PVA is an oil and gas E&P company focused on growth through its Eagle Ford Shale position. It has a sound financial position with liquidity of $369 million and no significant debt maturities until 2016. PVA is executing a strategy of transitioning to more oil and NGL-rich plays like the Eagle Ford Shale, growing its oil/NGL production and improving its cash flow margins. It expects significant EBITDAX and cash flow growth in 2012 that will outpace peers and further strengthen its balance sheet. However, PVA appears undervalued relative to its peers based on valuation multiples.
Pritchard Capital Partners held an investor presentation on January 4, 2012 to discuss their Eagle Ford Shale drilling operations and overall strategy. The presentation highlighted PVA's transition towards oil and natural gas liquid plays like the Eagle Ford Shale, their solid financial position and liquidity, and expectations for significant cash flow and EBITDAX growth through 2012 as their strategy bears fruit. However, the presentation argued that PVA remains undervalued relative to its peers based on traditional valuation metrics like price-to-earnings and enterprise value multiples.
PVA is positioned in prominent oil and gas plays like the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and NGL rich plays through drilling and acquisitions. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for five years. It is expected to see increasing cash flows as its "gas-to-oil" transition increases oil/liquids production and reserves. However, PVA appears undervalued relative to its peers based on multiples of cash flow and reserves.
This document provides an overview of Penn Virginia Corporation (PVA) for investors. It discusses PVA's positioning in prominent oil and gas plays across the US, with recent years transforming its portfolio to focus more on oil and liquids. PVA's growth strategy centers around increasing reserves, production, and cash flows over multiple years through continued drilling, particularly in the high-return Eagle Ford shale play. Financially, PVA has ample liquidity to fund its program and expects growing cash flows. Recovery in its equity valuation is anticipated as cash flow grows from its higher-return, higher-multiple oil and liquids focused assets.
PVA is positioned in prominent oil and gas plays in the US and has undergone a transformational transition towards oil and liquids. Drilling in the Eagle Ford Shale has added significant value and PVA expects growth in reserves, production and cash flows over multiple years. PVA has ample liquidity to fund drilling and increasing cash flows while maintaining a conservative leverage position and investment-grade credit ratings. The company's focus is on continuing to drill the high-return Eagle Ford and expanding its oil inventory in the near-term.
PVA is positioned in prominent oil and gas plays in the US like the Eagle Ford Shale. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through acquisitions and drilling. In 2010-2011, PVA has transformed its portfolio to focus more on oil and NGL production. It has ample liquidity to fund its drilling program through at least 2012. PVA also has a sound financial position with little debt drawn on its revolving credit facility and no material debt maturities for the next 5 years. It expects increasing cash flows to drive recovery in its equity valuation as its "gas-to-oil" transition progresses.
PVA is positioned in prominent oil and gas plays in the US including the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through continued drilling in the Eagle Ford Shale and considering other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for the next five years. It is expected to see growth in cash flows as it transitions its portfolio towards more oil and NGLs. However, PVA appears undervalued relative to its peers based on various valuation metrics such as price to earnings and enterprise value to EBITDAX multiples.
PVA is positioned in prominent oil and gas plays in the US including the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through continued drilling in the Eagle Ford Shale and consideration of other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities in the next five years. It is expected to see growth in cash flows as its transition to more oil and liquids production continues. However, PVA appears undervalued relative to its peers based on various valuation metrics such as price to earnings and enterprise value to EBITDAX multiples.
PVA Capital One Southcoast Investor PresentationPennVirginiaCorp
PVA is positioned in prominent oil and gas plays like the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and NGL-rich plays through continued drilling in Eagle Ford and consideration of other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for five years. It is expected to see cash flow and production growth as its transition to more oil and liquids continues. However, PVA appears undervalued relative to its peers based on analysts' estimates of its 2012 cash flow and EBITDA multiples.
