4thQuarter & Full-Year 2017 Earnings and 2018 Outlook Presentation Investor Presentation March 2, 2018 November Nasdaq Ticker: 2016 PVAC
Company Overview Pure Play Eagle Ford Shale Operator 83,100(2) net acres in Gonzales, Lavaca Financial & Operational Profile and Dewitt Counties Exchange: Ticker NASDAQ: PVAC 93% HBP with high-percentage oil and robust EBITDAX…
Strong Operational Performance Fourth Quarter 2017, Full-Year 2017 and Recent Highlights Strong well results continue in Area 2 with Geo-Hunter and Southern Hunter-Amber pads Expanded technical team and upgraded drilling and…
Significant Production Growth Guidance 15,500 16,500 Guidance 13,300 14,000 9,396 12,340 Actual BOEPD 3Q'17A 4Q'17A 1Q'18E Strong well results in Area 2 Geo Hunter pad had a a 24-hour IP rate of 5,465 BOEPD and 30-day IP…
Improved Operational Efficiency Expanded Technical Team & Upgraded Equipment Driving Improved Operational Execution Increased Drilling Efficiency Avg. Feet / Day from Spud-to-Rig Increased Completion Release Efficiency 0 0 Area 1…
Year-End 2017 Proved Reserves (excludes Hunt acquisition) 47% Increase in Proved Reserves Proved Reserves (MMBOE) Growth 2017 Year-End Reserves Highlights 80 72.6 30 Standardized Measure / PV-10 value with SEC pricing 70 of 590…
Large Inventory of Locations With Attractive Returns Eagle Ford Economics by Area Note: Based on managements internal estimates as of February 14, 2018; economics based of 56 WTI and 3 natural gas. Drilling locations as of 7…
2018 Capital Plan Estimated Capital Expenditures: Between 320 and 360 Million 95% of Capital Expected to be Directed to D&C in Eagle Ford Expected to Drill a Total of 55 to 60 Gross Wells (45 to 50 net wells) (22 gross XRLs) Area…
2018 Development Plans Fayette County Bongo Hunter Pad 3 wells Area 1 Development Plan Snipe Hunter Pad 3 wells Completing Drilling 1-1/2 rigs Elk Hunter Pad 3 wells Drilling Lott Pad 3 wells 53% of 2018 capital Drilling Drill:…
Production Growth Targeting 125% Year-Over-Year Production Growth Increasing Lower Lowers Increasing Adjusted Production Operating Leverage EBITDAX per BOE 125% Y-O-Y Cost per BOE Metric Guidance 22,000 25,000 BOEPD…
Declining Cash Cost per BOE Increasing Lower Lowers Operating Increasing Adjusted Production Leverage Cost per BOE EBITDAX per BOE 125% Y-O-Y Metric 12.50 (1) 12.08 12.00 11.50 11.00 Cash G&A per BOE expected to…
Adjusted EBITDAX per BOE (1) Increasing Lower Lowers Production Operating Increasing Adjusted Leverage 125% Y-O-Y Cost per BOE EBITDAX per BOE Metric Adjusted EBITDAX per BOE Accelerates Throughout 2018 36.15 32.97 27.05…
Balance Sheet Improvement Debt to Adjusted EBITDAX Increasing Lower Lowers Operating Increasing Adjusted Leverage Production Cost per EBITDAX per BOE Metric 125% Y-O-Y BOE Strong Cash Flow Growth Rapidly Improves Balance…
PVAC vs. Peers: % of Reserves Oil & Production Growth Rate One of the Highest Production Growth Rates - 2018 over 2017 (1) 600% 500% 400% 300% PVAC 200% 100% (100%) Disclaimer: Data is based on the arithmetic…
PVAC vs. Peers: 2018 EBITDAX / BOE PVAC Highest EBITDAX Per BOE 35 30 25 20 15 10 5 - Disclaimer: Data is based on the arithmetic average of all consensus estimates publicly available at the time of publication of…
PVAC vs. Peers: TEV / 2018 EBITDAX 10.0x Lowest EBITDAX Multiple in Small/Mid-Cap E&P Sector 9.0x 8.0x 7.0x 6.0x 5.0x PVAC 4.0x 3.0x 2.0x 1.0x Disclaimer: Data is based on the arithmetic average of all consensus…
Why Penn Virginia Pure Pure play Eagle Ford company Contiguous Eagle Ford acreage position of 83,100 net acres (1) Play Focused on returns: Well returns anticipated to be 45% to 150% Situated in volatile oil window Quality…
Appendix
Updated Hedge Portfolio (1) Mitigating Commodity Price Volatility Through Proactive Hedging Program 7,000 Oil Barrels Per Day 50.70 6,000 52.12 5,000 52.67 4,000 3,000 55.18 51.30 2,000 1,000 0 2018 2019 2020 WTI…
Updated Guidance The table below sets forth the Companys current financial and operational guidance for 2018: Guidance 22,000 25,000 BOEPD 10,353 BOEPD 2017A 2018E Expected to Drill a Total of 55 to 60 Gross Wells (45…
Balance Sheet and Liquidity Increased borrowing base under the Pro Forma Liquidity of 176 MM at Year-end credit facility by more than 40% to 340 MM, effective March 1, 2018 340 (175)(1) 11(2) 176(1) - Borrowing base increase…
Hunt Acquisition Overview Bolt-on Acquisition Transaction Summary On January 2, 2018, the Company announced a 86 MM acquisition of certain of Hunt Oil Companys (Hunt) Eagle Ford Shale assets, primarily in Gonzales and Lavaca…
Transaction and Asset Highlights Increases Leasehold Position and Drilling Inventory By Approximately 13% and 17%, respectively Nearly 90% of production is crude oil, which receives premium LLS pricing. Pre- Post- Percent…
Non-GAAP Reconciliation Adjusted EBITDAX - Unaudited Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX Adjusted EBITDAX represents net income (loss) before interest expense, income tax expense (benefit),…
Non-GAAP Reconciliation Adjusted Cash G&A - Unaudited Reconciliation of GAAP General administrative expenses to Non-GAAP Adjusted cash-based general and administrative expenses Adjusted cash-based general and administrative expense…
Non-GAAP Reconciliation - PV-10 - Unaudited Reconciliation of GAAP Standardized Measure of Discounted Future Net Cash Flows to Non-GAAP PV-10 Non-GAAP PV-10 value is the estimated future net cash flows from estimated proved reserves…
Strip Pricing as of December 31, 2017 NYMEX Pricing Used inthe Calculation of PV-10 at Strip Calendar Year Average Natural Oil Gas (per (per barrel) MMBtu) 2018 59.55 2.87 2019 56.22 2.81 2020 53.79 2.82 2021 52.29 Q3 2.85…
Definitions and Calculations Drill-Bit Finding and Development Cost - Definition Drill-bit finding and development costs for full year 2017 of approximately 4.40 per BOE was calculated by dividing the sum of development costs of 133.0…
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