First Quarter 2021 Earnings Presentation May 4, 2021
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…
Company Overview NASDAQ: PVAC Enterprise Value: 890 MM(1) Eagle Ford 102,400 gross (90,400 net) acres(2) in Gonzales, Fayette, Lavaca and DeWitt counties; 100% Operated; 91% HBP Approximately 500 identified drilling locations in…
ESG is Integral to PVAC Business Model Penn Virginia focuses on creating long-term value for its shareholders while ensuring it fosters a culture that is steadfast on operational safety, environmental sustainability, social…
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…
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…
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…
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…
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…
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…
Peer Leading Margins Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position Gulf Coast Pricing + Low…
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…
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 LTM Net…
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 State of…
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…
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…
2021 Increased Guidance 2021 Oil Sale Volumes Guidance bbl/d o Expect to maintain current 2-rig program while closely monitoring commodity prices and costs 18,300-20,100 o Will continue to monitor service cost environment to…
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…
Appendix
Focus on Risk Management with Oil Price Upside Mitigating Commodity Price Volatility Through Proactive Hedging Program 44.65 - 55.10 16,000 44.27 - 56.53 14,000 12,000 42.00 - 54.92 Oil Barrels Per Day 10,000…
DR Financial Targets and Metrics Live Within Cash Flow on an Annual Basis Generate Capital returns to be protected with hedging Predictable Matching cost and revenue terms to ensure consistent and predictable return profile…
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 loss on extinguishment of debt, interest expense,…
Reconciliation of GAAP Operating Expenses to Non- GAAP Adjusted direct operating expenses per boe Reconciliation of GAAP Operating Expenses to Non-GAAP Adjusted direct operating expenses per boe 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…
Reconciliation of GAAP Realized prices to Non-GAAP Realized prices, including effects of derivatives, net Reconciliation of GAAP Realized prices to Non-GAAP Realized prices, including effects of derivatives, net We present our realized…
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. Net debt, as…
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…
Reconciliation of PV-10 and Adjusted PV-10 (Non-GAAP) Proved Developed Producing Reserves and Total Proved Reconciliation of PV-10 and Adjusted PV-10 (Non-GAAP) Proved Developed Reserves (PDP) Non-GAAP PV-10 value is the estimated…
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