Pritchard Capital Partners held an investor presentation on January 4, 2012 to discuss their Eagle Ford Shale drilling operations and overall strategy. The presentation highlighted PVA's transition towards oil and natural gas liquid plays like the Eagle Ford Shale, their solid financial position and liquidity, and expectations for significant cash flow and EBITDAX growth through 2012 as their strategy bears fruit. However, the presentation argued that PVA remains undervalued relative to its peers based on traditional valuation metrics like price-to-earnings and enterprise value multiples.
PVA is positioned in prominent oil and gas plays like the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and NGL rich plays through drilling and acquisitions. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for five years. It is expected to see increasing cash flows as its "gas-to-oil" transition increases oil/liquids production and reserves. However, PVA appears undervalued relative to its peers based on multiples of cash flow and reserves.
This document provides an overview of Penn Virginia Corporation (PVA) for investors. It discusses PVA's positioning in prominent oil and gas plays across the US, with recent years transforming its portfolio to focus more on oil and liquids. PVA's growth strategy centers around increasing reserves, production, and cash flows over multiple years through continued drilling, particularly in the high-return Eagle Ford shale play. Financially, PVA has ample liquidity to fund its program and expects growing cash flows. Recovery in its equity valuation is anticipated as cash flow grows from its higher-return, higher-multiple oil and liquids focused assets.
PVA is positioned in prominent oil and gas plays in the US and has undergone a transformational transition towards oil and liquids. Drilling in the Eagle Ford Shale has added significant value and PVA expects growth in reserves, production and cash flows over multiple years. PVA has ample liquidity to fund drilling and increasing cash flows while maintaining a conservative leverage position and investment-grade credit ratings. The company's focus is on continuing to drill the high-return Eagle Ford and expanding its oil inventory in the near-term.
PVA is positioned in prominent oil and gas plays in the US like the Eagle Ford Shale. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through acquisitions and drilling. In 2010-2011, PVA has transformed its portfolio to focus more on oil and NGL production. It has ample liquidity to fund its drilling program through at least 2012. PVA also has a sound financial position with little debt drawn on its revolving credit facility and no material debt maturities for the next 5 years. It expects increasing cash flows to drive recovery in its equity valuation as its "gas-to-oil" transition progresses.
PVA is positioned in prominent oil and gas plays in the US including the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through continued drilling in the Eagle Ford Shale and considering other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for the next five years. It is expected to see growth in cash flows as it transitions its portfolio towards more oil and NGLs. However, PVA appears undervalued relative to its peers based on various valuation metrics such as price to earnings and enterprise value to EBITDAX multiples.
PVA is positioned in prominent oil and gas plays in the US including the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and natural gas liquid (NGL) rich plays through continued drilling in the Eagle Ford Shale and consideration of other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities in the next five years. It is expected to see growth in cash flows as its transition to more oil and liquids production continues. However, PVA appears undervalued relative to its peers based on various valuation metrics such as price to earnings and enterprise value to EBITDAX multiples.
PVA Capital One Southcoast Investor PresentationPennVirginiaCorp
PVA is positioned in prominent oil and gas plays like the Eagle Ford Shale and Granite Wash. It is executing a strategy of growth in oil and NGL-rich plays through continued drilling in Eagle Ford and consideration of other plays. PVA is financially sound with ample liquidity to fund its drilling program and no material debt maturities for five years. It is expected to see cash flow and production growth as its transition to more oil and liquids continues. However, PVA appears undervalued relative to its peers based on analysts' estimates of its 2012 cash flow and EBITDA multiples.
The document summarizes the 9M 2011 IFRS results of an organization. Key points include:
- Global financial markets experienced turbulence due to the US debt downgrade and European debt crisis. The Russian ruble depreciated 13.5% against the USD.
- The organization delivered resilient performance, with net income up 4.1% quarter-over-quarter to RUB 411 million, driven by a higher net interest margin of 4.6% and strong non-interest revenues.
- Operating expenses declined slightly while operating income rose 8.9%, improving the cost-to-income ratio. Solid operating profit was achieved despite conservative provisioning.
The document provides an overview of Regions Financial Corporation's 2007 financial outlook and merger integration progress with AmSouth Bancorporation.
The summary is:
1) Regions expects to realize $180 million in pre-tax earnings from the merger in 2007 through purchase accounting adjustments, cost savings from divestitures and branch consolidations, and $150 million in annual cost saves.
