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IPAA OGIS NEW YORK – Penn Virginia Corp

Penn Virginia Corp · Apr 7, 2014 · 31 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. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 1
    IPAAs OGIS New York Investor Presentation April 7, 2014 NYSE: PVA
  2. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive the Growth Contiguous and highquality acreage position in the Eagle Ford Shale Approximately 84,700 net acres with over 1,100 remaining drilling locations and growing (5,300 net…
  3. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 3
    Operating Areas As of and for the Quarter Ended December 31, 2013 Eagle Ford Shale and Other Play Types Granite Wash/MidContinent East Texas Marcellus/Appalachia YE13 proved reserves: 10.6 MMBOE YE13 proved reserves: 35.9 MMBOE YE13…
  4. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 4
    Strategy Focused on operational execution and further expansion in the Eagle Ford Operating six drilling rigs in 2014, drilling 98 (53 net) wells Could opportunistically increase the rig count further and accelerate the value of…
  5. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 5
    PVA is an Eagle Ford Shale Oil Growth Story Penn Virginia Continues to Demonstrate Growth in Oil Production We have significantly increased our oil production over the past three years and we expect that trend to continue Other…
  6. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 6
    Growing Our Eagle Ford Shale Position Increases in Production, Revenues and Reserves 6
  7. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 7
    Overview of the Eagle Ford Shale 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 (new)…
  8. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 8
    Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 124,100 gross (84,700 net) acres in Gonzales and Lavaca Cos. Operator of 109,600 (78,200 net) acres 71% WI Gonzales Nonoperator of 14,500…
  9. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 9
    Eagle Ford Shale Operational Update Recent Eagle Ford Shale Well Activity and Results BongoNorth 1H:IP1,156BOEPD ZebraHunter RhinoHunter 2H: IP1,414BOEPD 2 WellPad 2 WellPad BongoHunter IP3,761BOEPD IP3,524BOEPD 1H: IP2,280BOEPD…
  10. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 10
    PVAs Eagle Ford Shale Evolution As of Late February 2014 Acreage Acquisition History Fayette Magnum Hunter (2013) Gonzales Hunt (2013) Bozka (2012) Shiner (20122014) Kona (2011) Peach Creek Rock Creek Ranch (2011) Cannonade…
  11. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 11
    Eagle Ford Shale Drilling Inventory Inventory of Drilling Locations Increasing Due to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position is now 124,100 gross (84,700 net) acres (1) We now have over…
  12. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 12
    Well Results Are Improving Increases in Initial Production Rates per Frac Stage Quarterly Trend in Average IPs Avg. IP & 30Day Average IP per Frac Stage 80 70 60 50 BOEPD 40 30 20 10 0 3Q12 4Q12 1Q13 2Q13 3Q13…
  13. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 13
    Well Costs are Declining Decreases in Well Costs per Frac Stage Quarterly Trend in Well Costs Per Frac Stage 700 600 500 000s per Frac Stage 400 300 200 100 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Total Well Costs…
  14. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 14
    Increased Frac Intensity Driving Better Results Enhanced SRV (Stimulated Rock Volume) From Increased Proppant Use per Stage is Benefiting Results 14
  15. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 15
    Time Zero Actuals vs. TypeCurve Average of Actual Operated Wells vs. Forecast Type Curve All Operated Wells Operated Wells TIL Since 6/30/13 15 Note: TIL stands for turnedinline
  16. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 16
    Eagle Ford Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field(1) Shiner Field (1) Assumptions Assumptions Assumes 30 frac stages and about a 7,000 lateral Assumes 29 frac stages and…
  17. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 17
    Exploitation Upside Upper Eagle Ford / Marl Exploitation Fairway Upper Eagle Ford / Marl 280 Gross Eagle Ford Package MARL WELL LOG CONTROL Primary Gross Producing and Source Rock Interval 180 Gross Eagle Ford Package…
  18. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 18
    Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at least 150 MM of financial liquidity 330 MM at yearend, pro forma for gas gathering asset sale in 1Q14 Lower debttoAdjusted EBITDAX…
  19. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 19
    Capitalization and Credit Stats Levered Up to Make Acquisition But Worth It Capitalization ( millions) YE12 PF YE13 Cash 17.7 117.5 Debt Credit Facility - 206.0 7.25% senior notes due 2019 300.0 300.0 8.50% senior notes due 2020…
  20. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 20
    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: 11,250 BOPD (70% of est.…
  21. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 21
    2014E Capital Expenditures and Guidance Six Operated Rigs 98 gross (53 net) wells to be spud with 6 operated rigs 86% of budget is for drilling and completion and 98% is for the Eagle Ford May shift some development drilling to Upper…
  22. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 22
    Funding of 2014 Capital Spending Program Sources and Uses 2014 Program Funding (MM) Sources of Funds: Guidance Midpoint Revenue 587.0 630.0 609 Hedges 11 Cash Expenses (157) Adjusted EBITDAX 440.0 485.0 463 Uses of Funds:…
  23. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 23
    Key Takeaways We have an excellent team in place We have a very attractive Eagle Ford asset base that we can continue to grow We are drilling high return wells that will provide production and financial growth and shareholder…
  24. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 24
    Appendix 24
  25. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 25
    Table of Recent EFS Operated Completions Late October 2013 Through Early March 2014 Initial Potential 30-Day Average PVOG BOEPD BOEPD 30-Day WI IP Oil Gas Equiv Per Frac % Oil Gas Equiv Per Frac % Rate / IP Well Name Field (%) Date…
  26. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 26
    Table of Recent EFS Operated Completions (contd) Late October 2013 Through Early March 2014 Cumu- Cumu- PVOG Casing Oil No. Total Lateral Proppant Proppant Actual Cumulative Production lative Days lative WI Choke Pressure Gravity Frac…
  27. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 27
    Derivatives Current Derivative Positions as of 3/18/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) First quarter 2014 Collars 5,000 4.00 4.50 First…
  28. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 28
    FullYear 2014 Guidance Table Full Year 2014 Guidance 1Q13 2Q13 3Q13 4Q13 FY13 2014 Guidance Production: Crude oil (MBbls) 599 858 954 1,024 3,435 5,700 6,100 NGLs (MBbls) 234 260 254 234 983 1,075 1,175 Natural gas (MMcf) 3,565…
  29. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 29
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, 2009 2010 2011 2012 2013 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6) (143.1)…
  30. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 30
    Adjusted Net Loss Reconciliation NonGAAP Reconciliation Year ended December 31, 2009 2010 2011 2012 2013 Adjusted Net Loss dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6) (143.1)…
  31. IPAA OGIS NEW YORK – Penn Virginia Corp – slide 31
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 (610) 6878900 (main) (610) 6873688 (fax) Penn Virginia Oil & Gas Corporation 840 Gessner Road, Suite 800 Houston, TX 77024 (713) 7226500 (main) (713) 7226601…

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