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Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp

Penn Virginia Corp · Nov 10, 2015 · 15 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. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 1
    Third Quarter 2015 Earnings Conference Call & Webcast November 10, 2015 NYSE: PVA
  2. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 2
    3Q15 Overview Third quarter revenues and adjusted EBITDAX within Pro Forma Production by Region and 4Q15 Guidance(2) our guidance, despite lower than anticipated oil (MBOEPD) 25 prices(1) 22.8 1.3 21.6 1.3 19.9 19.1 Production…
  3. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 3
    South Texas Eagle Ford Shale Operations Overview Net acreage position in the Eagle Ford is 100,000 net acres, with 55% of the acreage held by production (HBP) Currently operate 296 active horizontal Eagle Ford Shale wells + 36…
  4. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 4
    Reduced Well Costs Drive Higher Returns Well Cost and Operating Cost Trends Execution of drilling and completion program continues to improve with average well cost at 5.7 MM and about 270,000 per frac stage (20% decrease per frac…
  5. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 5
    3Q15 Slick Water Well Cost Trends Well Costs for the Seven Most Recent (Slick Water Fracked) Wells 8 32 5.7MM Average Total Well Costs 1st Seven Slick Water Wells 7 28 6 24 Number of Frac Stages 5 20 Millions 4…
  6. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 6
    Robust EarlyTime Slick Water Well Results 3Q15 Well Results Dramatically Better Than Recent Quarters IP and 30Day Flow Rates 1,600 600,000 1,400 525,000 1,200 450,000 Average Proppant / Stage 1,000 375,000 BOEPD 800…
  7. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 7
    IP vs. Proppant Trends Normalized by Frac Stage 3Q15 Well Results Dramatically Better Than Recent Quarters 80 500,000 70 60 400,000 Average Proppant / Stage IP/Stage BOEPD/Stage 50 40 300,000 30 20 200,000…
  8. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 8
    Normalized Performance of Slick Water Wells Slick Water Fracked Wells Cumulative Oil vs. Time Normalized to 6,000' Laterals 100,000 90,000 80,000 Cumulative Oil Production BBLS 70,000 60,000 50,000 40,000…
  9. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 9
    3Q15 Activity in Gonzales and Lavaca Counties Slick Water Stimulation and Zipper Fracs in Blue Shading J.BergerJr.CattleCo.Unit BerthaUnit 1H:IP2,897BOE/D(L.EF) OryxUnit 2H:IP1,405BOE/D(L.EF) 3H:IP 1,222BOE/D(L.EF)…
  10. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 10
    YTD 2015 Lower Eagle Ford Results Focus on MultiWell Pads With Both Zipper Fracs and Slick Water Stimulation (yellow shading) 1 1 1 1 IP IP30 No. of Total Lateral Proppant Proppant IP IP30 IP IP30 IP Total % Total % Frac Proppant…
  11. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 11
    Upper Eagle Ford Results to Date Focus on High Frac Intensity (yellow shading) 1 1 1 1 IP IP30 No. of Total Lateral Proppant Proppant IP IP30 IP IP30 IP Total % Total % Frac Proppant Length per Stage per Foot per 1,000' per 1,000'…
  12. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 12
    2015 Guidance 1Q15 2Q15 3Q15 4Q15 Guidance 2015 Guidance Production: Equivalent production (MBOE) 2,225 2,140 1,930 1,490 1,663 7,785 7,958 Equivalent daily production (BOEPD) 24,721 23,519 20,976 16,196 18,080 21,328 21,803…
  13. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 13
    Oil Hedges Material Part of Cash Flow Latest oil hedges: 11,000 BOPD is hedged for 4Q15 at an average swap/floor price of 89.86 6,000 BOPD is hedged for 2016 at an average swap price of 80.41 We expect to realize 135 MM in hedge…
  14. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 14
    Derivatives Current Derivative Positions as of 11/9/15 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Crude oil: (barrels) ( / barrel) ( / barrel) Fourth quarter 2015 Collars 3,000 86.67 94.73…
  15. Q3 2015 Earnings Conference Call and Webcast – Penn Virginia Corp – slide 15
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2010 2011 2012 2013 2014 3Q15 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (65.3) (132.9) (104.6) (143.1)…

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