2) Integration activities are on track, with key decisions made regarding systems, culture, and divestitures.
3) Core expectations for 2007 include low-to-mid single digit loan and deposit growth, a net interest margin of around 3.90%, and net charge-offs of mid-20 basis
Banco ABC - 4th Quarter 2007 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil had a successful year in 2007. The credit portfolio grew 71% to R$4,992 million while maintaining high quality with 99.5% of loans rated AA-C. Net income increased 154.6% in 4Q07 and 93.8% for the full year 2007. The middle market credit portfolio grew 89.9% with a focus on Sao Paulo clients and an average ticket size of R$1.9 million.
An improved economy and lower fuel prices will likely increase demand for gasoline in 2015, boosting Sunoco LP's revenues. Expansion through acquisitions from its parent company, Energy Transfer Partners, will also continue to increase revenues. Acquisitions in 2014 substantially grew Sunoco's sales and margins. Maintaining long-term contracts with affiliates like Susser Holdings provides guaranteed growth as they open new stores.
- Positive top-line results were reported from a Phase 3 trial of Zerenex in Japan comparing Zerenex to Sevelamer Hydrochloride. Zerenex showed non-inferiority to Sevelamer.
- Keryx's partner JT Torii plans to file a marketing application in Japan by March 31, 2013 based on the results.
- Keryx is conducting a Phase 3 trial of Zerenex in the US in 440 patients with end-stage renal disease that is expected to report results in the fourth quarter of 2012.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
The Progressive Corporation reported financial results for the first quarter of 2006, with the following key highlights:
- Net premiums written increased 2% compared to the first quarter of 2005.
- Net income was $436.6 million, up 6% from the prior year.
- The combined ratio was 85.9%, relatively unchanged from the prior year.
- Policies in force grew 2% for Drive Insurance and 8% for Progressive Direct.
Terex provides a presentation containing forward-looking statements about its business and financial performance. It warns that actual results could differ materially from expectations due to risks including economic conditions, competition, regulations, and access to capital. Terex aims to delight customers, attract top talent, and be the most profitable and responsive company in its industry. It has a diversified portfolio of equipment businesses and geographic presence.
- Chevron is the third largest energy company in the world and has significant petroleum reserves and operations worldwide. It has upstream activities like oil and gas exploration and production and downstream activities like major refining operations.
- 2010 has been challenging for Chevron due to concerns about the global economy and the Gulf of Mexico oil spill, which increased regulatory risks. However, Chevron is well-positioned for growth due to its expertise in engineering and upstream focus, which are expected to lead to 10.15% annual sales growth over the next decade.
- The analyst recommends buying Chevron stock, setting a 12-month price target of $94.17, representing 14.8% upside potential including dividends. The
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
Jp energy january 2016 ubs 1x1 conference1ir_jpenergy
The document provides an overview of JP Energy Partners LP, including:
- JP Energy operates crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales.
- The company has a solid position in core basins with long-term, fee-based contracts supporting stable cash flows.
- Recent achievements include expanding its Silver Dollar pipeline and connecting it to additional takeaway options, as well as acquiring Southern Propane.
- Financial strategy focuses on consistent distribution growth through organic projects and potential drop-downs, while maintaining a flexible balance sheet.
- 2016 Adjusted EBITDA guidance is $50-56 million, driven by expansion projects within existing businesses.
state street corp Analyst Day Presentationfinance23
The document summarizes State Street's TCE improvement plan across its ABCP conduits, investment portfolio, and subprime ABS portfolio. As of December 2008, State Street had reduced its ABCP conduits to $23.9 billion in assets. Its investment portfolio remained high quality, with 89.3% of assets rated AAA or AA. Subprime ABS made up $5.8 billion of assets, with credit enhancement of 42.7% on average to withstand projected losses.
capital one Capital One Acquisition of Chevy Chase Bankfinance13
Capital One announced the acquisition of Chevy Chase Bank for $520 million. Chevy Chase has $11.6 billion in deposits and is the #1 bank in the Washington D.C. market. The acquisition enhances Capital One's local banking business and deposit funding. It is expected to be financially attractive with an estimated 13% internal rate of return and accretion to earnings per share in 2009 and 2010. Capital One took a $1.75 billion net credit mark on Chevy Chase's loans to mitigate credit risks.
