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2Q 2021 Earnings Presentation – Penn Virginia Corp

Penn Virginia Corp · Aug 3, 2021 · 29 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. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 1
    Second Quarter 2021 Earnings Presentation August 3, 2021
  2. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 2
    PVAC Investment Thesis Strong PDP High Strong Advantaged Premier Oil Leadership Base with Margin / Balance Regulatory and Weighted in ESG Substantial Improving Sheet / Infrastructure Asset Inventory Efficiency Liquidity…
  3. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 3
    Company Overview Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure Position NASDAQ:…
  4. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 4
    Lonestar Acquisition Overview Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure…
  5. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 5
    Highly Accretive Offset Operator Consolidation Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  6. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 6
    Lonestar Assets Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure Position Current…
  7. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 7
    Complementary Scale and Strong Financial Metrics Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  8. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 8
    Anticipated Synergies Significant Value Creation Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  9. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 9
    Strong PDP Base Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure Position Strong PDP…
  10. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 10
    Exceptional PVAC Well Results and Deep Inventory Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  11. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 11
    Northeast Acreage Provides Significant Inventory Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  12. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 12
    Southwest Acreage Provides Significant Opportunity Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  13. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 13
    Successful Infill and Downspacing Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure…
  14. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 14
    Continuously Improving Drilling Efficiencies Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  15. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 15
    Committed to Strong Balance Sheet Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure…
  16. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 16
    Committed to Protecting the Environment Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure…
  17. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 17
    Substantial Infrastructure Advantaged Pricing Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and…
  18. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 18
    Advantaged Regulatory Position Premier Oil Strong PDP Base with High Margin / Strong Balance Leadership Advantaged Regulatory Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity in ESG and Infrastructure…
  19. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 19
    Further Consolidation Potential Numerous sub-scale operators in the Eagle Operator Concentration by Basin Ford basin creates a robust set of potential Bubble Size represents average boe/d per Operator(1) opportunities 4.0 Focused…
  20. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 20
    3Q21 Guidance o 3Q21 guidance assumes Penn Virginia standalone o 4Q21 guidance dependent on timing of Lonestar acquisition Sales 3Q21 closing Oil Sales - bbl/d 20,000 20,600 o Strong realized price for oil and natural gas…
  21. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 21
    PVAC Investment Thesis Strong PDP High Strong Advantaged Premier Oil Leadership Base with Margin / Balance Regulatory and Weighted in ESG Substantial Improving Sheet / Infrastructure Asset Inventory Efficiency Liquidity…
  22. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 22
    Appendix
  23. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 23
    Commodity Hedge Summary Quarterly(1) PVAC 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Hedges WTI Swaps (bbl/d) 1,902 815 WTI Average Fixed Price (/bbl) 59.95 45.54 WTI Collars (bbl/d) 14,130 13,043 7,083 6,181 4,484…
  24. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 24
    PVAC Commodity Hedge Summary Quarterly(1) PVAC Strike Map 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 WTI Call 50.00 4,348 3,261 2,917 2,885 2,853 2,853 2,917 2,885 50.50 1,630 1,630 55.00 3,261 56.80 1,667 1,648…
  25. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 25
    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,…
  26. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 26
    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…
  27. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 27
    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,…
  28. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 28
    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 developed reserves…
  29. 2Q 2021 Earnings Presentation – Penn Virginia Corp – slide 29
    Reconciliation of PV-10 and Adjusted PV-10 (Non-GAAP) Proved Developed Reserves (PD) Reconciliation of PV-10 and Adjusted PV-10 (Non-GAAP) PD Reserves Non-GAAP PV-10 value is the estimated future net cash flows from estimated proved…

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