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Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp

Penn Virginia Corp · Dec 4, 2012 · 22 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. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 1
    2012 Wells Fargo Securities Research and Economics 11th Annual Pipeline, MLP and Energy Symposium Investor Presentation December 5, 2012 NYSE: PVA
  2. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 2
    PVA Overview Small-cap domestic onshore E&P company The past two years have been transformational, as we have diversified our portfolio towards oil and liquids Very active in the Eagle Ford Shale oil play with excellent results to…
  3. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 3
    Business Strategy Continue our Gas-to-Oil transition Grew overall oil/NGL production 246% to 8,523 Bbls/day from 2Q10 to 3Q12 Up 20% from 5,165 Bbls/day in 3Q11 Oil / NGLs contributed 55% of pro forma production and 84% of product…
  4. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 4
    Value Has Shifted to Oil In mid-2010, PVA implemented a strategy to transition from dry gas to oil and liquids Since then, the decrease in gas prices and increase in oil and liquids prices has shifted the market from a 6:1 to a 20:1…
  5. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 5
    Strong Margins vs. Peers EBITDAX has increased significantly since mid-2010 when we shifted our strategy to oil and NGLs Cash margin per Mcfe has also improved significantly due to the increase in oil prices and declining operating…
  6. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 6
    Asset Overview Emerging Oil and Liquids-Rich Plays Plus Option in Significant Gas Plays Marcellus Proved reserves: 40 Bcfe % Gas: 100% Granite Wash % PDP: 16% Proved reserves: 96 Bcfe 2012E Production: 0.3 Bcfe % Gas: 54% Avg.…
  7. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 7
    Eagle Ford Shale Premier Shale Oil & Liquids Play 40,000 gross (31,800 net) acres in Volatile Oil Gonzales and Lavaca Counties, TX Condensate Gonzales Rich Gas Operator in Gonzales with 83% WI Operator in Lavaca with at least a…
  8. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 8
    Eagle Ford Shale Premier Acreage Position in Volatile Oil Window Notable PVA Results IP Rates IP Rates IP Rates IP Rates IP Rates PVA Well Name (BOEPD) PVA Well Name (BOEPD) PVA Well Name (BOEPD) PVA Well Name (BOEPD) PVA Well…
  9. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 9
    Eagle Ford Shale Detailed Map of Primary Eagle Ford Shale Operating Area, With New Lavaca County Wells ETC PIPELINE Pavlicek 1H Vana 1H Cortez Gonzales Smith 1H County Schacherl 1H Effen- berger McCreary 1H 1H…
  10. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 10
    Eagle Ford Shale Multi-Year Drilling Inventory Due to acreage acquisitions and leasing efforts over the past two years, we have expanded our acreage position to 40,000 gross (31,800 net) acres primarily in the volatile oil window We…
  11. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 11
    Eagle Ford Shale Positive Trend: Volumes Up During 2011 and into early 2012, we have quickly ramped up the Eagle Ford Shale Approximately 93% of sales volumes are liquids - primarily crude oil Oil is sold into the Gulf Coast LLS…
  12. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 12
    Compelling Economics & Value at Varying Costs and Oil Prices Gonzales County Lavaca County(1) Major assumptions Major assumptions 400 MBOE EUR type curve (1,000 BOEPD IP rate, 500 MBOE EUR type curve (1,000 BOEPD IP rate, 650 BOEPD…
  13. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 13
    Multi-Year Drilling Inventory PVA is Well-Positioned in a Number of Leading Oil & Gas Plays Total inventory of up to 830 gross undrilled locations Approximately 355 gross undrilled locations are economic at todays commodity prices…
  14. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 14
    2012 Capital Plan Capital Spending Focused on Eagle Ford Drilling and Defining New Oily Plays Full-year 2012 capital expenditures are expected to be 338 MM to 350 MM Spending 90% on Eagle Ford Spending 6% in the Mid-Continent…
  15. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 15
    Financial Strategy Crude Oil Hedges (Swaps and Collars)(1) Penn Virginia employs a conservative financial strategy 4,500 110 Capital spending driven primarily by rates of return across all Weighted Avg. Floors and Swaps…
  16. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 16
    Financial Liquidity and Leverage Penn Virginia has taken steps recently to ensure that its financial liquidity is more than sufficient to fund upcoming operations during 2012 and 2013 Several liquidity events during 2012 have…
  17. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 17
    Investment Highlights Strategic balance between oil / liquids and natural gas Strengthened balance sheet and liquidity Core position in the volatile oil window of the Eagle Ford Shale Multi-year inventory of attractive drilling…
  18. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 18
    Appendix 18
  19. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 19
    Production Mix and Operating Margins Production Mix Over Time Cash Margin Over Time (/Mcfe) Realized 8.80 8.37 Price 1.23 1.15 48% 45% 0.52 6.45 0.51 0.33 0.35 0.67 72% 0.88 0.69 82% 5.32 0.29 0.33 1.07 0.79 0.29…
  20. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 20
    2012 Guidance Table As of October 31, 2012 ( in millions, except per unit data) Implied 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full-Year 2012 2012 2012 2012 2012 Guidance Production: Natural gas (Bcf) 6.3 5.9 4.4 3.6 - 3.8…
  21. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 21
    Non-GAAP Reconciliation Adjusted EBITDAX Year ended December 31, LTM 9 Mos. Ended 2007 2008 2009 2010 2011 3Q12 Sep-11 Sep-12 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 26.5 93.6 (130.9)…
  22. Wells Fargo Securities Pipeline MLP and E&P Services and Utility Symposium – Penn Virginia Corp – slide 22
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 610-687-8900 www.pennvirginia.com

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