FX Energy, an independent oil and gas exploration and production company, operates in Poland. It currently produces over 14 million cubic feet of gas equivalent per day in Poland. It has significant reserves of $243 million and plans to increase drilling activity in 2013. Poland provides an attractive investment environment due to low costs of production, strong gas prices tied to European markets, and a stable economy and legal system. FX Energy focuses on conventional, not unconventional, gas exploration and has established significant reserves from a small number of wells in its highest potential Fences concession.
This presentation summarizes Islet Sciences' strategy to address diabetes through early diagnosis, protection of insulin-producing cells, and transplantation of encapsulated porcine islets. Key points include developing a diagnostic test to detect beta cell DNA in blood to identify diabetes at an early stage, using Lysofylline to protect insulin cells from immune attack, and transplanting encapsulated pig islets to treat diabetes without immunosuppression. The company has partnerships with academic institutions and received grants to support its work. Financial statements show $3.5M in assets and $4.3M in liabilities as of January 2015.
Thor Industries provides concise summaries in 3 sentences or less:
Thor Industries is a leading manufacturer of RVs with over $3 billion in annual sales. It acquired the assets of Livin' Lite, an innovative RV manufacturer, to expand into new markets. Thor also developed a 3-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, and improved quality and content.
The document summarizes information about Thor Industries, a leading manufacturer of recreational vehicles. Some key points:
- Thor has a decentralized operating structure and owns several RV brands, making it the #2 overall producer of RVs in North America.
- The company has seen record sales and profits in recent years due to strong consumer demand and its diverse product portfolio.
- Thor maintains a strong balance sheet to support growth initiatives like acquisitions and capacity expansion.
- Industry conditions remain competitive but consumer confidence in RVs has improved, driving increases in both wholesale and retail sales.
This document provides an overview of Power Integrations, Inc. It discusses Power Integrations' focus on energy-efficient power conversion, the secular growth drivers in their markets including the transition to IC-based power supplies and increasing demand for energy efficiency. It also outlines their product portfolio and technology leadership in areas such as LED lighting, mobile device charging, and industrial motor drives. Financial details are provided showing Power Integrations' consistent revenue growth and cash generation as well as their strong balance sheet position.
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year period.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions taken to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and
This document presents data from confirmation drilling of the Horne West zone in 2015. It includes tables showing drill hole IDs, sample intervals with gold, silver, copper and zinc values, and calculated equivalent gold grades with and without silver. The weighted average gold equivalent grade including silver for 2015 drilling was 2.45 g/t, a 4.3% increase from 2014 drilling. Individual hole results varied from decreases of over 50% to increases of over 30% compared to 2014 grades. The drilling indicates the mineralized zone continues at depth and along strike.
Thor Investor Presentation Citi Conference 5.30.13Thor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's RV segment generated $2.3 billion in sales, while its bus segment generated $444 million. The presentation outlines Thor's recent strategic plan focused on growth and margin improvement over three years through product innovation, capacity expansion, and improved quality and features. It also provides comments on Thor's strong preliminary third quarter 2013 sales results and positive industry trends.
Finding Your 'ESG Mindset' with Invest EuropeNavatar
Experts from PAI Partners, KPMG and APG Asset Management showcase Invest Europe’s new ESG due diligence questionnaire, and explain how it helps private equity managers meet investors’ growing calls for responsible investment to become a central pillar of their investment strategies.
The document summarizes the 9M 2011 IFRS results of an organization. Key points include:
- Global financial markets experienced turbulence due to the US debt downgrade and European debt crisis. The Russian ruble depreciated 13.5% against the USD.
- The organization delivered resilient performance, with net income up 4.1% quarter-over-quarter to RUB 411 million, driven by a higher net interest margin of 4.6% and strong non-interest revenues.
