Q3 2020 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Nov 5, 2020 · 21 slides

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Slides

Third Quarter 2020 Earnings Presentation November 6, 2020
Transformational Equity Investment from Juniper Capital No Significant Low Leverage / Premier Oil and Increase in Size Prudent Risk Near-Term Strong Liquidity Gas Asset Base and Scale Management Maturities Fayette Completely…
Transaction Overview No Significant Low Leverage / Premier Oil and Increase in Size Prudent Risk Near-Term Strong Liquidity Gas Asset Base and Scale Management Maturities Transformative Transaction Creates Well Positioned…
PVAC Investment Thesis Ability to Highly Low Cost/ Strong Low Weighted High Hedge Generate to Oil Margin Position Leverage Free Cash Flow Expect to be Free Cash Flow Positive for Full Year 2020 (1) 1) Free cash flow is a…
Company Overview 98,300 gross (86,200 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 93% HBP Eagle Ford Sales: 76% oil / 90% liquids(2); access to Net Acreage: 86,200(1) (93% HBP) LLS/MEH markets…
3Q 2020 Highlights 24,295 10.88(2) Total 48.28 (1) Realized Sales 18,383 Strong Hedge Adjusted Gains Direct Operating Realized BOEPD Oil Expenses BOPD 37.39 Bbl Sales Oil Price per BOE 3Q'20 3Q'20 3Q'20 3Q'20…
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…
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 3Q 2020 Sales: 3Q 2020…
Low Operating Expense Highly Ability to Low Cost / Strong Hedge Generate Weighted Low Leverage High Margin Position Free Cash to Oil Flow 3Q20 LOE per BOE declined by 36% from 2017 3Q20 Adjusted Cash G&A(1) per BOE declined by…
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%…
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 46.29 -…
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) 1.65x…
Investment Thesis Highly Weighted to Oil Ability to Low Cost / Generate High Free Cash Margin Flow Strong Low Hedge Leverage Position 14
Appendix
Commodity Hedge Summary Quarterly(1) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 Hedges WTI Swaps (BO/d) 11,261 3,333 3,297 815 815 WTI Average Fixed Price (/Bbl) 55.92 55.89 55.89 45.54 45.54 WTI Collars…
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income Reconciliation of GAAP Net loss to Non-GAAP Adjusted Net Income Adjusted net income is a non-GAAP financial measure that represents net loss adjusted to include net…
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDAX Reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted EBITDAX Adjusted EBITDAX represents net income (loss) before interest expense, income taxes, impairments of…
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…
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…
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…
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…

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