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Howard Weil 39th Annual Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Mar 30, 2011 · 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. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 1
    Howard Weil, Inc. 39th Annual Energy Conference Investor Presentation March 30, 2011 NYSE: PVA Granite Wash Drilling Rigs Washita County, Oklahoma
  2. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 2
    Core Operating Regions Emerging Oil and LiquidsRich Plays, Plus Option in Significant Gas Plays 2011E CAPEX: 345MM 75% Oil & Liquids 25% Natural Gas (primarily Marcellus) 2011E Production Midpoint: 52 Bcfe Marcellus 2%…
  3. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 3
    Strategy Three Core Competencies for Value Growth RateofReturn Based Decisions Conservative commodity price outlook Diversified portfolio allows for efficient allocation of capital to projects and plays Fiscal Discipline offering…
  4. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 4
    Track Record of Growth Quality Assets are the Foundation for Growth in All Cycles Solid growth over the past five years Increasing proportion of growth from oil and NGLs Trend should accelerate as a majority of upcoming drilling…
  5. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 5
    Track Record of Value Creation Experienced People Provide the Foundation of Value Creation Record of delivering growth at relatively low operating cost Helps preserve margins, along with hedges, when commodity prices are low…
  6. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 6
    Strategic Road Map NearTerm and LongTerm Catalysts for Generating Value 9 Divest noncore MLP interests and assets 9 Maintain liquidity; increase oil/NGL exposure Target high ROR projects in low gas price environment 9 Retain…
  7. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 7
    Resource Profile PVA is Positioned in a Number of Compelling Plays in the U.S. Net Risked Henry Hub Gross Average Reserve Gas Price Undrilled Working Gross EUR Potential for Play Locations Interest (Bcfe/Well)1 (Bcfe)2 10%…
  8. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 8
    Rates of Return PVA is Positioned in a Number of the Most Compelling Plays in the U.S. PreTax Rates of Return Gas Price Sensitivity 100 90 80 70 60 50 40 30 20 10 0 2 3 4 5 6 7 8 9 10 NYMEX Gas Price (Flat) /MMBtu…
  9. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 9
    Investing More in Oil & Liquids 2007 2011 Capital Spending Increasingly Allocated to Oil & NGLs Oil and Gas Capital Expenditures MM 700 600 500 400 300 200 100 0 2007 2008 2009 2010 2011E Oil & NGLs Natural Gas 10…
  10. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 10
    2011 Capital Plan 75% of 2011 Capital Spending Allocated to Oil & NGLs Budget uses 4.25/MMBtu and 80.00/Barrel 10% 6% 9% 23% 48% 81% 23% Eagle Ford Granite Wash Leasehold Seismic and Other Drilling Marcellus Shale…
  11. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 11
    Eagle Ford Shale: Volatile Oil Promising Early Results and Expanding Acreage Position in Emerging Oily Core Area Positioning Eagle Ford Shale 10,200 net acres in Gonzales Co., TX Volatile oil window Operator with 83% WI and 63%…
  12. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 12
    MidContinent: Liquids Rich Play Types HighMargin, LiquidRich Production Growth Led by the Granite Wash Positioning Anadarko Basin 30,000 net acres in the Granite Wash CHK JV: 10,000 net ac. in Washita Co. Operate about 1/3rd; 35%…
  13. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 13
    Marcellus Shale: Economic Gas Exploration Efforts Under Way in North Central Pennsylvania Positioning Marcellus Shale 42,000 net core acres in PA and NY Potter / Tioga Cos. 35,000 net ac. SW PA / NY 7,000 net ac. Excludes 14,000…
  14. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 14
    East Texas & Mississippi: Gas Optionality LowCost, HighPotential Natural Gas Cotton Valley / Haynesville Shale ETX Horizontal Cotton Valley Selma Chalk 5.0 Bcfe PUDs; 35% liquids 2.54 PV10 breakeven gas price 79 gross drilling…
  15. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 15
    Strong Financial Position Financial Flexibility to Execute Growth Plan Over the past few years, we have managed our balance sheet through challenging times Liquidity, including MLP unit value, remained strong over the past few…
  16. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 16
    Natural Gas Hedges Protecting our Capital Budget and Well Economics 1 Natural Gas Hedges Swaps and Collars Weighted Avg. Floors and Swaps (/MMBtu) 80 8 Weighted Average Floor / Swap Price by Quarter 5.67 5.82 60 5.65 6…
  17. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 17
    Why PVA A Track Record of Growth and Value Generation Diversified portfolio of highquality assets Management team with a track record Allocating capital to build oil and liquids production High rate of return play types Option…
  18. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 18
    Appendix Eagle Ford Shale Drilling Rig Gonzales County, Texas
  19. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 19
    2011 Guidance Table FullYear 2011 Guidance Production: Natural gas (Bcf) 37.4 39.6 Crude oil (MBbls) 1,100 1,300 NGLs (MBbls) 1,000 1,100 Equivalent production (Bcfe) 50.0 54.0 Equivalent daily production (MMcfe per day)…
  20. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 20
    NonGAAP Reconciliations Year ended December 31, 2006 2007 2008 2009 2010 EBITDAX dollars in millions Operating Income 68.1 77.4 143.0 (205.3) (98.8) Add: DD&A expense 56.7 88.0 134.1 154.4 134.7 Add: Impairments 8.5 2.6 20.0 106.4…
  21. Howard Weil 39th Annual Energy Conference – Penn Virginia Corp – slide 21
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com Marcellus Shale Drilling Rig Potter County, Pennsylvania

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