Bank of America Merrill Lynchs Global Energy and Power Leveraged Finance Conference 2015 June 3, 2015 NYSE: PVA
Penn Virginia Today Strategic Acreage Position in the Eagle Ford Shale Oil focused operator with primary operations in the Pro Forma Production Volumes by Region (MBOEPD) 30 Eagle Ford Shale 24.721 103,300 net acres in Gonzalez…
1Q15 Highlights Solid Operational Results, Lower Well Costs and Cash Flows Boosted by Strong Hedge Book Production was 24,701 BOEPD, including 21,400 BOEPD from the Eagle Ford Including the benefit of hedges, 1Q15 product revenues…
PVAs Response to Lower Oil Prices Preserving Liquidity, High Grading Projects, Cutting Costs 1Q15 liquidity of 265 MM, reflective of reduced borrowing base; covenants relaxed Preserve Financial Lower CAPEX 54% to 59% compared to…
1Q15 Operations Summary Pure Play Focused on the Eagle Ford Shale Operational update Total Well Costs Trend Averages by Month of Well Spud 11 Well results in the Lower Eagle Ford continue to remain solid 10 0.5 0.4 9 0.3 0.3…
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…
PVA's Concentrated Position in the Eagle Ford Recent Lower and Upper Eagle Ford Activity Acreage / Recent Well Results Peach Creek Gonzales Fayette Rock Creek / Bozka Dingo Unit Shiner 1H/Lower EF: IP 2,326 BOEPD 2H/Lower EF: IP…
Type Curves The type curves for our three focus areas are shown below These curves are based on the per stage curves in the appendix, which in turn are based on actual well results, as well as 22 frac stages and appropriate GOR and…
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 continue to highgrade our drilling program to optimize our…
2015 Capital Allocation Capital Expenditures Reduced 56% From 2014 Capital program of 325 to 370 million 2015 Capital Guidance Drilling and completion capital of 310 to 350 million 325 370 MM Lease acquisition guidance of 10 to 11…
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…
Capitalization and Credit Stats Market Adjustments/ Pro Forma Capitalization ( millions) 3/31/15 Changes 3/31/15 Cash 4 4 Debt Credit Facility 162 162 Senior Notes 1,075 1,075 Total Debt 1,237 0 1,237 6% Convertible Series A…
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 6,000 BOPD is…
Appendix 14
Gonzales County Type Curve Barrels of Oil per Frac Stage 563 MBOE 23 stages 479 MBbls Oil (85%) 15 (1) Internal reserve estimates per frac stage.
Shiner Beer Quad Type Curve Barrels of Oil per Frac Stage 611 MBOE 23 stages 348 MBbls Oil (57%) 16 (1) Internal reserve estimates per frac stage.
Upper Eagle Ford Type Curve Barrels of Oil per Frac Stage 818 MBOE 23 stages 362 MBbls Oil (44%) 17 (1) Internal reserve estimates per frac stage.
Derivatives Current Derivative Positions as of 5/29/15 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…
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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