Independent Petroleum Association of America (IPAA) Oil & Gas Investment Symposium (OGIS) Toronto Investor Presentation June 5, 2014 NYSE: PVA
Penn Virginia Today Eagle Ford Shale Will Drive Continued Growth Contiguous and highquality acreage position in the Eagle Ford Shale Approximately 86,800 net acres with over 1,500 remaining drilling locations; nearly a 15year…
Operating Areas As of and for the Quarter Ended March 31, 2014 Total Company Granite Wash/MidContinent YE13 proved reserves: 10.6 MMBOE 80% Developed East Texas YE 2013 Reserves 1Q14 Production: 1.9 MBOEPD YE13 proved reserves:…
Strategy Focused on Six drilling rigs, drilling 98 (53.3 net) wells in 2014 Operational Execution and Further Goal: increase acreage to a minimum of 100,000 net acres in our Eagle Ford backyard Expansion in the Eagle Ford…
PVA is an Eagle Ford Shale Oil Growth Story We significantly increased Historical and Anticipated Production Growth oil production over the 30,000 last few years and we expect that trend to continue 25,000 20,000 Other…
Growing Our Eagle Ford Shale Position Increases in Production, Revenues and Reserves 6
Overview of the Eagle Ford Shale Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Higher GOR Oil EFS Operators Gonzales PVA BHP San Antonio CHK Wilson COG Bexar COP Lavaca CRK CRZO Atascosa DVN (new)…
Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 126,500 gross (86,800 net) acres in Gonzales and Lavaca Cos. Gonzales Avg. IP/30day rates of 1,469/869 BOEPD for the last 68/53 wells in…
PVA's Concentrated Position in the Eagle Ford Shale Penn Virginia Continues to Produce Strong Well Results Acreage and Current Activity Fayette Peach Creek Rock Creek / Bozka Gonzales Wombat Unit Shiner 1H : IP 1,670 BOEPD 2H :…
Upper Eagle Ford / Marl Upside Currently have 475 Located in the southeast extent of our Eagle Ford Shale position in Lavaca County Upper Eagle Ford in the general vicinity of our Welhausen results (Marl) Shale Drilling Potential of…
Upper Eagle Ford / Marl Upside 200 Upper Eagle Ford / Marl Fayette Tier 1 Fairway BON GO NORTH 2H BONGO N ORTH 1H BONGO HUNTER 1H Gonzales Sabine Sustr 1H 200 100 200 Existing Completions 2 GON ZO NOR TH…
Eagle Ford Shale Drilling Inventory Inventory of Drilling Locations Increasing Due to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position has grown to now 126,500 gross (86,800 net) acres We now…
Gross Production Actuals vs. TypeCurve Per Frac Stage Average Actual Monthly Production of Operated Wells vs. YE13 Type Curve Normalizing for production by frac stage, the past approximately 50 wells in Peach Creek and Shiner have a…
Eagle Ford Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field Shiner Field Assumes 28 frac stages Assumes 27 frac stages 367 MBOE EUR type curve (1); 86% oil, 8% NGLs (2) 484 MBOE…
Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at Least Liquidity of 295 MM at March 31, 2014 150 MM of Noncore asset sales underway to continue to boost liquidity and reduce Financial Liquidity…
Capitalization and Credit Stats Capitalization ( millions) 12/31/13 3/31/14 Cash 23 10 Debt Credit Facility 206 190 7.25% senior notes due 2019 300 300 8.50% senior notes due 2020 775 775 Total debt 1,281 1,265 6% convertible…
Company Highlights 86,800 acres in the Eagle Ford with 15 years of drilling inventory, or 12 years Premier Eagle Ford with accelerated drilling Position Continued acreage growth through organic leasing and bolton acquisitions…
Appendix 18
Detailed Analysis of EFS Wells by Location Excludes NonOperated and Shallow Wells Initial Potential BOEPD/ Casing Oil Oil Gas Equiv BOEPD/ Stage % Choke Pressure Gravity Location (BOPD) (MCFD) (BOEPD) Stage Rank Oil GOR (64ths)…
Detailed Analysis of EFS Wells by Location Excludes NonOperated and Shallow Wells Gross Net WI Location Wells Wells (%) Shiner Beer Quad (Mod. GOR) 11 5.5 50% Shiner Upper Eagle Ford (Marl) 3 2.8 94% Peach Creek 78 48.7 62%…
Internal Well Economics Pretax IRR Sensitivities Superior Returns in Peach Creek and Shiner Peach Creek Field Shiner Field Assumes 28 frac stages Assumes 27 frac stages 520 MBOE EUR type curve (1); 86% oil, 8% NGLs (2) 680 MBOE EUR…
Hedging Strategy Protect Cash Flow Maintain an active hedging program to help support capital spending program and ensure strong coverage metrics Hedges in place to protect cash flow Latest oil hedges: 12,000 BOPD (68% of est.…
Derivatives Current Derivative Positions as of 5/27/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) Second quarter 2014 Swaps 15,000 4.10 Third quarter…
Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 1Q14 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…
Adjusted Net Loss Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 1Q14 Adjusted Net Loss dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…
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