- Operating expenses declined slightly while operating income rose 8.9%, improving the cost-to-income ratio. Solid operating profit was achieved despite conservative provisioning.
The document provides an overview of Regions Financial Corporation's 2007 financial outlook and merger integration progress with AmSouth Bancorporation.
The summary is:
1) Regions expects to realize $180 million in pre-tax earnings from the merger in 2007 through purchase accounting adjustments, cost savings from divestitures and branch consolidations, and $150 million in annual cost saves.
2) Integration activities are on track, with key decisions made regarding systems, culture, and divestitures.
3) Core expectations for 2007 include low-to-mid single digit loan and deposit growth, a net interest margin of around 3.90%, and net charge-offs of mid-20 basis
Banco ABC - 4th Quarter 2007 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil had a successful year in 2007. The credit portfolio grew 71% to R$4,992 million while maintaining high quality with 99.5% of loans rated AA-C. Net income increased 154.6% in 4Q07 and 93.8% for the full year 2007. The middle market credit portfolio grew 89.9% with a focus on Sao Paulo clients and an average ticket size of R$1.9 million.
An improved economy and lower fuel prices will likely increase demand for gasoline in 2015, boosting Sunoco LP's revenues. Expansion through acquisitions from its parent company, Energy Transfer Partners, will also continue to increase revenues. Acquisitions in 2014 substantially grew Sunoco's sales and margins. Maintaining long-term contracts with affiliates like Susser Holdings provides guaranteed growth as they open new stores.
- Positive top-line results were reported from a Phase 3 trial of Zerenex in Japan comparing Zerenex to Sevelamer Hydrochloride. Zerenex showed non-inferiority to Sevelamer.
- Keryx's partner JT Torii plans to file a marketing application in Japan by March 31, 2013 based on the results.
- Keryx is conducting a Phase 3 trial of Zerenex in the US in 440 patients with end-stage renal disease that is expected to report results in the fourth quarter of 2012.
The document provides an operations report for February 14, 2017. It includes forward-looking statements about guidance, projections, and objectives that involve risks and uncertainties. It also discusses non-GAAP financial measures used by the company such as adjusted EBITDA and distributable cash flow. For 2016, the company delivered on its financial and operational priorities by outperforming its adjusted EBITDA guidance, meeting its capital expenditure targets, and achieving distribution coverage above 1.0x. ENLC also met its cash available for distribution guidance and distribution coverage targets for 2016.
The Progressive Corporation reported financial results for the first quarter of 2006, with the following key highlights:
- Net premiums written increased 2% compared to the first quarter of 2005.
- Net income was $436.6 million, up 6% from the prior year.
- The combined ratio was 85.9%, relatively unchanged from the prior year.
- Policies in force grew 2% for Drive Insurance and 8% for Progressive Direct.
Terex provides a presentation containing forward-looking statements about its business and financial performance. It warns that actual results could differ materially from expectations due to risks including economic conditions, competition, regulations, and access to capital. Terex aims to delight customers, attract top talent, and be the most profitable and responsive company in its industry. It has a diversified portfolio of equipment businesses and geographic presence.
- Chevron is the third largest energy company in the world and has significant petroleum reserves and operations worldwide. It has upstream activities like oil and gas exploration and production and downstream activities like major refining operations.
- 2010 has been challenging for Chevron due to concerns about the global economy and the Gulf of Mexico oil spill, which increased regulatory risks. However, Chevron is well-positioned for growth due to its expertise in engineering and upstream focus, which are expected to lead to 10.15% annual sales growth over the next decade.
- The analyst recommends buying Chevron stock, setting a 12-month price target of $94.17, representing 14.8% upside potential including dividends. The
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. Key points include a capital expenditure forecast of $6.9 billion from 2005-2009, drivers of value creation through increasing rate base and regulatory returns, and guidance for 2005 EPS of $1.18-1.28 per share. Rate cases are also discussed that could increase revenues in 2006 and 2007.
Jp energy january 2016 ubs 1x1 conference1ir_jpenergy
The document provides an overview of JP Energy Partners LP, including:
- JP Energy operates crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales.
