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DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp

Penn Virginia Corp · Sep 17, 2014 · 23 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. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 1
    DUG Eagle Ford Conference San Antonio, Texas September 17, 2014 NYSE: PVA
  2. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive Continued Growth Contiguous and highquality acreage position in the Eagle Ford Approximately 101,800 net acres with over 1,600 potential identified drilling locations; approximately…
  3. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 3
    Overview of PVAs Eagle Ford Position Significant & Growing Contiguous Acreage Position in World Class U.S. Oil Shale Play 142,500 gross (101,800 net) acres Gonzales Avg. IP/30day rates of 1,490/943 BOEPD for the last 82/68 wells in…
  4. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 4
    PVA is an Eagle Ford Oil Growth Story 30 MS / Appal. Region MidCon Region East Texas Eagle Ford Welhausen A2H Upper Eagle Ford Completion Net Sales - MBOE/day 20 Transition to Pad Drilling Mid 2013 MHR EF…
  5. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 5
    Transformation to Eagle Ford Oil Player Accompanied by Higher Margins 10 60 9 50 8 50 Pro Forma Production for Divested 46 Properties to reflect Retained Assets 7 Cash Margin /BOE MMBOE/Year 6 77% 40 Liquids 33…
  6. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 6
    Growing Our Eagle Ford Assets Increases in Production, Revenues and Reserves 6
  7. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 7
    PVA's Concentrated Position in the Eagle Ford 142,500 Gross / 101,800 Net Acres in the Eagle Ford Shale Acreage / Recent Well Results Fayette Peach Creek Gonzales Rock Creek / Bozka Wombat Unit Shiner 1H : IP 1,670 BOEPD Shallow…
  8. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 8
    PVA Eagle Ford Shale Recent Activity Gonzales & Lavaca Counties LeopardHunterUnit 4H:IP1,090BOE/D MunsonRanchUnit 5H:IP1,059BOE/D CrocUnit BerthaUnit 10H:SurfaceSet 6H:IP858BOE/D 1H:Completing 2H:SurfaceSet 19H:SurfaceSet…
  9. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 9
    PVAs Eagle Ford Shale Acreage Relative to NYCs Five Burroughs PVA Eagle Ford 142,500 Gross Acres New York City 195,200 Acres (305 square miles) 9
  10. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 10
    Eagle Ford Shale Operators Ranked by Average Oil Well Initial Potential Eagle Ford Shale Operators Ranked by Average OIL WELL I.P. (BOPD) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 1,561 PVA 1,027 920 903 859 852 839…
  11. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 11
    Cumulative Production Over Time Continues to Improve 120 100 Cum Production - MBOE 80 60 40 20 Average 2011 Average 2012 Average 2013 Average 2014 0 0 1 2 3 Producing Time - Years 11
  12. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 12
    Upper Eagle Ford / Marl Upside Currently have 600 Located in the eastern portion of our Lavaca County acreage position Upper Eagle Ford (Marl) Shale Drilling Potential of the Upper Eagle Ford has expanded to the east and west with…
  13. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 13
    Upper Eagle Ford / Marl Upside Upper Eagle Ford / Marl Tier 1 Fairway 40 55 4 60 4 4 5 65 35 Fayette 0 3 Existing Completions 30 25 35 20 Gonzales 3 Sabine Sustr 1H 2014 Spuds (12 well…
  14. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 14
    Upper EF Performance Substantiates Development Plan to spud 19 and TIL 14 (12.3 net) Upper Eagle Ford wells in 2H14 2014 Upper Eagle Ford Tests Welhausen A2H 26 frac stages IP: 2,165 BOEPD 83.3 BOEPD / stage IP95: 1,070 BOEPD…
  15. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 15
    Eagle Ford Drilling Inventory Inventory of Drilling Locations Increasing Due to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position currently stands at 142,500 gross (101,800 net) acres We have an…
  16. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 16
    Gross Production Actuals vs. TypeCurves Average Production per Frac Stage of Recent Wells vs. YE13 External and Internal Type Curves Normalizing production for number of frac stages, the last 55 wells in Peach Creek have a tight fit…
  17. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 17
    Eagle Ford Well Economics Pretax IRR Sensitivities Excellent Returns in Primary Development Areas Peach Creek Field Shiner Field 367 MBOE EUR typical well; 86% oil, 8% NGLs(1) 484 MBOE EUR typical well; 65% oil, 19% NGLs(1) Drilling…
  18. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 18
    Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at Least Pro forma 2Q14 liquidity of 625 MM 150 MM of Reflects net proceeds from recent asset sales and arbitration settlement, net of Financial…
  19. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 19
    Capitalization and Credit Stats Improving Credit Statistics and Liquidity Asset Sales/ Market Acquisition Pro Forma Capitalization ( millions) 6/30/14 Adjustments Adjustments 6/30/14 Cash 25 162 187 Debt Credit Facility 55 (55)…
  20. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 20
    In Summary Premier Eagle Ford 101,800 net acres in the Eagle Ford with 12 years of drilling inventory Position Continued acreage growth through organic leasing and bolton acquisitions Beginning to delineate Upper Eagle Ford,…
  21. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 21
    Appendix 21
  22. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 22
    FullYear and SecondHalf 2014 Guidance 2H14 2014 Guidance 1Q14 2Q14 1H14 Low High Low High Production: Crude oil (MBbls) 1,076 1,119 2,195 2,685 2,915 4,880 5,110 NGLs (MBbls) 227 261 488 625 685 1,113 1,173 Natural gas (MMcf)…
  23. DUG EAGLE FORD CONFERERNCE – Penn Virginia Corp – slide 23
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 2Q14 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…

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