and Lavaca Cos. Gonzales Avg. IP/30day rates of 1,510/939 BOEPD for the last 45/39 wells in…
  9. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 9
    PVAs Eagle Ford Shale Evolution As of May 27, 2014 Acreage Acquisition History Fayette Magnum Hunter (2013) Gonzales Hunt (2013) Bozka (2012) Shiner (20122014) Kona (2011) Peach Creek Rock Creek Ranch (2011) Cannonade Ranch…
  10. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 10
    Eagle Ford Shale Drilling Inventory Inventory of Drilling Locations Increasing Due to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position is now 126,500 gross (86,800 net) acres We now have 15year…
  11. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 11
    Eagle Ford Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field Shiner Field Assumptions Assumptions Assumes 28 frac stages Assumes 27 frac stages 367 MBOE EUR type curve(1); 86%…
  12. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 12
    Gross Production Actuals vs. TypeCurve Per Frac Stage Average Actual Monthly Production of Operated Wells vs. YE13 Type Curve Normalizing for production by frac stage, the past approximately 50 wells in Peach Creek and Shiner have a…
  13. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 13
    Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at least 150 MM of financial liquidity 330 MM at yearend, pro forma for gas gathering asset sale in 1Q14 Noncore asset sales underway to help increase…
  14. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 14
    Capitalization and Credit Stats Capitalization ( millions) 4Q13 1Q14 Cash 23.5 9.6 Debt Credit Facility 206.0 190.0 7.25% senior notes due 2019 300.0 300.0 8.50% senior notes due 2020 775.0 775.0 10.375% senior notes due 2016…
  15. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 15
    Hedging Strategy Protect Cash Flow Maintain an active hedging program to help support capital spending program and ensure strong coverage metrics Hedges in place to protect cash flow Latest oil hedges: 12,000 BOPD (68% of est.…
  16. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 16
    Key Takeaways We have an excellent team in place We have a very attractive Eagle Ford asset base that we can continue to grow We are drilling high return wells that will provide production and financial growth and shareholder…
  17. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 17
    Appendix 17
  18. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 18
    Derivatives Current Derivative Positions as of 5/27/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) Second quarter 2014 Swaps 15,000 4.10 Third quarter…
  19. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 19
    FullYear 2014 Guidance Table Full Year 2014 Guidance 4Q13 1Q14 2014 Guidance Production: Crude oil (MBbls) 1,024 1,076 5,700 6,100 NGLs (MBbls) 234 227 1,075 1,175 Natural gas (MMcf) 3,502 3,593 14,000 15,000 Equivalent…
  20. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 20
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 1Q14 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…
  21. BREAN CAPITALS 2014 GLOBAL RESOURCES And INFRASTRUCTURE CONFERENCE – Penn Virginia Corp – slide 21
    Adjusted Net Loss Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 1Q14 Adjusted Net Loss dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…

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