- The company has a solid position in core basins with long-term, fee-based contracts supporting stable cash flows.
- Recent achievements include expanding its Silver Dollar pipeline and connecting it to additional takeaway options, as well as acquiring Southern Propane.
- Financial strategy focuses on consistent distribution growth through organic projects and potential drop-downs, while maintaining a flexible balance sheet.
- 2016 Adjusted EBITDA guidance is $50-56 million, driven by expansion projects within existing businesses.
state street corp Analyst Day Presentationfinance23
The document summarizes State Street's TCE improvement plan across its ABCP conduits, investment portfolio, and subprime ABS portfolio. As of December 2008, State Street had reduced its ABCP conduits to $23.9 billion in assets. Its investment portfolio remained high quality, with 89.3% of assets rated AAA or AA. Subprime ABS made up $5.8 billion of assets, with credit enhancement of 42.7% on average to withstand projected losses.
capital one Capital One Acquisition of Chevy Chase Bankfinance13
Capital One announced the acquisition of Chevy Chase Bank for $520 million. Chevy Chase has $11.6 billion in deposits and is the #1 bank in the Washington D.C. market. The acquisition enhances Capital One's local banking business and deposit funding. It is expected to be financially attractive with an estimated 13% internal rate of return and accretion to earnings per share in 2009 and 2010. Capital One took a $1.75 billion net credit mark on Chevy Chase's loans to mitigate credit risks.
FX Energy, an independent oil and gas exploration and production company, operates in Poland. It currently produces over 14 million cubic feet of gas equivalent per day in Poland. It has significant reserves of $243 million and plans to increase drilling activity in 2013. Poland provides an attractive investment environment due to low costs of production, strong gas prices tied to European markets, and a stable economy and legal system. FX Energy focuses on conventional, not unconventional, gas exploration and has established significant reserves from a small number of wells in its highest potential Fences concession.
This presentation summarizes Islet Sciences' strategy to address diabetes through early diagnosis, protection of insulin-producing cells, and transplantation of encapsulated porcine islets. Key points include developing a diagnostic test to detect beta cell DNA in blood to identify diabetes at an early stage, using Lysofylline to protect insulin cells from immune attack, and transplanting encapsulated pig islets to treat diabetes without immunosuppression. The company has partnerships with academic institutions and received grants to support its work. Financial statements show $3.5M in assets and $4.3M in liabilities as of January 2015.
Thor Industries provides concise summaries in 3 sentences or less:
Thor Industries is a leading manufacturer of RVs with over $3 billion in annual sales. It acquired the assets of Livin' Lite, an innovative RV manufacturer, to expand into new markets. Thor also developed a 3-year strategic plan focused on growth and margin improvement through product innovation, capacity expansion, and improved quality and content.
The document summarizes information about Thor Industries, a leading manufacturer of recreational vehicles. Some key points:
- Thor has a decentralized operating structure and owns several RV brands, making it the #2 overall producer of RVs in North America.
- The company has seen record sales and profits in recent years due to strong consumer demand and its diverse product portfolio.
- Thor maintains a strong balance sheet to support growth initiatives like acquisitions and capacity expansion.
- Industry conditions remain competitive but consumer confidence in RVs has improved, driving increases in both wholesale and retail sales.
This document provides an overview of Power Integrations, Inc. It discusses Power Integrations' focus on energy-efficient power conversion, the secular growth drivers in their markets including the transition to IC-based power supplies and increasing demand for energy efficiency. It also outlines their product portfolio and technology leadership in areas such as LED lighting, mobile device charging, and industrial motor drives. Financial details are provided showing Power Integrations' consistent revenue growth and cash generation as well as their strong balance sheet position.
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year period.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions taken to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and
This document presents data from confirmation drilling of the Horne West zone in 2015. It includes tables showing drill hole IDs, sample intervals with gold, silver, copper and zinc values, and calculated equivalent gold grades with and without silver. The weighted average gold equivalent grade including silver for 2015 drilling was 2.45 g/t, a 4.3% increase from 2014 drilling. Individual hole results varied from decreases of over 50% to increases of over 30% compared to 2014 grades. The drilling indicates the mineralized zone continues at depth and along strike.
