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40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp

Penn Virginia Corp · Mar 28, 2012 · 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. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 1
    40th Annual Howard Weil Energy Conference Investor Presentation March 28, 2012 NYSE: PVA
  2. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 2
    PVA Overview Smallcap domestic onshore E&P company Very active in the Eagle Ford Shale oil play with excellent results to date: YE11 PV10 of 278 MM HBP positions in Granite Wash, East Texas, Mississippi and Appalachia: YE11 PV10 of…
  3. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 3
    Options to Build Financial Liquidity Current liquidity is sufficient and we will build it up as 2012 progresses 2012 CAPEX fullyfunded and largely discretionary; no material debt maturities until 2016; pending borrowing base…
  4. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 4
    PVAs Growth Strategy is Sound GastoOil / Liquids Has Increased Revenues and Cash Flows We commenced our GastoOil transition in mid2010 Built Eagle Ford position from initial 6,800 net acres to in excess of 23,000 net acres Up to…
  5. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 5
    Value Has Shifted to Oil/Liquids Value Growth From 20092012 Due to Drive Towards Oil & NGLs In mid2010, PVA implemented a strategy to transition from dry gas to oil & liquids Since then, the decrease in gas prices and increase in oil…
  6. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 6
    EBITDAX and Cash Margin Growth Shift to Oil/Liquids Strategy Has Dramatically Improved Cash Flow Margins EBITDAX has increased significantly since mid2010 when we began our strategic shift towards oil and NGL growth Gross operating…
  7. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 7
    PVA Appears Undervalued Valuation Multiples Below Peers Who are Also Leveraged, Have Less Oil & Liquids and No Dividend Trades at 1.3x analysts mean 2012E CFPS1 Trades at a 65% discount to selected peers which trade at an average of…
  8. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 8
    What is Our Response Continued Momentum Towards Oil and NGL, Higher Revenues and Margins Continue to increase oil and liquids exposure 37% of 4Q11 production vs. 18% in FY10; 50% by 4Q12 42% of 2012E production and 78% of 2012E…
  9. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 9
    Core Operating Regions Emerging Oil and LiquidsRich Plays Plus Option in Significant Gas Plays 2012E CAPEX: 300MM 325MM 85% Eagle Ford / 30% Less than 2011 2012E Production: 40.043.0 Bcfe 42% Oil & Liquids; 50% in 4Q12E 2012E…
  10. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 10
    Eagle Ford Shale The Most Economic Eagle Ford Shale Wells are in the Volatile Oil & Condensate Rich Gas Windows Premier Shale Oil & Liquids Play Volatile Oil 31,400 (23,100 net) acres in Gonzales and Lavaca Counties, TX1…
  11. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 11
    Eagle Ford Shale Premier Acreage Position in Volatile Oil Window; Lavaca AMI Provides Additional Upside PVAs Eagle Ford Acreage Volatile Oil Window and Potential is Well Gonzales Notable PVA & Industry Results Positioned Based…
  12. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 12
    Eagle Ford Shale Positive Trends: Volumes Up, Costs Down During 2011 and into early 2012, we have quickly ramped up the Eagle Ford Shale We also reduced our average well cost during the second half of 2011 which, combined with…
  13. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 13
    Eagle Ford Shale Gonzales Type Curve Supported by Actual Wells Results Current type curve EUR of 400 MBOE; previously 280 MBOE Assuming 8.0 MM well costs, the pretax rate of return for our average Eagle Ford well is approximately…
  14. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 14
    MidContinent: LiquidsRich Play Types HighMargin, LiquidRich Reserves and Production Positioning Anadarko Basin CHK development drilling JV 10,000 net acres in Washita Co. Operate about onethird; 28% WI 40,000 net acres in other…
  15. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 15
    Why PVA Investment Highlights Diversified and valuable portfolio of highquality assets Track record of lowcost, highreturn operations Drilling and acquisitions focused on high return play types Successful transition from dry…
  16. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 16
    Appendix
  17. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 17
    Crude Oil Hedges Protecting our Capital Budget and Well Economics We have recently expanded our crude oil hedges given our increased oil drilling activity Our oil hedges thus far are equal to or greater than our forecasted oil price…
  18. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 18
    Natural Gas Hedges Protecting our Cash Flows During Depressed Gas Price Environment Our 2012 natural gas hedges have locked in prices well above the forecast Nevertheless, we are not drilling dry gas plays as the commodity remain…
  19. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 19
    2012 Guidance Table As of February 22, 2012 4th Quarter Full Year FullYear Dollars in millions, except unit data 2011 2011 2012 Guidance Production: Natural gas (Bcf) 6.8 33.4 23.5 24.4 Crude oil (MBbls) 450 1,283 2,000 2,275…
  20. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 20
    NonGAAP Reconciliations Adjusted EBITDAX Year ended December 31, 2006 2007 2008 2009 2010 2011 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations 44.2 26.5 93.6 (130.9) (65.3) (132.9) Add: Income…
  21. 40TH ANNUAL HOWARD WEIL ENERGY CONFERENCE – Penn Virginia Corp – slide 21
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com

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