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4Q and FY 2019 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Feb 28, 2020 · 31 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. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 1
    Fourth Quarter and Year-End 2019 Earnings Presentation February 28, 2020
  2. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 2
    PVAC Investment Thesis Highly Low Cost/ Ability to Moderate Low Generate Weighted High Growth Leverage Free Cash to Oil Margin Flow Expect to be Free Cash Flow Positive for Full Year 2020 (1) 1) Free cash flow is a non-GAAP…
  3. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 3
    Company Overview 100,200 gross (87,400 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 91% HBP Eagle Ford Substantial Lower Eagle Ford inventory Net Acreage: 87,400(1) (91% HBP) Drilling Locations:…
  4. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 4
    Full Year 2019 Highlights 27,730 352.2(1) 87 Grew Total 21,765 Increased Production 20,418 Adjusted 299.5(1) Decreased 27% 16,650 Cycle Time 66 EBITDAX BOEPD 18% BOPD MM 24% Days Oil Production 2018 2019 2018…
  5. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 5
    Investment Thesis Highly Weighted to Oil Ability to Low Cost / Generate High Free Cash Margin Flow Low Moderate Leverage Growth Fourth Quarter & Year-End 2019 Earnings February 28, 2020 6
  6. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 6
    Well Positioned in Oil Window of the Eagle Ford Highly Ability to Low Cost / Moderate Generate Weighted Low Leverage High Margin Growth Free Cash to Oil Flow Expect 76% of Total Production to be Crude Oil Oil Growth 20,418…
  7. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 7
    Gulf Coast Advantage Selling into LLS/MEH Market Highly Ability to Low Cost / Moderate Generate Weighted Low Leverage High Margin Growth Free Cash to Oil Flow LLS/MEH Significant Premium Over WTI and Midland Prices 4Q 2019 4Q…
  8. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 8
    Low Operating Expense with Continued Improvement Ability to Highly Low Cost / Moderate Generate Weighted High Margin Low Leverage Growth Free Cash to Oil Flow LOE per BOE declined by 26% from 2017 Adjusted Cash G&A(1) per BOE…
  9. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 9
    Improving Operational Efficiencies with a Strong Safety Culture 2-String Days vs. Depth 3-String Days vs. Depth 0 0 2017 2017 2018 3,000 2018 3,000 2019 2019 6,000 Total Measured Depth Total Measured Depth 6,000 58% 18%…
  10. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 10
    Peer Leading Margin Ability to Highly Low Cost / Moderate Generate Weighted Low Leverage High Margin Growth Free Cash to Oil Flow LLS/MEH Pricing and Low Cost Structure Yield Strong Margins 64.89 57.04 WTI Price 50.86 58%…
  11. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 11
    Delivering Moderate Oil Growth at Reduced Capex Ability to Highly Low Cost / Moderate Generate Weighted High Margin Low Leverage Growth Free Cash to Oil Flow Plan Calls for Similar Development Pace as 2019 with Capital…
  12. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 12
    Low Leverage with Continued Improvement Ability to Highly Low Cost / Moderate Generate Weighted Low Leverage High Margin Growth Free Cash to Oil Flow 2.2x(1)…
  13. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 13
    3Q 2019 Oil Weighting PVAC Has One of The Highest Percent Oil in E&P Sector 100% 80% 60% 40% 20% 0% PVAC Source: Press releases, presentations and other public data. Note: Peers include: APA, AR, BCEI, BRY, CHK,…
  14. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 14
    2020E Peer Group Margin PVAC Projected to Have One of The Highest EBITDA per BOE 40.00 30.00 20.00 10.00 0.00 PVAC Disclaimer: PVAC and Peer data is based on the arithmetic average of all consensus estimates…
  15. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 15
    2020E Peer Group Trading Multiple PVAC Currently at One of the Lowest Forward Multiples(1) 9.0x 6.0x 3.0x 0.0x PVAC Disclaimer: PVAC and Peer data is based on the arithmetic average of all consensus estimates publicly…
  16. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 16
    Guidance The table below sets forth the Companys guidance for 2020: Oil Growth 20,418 BOPD 2019 2020E Expect to Grow Oil Production by 2-9% in 2020 Note: Guidance as of February 27, 2020. All guidance is subject to…
  17. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 17
    Updated Hedge Portfolio Represents approximately 76% of oil volume relative to mid-point of guidance Mitigating Commodity Price Volatility Through Proactive Hedging Program 18,000 52.36 - 57.60 52.97 - 58.03 16,000 55.34…
  18. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 18
    2019 Major Accomplishments Generated Free Cash Flow (1) for 4Q19 Grew Oil Production 23% and Total Production 27% Y-o-Y Increased Proved Reserves by 8% Y-o-Y to 133 MMBOE Achieved Record Low Operating Cost and LOE Expense…
  19. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 19
    Appendix Fourth Quarter & Year-End 2019 Earnings February 28, 2020
  20. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 20
    Strategic Solutions Driving LOE Costs Lower Focused on Lowering LOE Costs Salt Water Disposal Gas Lift Contiguous LOE per BOE Acreage System Foot Print 6.00 5.76 Lower Costs 5.00 Gas Lift System 4.52 4.26 85% of PVAC…
  21. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 21
    Crude Oil Delivery Optionality Crude Spreads Balance of 2020(1) PVAC Acreage Republic Gathering Enterprise Products (EPD) Republic +4.31 Cushing (Brent) Kinder Morgan (KMI) (WTI) +1.19 +2.68 Midland Houston (WTI) (MEH)…
  22. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 22
    Increased Proved Reserves by 8% Year over Year Proved Reserves Summary YE'19 total proved reserves up 8% year over year Oil Gas NGL Total PV-10(2)(3) Proved reserves up 169% from year-end 2016 YE'19 MMBbl Bcf MMBbl MMBoe MM PD 40.6…
  23. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 23
    Hedge Summary Quarterly(1) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Hedges - SWAPS ONLY WTI Hedges (MBO) 1,424 969 794 794 WTI Hedges (BO/d) 15,648 10,648 8,630 8,630 WTI Average Floor 55.34 55.35 55.20 55.20 WTI Average Ceiling…
  24. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 24
    Non-GAAP Reconciliation PV-10 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 discounted at an…
  25. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 25
    Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income Reconciliation of GAAP Net income to Non-GAAP Adjusted Net Income Adjusted net income is a non-GAAP financial measure that represents net income (loss) adjusted to…
  26. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 26
    Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDAX Reconciliation of GAAP Net income to Non-GAAP Adjusted EBITDAX Adjusted EBITDAX represents net income (loss) before interest expense, income taxes, depreciation, depletion…
  27. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 27
    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…
  28. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 28
    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…
  29. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 29
    Non-GAAP Reconciliation Free Cash Flow (FCF) Definition and Explanation of Free Cash Flow Free Cash Flow is not a measure of net income (loss) as determined by GAAP. We define Free Cash Flow as Discretionary Cash Flow (non-GAAP) less…
  30. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 30
    Definition of Net Debt Net Debt Net debt, excluding unamortized discount and debt issuance costs is a non-GAAP financial measure that is defined as total principal amount of long-term debt less cash and cash equivalents. The most…
  31. 4Q and FY 2019 Earnings Presentation – Penn Virginia Corp – slide 31
    Non-GAAP Reconciliation Reserve Replacement Ratio Reserve Replacement Ratio - Definition The Company uses the reserve replacement ratio as an indicator of the Companys ability to replenish annual production volumes and grow its reserves,…

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