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Capital Ones 14th Annual Energy Conference – Penn Virginia Corp

Penn Virginia Corp · Dec 12, 2019 · 26 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. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 1
    Capital Ones 14th Annual Energy Conference December 12, 2019
  2. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 2
    Company Overview 100,200 gross (87,300 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 91% HBP Eagle Ford Substantial Lower Eagle Ford inventory Net Acreage: 87,300(1) (91% HBP) Drilling Locations:…
  3. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 3
    3Q 2019 Highlights 255.8(1) 27,196 57.12 Increased Grew 20,444 Realized 56.44 Adjusted 211.3(1) Production 101% EBITDAX BOEPD 33% 21% MM Bbl of WTI 9 Months 9 Months Realized 9 Months 9 Months 2018 2019 WTI Price 2018…
  4. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 4
    Keys to Continued Success Maintain Ensure Generate Focus on Strong Financial Free Cash Costs Margins Discipline Flow Expect to Drill Within Cash Flow in 4Q 2019 5
  5. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 5
    2019 Capital Plan Estimated 2019 Capital Expenditures: Between 350 MM and 360 MM - Increased Capital Due to Faster Drilling and Increased Working Interest Due to Acquisition Plan to Drill 44 Gross Wells (39 Net Wells) - 4Q19 - 11…
  6. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 6
    Improved Operational Efficiency Days vs. Depth Area 1 (2-String) Days vs. Depth Area 2 (3-String) Days vs. Depth 0' 0' 2017 2017 2018 2018 2019 2019 69% 6% Total Measured Depth 6,000' 7,000' Total Measured Depth…
  7. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 7
    Improving Efficiencies Cycle Time 2-Well Pads Spud to First Production, Days 160 2018 Cycle Time 85 Days 140 2019 Cycle Time (1) 71 Days 120 100 80 60 40 20 Cycle Time 3-Well Pads Spud to First Production,…
  8. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 8
    Ground Game to Manage Inventory Life Area 1 Fayette Type Curve Parameters Successful Track Record Of Growing Inventory PVAC Acreage XRL Conv Through Leasing, Swaps, Acquisitions and Delineation % Liquids 94% 94% EUR/1,000 ft (MBOE)…
  9. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 9
    Crude Oil Delivery Optionality Crude Spreads For 2020(1) Geographic Location Provides PVACs Production Cushing +4.08 (Brent) Access to LLS/MEH Markets and Pricing (WTI) +2.74 +1.03 Four Delivery Points Midland Houston (MEH)…
  10. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 10
    Selling into LLS/MEH Market LLS/MEH Commanding Significant Premium Over WTI and Midland Prices 3Q 2019 Production: 88% Liquids; 73% Oil Receives LLS/MEH Pricing, Premium Over WTI and Midland Realized 57.12 per Barrel in 3Q 2019, or…
  11. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 11
    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 4.64 Lower 4.48 Costs Gas Lift System 4.00 85% of PVAC wells on…
  12. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 12
    Adjusted Direct Operating Expenses per BOE(1)(2) Low Adjusted High Adjusted Direct Operating Low Leverage EBITDAX per Expenses per BOE(2) BOE(2) LOE per BOE declined by 23% from 2017 Adjusted Cash G&A(2) per BOE declined by 37%…
  13. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 13
    Adjusted EBITDAX per BOE(1) Low Adjusted High Adjusted Direct Operating Low Leverage EBITDAX per Expenses per BOE(1) BOE(1) LLS/MEH Pricing and Low Cost Structure Yield Strong Margins 64.89 59.10 54.90 56.44 WTI 50.86…
  14. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 14
    Balance Sheet Improvement Net Debt to LTM Adjusted EBITDAX (1) Low Adjusted High Adjusted Direct Operating Low Leverage EBITDAX per Expenses per BOE(1) BOE(1) 2.6x(2) l Expect to drill within cash flow in 4Q 2019 l Targeting…
  15. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 15
    3Q 2019 Peer Group Percent Oil(1) PVAC Has One of The Highest Percent Oil 100% 80% 60% 40% 20% 0% PVAC Source: Press releases, presentations and other public data. 1) Peers include: APA, AR, BCEI, BRY, CHK,…
  16. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 16
    2020E Peer Group EBITDA per BOE(1) PVAC Projected to Have One of The Highest EBITDA per BOE 39.00 34.00 29.00 24.00 19.00 14.00 9.00 4.00 -1.00 PVAC Disclaimer: PVAC and Peer data is based on the arithmetic average…
  17. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 17
    2020E Peer Group EV/EBITDA(1)(2) PVAC Projected to Have One of The Lowest EV/EBITDA 8.0x 6.0x 4.0x 2.0x 0.0x PVAC Disclaimer: PVAC and Peer data is based on the arithmetic average of all consensus estimates…
  18. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 18
    PVAC Investment Qualities Low Cost Structure 3Q19 Adjusted Direct Operating Expense per BOE 11.88 (1) Premium Pricing Expect to Drill 3Q19 Realized Price 101% WTI Within Cash Flow in 4Q 2019 High Margins and Generate 3Q19…
  19. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 19
    Appendix
  20. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 20
    Updated Hedge Portfolio(1) Mitigating Commodity Price Volatility Through Proactive Hedging Program 14,000 55.00 12,000 55.97 Oil Barrels Per Day 10,000 8,000 6,000 59.17 4,000 61.03 2,000 64.00 -0 2019 2020 WTI…
  21. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 21
    Guidance The table below sets forth the Companys guidance for 2019: 2019 %Oil 27,400 27,700 BOEPD Production (BOEPD) 27,400 - 27,700 74 % 0% -3 25 Realized Price Differentials 21,765 Oil (WTI, per barrel) 0.00 - 1.00 BOEPD…
  22. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 22
    Non-GAAP Reconciliation PV-10 Reconciliation of GAAP Standardized Measure of Discounted Future Net Cash Flows to Non-GAAP PV-10 Standardized Measure of Discounted Future Net Cash Flows to Non-GAAP PV-10 December 31, 2018 2017…
  23. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 23
    Reconciliation of GAAP Net Income (loss) to Non-GAAP Adjusted Net Income Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted net income 24
  24. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 24
    Reconciliation of GAAP Net Income (loss) to Non-GAAP Adjusted EBITDAX Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX 25
  25. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 25
    Reconciliation of GAAP Operating expenses to Non-GAAP Adjusted Direct Operating Expenses and Adjusted Direct Operating Expenses per BOE Reconciliation of GAAP Operating expenses to Non-GAAP Adjusted direct operating expenses and…
  26. Capital Ones 14th Annual Energy Conference – Penn Virginia Corp – slide 26
    Reconciliation of GAAP General and Administrative Expenses to Non-GAAP Adjusted Cash General and Administrative Expenses Reconciliation of GAAP General and administrative expenses to Non-GAAP Adjusted cash general and administrative…

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