Skip to main content Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp Investor Presentation | Shale Experts
Loading...
Pm

Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Mar 20, 2013 · 24 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's 41st Annual Energy Conference – Penn Virginia Corp – slide 1
    41st Annual Howard Weil Energy Conference Investor Presentation March 20, 2013 NYSE: PVA
  2. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 3
    Business Strategy Gas-to-Oil transition Grew overall oil/NGL production 253% to 8,673 Bbls/day from 2Q10 to 4Q12 Up 21% from 7,194 Bbls/day in 4Q11 Oil / NGLs contributed 56% of production and 83% of product revenues in 4Q12 Daily…
  4. Howard Weil's 41st Annual Energy Conference – 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. Howard Weil's 41st Annual Energy Conference – 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 BOE has also improved significantly due to the increase in oil prices and declining operating…
  6. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 6
    Production Mix and Operating Margins Production Mix Over Time Cash Margin Over Time (/BOE) Realized 53.48 Price 50.25 5.82 44% 6.88 1.91 48% 1.78 38.70 3.05 4.68 2.08 72% 5.28 4.13 82% 31.92 1.74 1.98 6.42 4.74 1.74…
  7. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 7
    Asset Overview Emerging Oil and Liquids-Rich Plays Plus Option in Significant Gas Plays Marcellus Mid-Continent YE12 Proved reserves: 0.5 MMBOE YE12 Proved reserves: 12.4 MMBOE % Gas: 100% % Oil/NGLs: 47% % PDP: 23% % PDP: 79%…
  8. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 8
    Eagle Ford Shale Summary of PVAs Positioning 41,900 gross (33,000 net) acres in Gonzales and Lavaca Counties, TX(1) Operator in Gonzales with 83% WI Operator in Lavaca with a 94% WI(1) Avg. IP/30-day rates of 972/651 BOEPD(2)…
  9. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 9
    Eagle Ford Shale Operators in Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Condensate Gonzales Rich Gas EFS Operators PVA BHP San Antonio CHK Wilson Lavaca COG Bexar COP CRK CRZO EOG Atascosa…
  10. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 10
    Eagle Ford Shale Premier Acreage Position in Volatile Oil Window Eagle Ford Shale Wellhead Production Gonzales Co. Notable PVA Results IP Rates IP Rates IP Rates IP Rates IP Rates PVA Well Name (BOEPD) PVA Well Name (BOEPD) PVA…
  11. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 11
    Eagle Ford Shale Detailed Map of Primary Eagle Ford Shale Operating Area, With New Lavaca County Wells Energy Transfer Pipelines Penn Virginia Pipelines Barazza 1H Freytag 1H Pavlicek 1H Schacherl 1H Vana 1H Targac 1H…
  12. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 12
    Eagle Ford Shale Strong Early Results in Lavaca County We currently have 15 Avg. Daily Lavaca wells on line Post- 30-Day 30 Day Post- Post-Proc. Post-Proc. Wellhead Processing Wellhead Processing No. of Initial Lateral Cumulative…
  13. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 13
    Eagle Ford Shale Positive Trend: Volumes Up During 2011 and into early 2012, we quickly ramped up the Eagle Ford Shale, and expect to increase production again during 2013 Approximately 91% of sales volumes are liquids - primarily…
  14. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 14
    Eagle Ford Shale Compelling Economics & Value at Varying Oil Prices Gonzales County Lavaca County(1) Assumptions Assumptions Longer lateral lengths in 2013 vs. PUD assumption Longer lateral lengths in 2013 vs. PUD assumption 460…
  15. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 15
    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 41,900 gross (33,000 net) acres primarily in the volatile oil window(1)…
  16. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 16
    Eagle Ford Shale Pro Forma PVA Has a Healthy Inventory of Drilling Locations Total inventory of up to 790 gross undrilled locations (609 horizontal locations) Up to 349 gross horizontal drilling locations in the Eagle Ford and…
  17. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 17
    Financial Strategy Crude Oil Hedges (Swaps and Collars)(1) Penn Virginia employs a conservative financial strategy Capital spending driven primarily by rates of return across all operating areas Capital budget focused on high…
  18. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 18
    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…
  19. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 19
    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…
  20. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 20
    Appendix 20
  21. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 21
    Attractive Valuation Relative to Peers 21 Notes: Sources: Company filings, press releases, First Call; market data as of 3/14/13. PV-10 (non-GAAP) as of 12/31/12 using 2012 SEC pricing methodology.
  22. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 22
    2013 Guidance Table As of February 20, 2013 ( in millions, except per unit data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full-Year Full-Year 2012 2012 2012 2012 2012 2013 Guidance Production: Crude oil (MBbls) 549 572 573 559…
  23. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 23
    Non-GAAP Reconciliation Adjusted EBITDAX Year ended December 31, 2008 2009 2010 2011 2012 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 93.6 (130.9) (65.3) (132.9) (104.6) Add: Income tax expense…
  24. Howard Weil's 41st Annual Energy Conference – Penn Virginia Corp – slide 24
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 610-687-8900 www.pennvirginia.com

From the store

Browse maps, data & reports in the Shale Experts store