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The GHS Conference 2011 – Penn Virginia Corp

Penn Virginia Corp · Jul 18, 2011 · 23 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. The GHS Conference 2011 – Penn Virginia Corp – slide 1
    The GHS Conference 2011 Investor Presentation July 18, 2011 NYSE: PVA Eagle Ford Shale Drilling Rig Gonzales County, Texas
  2. The GHS Conference 2011 – Penn Virginia Corp – slide 2
    Strategic Road Map NearTerm and LongTerm Strategies for Maximizing Value Increasing oil/NGL exposure Targeting higher rate of return projects in low gas price environment Retain optionality of core gas assets Horizontal Cotton…
  3. The GHS Conference 2011 – Penn Virginia Corp – slide 3
    Core Operating Regions Emerging Oil and LiquidsRich Plays Plus Option in Significant Gas Plays 2011E CAPEX: 320MM 370MM 77% Oil & LiquidsRich Plays 2011E Production: 5054 Bcfe 2830% Oil & Liquids; 35% by 4Q11 2011E…
  4. The GHS Conference 2011 – Penn Virginia Corp – slide 4
    Track Record of Growth Quality Assets are the Foundation for Growth in All Cycles Solid growth over the past five years Increasing proportion of growth from oil and NGLs Trend should accelerate as a majority of future drilling…
  5. The GHS Conference 2011 – Penn Virginia Corp – slide 5
    Track Record of Value Creation Low Costs and High Returns in Challenging Times Record of delivering growth at relatively low operating cost Along with hedges, helps preserve margins when commodity prices are low Historical…
  6. The GHS Conference 2011 – Penn Virginia Corp – slide 6
    Resource Profile PVA is Positioned in a Number of Leading Oil & Gas Plays Net Risked Henry Hub Gross Average Reserve Gas Price Undrilled Working Gross EUR Potential for Play Locations Interest (Bcfe/Well)1 (Bcfe)2 10% IRR3…
  7. The GHS Conference 2011 – Penn Virginia Corp – slide 7
    Rates of Return Balance Between Plays in Low Gas Price Environment PreTax Rates of Return Gas Price Sensitivity 80 70 60 50 40 30 20 10 0 3 4 5 6 7 NYMEX Gas Price (Flat) /MMBtu Eagle Ford Shale Horizontal Cotton Valley…
  8. The GHS Conference 2011 – Penn Virginia Corp – slide 8
    Investing More in Oil & Liquids 2007 2011 Capital Spending Increasingly Allocated to Oil & NGLs 9 Note: 2011 data based on latest guidance announced 5/4/11; see Appendix
  9. The GHS Conference 2011 – Penn Virginia Corp – slide 9
    2011 Capital Expenditures 320 370MM of 2011 Capital Spending, 77% Targeting Oil & LiquidsRich Plays Forecast uses 4.25/MMBtu and 90.00/Barrel 10 Note: 2011 data based on latest guidance announced 5/4/11; see Appendix
  10. The GHS Conference 2011 – Penn Virginia Corp – slide 10
    Eagle Ford Shale: Volatile Oil Promising Early Results and Expanding Acreage Position in Emerging Oily Core Area Positioning Eagle Ford Shale 14,000 net acres in Gonzales Co., TX Operator with 83% WI and 63% NRI 98 to 128 gross…
  11. The GHS Conference 2011 – Penn Virginia Corp – slide 11
    Eagle Ford Shale: Play Activity Map Located in the Volatile Oil Window Near Strong, Early Industry Results PVAs Gonzales County Eagle Peers With Peers PVA / MHR / EOG Fayette County Ford Acreage and Potential Acreage PVA Gardner…
  12. The GHS Conference 2011 – Penn Virginia Corp – slide 12
    Marcellus Shale Exploration Efforts Under Way in North Central Pennsylvania Positioning Marcellus Shale 55,000 net acres primarily in Pennsylvania 35,000 net acres in Potter / Tioga Cos. 20,000 net acres in SW PA Operator with 87%…
  13. The GHS Conference 2011 – Penn Virginia Corp – slide 13
    Marcellus Shale: Play Activity Map Located in the North Central Dry Gas Part of the Play Near Encouraging Industry Results In 2H11, PVA Plans to Test the Eastern Portion of its McKean Acreage Position (20K County PVA Acreage…
  14. The GHS Conference 2011 – Penn Virginia Corp – slide 14
    MidContinent: LiquidsRich Play Types HighMargin, LiquidRich Reserves and Production Positioning Anadarko Basin CHK development drilling JV 10,000 net acres in Washita Co. Operate about 1/3rd; 35% WI 80 drilling locations in JV…
  15. The GHS Conference 2011 – Penn Virginia Corp – slide 15
    East Texas & Mississippi: Gas Optionality LowCost, HighPotential Natural Gas Cotton Valley / Haynesville Shale ETX Horizontal Cotton Valley Selma Chalk 5.0 Bcfe PUDs; 35% liquids 2.54 PV10 breakeven gas price 79 gross drilling…
  16. The GHS Conference 2011 – Penn Virginia Corp – slide 16
    Solid Financial Position Financial Flexibility to Execute Growth Plan Over the past few years, we have prudently managed our balance sheet Liquidity has remained strong over the past few years PVA remains wellpositioned to fund…
  17. The GHS Conference 2011 – Penn Virginia Corp – slide 17
    Natural Gas Hedges Protecting our Capital Budget and Well Economics 57% of our natural gas price exposure is hedged for the remainder of 2011 18 1 As of 5/4/11; crude oil hedges include 425 BOPD 80 x 102 for 1H11, 860 BOPD 97 x…
  18. The GHS Conference 2011 – Penn Virginia Corp – slide 18
    Value Proposition PVA Appears to be Significantly Undervalued on a SumoftheParts NAV per Share YE 2010 Net Asset Value Flat SEC Pricing NYMEX Pricing of: 4.38 1 5.00 2 6.00 2 Proved Developed Reserves3 786.2 918.6 1,093.9 3…
  19. The GHS Conference 2011 – Penn Virginia Corp – slide 19
    Why PVA A Track Record of Growth and Value Generation Diversified portfolio of highquality assets Track record of lowcost, highreturn operations Allocating capital to build oil and liquids production High rate of return play…
  20. The GHS Conference 2011 – Penn Virginia Corp – slide 20
    Appendix Granite Wash Pump Jack Washita County, Oklahoma
  21. The GHS Conference 2011 – Penn Virginia Corp – slide 21
    2011 Guidance Table As of May 4, 2011 FullYear 2011 Guidance Production: Natural gas (Bcf) 36.2 37.8 Crude oil (MBbls) 1,300 1,500 NGLs (MBbls) 1,000 1,200 Equivalent production (Bcfe) 50.0 54.0 Equivalent daily production…
  22. The GHS Conference 2011 – Penn Virginia Corp – slide 22
    NonGAAP Reconciliations Year ended December 31, LTM 3 Mos. Ended 2006 2007 2008 2009 2010 1Q11 Mar10 Mar11 EBITDAX dollars in millions Net income (loss) from continuing operations 44.2 26.5 93.6 (130.9) (65.3) (102.4) 10.8 (26.3)…
  23. The GHS Conference 2011 – Penn Virginia Corp – slide 23
    Penn Virginia Corporation 4 Radnor Corporate Center, Suite 200 Radnor, PA 19087 6106878900 www.pennvirginia.com Granite Wash Drilling Rigs Washita County, Oklahoma

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