IPAA Oil and Gas Investment Symposium Investor Presentation April 9-10, 2018 Nasdaq Ticker: PVAC November 2016
Company Overview Pure Play Eagle Ford Shale Operator Financial & Operational Profile 83,100(1) net acres in Gonzales, NASDAQ: Lavaca and Dewitt Counties; 99% Exchange: Ticker PVAC HBP Share Price (2) 34.75 93% HBP with…
Strong Operational Performance Full-Year 2017 and Recent Highlights Strong well results continue to delineate Area 2 with Geo-Hunter and Southern Hunter-Amber pads Granite Wash Expanded technical team and upgraded drilling and…
Improved Operational Efficiency Expanded Technical Team & Upgraded Equipment Driving Improved Operational Execution Increased Drilling Efficiency Avg. Feet / Day from Spud-to-Rig Release Increased Completion Efficiency Area 1…
2018 Capital Plan Estimated Capital Expenditures: Between 320 and 360 Million 95% of Capital Expected to be Directed to Eagle Ford D&C Expected to Drill a Total of 55 to 60 Gross Wells (45 to 50 net wells) (22 gross XRLs) Area 1 -…
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 6…
2018 Development Plans Fayette County Area 1 Development Plan Snipe Hunter Pad 3 wells Waiting on Completion 1-1/2 rigs Elk Hunter Pad 3 wells Lott Pad 3 wells Drilling 53% of 2018 capital Drilling Drill: 33-35 gross wells…
Strong and Improving Adjusted EBITDAX per BOE Penn Virginias Production Receives Premium LLS Prices Crude Oil NGLs Natural Gas 13% Adjusted EBITDAX per BOE (1) 35.00 13% 33.00 32.97 31.00 29.00 25.01 24.85 74% 27.00 23.60…
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 (2) 10.50 10.38 LOE per BOE…
Adjusted EBITDAX per BOE (1) Increasing Lower Lowers Production Operating Increasing Adjusted Leverage 125% Y-O-Y Cost per BOE EBITDAX per BOE Metric 36.15 32.97 27.05 125% Production Growth 74% of Production is Oil LLS…
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 2.6x(1) 2.7 X 1.5X 1.5x Spend within Cash Flow…
PVAC vs. Peers - Production Growth Rate One of the Highest Production Growth Rates - 2018 over 2017 (1) 300% 250% 200% PVAC 150% 100% 50% 0% -50% -100% Disclaimer: Data is based on the arithmetic average of…
PVAC vs. Peers: 2018E EBITDA / BOE One of Highest EBITDAX Per BOE 40 PVAC 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…
PVAC vs. Peers: TEV / 2018 EBITDA One of the Lowest EBITDA Multiple in Small/Mid-Cap E&P Sector 16 15 14 13 12 11 10 9 8 7 6 PVAC 5 4 3 2 1 0 Disclaimer: Data is based on the arithmetic average of all consensus…
TEV / 2018E EBITDA Penn Virginia Provides Attractive Valuation TEV/ 2018E EBITDA TEV / 2018E EBITDA 5.3x 7.4x 5.1x 6.5x 4.1x 5.9x 3.5x 4.5x Peer 1 Peer 2 Peer 3 PVAC Disclaimer: Data is based on the arithmetic average…
Balance Sheet and Liquidity Increased borrowing base under the Pro Forma Liquidity of 176 MM credit facility by more than 40% to 340 MM, effective March 1, 2018 340 (175)(1) 11(2) 176(1) - Borrowing base increase exceeds the Hunt…
Guidance (1) 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 to 50…
Why Penn Virginia Pure play Eagle Ford company Pure 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
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,…
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…
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…
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…
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 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 Adjusted Net Income Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted net income (loss) attributable to common shareholders Adjusted net income (loss) is a non-GAAP financial measure that represents…
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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