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March 2014 Investor Presentation – Penn Virginia Corp

Penn Virginia Corp · Mar 31, 2014 · 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. March 2014 Investor Presentation – Penn Virginia Corp – slide 1
    Investor Presentation March 2014 NYSE: PVA
  2. March 2014 Investor Presentation – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive the Growth Contiguous and highquality acreage position in the Eagle Ford Shale Approximately 80,000 net acres with greater than 1,100 remaining drilling locations and growing…
  3. March 2014 Investor Presentation – Penn Virginia Corp – slide 3
    Operating Areas As of and for the Quarter Ended December 31, 2013 Eagle Ford Shale and Other Play Types Granite Wash/MidContinent East Texas Marcellus/Appalachia YE13 proved reserves: 10.6 MMBOE YE13 proved reserves: 35.9 MMBOE YE13…
  4. March 2014 Investor Presentation – Penn Virginia Corp – slide 4
    Strategy Focused on drilling execution and further expansion in the Eagle Ford Six drilling rigs assumed in 2014, drilling 98 (53 net) wells Could opportunistically increase the rig count further and accelerate the value of undrilled…
  5. March 2014 Investor Presentation – Penn Virginia Corp – slide 5
    PVA is an Eagle Ford Shale Oil Growth Story PVAs Positioning Among Oil Producers is Expected to Increase We have significantly increased our oil production over the past three years and we expect that trend to continue Other plays,…
  6. March 2014 Investor Presentation – Penn Virginia Corp – slide 6
    Overview of the Eagle Ford Shale Eastern Volatile Oil and Condensate Rich Gas Windows(1) Volatile Oil Condensate EFS Operators Gonzales PVA Hunt San Antonio BHP Wilson CHK Bexar COG Lavaca COP CRK Atascosa CRZO DeWitt…
  7. March 2014 Investor Presentation – Penn Virginia Corp – slide 7
    Overview of PVAs Eagle Ford Shale Position Emerging Presence in Leading U.S. Oil Shale Play 117,400 gross (79,500 net) acres in Gonzales and Lavaca Counties, TX Gonzales Operator of 102,900 (73,000 net) acres 71% WI Nonoperator of…
  8. March 2014 Investor Presentation – Penn Virginia Corp – slide 8
    PVAs Eagle Ford Shale Evolution As of Late February 2014 Acreage Acquisition History Fayette Magnum Hunter (2013) Gonzales Hunt / MHR (2013) Bozka (2012) Shiner (2012) Kona (2011) Rock Creek Ranch (2011) Cannonade Ranch…
  9. March 2014 Investor Presentation – Penn Virginia Corp – slide 9
    Eagle Ford Shale Operational Update Recent Eagle Ford Shale Well Activity and Results BongoNorth 1H:IP1,156BOEPD ZebraHunter RhinoHunter 2H: IP1,414BOEPD 2 WellPad 2 WellPad BongoHunter IP3,761BOEPD IP3,524BOEPD 1H: IP2,280BOEPD…
  10. March 2014 Investor Presentation – Penn Virginia Corp – slide 10
    Growing Our Eagle Ford Shale Position Increases in Producing Wells, Production, Reserves and Revenues 10
  11. March 2014 Investor Presentation – Penn Virginia Corp – slide 11
    Well Results Are Improving Increases in Initial Production Rates Quarterly Trend in Average IPs Avg. IP & 30Day Average IP 1,800 1,600 1,400 1,200 1,000 BOEPD 800 600 400 200 0 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13…
  12. March 2014 Investor Presentation – Penn Virginia Corp – slide 12
    Well Costs are Declining Decreases in Well Costs Quarterly Trend in Well Costs Per Frac Stage 700 600 500 000s per Frac Stage 400 300 200 100 0 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Total Well Costs Completion…
  13. March 2014 Investor Presentation – Penn Virginia Corp – slide 13
    Increased Frac Intensity Driving Better Results Enhanced SRV (Stimulated Rock Volume) From Increased Proppant Use per Stage is Benefiting Results 13
  14. March 2014 Investor Presentation – Penn Virginia Corp – slide 14
    Eagle Ford Shale Drilling Inventory Inventory of Drilling Locations Increasing to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position is now 117,400 gross (79,500 net) acres (1) We now have over a…
