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Johnson Rice 2017 Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Sep 26, 2017 · 24 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. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 1
    Johnson Rice 2017 Energy Conference Investor Presentation September 25-27, 2017 November Nasdaq Ticker: 2016 PVAC
  2. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 2
    Penn Virginia Corporation - Company Overview Focused Eagle Ford Pure Play Penn Virginia (NASDAQ:PVAC) TEV 600MM(1) Gonzales Independent E&P company focused in volatile oil window of Office Eagle Ford shale with 57,000 net…
  3. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 3
    Devon Eagle Ford Acquisition Increases Core Leasehold Position and Production By Approximately 30% Transaction Summary 205 MM acquisition of Devon Energy Corporations Eagle Ford assets located primarily in Lavaca County, TX Target…
  4. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 4
    Transaction and Asset Highlights Capitalizes on Strong Recent Well Results and Adds Drilling Inventory Expands PVACs core leasehold position by 34%, or 19,600 net acres (90% held by production), which includes 42 drilling units…
  5. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 5
    Devon North & South Areas North Area Type Curve(1) South Area Type Curve(1) North Area Assumptions(1) South Area Assumptions(1) Well Costs 7.7 million Well Costs 8.0 million Frac Stages 42 Frac Stages 42 Average Lateral Length…
  6. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 6
    Eagle Ford Economics XRLs Uplift Effect NorthArea SouthArea North Area Assumptions South Area Assumptions Well Costs 6.5 MM 8.8 MM Well Costs 6.7 MM 9.0 MM Frac Stages 30 50 Frac Stages 30 50 Average Lateral Length (Ft.) 6,000…
  7. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 7
    Preliminary 2018 Plan of Development Fayette County One Rig in Area 1 Drill: 22-25 Goss Wells Gonzales County Working Interest: 45-55% One Rig in Area 2 Drill: 15 Gross Wells Lager Unit Area 2: 3H - First Slick Water…
  8. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 8
    Transaction Financing and Pro Forma Liquidity Ended 2017 Q2 with liquidity of 172 MM Pro Forma Liquidity of 132 MM - Liquidity of 158 MM (0.8)(2) 200.0 (37.0)(2) 10.1(2) (40.0)(1) 132.3 - 47 MM drawn on credit facility, 6 MM in…
  9. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 9
    Substantial Oil Hedges in Place PVACExpectstoOpportunisticallyHedgeaSignificantPortionoftheOilandNaturalGas ProductionAssociatedwiththeDevonAcquisition 5,000 48.59 49.37 4,500 BarrelsPerDay 4,000 3,500 49.75 3,000 2,500…
  10. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 10
    Why Penn Virginia Strong Multi-Year Inventory of High Rate of Return Drilling Locations Key Highlights Production Growth Builds Into 2018 (1)(2) Attractive and growing asset base in core of the Eagle Ford Consistent operational…
  11. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 11
    Johnson Rice 2017 Energy Conference
  12. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 12
    Appendix
  13. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 13
    Attractive Eagle Ford Type Curve and Economics Approximately 50% Estimated Rate of Return at 50/barrel WTI Oil Price Area 1 Lower Eagle Ford Type Curve1 Well Economics Have Improved Substantially 300 1,000 Daily Oil Production…
  14. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 14
    Q2 2017 Financial Overview (in thousands) Three Months Three Months Ended Ended June 30, March 31, Highlights (compared to Q1 2017) 2017 2017 Revenues Crude oil 32,351 30,073 Natural gas liquids (NGLs) 2,043 2,302 Total product…
  15. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 15
    Updated Guidance The table below sets forth current operational guidance for the full year 2017 and 2018 and production guidance for Q3 2017. Guidance assumes closing the acquisition on September 30, 2017: 2017 2018 Production(BOEPD)…
  16. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 16
    Eagle Ford Peer Acreage Positions Others 16
  17. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 17
    Acreage Map & Recent Well Results(1) Strong Well Results, Including Recent Lager 3H and Zebra Pad Fayette County Kudu Unit Axis Unit 9H: IP 2,005 BOE/D 1H: IP 1,740 BOE/D 8H: IP 1,188 BOE/D 2H: IP 1,795 BOE/D 7H: IP 1,284 BOE/D 3H:…
  18. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 18
    Penn Virginia Overview Financial & Operational Profile Exchange: Ticker NASDAQ: PVAC Share Price (1) 39.46 Shares Outstanding (MM) (2) 15.0 Market Capitalization ( MM) 591.9 Cash ( MM) (2) 10.1 Long Term Debt ( MM) (2)…
  19. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 19
    Encouraging Well Results Support 2017 Drilling Objectives Recent results outperforming type curves by more than 25% Results on Lager 3H in Area 2 are very encouraging 24-hour IP of 2,511 BOEPD(1) (77% oil) at 4,371 PSI on 20/64 choke…
  20. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 20
    2016 Proved Reserves Growth Proved Reserves (MMBOE) Growth 2016 Year-End Reserves Highlights 49.5 49.5 MMBOE (53% PDP) 50 30 49 74% oil, 14% NGL and 12% natural gas 48 47 46 Volumes increased 13% year-over-year despite a 45 43.7…
  21. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 21
    Non-GAAP Reconciliation Adjusted EBITDAX PENN VIRGINIA CORPORATION CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited (in thousands) Successor Successor Predecessor Successor Predecessor Three Months Three Months Three Months Six…
  22. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 22
    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…
  23. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 23
    PV-10 at Strip Pricing Monthly Strip Pricing at December 31, 2016 TheCompanyusedthepostedmonthlyclosingpricesforNYMEXWTIoilthroughDecember2029,and forNYMEXHenryHubnaturalgasthroughDecember2022inthecalculation.Thefirstfiveyearsof…
  24. Johnson Rice 2017 Energy Conference – Penn Virginia Corp – slide 24
    Penn Virginia Operating Areas Eagle Ford Core Net Acreage: 57,0002 (93% HBP) Drilling Locations: 525 gross locations Economics: 50% IRR at 50 WTI oil Q2 2017 Production 864 MBOE (9,498 BOEPD) Proved Reserves: 47.0 MMBOE1…

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