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Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Mar 26, 2018 · 29 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. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 1
    46th Annual Scotia Howard Weil 2018 Energy Conference Investor Presentation March 26, 2018 Nasdaq Ticker: PVAC November 2016
  2. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 2
    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…
  3. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 3
    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…
  4. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 4
    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…
  5. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 5
    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…
  6. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 6
    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…
  7. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 7
    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…
  8. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 8
    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…
  9. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 9
    2018 Development Plans Fayette County Bongo Hunter Pad 3 wells Area 1 Development Plan Snipe Hunter Pad 3 wells Flowback Waiting on Completion 1-1/2 rigs Elk Hunter Pad 3 wells Lott Pad 3 wells Drilling 53% of 2018 capital…
  10. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 10
    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…
  11. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 11
    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 10.50 Cash G&A per BOE expected…
  12. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 12
    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…
  13. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 13
    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…
  14. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 14
    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…
  15. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 15
    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…
  16. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 16
    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…
  17. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 17
    Year End 2017 Production Overview Highlights Successor Successor Predecessor Successor Three Months Three Months Three Months Year Ended Ended Through Ended December 31, 2017 September 30, 2017 December 31, 2016 December 31,…
  18. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 18
    Year End 2017 Financial Overview (in thousands) Three Months Three Months Three Months Year Highlights Ended Ended Ended Ended December 31, September 30, December 31, 2017 2017 2016 December 31, 2017 Q4 product revenue of 54.1…
  19. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 19
    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…
  20. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 20
    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…
  21. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 21
    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…
  22. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 22
    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…
  23. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 23
    Appendix
  24. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 24
    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…
  25. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 25
    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…
  26. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 26
    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),…
  27. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 27
    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…
  28. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 28
    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…
  29. Scotia Howard Weil 2018 Energy Conference – Penn Virginia Corp – slide 29
    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…

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