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Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Mar 8, 2021 · 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. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 1
    Fourth Quarter and Year-End 2020 Earnings Presentation March 8, 2021
  2. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 2
    PVAC Investment Thesis Strong High Advantaged Premier Strong PDP Base Margin / Regulatory Oil Balance with Improving and Weighted Sheet / Substantial Infrastructure Asset Efficiency Liquidity Inventory Position Focused on…
  3. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 3
    Company Overview 102,100 gross (90,100 net) acres(1) in Gonzales, Fayette, Lavaca Eagle Ford and DeWitt counties; 99% Operated; 92% HBP Approximately 500 identified drilling locations in inventory o Top 250 locations average 40%+…
  4. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 4
    2020 Accomplishments Improved Cost and Capital Efficiency Total well cost per lateral foot down 19% vs 2019 LOE per BOE of 4.22 reduced from 2019 Low adjusted cash G&A(1) of 2.71 per BOE Prioritized Returns and Free Cash…
  5. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 5
    New Experienced Senior Management with Focus on Returns Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure…
  6. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 6
    Premier Oil Asset in the U.S. Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Premier Oil…
  7. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 7
    ESG is Integral to PVAC Business Model Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Penn…
  8. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 8
    Strong PDP Base Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Strong PDP Base with…
  9. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 9
    Exceptional Well Results and Deep Inventory Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position…
  10. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 10
    Continuously Improving Drilling Efficiencies Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position…
  11. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 11
    Driving Down Costs Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position 2020 LOE per BOE declined…
  12. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 12
    While Expanding Margins Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Increased Adjusted…
  13. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 13
    Committed to Strong Balance Sheet Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position No…
  14. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 14
    Committed to Strong Balance Sheet Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Pro Forma…
  15. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 15
    Advantaged Regulatory Position Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Operating…
  16. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 16
    Substantial Infrastructure Advantaged Pricing Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position…
  17. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 17
    2021 Strategic Focus Cash-on-Cash Returns Maximize value of each BBL and MCF sold Scrutinize risk-adjusted returns on capital deployment Committed to Continuous Improvement Streamline operations and processes Search for cost…
  18. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 18
    2021 Guidance o 1Q21 oil sales volumes between 15,400 and 16,200 BOPD 2021 Capital by Type o 4Q21 oil sales volumes between 18,700 and 20,700 BOPD Facilities/Land 2% o 2021 oil sales volumes between 17,200 and 19,000 BOPD o…
  19. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 19
    PVAC Investment Thesis Strong Advantaged Premier High Strong PDP Base Regulatory Oil Margin / Balance with and Weighted Improving Sheet / Substantial Infrastructure Asset Efficiency Liquidity Inventory Position Focused on…
  20. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 20
    Appendix
  21. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 21
    Transformational Equity Investment from Juniper Capital Fayette Created premium balance sheet, adding substantial equity and reducing debt TX Increased scale, cash flow and drilling Lavaca inventory with synergistic…
  22. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 22
    Focus on Risk Management with Oil Price Upside Mitigating Commodity Price Volatility Through Proactive Hedging Program Realized 50+/BBL in 2020 16,000 43.82 - 54.67 1Q20 provides 100% downside protection (with 10% upside due to…
  23. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 23
    Commodity Hedge Summary Quarterly(1) 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) 3,889 3,297 815 815 WTI Average Fixed Price (/Bbl) 54.38 55.89 45.54 45.54 WTI Collars (BO/d) 10,278 12,088…
  24. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 24
    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 oil…
  25. Q4 and Year End 2020 Earnings Presentation – 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. Q4 and Year End 2020 Earnings Presentation – 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…
  27. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 27
    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…
  28. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 28
    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…
  29. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 29
    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…
  30. Q4 and Year End 2020 Earnings Presentation – Penn Virginia Corp – slide 30
    Reconciliation of PV-10 and Adjusted PV-10 (non- GAAP) Proved Developed Reserves and Total Proved Reconciliation of PV-10 and Adjusted PV-10 (non-GAAP) Proved Developed Reserves (Pro Forma for Juniper Transaction) Non-GAAP PV-10 value…

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