Third Quarter 2017 Earnings Presentation Investor Presentation November 9, 2017 November Nasdaq Ticker: 2016 PVAC
Penn Virginia Corporation - Company Overview Pure Play Focused Eagle Ford Shale Operator Approximately 75,800 core net acreage Financial & Operational Profile position in Gonzales, Lavaca and Dewitt Counties in south Texas Exchange:…
Why Penn Virginia Strong Multi-Year Inventory of High Rate of Return Drilling Locations Key Highlights Pure play with contiguous acreage position in volatile oil window of Eagle Ford shale Strong 2018 production growth anticipated…
3Q 2017 Operational Highlights Closed acquisition on September 29, 2017 - 19,600 net acres, production of 3,000 BOEPD Gonzales Office (64% oil) and 43 identified locations for XRLs Produced 9,396 BOEPD (73% crude oil) - Achieved…
3Q 2017 Well Results Stack and Stagger Chicken Hawk 5H Drilled to a New Landing Zone Which Could Optimize Recoveries Upper Eagle Ford (Marl) Austin Chalk (Upside Potential) Lower Eagle Ford - Upper Bench Lower Eagle Ford Lower…
4Q 2017 Activity and Preliminary 2018 Development Plan Furrh Pad Fayette County 2 Wells Drilling Jake Berger / Chicken Hawk Pads Turned to Sales Oryx Hunter Pad 3 Wells Completion Underway 1 1/2 rigs in Area 2 through 2018…
Keys to 2018 Success Challenges Solutions Hurricane Harvey delayed Accelerating drilling program by drilling and completion adding 3rd drilling rig that is schedule anticipated to run through the end of 2018 depending on…
Eagle Ford Inventory Expects to Generate Strong Returns Eagle Ford Economics by Area 114% 80% 63% 48% 51% 30% Conv XLR Conv XLR Conv XLR Area 1 Area 2 (North) Area 2 (South) Producing Wells 220 - 75 - 70 1 Drilling…
3Q 2017 Financial Highlights Generated total product revenues of 34.3 million or 39.72 per BOE (87% from crude oil sales) Total direct operating expenses of 15.3 million or 17.66 per BOE Incurred a net loss of 5.9 million, or…
Updated Guidance The table below sets forth the Companys current operational guidance for 2017 and 2018 With the third rig expected to remain through the end of 2018, the Company expects approximately 75% production growth from the…
Acquisition Financing and Liquidity Liquidity of 187 MM Liquidity at quarter end of 187.2 (1) 237.5 (57.0)(1) (0.8)(1) 7.5(1) 187.2 Current liquidity of 179.7 million (2) Borrowing base increased to 237.5 million from 200 million…
Updated Hedge Portfolio (1) Mitigating Commodity Price Volatility Through Proactive Hedging Program 8,000 49.30 7,000 Barrels Per Day 6,000 49.87 5,000 48.59 4,000 3,000 51.30 2,000 51.97 50.35 1,000 56.18 0 2017 Q4…
Questions & Answers
Appendix
Penn Virginia Operating Areas Eagle Ford Core Net Acreage: 75,8001 (92% HBP) Drilling Locations: 605 gross locations Q3 2017 Production 785 MBOE (8,537 BOEPD) Proved Reserves: 53.3 MMBOE2 Granite Wash Net Acreage: 7,1501 (100%…
Non-GAAP Reconciliation Adjusted EBITDAX - Unaudited Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to financial measures prepared according to GAAP. They should be…
Non-GAAP Reconciliation Adjusted Net Income - Unaudited Adjusted net income (loss) is a non-GAAP financial measure that represents net income (loss) adjusted to exclude the effects, net of income taxes, of non-cash changes in the fair…
Non-GAAP Reconciliation Adjusted G&A - Unaudited Adjusted cash-based general and administrative expense (Adjusted G&A) is a supplemental non-GAAP financial measure that excludes certain non-recurring expenses and non-cash share-based…
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