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JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp

Penn Virginia Corp · Mar 2, 2011 · 20 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. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 1
    JPMorgan Global High Yield and Leveraged Finance Conference 2011 Investor Presentation March 12, 2011 NYSE: PVA Granite Wash Drilling Rigs Washita County, Oklahoma
  2. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 2
    Core Operating Regions Emerging Oil and LiquidsRich Plays, Plus Option on Leading Gas Resource Plays 2011E CAPEX: 345MM 75% Oil & Liquids 25% Natural Gas (primarily Marcellus) 2011E Production Midpoint: 52 Bcfe Marcellus 2%…
  3. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE 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. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 4
    Track Record Quality Assets are the Foundation for Growth in All Cycles Pro Forma Proved Reserves1 Pro Forma Production1 Bcfe Bcfe 1,250 60 r. CAGR r. CAGR 23% 5Y 16% 5Y 52.0 50 46.9 1,000 942 45.2 911 885 39.9 40 750 644…
  5. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 5
    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…
  6. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 6
    Resource Profile PVA is Positioned in a Number of Compelling Plays in the U.S. Net Risked Henry Hub Gross Average PUD Reserve Gas Price Undrilled Working Gross EUR Potential for Play Locations Interest (Bcfe/Well)1 (Bcfe)2…
  7. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 7
    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…
  8. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 8
    Investing More in Oil & Liquids 2007 2011 Capital Spending Increasingly Devoted 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 9…
  9. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 9
    2011 Capital Plan 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 Other 10 Note: 2011 data based on latest guidance…
  10. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 10
    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%…
  11. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 11
    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%…
  12. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 12
    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…
  13. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 13
    East Texas & Mississippi: Gas Optionality LowCost, HighPotential Natural Gas Cotton Valley / Haynesville Shale ETX Horizontal Cotton Valley Selma Chalk 5.1 Bcfe PUDs; 35% liquids 2.54 PV10 breakeven gas price 79 gross drilling…
  14. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 14
    Strong Financial Position Over the past few years, we have managed our balance sheet through challenging times Net debttocapitalization has decreased from 36% to 28% over the past few years Net debttoEBITDAX1 remained well below…
  15. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 15
    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…
  16. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 16
    Why PVA 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 on natural gas assets Strong balance sheet 17
  17. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 17
    Appendix Eagle Ford Shale Drilling Rig Gonzales County, Texas
  18. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 18
    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)…
  19. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 19
    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…
  20. JPMORGAN GLOBAL HIGH YIELD AND LEVERAGED FINANCE CONFERENCE – Penn Virginia Corp – slide 20
    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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