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2Q 2020 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Aug 7, 2020 · 26 slides

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Slides

  1. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 1
    Second Quarter 2020 Earnings Presentation August 7, 2020
  2. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 2
    PVAC Investment Thesis Highly Low Cost/ Strong Ability to Low Generate Weighted High Hedge Leverage Free Cash to Oil Margin Position Flow Expect to be Free Cash Flow Positive for Full Year 2020 (1) 1) Free cash flow is a…
  3. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 3
    Company Overview 99,000 gross (86,500 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 92% HBP Production: 77% oil / 90% liquids(2); access to Eagle Ford LLS/MEH markets and strong adjusted EBITDAX…
  4. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 4
    2Q 2020 Highlights 24,617 50.37(1) Realized 66.4(2) Total Hedge Production 18,888 Strong Gains Adjusted Realized 23.97 EBITDAX BOEPD Oil MM BOPD Bbl Production Oil Price 2Q'20 2Q'20 2Q'20 2Q'20 Oil Total…
  5. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 5
    Investment Thesis Highly Weighted to Oil Ability to Low Cost / Generate High Free Cash Margin Flow Strong Low Hedge Leverage Position 6
  6. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 6
    Well Positioned in Oil Window of the Eagle Ford Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow We Believe PVAC Is One of The Oiliest Small Caps of Its Peers…
  7. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 7
    Gulf Coast Advantage Selling into MEH Market Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow MEH Premium Over WTI and Midland Prices 2Q 2020 2Q 2020…
  8. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 8
    Low Operating Expense Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow LOE per BOE declined by 30% from 2017 Adjusted Cash G&A(1) per BOE declined by 9% from…
  9. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 9
    Strong Margin Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow MEH Pricing and Low Cost Structure Yield Strong Margins Greater than 100% due to significant 106%…
  10. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 10
    Strong Oil Hedge Position Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow Mitigating Commodity Price Volatility Through Proactive Hedging Program 52.70 - 58.26…
  11. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 11
    Low Leverage Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow 2.2x(1) 1.7x(1)…
  12. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 12
    2019 Oil Weighting PVAC Has One of The Highest Percent Oil in E&P Sector 100% 80% PVAC 60% 40% 20% 0% Source: Press releases, presentations and other public data. Note: Peers include: APA, AR, BCEI, BRY,…
  13. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 13
    2020E Peer Group Margin PVAC Projected to Have the Highest EBITDA per BOE PVAC 30.00 20.00 10.00 0.00 Disclaimer: PVAC and Peer data is based on the arithmetic average of all consensus estimates publicly available…
  14. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 14
    2020E Peer Group Trading Multiple PVAC Currently the Lowest Forward Multiple(1) 12.0x 9.0x 6.0x PVAC 3.0x 0.0x Disclaimer: PVAC and Peer data is based on the arithmetic average of all consensus estimates…
  15. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 15
    Appendix
  16. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 16
    Commodity Hedge Summary Quarterly(1) 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Hedges WTI Swaps (BO/d) 12,543 9,804 5,000 4,945 WTI Average Fixed Price (/Bbl) 50.31 55.18 51.60 51.60 WTI Collars (BO/d) 4,043 2,000 5,000 4,945 3,261…
  17. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 17
    Commodity Hedge Summary Quarterly(1) (Continued) 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Hedges WTI Sold Puts (BO/d) 5,087 12,500 12,363 3,261 3,261 WTI Average Sold Put (/Bbl) 43.50 36.73 36.73 35.00 35.00 MEH Swaps (BO/d) 2,000…
  18. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 18
    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 adjusted to include net…
  19. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 19
    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 before interest expense, income taxes, impairment of oil and gas…
  20. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 20
    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…
  21. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 21
    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…
  22. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 22
    Non-GAAP Reconciliation Free Cash Flow (FCF) Definition and Explanation of Free Cash Flow Free Cash Flow is a non-GAAP financial measure that management believes illustrates our ability to generate cash flows from our business that are…
  23. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 23
    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…
  24. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 24
    Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) 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…
  25. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 25
    Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) NYMEX pricing used in the calculation of PV-10 value at strip pricing as of August 5, 2020. The table below sets forth the calculation of the ratio of PV-10 of proved…
  26. 2Q 2020 Earnings Presentation – Penn Virginia Corp – slide 26
    Reserve Reconciliation Proved Reserves Year End 2019 Proved Reserves Compared to 08/1/2020 Proved Reserves serves Reconciliation (MBOE)Reconciliation (MBOE) D&M YE 2019 Proved Reserves Total Proved Reserves Reconciliation (MBOE) of…

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