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Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp

Penn Virginia Corp · Oct 15, 2014 · 31 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. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 1
    Canaccord Genuitys Global Resources Conference 2014 Investor Presentation October 15, 2014 NYSE: PVA
  2. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 2
    Penn Virginia Today Eagle Ford Shale Will Drive Continued Growth Domestic, onshore oil and gas operator focused on the Eagle Ford Shale Essentially an Eagle Ford pure play Almost 100% of our investment is in Eagle Ford…
  3. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 3
    Operating Areas As of and for the Quarter Ended June 30, 2014 Total Company Granite Wash/MidContinent YE13 Proved Reserves: 10.6 MMBOE 80% Developed YE13 Pro Forma Proved Reserves(1) 2Q14 Production: 1.8 MBOEPD 122.1 MMBOE 37%…
  4. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 4
    Strategy Focused on Eight drilling rigs in 2H14, 107 (64.5 net) TILs in 2014(1) Operational Execution and Further Goal: continue to increase acreage position in our backyard Expansion in the Eagle Ford Delivering high levels of…
  5. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 5
    PVA is an Eagle Ford Oil Growth Story Transformation to Eagle Ford Oil Player Accompanied by Higher Margins We have significantly Historical and Estimated Production Growth and Cash Margin(1) increased oil production over the last…
  6. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 6
    Overview of PVAs Eagle Ford Position Significant & Growing Contiguous Acreage Position in World Class U.S. Oil Shale Play 142,500 gross (101,800 net) acres Gonzales Avg. IP/30day rates of 1,490/943 BOEPD for the last 82/68 wells in…
  7. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 7
    PVA is an Eagle Ford Oil Growth Story 30 MS / Appal. Region MidCon Region East Texas Eagle Ford Welhausen A2H Upper Eagle Ford Completion Net Sales - MBOE/day 20 Transition to Pad Drilling Mid 2013 MHR EF…
  8. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 8
    Operational Excellence in the Eagle Ford Eagle Ford Shale Operators Ranked by Average Oil Well Initial Potential Eagle Ford Shale Operators Ranked by Average OIL WELL I.P. (BOPD) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800…
  9. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 9
    PVA's Concentrated Position in the Eagle Ford 142,500 Gross / 101,800 Net Acres in the Eagle Ford Shale Acreage / Recent Well Results Fayette Peach Creek Gonzales Rock Creek / Bozka Wombat Unit Shiner 1H : IP 1,670 BOEPD Shallow…
  10. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 10
    Upper Eagle Ford / Marl Upside Currently have 600 Located in the eastern portion of our Lavaca County acreage position Upper Eagle Ford (Marl) Shale Drilling Potential of the Upper Eagle Ford has expanded to the east and west with…
  11. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 11
    Upper Eagle Ford / Marl Upside Upper Eagle Ford / Marl Tier 1 Fairway 40 55 4 60 4 4 5 65 35 Fayette 0 3 Existing Completions 30 25 35 20 Gonzales 3 Sabine Sustr 1H 2014 Spuds (12 wells)…
  12. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 12
    Upper EF Performance Substantiates Development Plan to spud 19 and TIL 14 (12.3 net) Upper Eagle Ford wells in 2H14 2014 Upper Eagle Ford Tests Welhausen A2H 26 frac stages IP: 2,165 BOEPD 83.3 BOEPD / stage IP95: 1,070 BOEPD…
  13. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 13
    Eagle Ford Drilling Inventory Inventory of Drilling Locations Increasing Due to Leasing and Downspacing Due to acquisitions and leasing efforts, our acreage position currently stands at 142,500 gross (101,800 net) acres We have an…
  14. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 14
    2H14 Work Program Focused on Best Areas Initial Production per Area 58 Gross TILs 3 11 8 14 22 2H14: 2,000 80 Initial Production per stage (BOEPD/stage) 1,750 70 Initial Production (BOEPD) 1,500 60 1,250 50 1,000…
  15. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 15
    Well Costs per Stage are Declining Annual Trend in Average Well Costs per Frac Stage 800 700 600 K per Frac Stage 500 400 300 200 100 0 2011 2012 2013 1H14 15 Notes Excludes shallow wells.
