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Investor Update Hunt Acquisition – Penn Virginia Corp

Penn Virginia Corp · Jan 2, 2018 · 20 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. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 1
    Investor Update Hunt Acquisition Investor Presentation January 2, 2018 November Nasdaq Ticker: 2016 PVAC
  2. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 2
    Hunt Acquisition Overview Bolt-on Acquisition Transaction Summary On January 2, 2018, Penn Virginia Corporation (PVAC) announced a 86 MM acquisition of Hunt Oil Company (Hunt) Eagle Ford Shale assets, primarily in Gonzales and Lavaca…
  3. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 3
    Transaction and Asset Highlights Increases Leasehold Position and Drilling Inventory By Approximately 13% and 17%, Respectively The Company expects production growth for the full year of 2018 to be approximately 120% over 2017…
  4. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 4
    Penn Virginia Corporation - Company Overview (Standalone) 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…
  5. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 5
    Why Penn Virginia Pure Pure play Eagle Ford company Contiguous acreage position of 75,800 net acres Play Focused on returns: Permian-type returns in Eagle Ford Situated in volatile oil window Quality Heavily weighted oil…
  6. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 6
    Improved Operational Efficiency New Flex Rigs Yielding Better Results in Area 1 and Area 2 Area1 Area2 Furrh 4H Lager 3H Furrh 5H Geo Hunter 2H Rhino & Oryx Pads Geo Hunter 3H MeasuredDepth,ft. MeasuredDepth,ft. Days…
  7. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 7
    Premium Quality Production Penn Virginias Production Receives Premium Prices Production Mix Composite NGL Barrel Crude Oil NGLs Natural Gas Ethane Propane Iso Butane Normal Butane 13% Nat Gasoline 7% 9% 14% 5% 29% 73%…
  8. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 8
    PVAC Production Receives Louisiana Light Sweet Pricing WTI vs. LLS Pricing 70.00 LLS 61.47 65.00 60.00 57.40 55.00 55.67 49.22 WTI 50.00 50.66 45.00 44.93 40.00 1/3/17 2/3/17 3/3/17 4/3/17 5/3/17 6/3/17 7/3/17 8/3/17…
  9. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 9
    PVAC vs. Peers Percent of Reserves Oil / Growth Rate 120% PVAC One of the Highest Percent of Proved Oil Reserves(1) 100% 80% 60% 40% 20% 300% One of the Highest Projected Production Growth Rates(2) 250% 200% PVAC…
  10. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 10
    PVAC vs. Peers EV / 2018 EBITDA 18.0x One of the Lowest Multiples in the E&P Sector 16.0x 14.0x 12.0x 10.0x 8.0x PVAC 6.0x 4.0x 2.0x Disclaimer: Data is based on the arithmetic average of all consensus…
  11. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 11
    Relative Acreage Valuation (1) Penn Virginia Undervalued Percent Oil 75% 66% 65% 64% 73% 64% 89% 30,000 25,000 20,000 Dollars per Acre 15,000 10,000 5,000 0 1) Select Acquisition Transactions by Basin;…
  12. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 12
    Preliminary 2018 Development Plans FayetteCounty Furrh Pad 2-well Pad: Completing Oryx Hunter Rhino Hunter 3-well 24-hour IP of 2,681 BOEPD 4-well 24-hour IP of 4,455 BOEPD 95% of Type Curve 110% of Type Curve Dubose 3-well…
  13. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 13
    Large Inventory of Locations With Attractive Returns 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 Locations 329 27 127 49 40 33 Type…
  14. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 14
    Sources of Upside Potential AustinChalk(UpsidePotential) LowerEagleFord- UpperBench LowerEagleFord LowerEagleFord- Parent UpperEagleFord(UpsidePotential) LowerEagleFord 60- 100 LowerEagleFord UpperBenchPotential 30-…
  15. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 15
    Balance Sheet and Liquidity (Pro Forma for Hunt Acquisition) Liquidity of 101.2 MM at 9/30/17 Liquidity of 101.2 MM at 9/30/17 237.5 (57.0)(1) (0.8)(1) (86.0) 7.5(1) 101.2 Borrowing base recently increased to 237.5MM from 200MM Penn…
  16. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 16
    Updated Hedge Portfolio (1) Mitigating Commodity Price Volatility Through Proactive Hedging Program 8,000 49.30 7,000 Barrels PerDay 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…
  17. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 17
    Why Penn Virginia Pure Pure play Eagle Ford company Contiguous acreage position of 75,800 net acres Play Focused on returns: Permian-type returns in Eagle Ford Situated in volatile oil window Quality Heavily weighted oil…
  18. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 18
    Appendix
  19. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 19
    Updated Pro Forma Guidance Note: Guidance as of January 2, 2018. 19
  20. Investor Update Hunt Acquisition – Penn Virginia Corp – slide 20
    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%…

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