Thor Investor Presentation Citi Conference 5.30.13Thor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of recreation vehicles. Thor owns several subsidiaries that manufacture RVs and buses. In fiscal year 2012, Thor's RV segment generated $2.3 billion in sales, while its bus segment generated $444 million. The presentation outlines Thor's recent strategic plan focused on growth and margin improvement over three years through product innovation, capacity expansion, and improved quality and features. It also provides comments on Thor's strong preliminary third quarter 2013 sales results and positive industry trends.
Finding Your 'ESG Mindset' with Invest EuropeNavatar
Experts from PAI Partners, KPMG and APG Asset Management showcase Invest Europe’s new ESG due diligence questionnaire, and explain how it helps private equity managers meet investors’ growing calls for responsible investment to become a central pillar of their investment strategies.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
Fiscal Second Quarter 2013 Investor PresentationThor_Industries
This presentation discusses Thor Industries, the world's largest manufacturer of RVs. It notes that Thor has been profitable every year since 1980 and had record sales of $3.1 billion in fiscal year 2012. However, the presentation cautions that any forward-looking statements involve uncertainties and risks. It provides an overview of Thor's subsidiaries in RV and bus manufacturing, its market leadership positions, competitive advantages of its business model, and current industry conditions.
Hospitality Properties Trust held a Q1 2016 investor presentation. The presentation provided an overview of HPT's portfolio of 499 hotel and travel center properties across the United States. It summarized positive industry trends in lodging and travel. It also outlined the security features of HPT's agreements with major hotel operators and travel center tenant TravelCenters of America, noting that 79% of minimum rents are secured by deposits or guarantees. Finally, it discussed HPT's acquisition activity including recent purchases and planned renovations across its portfolio.
The document discusses PVA's strategic roadmap to maximize value by increasing its focus on oil and liquids-rich plays while retaining optionality in its core gas assets. It highlights PVA's track record of growth and value creation through maintaining low costs and delivering high returns, even in challenging commodity price environments. PVA plans to continue building its Eagle Ford Shale acreage position and expanding testing in the Marcellus Shale.
Business and Professional CommunicationsDave Hogan
A basic primer on business and professional communication tips, including tips for proper use of cellphones and email. Includes recommendations for personal and business etiquette.
Bravo Multinational owns and operates gaming assets in Latin America. It currently generates revenue from 150 gaming machines in Nicaragua and expects to reach a $3.5 million annual revenue run rate by 2017. The company is expanding operations to include two gaming licenses in El Salvador and plans to place gaming machines in Colombia through a leasing partnership. Bravo highlights Latin America's growing economies and expanding middle class as positive market trends for its business. It is also exploring opportunities to diversify beyond gaming and add to its bottom line earnings.
The document provides an overview of Sage Gold Inc., a mining company with gold and copper-silver-gold projects in Ontario, Canada. Sage Gold plans to develop its existing Clavos gold and Lynx copper-silver-gold resources to generate near-term cash flow. The Clavos project has permits to reopen the mine and has indicated resources of over 1.2 million tonnes at 4.81 g/t gold. A preliminary economic assessment on Clavos shows potential for positive economics. Sage Gold aims to increase resources at both projects through continued drilling and advance the projects to production.
416-204-3170
C. Nigel Lees
President & CEO
nlees@sagegoldinc.com
William D. Love
VP Business Development
wlove@sagegoldinc.com
Robert Ryan
CFO
rryan@sagegoldinc.com
This document provides an overview of Mag One Operations Inc., which aims to produce magnesium metal and related compounds from a 50 million tonne stockpile of magnesium-rich tailings in Quebec, Canada. Key points include:
- The tailings contain 11 million tonnes of recoverable magnesium that can be processed using Mag One's proprietary technology.
- Plans involve first constructing a pilot plant to produce magnesium oxide and other products from the tailings, followed by commercial plants to produce magnesium metal, magnesium oxide, and wallboard panels.
