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Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp

Penn Virginia Corp · Sep 21, 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. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 1
    Credit Suisses 2012 Small & Mid Cap Conference September 21, 2012 Investor Presentation NYSE: PVA
  2. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 2
    PVA Overview Smallcap domestic onshore E&P company Very active in the Eagle Ford Shale oil play with excellent results to date HBP positions in East Texas, the MidContinent and Mississippi While transitioning to oil and liquids, we…
  3. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 3
    PVAs Catalysts / Challenges Catalysts Eagle Ford exploratory success in Lavaca County, TX Continued strong Eagle Ford development drilling results Increasing oil production and oil reserves, operating margins and cash flows…
  4. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 4
    Business Strategy Continue our GastoOil transition We have built up our Eagle Ford position from initial 6,800 net acres to 25,000 net acres currently Up to approximately 250 total well locations, including locations in AMI in Lavaca…
  5. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 5
    Value Has Shifted to Oil In mid2010, PVA implemented a strategy to transition from dry gas to oil Since then, the decrease in gas prices and increase in oil & liquids prices has shifted the market from a 6:1 to a 20:1 liquidstogas…
  6. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 6
    EBITDAX and Cash Margin Growth EBITDAX has increased significantly since mid2010 when we shifted our strategy to oil Gross operating margin per Mcfe has also significantly improved due to the increase in oil prices and declining…
  7. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 7
    Asset Overview Emerging Oil and LiquidsRich Plays Plus Option in Significant Gas Plays 2012E CAPEX: 300MM 325MM 92% Eagle Ford / 30% Less than 2011 2012E Production: 37.439.7 Bcfe 47% Oil & Liquids 2012E Production: 38.6 Bcfe…
  8. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 8
    Eagle Ford Shale The Most Economic Eagle Ford Shale Wells are in the Volatile Oil & Condensate Rich Gas Windows Premier Shale Oil & Liquids Play Volatile Oil 37,000 gross (25,000 net) acres in Gonzales and Lavaca Counties, TX…
  9. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 9
    Eagle Ford Shale Premier Acreage Position in Volatile Oil Window; Lavaca AMI Provides Additional Upside PVAs Eagle Ford Acreage Volatile Oil Window Notable PVA Results and Potential is Well Gonzales PVA Well Name IP Rates…
  10. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 10
    Eagle Ford Shale Detailed Map of Primary Eagle Ford Shale Operating Area PVOG PIPELINES ETC PIPELINE Cortez Area Pavlicek 1H Gonzales Vana 1H County Schacherl 1H Effen McCreary 1H berger 1H Shiner Cannonade Prospect…
  11. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 11
    Eagle Ford Shale MultiYear Inventory of Oily Locations Due to acreage acquisitions and leasing efforts over the past two years, we have expanded our acreage position to approximately 37,000 gross (25,000 net) acres primarily in…
  12. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 12
    Eagle Ford Shale Positive Trend: Volumes Up During 2011 and into early 2012, we have quickly ramped up the Eagle Ford Shale Approximately 95% of volumes are liquids primarily crude oil Oil is sold into the Gulf Coast LLS market…
  13. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 13
    Gonzales County Compelling Economics & Value at Varying Costs and Oil Prices Major assumptions 400 MBOE EUR type curve (1,000 BOEPD IP rate, 775 BOEPD 30day avg.) Drilling and completion (D&C ) costs of 7.0 8.0 MM Key takeaways…
  14. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 14
    Lavaca County Preliminary Economics & Value Look Excellent in Lavaca County Major assumptions 500 MBOE EUR type curve (1,100 BOEPD IP rate, 850 BOEPD 30day avg.) Drilling and completion (D&C ) costs of 8.5 9.5 MM Key takeaways…
  15. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 15
    Comparison of Gonzales and Lavaca Counties Depth of Eagle Ford Shale Gonzales: 8,500 10,500 feet Lavaca: 11,000 12,000 feet Reservoir pressure Geopressured Increases with depth moving from Gonzales to Lavaca Gasoil ratio…
  16. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 16
    Why PVA Investment Highlights Strategic balance between oil / liquids and natural gas Recently strengthened balance sheet and liquidity Core positioning in the volatile oil window of the Eagle Ford Shale Multiyear inventory of…
  17. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 17
    Appendix
  18. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 18
    Crude Oil Hedges Protecting our Capital Budget and Well Economics We recently expanded our crude oil hedges given our increased oil drilling activity Our oil hedges thus far are equal to or greater than our forecasted oil price for…
  19. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 19
    Natural Gas Hedges Protecting our Cash Flows During Depressed Gas Price Environment Our 2012 natural gas hedges have locked in prices well above the forecast Nevertheless, we are not drilling dry gas plays as the commodity remains…
  20. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 20
    2012 Guidance Table As of August 1, 2012 Dollars in millions, except unit data 1st Quarter 2nd Quarter Average Quarter for FullYear 2012 2012 3Q12 4Q12 2012 Guidance Production: Natural gas (Bcf) 6.3 5.9 3.8 4.4 19.8 21.0 Crude oil…
  21. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 21
    NonGAAP Reconciliation Adjusted EBITDAX Year ended December 31, LTM 6 Mos. Ended 2007 2008 2009 2010 2011 2Q12 June11 June12 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 26.5 93.6 (130.9) (65.3)…
  22. Credit Suisse 3rd Annual Small Mid Cap Conference – Penn Virginia Corp – slide 22
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com

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