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Q1 2015 EARNINGS CALL – Penn Virginia Corp

Penn Virginia Corp · May 12, 2015 · 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. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 1
    First Quarter 2015 Earnings Conference Call & Webcast May 12, 2015 NYSE: PVA
  2. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 2
    Opening Remarks Overall production increased 16% in 1Q15 over Pro Forma Production Volumes by Region (MBOEPD) 30 4Q14 and was 29% higher than pro forma 1Q14 24.721 Eagle Ford production reached record levels in 25 1.343…
  3. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 3
    1Q15 Highlights Production was 24,700 BOEPD, including 21,400 BOEPD from the Eagle Ford Production up 16% from 4Q14 and up 29% over pro forma 1Q14 Eagle Ford production up 23% from 4Q14 and up 45% from 1Q14 Including the benefit of…
  4. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 4
    2015 Strategy Preserve Financial Pro forma 1Q15 liquidity of 265 MM Liquidity, Balance Leverage ratio expected to remain below 4.75x covenant level Sheet and Acreage Position Lease acquisition spending has been significantly…
  5. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 5
    Operations 5
  6. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 6
    1Q15 Operations Summary Pure Play Focused on the Eagle Ford Shale 103,130 net acres in Gonzalez and Lavaca Counties, TX Total Well Costs Trend Highly contiguous position, proven success, ability to grow 11 Averages by Month of Well…
  7. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 7
    Reduced Costs Helping to Drive Higher Returns Well costs have declined markedly over the past few months as service costs have decreased and well design optimization has further lowered costs, but not at the expense of well…
  8. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 8
    Reduced Costs Helping to Drive Higher Returns Well Cost Trends: 2String vs. 3String Wells Total Well Costs 2String Wells Total Well Costs 3String Wells 12 12 Declined 27% 4Q141Q15 Declined 13% 4Q141Q15 10 10 8 8 Millions…
  9. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 9
    LTM Upper Eagle Ford Results to Date 1 1 1 1 1 IP IP30 Cumulative No. of Total Lateral Proppant Stage IP IP30 IP Total % Total % Total Total Days % Frac Proppant Length per Stage Spacing Stage Stage Well Name Area Date (BOEPD) Oil…
  10. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 10
    Recent Lower Eagle Ford Results 1 1 1 1 1 IP IP30 Cumulative No. of Total Lateral Proppant Stage IP IP30 IP Total % Total % Total Total Days % Frac Proppant Length per Stage Spacing Stage Stage Well Name Area Date (BOEPD) Oil (BOEPD)…
  11. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 11
    Gonzales County Type Curve Barrels of Oil per Frac Stage 563 MBOE 23 stages 479 MBbls Oil (85%) 11 (1) Internal reserve estimates per frac stage.
  12. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 12
    Shiner Beer Quad Type Curve Barrels of Oil per Frac Stage 611 MBOE 23 stages 348 MBbls Oil (57%) 12 (1) Internal reserve estimates per frac stage.
  13. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 13
    Upper Eagle Ford Type Curve Barrels of Oil per Frac Stage 818 MBOE 23 stages 362 MBbls Oil (44%) 13 (1) Internal reserve estimates per frac stage.
  14. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 14
    Well Economics Even without the benefit of hedges, our primary operating areas generate attractive rates of return in the current commodities environment We intend to target highgrade parts of these areas to ensure solid well…
  15. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 15
    Financial 15
  16. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 16
    2015 Capital Allocation Capital Expenditures Reduced 56% From 2014 25 to 30 million increase in CAPEX 2015 Capital Guidance 25 MM increase in CAPEX due to carryover of 2014 325 370 MM completions capital and 15 MM increase due to…
  17. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 17
    2015 Guidance 4Q14 1Q15 2Q15 Guidance 2H15 Guidance 2015 Guidance Production: Equivalent production (MBOE) 1,960 2,225 2,183 2,367 4,279 4,971 8,687 9,563 Equivalent daily production (BOEPD) 21,308 24,721 23,993 26,007 23,253 27,018…
  18. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 18
    Credit Facility and Debt Maturities Increased Flexibility Under Revolver and No NearTerm Debt Maturities Borrowing base redetermination LongTerm Debt Maturity Schedule1 Borrowing base at 425 million MM 25 million higher than…
  19. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 19
    Oil Hedges a Material Part of 2015 Cash Flow Latest oil hedges: 13,000 BOPD is hedged for 2Q15 (85% to 90%) 11,000 BOPD is hedged for 2H15 (70% to 80%) Lower puts at 70 on 6,000 BOPD for 2Q15 and 5,000 BOPD for 2H15 4,000 BOPD is…
  20. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 20
    Q&A 20
  21. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 21
    Appendix 21
  22. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 22
    Derivatives Current Derivative Positions as of 5/11/15 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Crude oil: (barrels) ( / barrel) ( / barrel) Second quarter 2015 Collars 4,000 87.50 94.66…
  23. Q1 2015 EARNINGS CALL – Penn Virginia Corp – slide 23
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2010 2011 2012 2013 2014 1Q15 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (65.3) (132.9) (104.6) (143.1)…

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