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Johnson Rice & Company Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Oct 1, 2013 · 27 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. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 1
    Johnson Rice Energy Conference Investor Presentation October 1, 2013 NYSE: PVA
  2. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 2
    Current Geographic Footprint Emerging Oil and LiquidsRich Plays Plus Optionality in Significant Gas Plays Eagle Ford and Other Regions Appalachian Region MidContinent Cotton Valley Marcellus/Other Proved reserves: 12.5 MMBOE Proved…
  3. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 3
    Overview of the Eagle Ford Shale Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Condensate Rich Gas EFS Operators Gonzales PVA BHP San Antonio CHK Wilson COG Bexar COP Lavaca CRK CRZO Atascosa EOG…
  4. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 4
    Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 109,900 gross (62,300 net) acres in Gonzales and Lavaca Counties, TX Gonzales Operator of 96,600 (55,800 net) acres 58% WI Nonoperator of…
  5. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 5
    Eagle Ford Shale Operational Update Recent Eagle Ford Shale Well Activity and Results GonzoHunter 3WellPad ElkHunter IP1,847BOE/D 3WellPad IP:4,450BOE/D GonzoSouth1H IP752BOE/D Stag&PlatypusHunter 3WellPad BuffaloHunter1H…
  6. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 6
    Positive Trend in Recent Eagle Ford Shale Well Results Wellhead Volumes, Excluding NGL Recoveries On both an absolute basis and a per frac stage basis, we have seen an increase in our wells average initial production rates over the…
  7. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 7
    Improving Capital Efficiencies, Bigger Wells and Pads Eagle Ford Shale Well Costs and Drilling/Completion Times Our well costs have decreased over time and are expected to decline further In addition to reduced stimulation costs…
  8. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 8
    Growing Our Eagle Ford Shale Position MHR Acquisition and Active Leasing Effort Have Significantly Expanded Our Position Acreage Acquisition History Fayette Leasing Gonzales Magnum Hunter (2013) Hunt / MHR (2013) Bozka (2012)…
  9. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 9
    Growing Our Eagle Ford Shale Position Net Acreage and Well Locations Growth in Net Acreage and Drilling Locations 100 1,000 90 900 Recent Leasing 80 800 Thousands of Net Acres 70 700 Drilling Locations MHR…
  10. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 10
    Growing Our Eagle Ford Shale Position Producing Wells 10
  11. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 11
    Growing Our Eagle Ford Shale Position Net Daily Production 11
  12. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 12
    Growing Our Eagle Ford Shale Position Net Proved Reserves 12
  13. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 13
    Capital Spending Program 2013 Capital Spending Focused on Eagle Ford Drilling Fullyear 2013 capital expenditures expected to be approximately 490MM Four operated rigs (after mid2013) Two nonoperated rigs 2013 capital spending is…
  14. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 14
    Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field (Gonzales and Lavaca Counties)(1) Shiner Field (primarily Lavaca County)(1) Assumptions Assumptions Longer lateral lengths in 2013…
  15. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 15
    Type Curves Peach Creek and Shiner Fields Peach Creek Field (Gonzales and Lavaca Counties) Shiner Field (primarily Lavaca County) 15 (1) Based on YE12 PUDs, excluding shortlength lateral wells, applied to longer length laterals in…
  16. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 16
    Eagle Ford Shale Drilling Inventory Drilling Inventory Due to both acquisitions and leasing efforts over the past two years, our acreage position is now 109,900 gross (62,300 net) acres primarily in the volatile oil window(1) We…
  17. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 17
    Value Creation Via Downspacing and Reduced Well Costs Value Implications of Reduced Well Spacing and Well Costs Previous Current 1 Mile = 5,280 1 Mile = 5,280 1,155 420 330 1,155 330 330 420 330 1,155 420 Wells per…
  18. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 18
    Eagle Ford Shale Operating Margins High Cash Operating Margin Play 18
  19. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 19
    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 Natural gas hedging is currently 67% of…
  20. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 20
    Investment Highlights Excellent and sizeable position in the volatile oil window of the Eagle Ford Shale Tremendous investment leverage to this leading oil resource play Approximately 140 MMBOE of pro forma 3P reserves in the Eagle…
  21. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 21
    Appendix
  22. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 22
    CompanyWide Drilling Inventory Pro Forma PVA Has a Healthy Inventory of Drilling Locations Total inventory of up to 1,244 gross undrilled locations (1,063 horizontal locations) Up to 881 gross horizontal drilling locations in the…
  23. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 23
    Midstream Assets and Takeaway Capacity Over 100 Miles of Gas Gathering and Gas Lift Pipelines Over 100 miles of pipelines 8 and 6 low pressure gathering line 4 high pressure line to supply gas lift operations Gas sales were…
  24. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 24
    Capitalization and Credit Statistics As of and for the Three and Twelve Months Ended June 30, 2013 Capitalization ( in millions) 6/30/13 Working capital (deficit) (18.6) Debt Revolving credit facility 67.0 7.25% senior notes…
  25. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 25
    FullYear 2013 Guidance Table Based on Earnings Release Dated 8/7/13 Average Quarter 1Q13 2Q13 3Q134Q13 2013 Guidance Production: Crude oil (MBbls) 599 858 1,021 1,271 3,500 4,000 NGLs (MBbls) 234 260 215 265 925 1,025 Natural gas…
  26. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 26
    NonGAAP Reconciliation Year ended December 31, LTM 2008 2009 2010 2011 2012 2Q13 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 93.6 (130.9) (65.3) (132.9) (104.6) (128.9) Add: Income tax…
  27. Johnson Rice & Company Energy Conference – Penn Virginia Corp – slide 27
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com

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