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Q2 2015 RESULTS – Penn Virginia Corp

Penn Virginia Corp · Jul 30, 2015 · 13 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. Q2 2015 RESULTS – Penn Virginia Corp – slide 1
    Second Quarter 2015 Earnings Conference Call & Webcast July 30, 2015 NYSE: PVA
  2. Q2 2015 RESULTS – Penn Virginia Corp – slide 2
    Opening Remarks Financially, we had a good quarter with revenues and Pro Forma Production by Region and 2H15 Guidance adjusted EBITDAX exceeding expectations along with (MBOEPD) 25 decreasing capital and operating costs 22.8 1.3…
  3. Q2 2015 RESULTS – Penn Virginia Corp – slide 3
    2Q15 Highlights Including the benefit of hedges, 2Q15 product revenues were 118 MM or 55.12/BOE compared to 111 MM or 49.72/BOE in 1Q15 Unit production costs including LOE, GPT and production tax expenses decreased 3% to 10.40/BOE…
  4. Q2 2015 RESULTS – Penn Virginia Corp – slide 4
    2H15 Strategy Primary goal for 2016 is to preserve financial health Preserve Financial Pro forma 2Q15 liquidity of 260 MM (reflects pending 75 MM sale of East Texas) Liquidity and Balance Sheet Leverage ratio expected to remain below…
  5. Q2 2015 RESULTS – Penn Virginia Corp – slide 5
    2Q15 Operations Summary Focused on the Eagle Ford Shale 103,130 net acres in Gonzalez and Lavaca Counties Total Well Costs Trend Highly contiguous position, proven success, ability to grow Averages by Month of Well Spud 12…
  6. Q2 2015 RESULTS – Penn Virginia Corp – slide 6
    Reduced Costs Helping to Drive Higher Returns Well Cost and Operating Cost Trends 2String Well Costs Trend 3String Well Costs Trend Averages by Month of Well Spud Averages by Month of Well Spud 12 12 0.4 0.7 0.3 10 10 0.5 0.6…
  7. Q2 2015 RESULTS – Penn Virginia Corp – slide 7
    Well Economics 2H15 We plan to focus our 2H15 capital program on 2string Lower Eagle Ford wells, primarily in Gonzales County Base well cost of 6.9 MM includes use of more proppant and slickwater fracs, but we are targeting another…
  8. Q2 2015 RESULTS – Penn Virginia Corp – slide 8
    Recent Lower Eagle Ford Results 1 1 1 1 1 IP IP30 Cumulative No. of Total Lateral Proppant Proppant IP IP30 IP Total % Total % Total Total Days % Frac Proppant Length per Stage per Foot Stage Stage Well Name Area Date (BOEPD) Oil…
  9. Q2 2015 RESULTS – Penn Virginia Corp – slide 9
    Recent Upper Eagle Ford Results 1 1 1 1 1 IP IP30 Cumulative No. of Total Lateral Proppant Proppant IP IP30 IP Total % Total % Total Total Days % Frac Proppant Length per Stage per Foot Stage Stage Well Name Area Date (BOEPD) Oil…
  10. Q2 2015 RESULTS – Penn Virginia Corp – slide 10
    2015 Guidance 1Q15 2Q15 3Q15 Guidance 4Q15 Guidance 2015 Guidance Production: Equivalent production (MBOE) 2,225 2,140 1,700 2,100 1,500 1,800 7,565 8,265 Equivalent daily production (BOEPD) 24,721 23,519 18,478 22,826 16,304…
  11. Q2 2015 RESULTS – Penn Virginia Corp – slide 11
    Oil Hedges a Material Part of Cash Flow Latest oil hedges: 11,000 BOPD is hedged for 3Q15 (74% to 90%) and 4Q15 (81% to 99%) Lower puts at 70 on 5,000 BOPD for 3Q15 (33% to 41%) and 4Q15 (37% to 45%) 6,000 BOPD is hedged for 2016,…
  12. Q2 2015 RESULTS – Penn Virginia Corp – slide 12
    Derivatives Current Derivative Positions as of 7/29/15 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Crude oil: (barrels) ( / barrel) ( / barrel) Third quarter 2015 Collars 3,000 86.67 94.73…
  13. Q2 2015 RESULTS – Penn Virginia Corp – slide 13
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2010 2011 2012 2013 2014 2Q15 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (65.3) (132.9) (104.6) (143.1)…

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