The Oil & Gas ConferenceTM Investor Presentation August 24-25, 2010 NYSE: PVA www.pennvirginia.com
Key Investment Highlights Newly Positioned as a PurePlay E&P Firm Pro Forma Proved Reserves Final Sale of Coal/Midstream MLP Units in 2Q10 1000 9 % Divestiture Clarifies and Simplifies Message and Financials R: 2 885 911 900 CA…
Positioned for Growth Focused on Oil and Liquids Rich Plays in Near Term Penn Virginia Corporation 2010 & 2011 CAPEX Anticipated to be Funded by Cash Flows and 911 Bcfe of Proved Reserves (12/09)1 1 Marcellus 911 Bcfe of Proved…
Diversified Production Growth Pro Forma Production, Excludes Gulf Coast Strong production growth from PVAs core four plays in recent years Accelerated growth expected to resume during the second half of 2010 2005 2010 Quarterly…
Capital Expenditures Oil/Liquids Focus; Ample Capital Availability 2010 and 2011 Capital Will be Focused on Drilling in Oil and Liquids Rich Plays Granite Wash development plus exploration (50% of drilling CAPEX in 2010E) Horizontal…
Mid-Continent Granite Wash Play Map PVAs Granite Wash acreage is all in Oklahoma 46 horizontal wells have been drilled through 2Q10 2Q10 net Granite Wash production of 29 MMcfe/d (38.5 MMcfe/d Buffalo Wallow of total MidCon…
Mid-Continent Granite Wash / Other Highlights Significant Inventory approximately 30K net Granite Wash acres in western Oklahoma 168 gross horizontal Granite Wash drilling locations at YE09, excluding potential locations in most…
East Texas Haynesville Shale Play and PVA Acreage Maps PVAs shale acreage is primarily in Harrison and Panola Counties, TX 2Q10 net East Texas production of 29 MMcfe/d (18 MMcfe/d Cotton Valley and 11MMcfe/d Haynesville Shale) 2…
East Texas Haynesville Shale / Horizontal Cotton Valley Highlights Significant Inventory 45K net acres in East Texas (primarily Harrison Co.) 189 gross horizontal Haynesville Shale and 654 gross vertical Cotton Valley drilling…
East Texas Recent Improvements in Haynesville Shale Wells 2010 completions utilizing 1524 frac stages (11MM cost) have experienced higher IP rates and shallower declines than the two best previous wells from 2009 (10 stages; 9MM…
Mississippi Selma Chalk Play Map 27 horizontal wells have been drilled to date in this lowercost play 2Q10 production of 19 MMcfe/d Drilling in both Gwinville and Baxterville in 2010 1 rig currently drilling Play remains economic…
Mississippi Selma Chalk Highlights Significant Inventory approximately 30K net acres in south central Mississippi 188 gross horizontal drilling locations at YE09 175 Bcfe of proved reserves at YE09 Solid Economics 2.0 Bcfe EUR…
Appalachia Marcellus Shale Activity and Play Map Approximately 54K net acres in PA (additional 4K net acres in NY) PVAs acreage is in north central PA (Potter and Tioga Cos.) and in southwestern PA (Somerset Co.) Drilled…
Eagle Ford Shale Activity and Play Map Approximately 7K net acres recently acquired Location believed to be in volatile oil window Seeking to increase position over time, primarily in narrow oil / NGL fairway PVAs acreage is…
Strong Financial Condition Credit Statistics & Financial Liquidity 2009 and 2010 financing and asset sale transactions raised in excess of 825MM Strong liquidity with a 420MM borrowing base and 275 million of cash on hand LTM…
Financial Commodity Prices and Hedging PVAs current natural gas price view is 4.50 per MMBtu in 2H10; 5.00 per MMBtu in 2011, 5.50 per MMBtu in 2012 and 6.00 per MMBtu in 2013 forward PVAs current oil price view is 75 per Bbl,…
Conclusion Key Takeaways Newly Positioned as a PurePlay E&P Firm Solid Production and Reserve Growth Growth Now Driven Primarily by Oil and Liquids Rich Plays High Value Gas Plays Also Contribute to Growth Focused on…
Adjusted EBITDAX Reconciliation (MM) LTM Ended Year ended December 31, June 30, 2007 2008 2009 2010 Operating Income 77.4 143.7 (200.1) (154.1) Add: DD&A expense 88.0 134.1 153.1 133.4 Add: Impairments 2.6 20.0 106.4 103.0 Add:…
Loading...
