Fourth Quarter and Full-Year 2016 Earnings Call Investor Presentation March 16, 2017 November Nasdaq Ticker: 2016 PVAC
Penn Virginia Today Focused Eagle Ford Producer High quality land position; oily resource base 525 gross drilling locations in lower Eagle Ford (69% in Area 1); 10-year inventory at current 2-rig development pace Sable and Axis…
Impressive Well Results Comparable to On-Trend and Down-Dip Wells1 Axis Unit (Prelim) 1H : 1,740 BOE/D Kudu Unit 2H : 1,795 BOE/D 6H 9H : Completing 3H : 2,806 BOE/D Sable Unit (Prelim) Hawg Hunter Unit 4H : IP 2,077 BOE/D 3H :…
Encouraging Well Results Support 2017 Drilling Objectives 2017 Development on Area 1 and De-Risking Area 2 Development efforts focused primarily on 4Q16 Area 1 Slickwater Production Mix high-return Area 1 (2-string) acreage Testing…
Attractive Eagle Ford Type Curve and Economics Approximately 70% Estimated Rate of Return at 55/barrel WTI Oil Price Area 1 Lower Eagle Ford Type Curve1 Recent Well Cumulative Production 300 1,000 Daily Oil Production (BOPD)…
Improved Slickwater Completion Design Driving Returns Strong Results from Gen 3 Looking to Test Gen 4 Transition to slickwater and ongoing completion design evolution has resulted in a step change in well performance Test of 18…
Efficiency Driving Returns Focused on Improving Cost Structure and Maximizing Returns D&C costs reduced 55% since 2013/2014 D&C Costs per Lateral Foot Continue to Decline Footage drilled / day has increased 45% since 2013…
Top Quartile Cost Structure Substantial Changes Have Positioned the Company Among the Top Quartile of Peers 2016 LOE (/BOE) Penn Virginias cost structure is 8.40 7.35 competitive with the peer group CY2016 Ave. LOE 5.76/BOE 6.38…
2016 Proved Reserves Growth Proved Reserves Growth 2016 Year-End Reserves Highlights 50 49.5 60 49.5 MMBOE (53% PDP) 49 48 74% oil, 14% NGL and 12% natural gas 47 50.28 46 Volumes increased 13% year-over-year despite a drop in 45…
Financial Review
Q4 2016 Financial Overview Quarter Ended December 31, Highlights of Income Statement: 2016 Revenues Crude oil 27,649 Total product revenues of 32.3 million, Natural gas liquids (NGLs) 2,374 86% derived from oil sales Natural gas…
Simple Capital Structure - Low Leverage / Ample Liquidity Development Program Internally Financed with Cash Flow and Modest Draws on Revolver Key Highlights 103.6 Million of Liquidity as of March 10, 2017 Credit facility only debt 200…
Delivering Production Growth of 20-30% through 2018 2017 and Preliminary 2018 Guidance Key Growth Drivers 120 140 million capital program for 2017 2017 2018 Production (BOEPD) % oil % oil 90% spent on Eagle Ford drilling and…
Substantial Portion of Oil Production is Hedged Legacy Hedges Provide Solid Underpinning of Cash Flow for Developed Reserves Oil Hedges Swap portfolio has provided downside protection on PDP Mark to market at year end was a net…
Attractive Asset Base in the Core of the Eagle Ford Strong Multi-year Inventory of High Rate of Return Drilling Locations High quality land position and oily resource base Excellent Assets Efficient operator focused on maximizing…
Non-GAAP Reconciliation Adjusted EBITDAX PENN VIRGINIA CORPORATION CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited (in thousands) Successor Predecessor Successor Predecessor Quarter Quarter September 13 January 1 Year Ended Ended…
Non-GAAP Reconciliation Cash G&A PENN VIRGINIA CORPORATION CERTAIN NON-GAAP FINANCIAL MEASURES - (unaudited) (in thousands) Year Ended December 31, 2014 2015 2016 General and administrative expense, as reported 49,005 43,328…
Non-GAAP Reconciliation - PV-10 PENN VIRGINIA CORPORATION CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited (in thousands) Successor Predecessor December 31, December 31, 2016 2015 Reconciliation of GAAP Standardized Measure of…
PV-10 at Strip Pricing Monthly Strip Pricing at December 30, 2016 The Company used the posted monthly closing prices for NYMEX WTI oil through December 2029, and for NYMEX Henry Hub natural gas through December 2022 in the…
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