First Quarter 2018 Earnings Presentation Investor Presentation May 9, 2018 Nasdaq Ticker: PVAC November 2016
Company Overview Pure Play Eagle Ford Shale Operator Financial & Operational Profile 83,800(1) core net acres in NASDAQ: Gonzales, Lavaca and Dewitt Exchange: Ticker PVAC Counties; 99% Operated; 93% HBP Share Price (2) 47.85…
Strong Operational and Financial Performance Recent Highlights Area 2 Well Results Exceeding Expectations 4 pads recently turned to sales Continuing to delineate Area 2 Strong Production Growth 33% increase in oil, 28% increase in…
Area 2 Slick Water Completion Well Results McCreary-Technik Pad 3 wells Fayette County 24-hr IP of 5,425 BOEPD (1) Schacherl-Effenberger Pad 2 wells 24-hr IP of 3,073 BOEPD (1) Geo Hunter Pad 2 wells 24-hr IP of 5,465 BOEPD…
Area 2 North Type Curve Area 2 Wells Drilled To Date are Exceeding Type Curve Area 2 Wells Drilled To Date With More Than 30 Days of Production Include: Lager 1 Well Geo Hunter 2-Wells Southern Hunter Amber 2 Wells Encouraged…
Large Inventory of Locations With Attractive Returns 150% Eagle Ford Economics by Area 97% 90% 70% 62% 45% Conv XRL's Conv XRL's Conv XRL's Area 1 Area 2 (North) Area 2 (South) Producing Wells 227 - 75 - 71 2 Drilling…
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…
Premium Quality Oil Production LLS Commanding Significant Premium Over WTI Q118 Production: 89% Liquids; 78% Oil Receives LLS Pricing, Premium Over WTI Realized 63.23 per barrel +0.36 over WTI in Q118 Blended Oil Yields 43 Degree…
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…
Production Growth Targeting 125% (1) Year-Over-Year Production Growth Increasing Lower Increasing Realized Lowers Production Operating Cash Operating Leverage 125% Y-O-Y Cost per BOE Margin per BOE Metric Peer Leading Production…
Declining Cash Operating Cost per BOE Increasing Lower Increasing Realized Lowers Production Operating Cash Operating Leverage 125% Y-O-Y Cost per BOE Margin per BOE Metric 2018 Cash Operating Cost per BOE Expected to Decrease…
Strong Realized Cash Operating Margin(1) per BOE Increasing Lower Increasing Realized Lowers Production Operating Cash Operating Leverage 125% Y-O-Y Cost per BOE Margin per BOE Metric 39.44 (2) 36.29 34.44 27.79 2017A…
Balance Sheet Improvement Debt to Adjusted EBITDAX Increasing Lower Increasing Realized Lowers Production Operating Cash Operating Leverage 125% Y-O-Y Cost per Margin per BOE Metric BOE 2.6x(1) 2.4x(2) 1.5x Spend within…
Guidance The table below sets forth the Companys current financial and operational guidance for 2018: Guidance 22,000 25,000 Previous Current BOEPD Production (BOEPD) % oil % oil Second Quarter 21,000 23,000 76% Full Year 74%…
PVAC vs. Eagle Ford Peers 2018 Production Growth Rate Targeting 125% Year-Over-Year Production Growth 125% 56% 54% 25% 25% 14% 11% PVAC (2) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Projected to Have the Highest…
PVAC vs. Eagle Ford Peers - 2018 EBITDAX / BOE 35.37 31.34 30.66 29.98 28.63 27.85 17.31 Peer 1 PVAC Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Projected to Have One of the Highest EBITDAX/BOE in PVACs Peer Group (1)…
TEV / 2018E EBITDAX Eagle Ford Provides Attractive Valuation(2)(3) Penn Virginia Provides Attractive Valuation(1)(2) 7.9x 6.3x 7.0x 6.3x 5.6x 5.4x 5.0x 5.1x 4.8 x 4.7x 4.0 x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6…
Why Penn Virginia Pure play Eagle Ford company Pure Contiguous Eagle Ford acreage position of 83,800 net acres (1) Play Focused on returns and low cost operator Situated in volatile oil window Quality Heavily weighted oil…
Appendix
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 Total Direct Operating Expenses- Unaudited Reconciliation of GAAP Operating expenses to Non-GAAP Adjusted total direct operating expenses and Adjusted total direct operating exepnses per BOE Adjusted…
Non-GAAP Reconciliation Realized Cash Operating Margin per BOE - Unaudited Reconciliation of GAAP Income (loss) before income taxes to Non-GAAP Realized cash operating margin and cash operating margin per BOE Realized cash operating…
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 Q3 2016 Financial…
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