  16. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 16
    Gross Production Actuals vs. TypeCurves Average Production per Frac Stage of Recent Wells vs. YE13 External and Internal Type Curves Normalizing production for number of frac stages, the last 55 wells in Peach Creek have a tight fit…
  17. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 17
    Operational Excellence in the Eagle Ford Cumulative Production Over Time Continues to Improve 120 100 Cum Production - MBOE 80 60 40 20 Average 2011 Average 2012 Average 2013 Average 2014 0 0 1 2 3…
  18. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 18
    Eagle Ford Well Economics Pretax IRR Sensitivities to Oil Price and Capital Costs Excellent Returns in Primary Development Areas Peach Creek Field Shiner Field 367 MBOE EUR typical well; 86% oil, 8% NGLs(1) 484 MBOE EUR typical well;…
  19. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 19
    Financial Strategy Focus on a Strong Balance Sheet and Value Creation Maintain at Least Pro forma 2Q14 liquidity of 625 MM 150 MM of Reflects net proceeds from recent asset sales and arbitration settlement, net of Financial…
  20. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 20
    Capitalization and Credit Stats Improving Credit Statistics and Liquidity Market Asset Sales/ Adjustments/ Acquisition Pro Forma Capitalization ( millions) 6/30/14 Changes Adjustments 6/30/14 Cash 25 162 187 Debt Credit Facility…
  21. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 21
    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: 12,500 BOPD (82% of est.…
  22. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 22
    2014 Relative Stock Price Performance The recent dramatic decline in both smallcap and oil and gas company stock prices has adversely impacted the stock price of PVA and its smallcap peers During 2014, PVAs stock price has exceeded…
  23. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 23
    Company Highlights Premier Eagle Ford 101,800 net acres in the Eagle Ford with 12 years of drilling inventory Position Continued acreage growth through organic leasing and bolton acquisitions Beginning to delineate Upper Eagle Ford,…
  24. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 24
    Appendix 24
  25. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 25
    Growing Our Eagle Ford Position Increases in Production, Revenues and Reserves 25
  26. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 26
    Overview of the Eagle Ford 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 DeWitt EOG…
  27. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 27
    Detailed Analysis of EFS Wells by Location Wells TIL Since 4/1/13 Excludes NonOperated and Shallow Wells Initial Potential BOEPD/ Casing Oil Oil Gas Equiv Stage BOEPDPS % Pressure Gravity Location (BOPD) (MCFD) (BOEPD) (BOEPDPS)…
  28. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 28
    Detailed Analysis of EFS Wells by Location Wells TIL Since 4/1/13 Excludes NonOperated and Shallow Wells Gross Net WI Location Wells Wells (%) Shiner Upper Eagle Ford (Marl) 2 1.9 94% Shiner Beer Six Pack (Mod. GOR) 17 8.0 47%…
  29. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 29
    FullYear and SecondHalf 2014 Guidance 2H14 2014 Guidance 1Q14 2Q14 1H14 Low High Low High Production: Crude oil (MBbls) 1,076 1,119 2,195 2,685 2,915 4,880 5,110 NGLs (MBbls) 227 261 488 625 685 1,113 1,173 Natural gas (MMcf)…
  30. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 30
    Derivatives Current Derivative Positions as of 10/13/14 Weighted Average Price Instrument Type Average Volume Per Day Floor/ Swap Ceiling Natural gas: (MMBtu) ( / MMBtu) ( / MMBtu) Third quarter 2014 Swaps 15,000 4.10 Fourth…
  31. Canaccord Genuity Global Resources Conference 2014 – Penn Virginia Corp – slide 31
    Adjusted EBITDAX Reconciliation NonGAAP Reconciliation Year ended December 31, LTM 2009 2010 2011 2012 2013 2Q14 Adjusted EBITDAX dollars in millions Net income (loss) from continuing operations (130.9) (65.3) (132.9) (104.6)…

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