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CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp

Penn Virginia Corp · Dec 11, 2014 · 27 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. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 1
    Capital One Securities 2014 Energy Conference Investor Presentation December 11, 2014 NYSE: PVA
  2. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive Continued Growth Domestic, onshore operator focused on the Eagle Ford Essentially an Eagle Ford pure play Almost 100% of our investment is in Eagle Ford development Approximately 300…
  3. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 3
    Operating Areas As of and for the Quarter Ended September 30, 2014 Total Company Granite Wash/MidContinent YE13 Proved Reserves: 10.6 MMBOE 80% Developed YE13 Pro Forma Proved Reserves(1) 3Q14 Production: 2.8 MBOEPD 122.1 MMBOE…
  4. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 4
    Lower Oil Price Environment OPEC Strategy is Fighting for Market Share The dramatic decline in global oil prices recently is due to OPECs unwillingness to reduce its oil output despite an oversupplied market and weak demand; Saudi…
  5. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 5
    PVAs Response to the Lower Oil Price Environment Currently in the midst of our 2015 budgeting process Currently Reviewing the Timing of announcement is expected to be mid- to late January 2015 Capital Budget Expect to provide…
  6. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 6
    Growing Our Eagle Ford Position Increases in Production, Revenues and Reserves 6
  7. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 7
    Overview of PVAs Eagle Ford Position Significant & Growing Contiguous Acreage Position in World Class U.S. Oil Shale Play 144,457 gross (103,300 net) acres Gonzales Avg. IP/30day rates of 1,450/913 BOEPD for the last 99/93 wells in…
  8. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 8
    Operational Excellence in the Eagle Ford Eagle Ford Shale Operators Ranked by Average Oil Well Initial Potential (Through July 2014) Eagle Ford Shale Operators Ranked by Average OIL WELL I.P. (BOPD) 0 200 400 600 800 1,000 1,200…
  9. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 9
    Operational Excellence in the Eagle Ford Cumulative Production Over Time Continues to Improve (2014 Through July) 120 100 Cum Production - MBOE 80 60 40 20 Average 2011 Average 2012 Average 2013 Average…
  10. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 10
    PVA's Concentrated Position in the Eagle Ford 144,457 Gross / 103,300 Net Acres in the Eagle Ford Shale Acreage / Recent Well Results Fayette Peach Creek Gonzales Rock Creek / Bozka Leopard Hunter Unit Shiner 4 wells : IP 4,044…
  11. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 11
    Upper Eagle Ford (Marl) 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 wells) 30…
  12. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 12
    Upper Eagle Ford (Marl) Preliminary type curve for Upper Eagle Ford (Marl) shows an average 30day rate but a more gradual decline relative to Lower Eagle Ford counterpart wells 12
  13. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 13
    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 144,457 gross (103,300 net) acres We have an…
  14. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 14
    Downspacing Achievements to Date Bock Unit 400 Spacing Lower Eagle Ford Producers + 800 Spacing Upper Eagle Ford Locations Well Location Map Well Performance (aligned first day) Comments Seven producing Lower EFS wells off of three…
  15. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 15
    2015 Program Will be Focused on Best Areas Initial Production per Area We intend to focus our capital expenditures on the areas with the highest early productivity and/or lowest costs and therefore higher returns The Upper Eagle…
  16. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 16
    Well Costs per Stage are Declining 2011 Through 3Q 2014 In 2015, we intend to further lower our capital costs through expected reductions in service provider prices, by optimizing proppant pumped per stage at 300,000 350,000 lbs. and…
  17. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 17
    Financial Strategy Focus on Maintaining Strong Balance Sheet and Value Creation Maintain at Least 3Q14 liquidity of 624 MM (includes undrawn 500 MM borrowing base revolver) 150 MM of Reflects net proceeds from recent asset sales and…
  18. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 18
    Capitalization and Credit Stats Solid Credit Statistics and Liquidity Market Adjustments/ Pro Forma Capitalization ( millions) 9/30/14 Changes 9/30/14 Cash 124 124 Debt Credit Facility - - Senior Notes 1,075 1,075 Total Debt…
  19. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 19
    Hedging Strategy Protect Cash Flow Maintain an active hedging program to help support capital spending program and ensure strong coverage metrics Hedges in place to protect cash flow Latest oil hedges: 11,992 BOPD is hedged for…
  20. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 20
    Company Highlights Premier Eagle Ford 103,300 net acres in the Eagle Ford with 13 years of drilling inventory Position Continued acreage growth through organic leasing and bolton acquisitions Delineating Upper Eagle Ford,…
  21. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 21
    Appendix 21
  22. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 22
    Overview of the Eagle Ford Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Higher GOR Oil EFS Operators Gonzales PVA BHP San Antonio CHK Wilson COG Bexar COP Lavaca CRK CRZO Atascosa DVN DeWitt EOG…
  23. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 23
    Detailed Analysis of EFS Wells by Location Wells TIL From 4/1/13 to 9/30/14 Excludes NonOperated and Shallow Wells Initial Potential BOEPD/ Casing Oil Oil Gas Equiv Stage BOEPDPS % Pressure Gravity Location (BOPD) (MCFD) (BOEPD)…
  24. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 24
    Detailed Analysis of EFS Wells by Location Wells TIL From 4/1/13 to 9/30/14 Excludes NonOperated and Shallow Wells Gross Net WI Location Wells Wells (%) Shiner Upper Eagle Ford (Marl) 2 1.4 68% Rock Creek Ranch / Bozka 10 5.1…
  25. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 25
    FullYear and Fourth Quarter 2014 Guidance YTD 4Q14 2014 Guidance 1Q14 2Q14 3Q14 2014 Low High Low High Production: Crude oil (MBbls) 1,076 1,119 1,247 3,442 1,458 1,558 4,900 5,000 NGLs (MBbls) 227 261 308 796 384 424 1,180 1,220…
  26. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 26
    Derivatives Current Derivative Positions as of 12/9/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) Fourth quarter 2014 Swaps 5,000 4.50 First…
  27. CAPITAL ONE SECURITIES 2014 ENERGY CONFERENCE – Penn Virginia Corp – slide 27
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 3Q14 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…

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