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2Q 2019 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Aug 8, 2019 · 30 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. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 1
    Second Quarter 2019 Earnings Presentation August 8, 2019
  2. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 2
    Company Overview 98,500 gross (84,400 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 92% HBP Eagle Ford Substantial Lower Eagle Ford inventory Net Acreage: 84,400(1) (92% HBP) Drilling Locations:…
  3. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 3
    2Q 2019 Highlights 168.7(1) 62.63 26,278 Increased Grew 19,189 Realized 59.91 Adjusted 126.2(1) Production 105% EBITDAX BOEPD 37% 34% MM Bbl of WTI 1H'18 1H'19 Realized 1H'18 1H'19 WTI Price 2Q19 2Q19 12.22(1)…
  4. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 4
    Keys to Continued Success Maintain Ensure Generate Grow Focus on Strong Financial Free Cash Production Costs Margins Discipline Flow Expect to Generate Free Cash Flow in 4Q 2019 Second Quarter 2019 Earnings Presentation…
  5. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 5
    2019 Capital Plan Estimated Capital Expenditures: Between 335 MM and 355 MM Expect to Drill 44 Gross Wells (39 Net Wells) Expect to Turn in Line 46 Gross Wells (41 Net Wells) Plan Calls for 2-rig Development Program for the Second…
  6. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 6
    Ground Game to Manage Inventory Life Area 1 Fayette Type Curve Parameters Successful Track Record Of Growing Inventory PVAC Acreage Conv XRL Through Leasing, Swaps, Acquisitions and Delineation % Liquids 94% 94% EUR/1,000 ft (MBOE)…
  7. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 7
    Selling into LLS/MEH Market LLS/MEH Commanding Significant Premium Over WTI and Midland Prices 2Q 2019 Production: 87% Liquids; 72% Oil Receives LLS/MEH Pricing, Premium Over WTI and Midland Realized 62.63 per Barrel in 2Q 2019, or…
  8. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 8
    Strategic Solutions Driving LOE Costs Lower Focused on Lowering LOE Costs Salt Water Disposal Gas Lift Contiguous LOE per BOE Acreage System Foot Print 5.00 4.61 Lower 4.48 Costs Gas Lift System 4.00 80% of PVAC wells on…
  9. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 9
    Crude Oil Delivery Optionality Crude Spreads Balance of 2019(1) Geographic Location Provides PVACs Production Cushing +6.38 (Brent) Access to LLS/MEH Markets and Pricing (WTI) +0.02 +3.34 Four Delivery Points Midland Houston…
  10. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 10
    Increasing Production Low Adjusted Increasing High Adjusted Direct Operating Low Leverage Production EBITDAX per Expenses per BOE(1) BOE(1) Meaningful Production Growth 21,765 BOEPD 10,353 BOEPD 2017A 2018A…
  11. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 11
    Adjusted Direct Operating Expenses per BOE(1)(2) Low Adjusted Increasing High Adjusted Direct Operating Low Leverage Production EBITDAX per Expenses per BOE(2) BOE(2) LOE per BOE declined by 29% from 2017 Adjusted Cash G&A(2)…
  12. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 12
    PVAC vs. Eagle Ford Peers The Highest Adjusted EBITDAX/BOE in PVACs Peer Group(1)(2) 37.70 32.08 28.63 28.50 27.41 26.42 PVAC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Disclaimer: Historical data for PVAC is based on actual…
  13. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 13
    Adjusted EBITDAX per BOE(1) Low Adjusted Increasing High Adjusted Direct Operating Low Leverage Production EBITDAX per Expenses per BOE(1) BOE(1) LLS/MEH Pricing and Low Cost Structure Yield Strong Margins 37.70 37.70…
  14. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 14
    PVAC vs. Eagle Ford Peers - Leverage One of the Lowest Net Debt / EBITDAX(1)(2) 4.3x 2.4x 1.9x 1.6x 1.4x 0.1x Peer 1 Peer 2 Peer 3 PVAC Peer 4 Peer 5 Disclaimer: Historical data for PVAC is based on actual reported…
  15. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 15
    Balance Sheet Improvement Net Debt to LTM Adjusted EBITDAX Low Adjusted Increasing High Adjusted Direct Operating Low Leverage Production EBITDAX per Expenses per BOE(1) BOE(1) 2.6x(2) Expect to generate free cash flow in 4Q…
  16. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 16
    PVAC vs. Eagle Ford Peers - Valuation EV/EBITDA Penn Virginia Provides Attractive Valuation(1)(2) 3.9x 3.8x 3.6x 2.8x 2.4x 1.7x Peer 1 Peer 2 Peer 3 Peer 4 PVAC Peer 5 Disclaimer: Forward looking data for PVAC and…
  17. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 17
    PVAC Investment Qualities 1 2 3 4 5 Low Cost Premium High Strong Production Structure Pricing Margins Balance Sheet Growth 2Q19 Adjusted Direct 2Q19 2Q19 Adjusted EBITDAX 2Q19 Operating Expense per BOE Realized Price per BOE Net…
  18. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 18
    Appendix Second Quarter 2019 Earnings Presentation August 8, 2019
  19. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 19
    Updated Hedge Portfolio(1) Mitigating Commodity Price Volatility Through Proactive Hedging Program 8,000 55.70 54.94 7,000 Oil Barrels Per Day 6,000 59.17 5,000 4,000 3,000 61.03 2,000 64.00 1,000 -0 2019 2020 WTI…
  20. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 20
    Increased Proved Reserves by 69% Year over Year Proved Reserves Summary YE18 total proved reserves up 69% year over year Oil Gas NGL Total Proved developed reserves up 47% from year-end 2017 YE18 MMBbl MMcf MMBbl MMBoe Proved…
  21. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 21
    Guidance The table below sets forth the Companys guidance for 2019: 27,400 27,700 BOEPD 21,765 BOEPD 2018A 2019E Expect to Grow Production by 25-30% in 2019 Note: Guidance as of August 8, 2019. All guidance is subject…
  22. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 22
    Non-GAAP Reconciliation PV-10 Discounted Future Net Cash Flows to Non-GAAP PV-10 December 31, 2018 2017 (in thousands) Standardized measure of future discounted cash flows 1,623,890 590,484 Present value of future income taxes…
  23. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 23
    Non-GAAP Reconciliation Reserve Replacement Ratio Second Quarter 2019 Earnings Presentation August 8, 2019 24
  24. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 24
    Non-GAAP Reconciliation Adjusted Net Income - Unaudited Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted net income Adjusted net income is a non-GAAP financial measure that represents net income (loss) adjusted to include…
  25. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 25
    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 taxes, depreciation, depletion and…
  26. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 26
    Non-GAAP Reconciliation Adjusted EBITDAX - Unaudited Adjusted EBITDAX represents net income before interest expense, income taxes, depreciation, depletion and amortization expense and share-based compensation expense, further adjusted…
  27. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 27
    Non-GAAP Reconciliation Adjusted Direct Operating Expenses - Unaudited Second Quarter 2019 Earnings Presentation August 8, 2019 28
  28. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 28
    Non-GAAP Reconciliation Adjusted Direct Operating Expenses - Unaudited Second Quarter 2019 Earnings Presentation August 8, 2019 29
  29. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 29
    Non-GAAP Reconciliation Adjusted Cash G&A - Unaudited Reconciliation of GAAP General and administrative expenses to Non-GAAP Adjusted cash general and administrative expenses Adjusted cash general and administrative expenses is a…
  30. 2Q 2019 Earnings Presentation – Penn Virginia Corp – slide 30
    Non-GAAP Reconciliation Adjusted Cash G&A - Unaudited 31

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