  15. March 2014 Investor Presentation – Penn Virginia Corp – slide 15
    Eagle Ford Well Economics Pretax IRR Sensitivities Excellent Returns in Peach Creek and Shiner Peach Creek Field(1) Shiner Field (1) Assumptions Assumptions Assumes 30 frac stages and about a 7,000 lateral Assumes 29 frac stages and…
  16. March 2014 Investor Presentation – Penn Virginia Corp – slide 16
    Exploitation Upside Upper Eagle Ford / Marl Exploitation Fairway Upper Eagle Ford / Marl - 80 - 115 0 103 0 Caldwell 50 - 0 -10 10 14 1 - SYMBOL 0 0 00 0 MARL WELL LOG CONTROL 0 8 50…
  17. March 2014 Investor Presentation – Penn Virginia Corp – slide 17
    Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at least 150 MM of financial liquidity 330 MM at yearend, pro forma for gas gathering asset sale in 1Q14 Lower debttoAdjusted EBITDAX…
  18. March 2014 Investor Presentation – Penn Virginia Corp – slide 18
    Capitalization and Credit Stats Levered Up to Make Acquisition But Worth It Capitalization ( millions) YE12 PF YE13 Cash 17.7 117.5 Debt Credit Facility - 206.0 7.25% senior notes due 2019 300.0 300.0 8.50% senior notes due 2020…
  19. March 2014 Investor Presentation – Penn Virginia Corp – slide 19
    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: 10,500 BOPD (65% of est.…
  20. March 2014 Investor Presentation – Penn Virginia Corp – slide 20
    2014E Capital Expenditures and Guidance Six Operated Rigs 98 gross (53 net) wells to be spud with 6 operated rigs 86% of budget is for drilling and completion and 98% is for the Eagle Ford We may shift some development drilling to…
  21. March 2014 Investor Presentation – Penn Virginia Corp – slide 21
    Key Takeaways We have an excellent team in place We have an attractive Eagle Ford asset base that we can continue to grow We are drilling very economical wells that will provide production and financial growth and shareholder…
  22. March 2014 Investor Presentation – Penn Virginia Corp – slide 22
    Appendix 22
  23. March 2014 Investor Presentation – Penn Virginia Corp – slide 23
    Table of Recent EFS Operated Completions Late October 2013 Through February 2014 Initial Potential 30-Day Average Cumu- Cumu- PVOG BOEPD BOEPD 30-Day Casing Oil No. Total Lateral Proppant Proppant Cumulative Production lative Days…
  24. March 2014 Investor Presentation – Penn Virginia Corp – slide 24
    Time Zero Actuals vs. TypeCurve Average of Actual Operated Wells vs. Forecast Type Curve All Operated Wells Operated Wells TIL Since 6/30/13 24 Note: TIL stands for turnedinline
  25. March 2014 Investor Presentation – Penn Virginia Corp – slide 25
    FullYear 2013 Guidance Table Full Year 2014 Guidance 1Q13 2Q13 3Q13 4Q13 FY13 2014 Guidance Production: Crude oil (MBbls) 599 858 954 1,024 3,435 5,700 6,100 NGLs (MBbls) 234 260 254 234 983 1,075 1,175 Natural gas (MMcf) 3,565…
  26. March 2014 Investor Presentation – Penn Virginia Corp – slide 26
    Derivatives Current Derivative Positions as of 3/3/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) First quarter 2014 Collars 5,000 4.00 4.50 First…
  27. March 2014 Investor Presentation – Penn Virginia Corp – slide 27
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, 2009 2010 2011 2012 2013 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6) (143.1)…
  28. March 2014 Investor Presentation – Penn Virginia Corp – slide 28
    Adjusted Net Loss Reconciliation NonGAAP Reconciliation Year ended December 31, 2009 2010 2011 2012 2013 Adjusted Net Loss dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6) (143.1)…
  29. March 2014 Investor Presentation – Penn Virginia Corp – slide 29
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 (610) 6878900 (main) (610) 6873688 (fax) Penn Virginia Oil & Gas Corporation 840 Gessner Road, Suite 800 Houston, TX 77024 (713) 7226500 (main) (713) 7226601…

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