- The location provides infrastructure advantages and access to large magnesium markets in North America. Management has extensive experience in metals production and project development.
Thor Industries provides a forward-looking statement discussing uncertainties and risks in their business, including factors that could cause materially different results from their expectations, such as price fluctuations, supply restrictions, regulatory changes, tax burdens, interest rates, and general economic conditions. They disclaim any obligation to update forward-looking statements except as required by law.
PVA is positioned in prominent oil and gas plays in the US and has undergone a transformational transition towards oil and liquids. Drilling in the Eagle Ford Shale has added significant value and PVA expects growth in reserves, production and cash flows over multiple years. PVA has ample liquidity to fund drilling and increasing cash flows while maintaining a conservative leverage position and investment-grade credit ratings. The company's focus is on continuing to drill the high-return Eagle Ford and expanding its oil inventory in the near-term.
PVA is positioned in prominent oil and gas plays in the US like the Eagle Ford Shale. It is executing a strategy of growth in oil and NGL rich plays through acquisitions and drilling. PVA has transformed itself in recent years to diversify into these plays. It is financially sound with ample liquidity to fund its drilling program and no material debt maturities in the next five years. PVA is transitioning from a gas-focused company to one with increasing oil and liquids production and reserves through its activities in plays like the Eagle Ford Shale and Cotton Valley.
PVA is focused on increasing its oil and liquids exposure through continued development of its Eagle Ford acreage in Texas, where it is seeing excellent early results. It aims to add more Eagle Ford and other oily inventory to accelerate cash flow growth. PVA will retain its large gas assets as optionality given current gas prices. It maintains a solid financial position with ample liquidity to fund its capital expenditure plans through 2012 as it transitions to more oil-weighted production and cash flows.
PVA is an E&P company focused on growing its oil and NGL production and reserves. It has successfully transitioned to focus on oil-rich plays like the Eagle Ford shale through acquisitions and drilling. This strategy has increased revenues and cash flows as oil and NGL production rose 192% from 2010 to 2011. PVA will continue developing the Eagle Ford and testing new oil prospects while retaining gas assets for potential future price increases to further optimize its portfolio.
- PVA is a small-cap E&P company focused on oil and liquids-rich plays like the Eagle Ford Shale with excellent drilling results to date. PVA has been executing a strategy to transition from natural gas to growing oil and NGL production and reserves.
- PVA appears undervalued relative to peers based on trading at a discount to peer multiples of 2012 estimated cash flow per share and EBITDAX, and its enterprise value is only modestly above its year-end 2011 proved reserve value.
- PVA has options to build financial liquidity in 2012 including potential asset sales, reducing capital expenditures given its focus on oil and liquids plays, and continuing its active hedging program.
This document provides an overview of Penn Virginia Corporation (PVA), an independent oil and gas exploration and production company. PVA has successfully transitioned its portfolio towards oil and natural gas liquids (NGLs) rich plays like the Eagle Ford Shale. This has driven significant growth in production, revenues, cash flows and margins. However, PVA currently trades at a discount to its peers on earnings and cash flow multiples despite its improved portfolio and growth outlook. Management plans to further build financial liquidity in 2012 through additional asset sales, reducing capital expenditures, and continuing its active hedging program.
Ratio analysis enlarged version-b.v.raghunandanSVS College
Ratio analysis is a technique that measures the financial strength and weaknesses of an organization using ratios calculated from information in the balance sheet and income statement. There are various types of ratios that serve different purposes, such as liquidity ratios that measure short-term solvency, activity ratios that measure efficiency, and profitability ratios that measure long-term performance. While ratios provide quantitative measures, they also have limitations such as being based on historical data and different interpretation.
Brian X. Tierney, American Electric Power executive vice president and chief financial officer presented to an audience of investors at the Credit Suisse Energy Summit in Vail, Colo., on Feb. 8, 2011.
A webcast of the presentation can be accessed through the Internet at http://www.aep.com/investors/webcasts/.
During the conference, AEP reaffirmed its 2011 ongoing earnings guidance of $3.00 to $3.20 per share.
This document summarizes Chevron's fourth quarter 2008 earnings conference call. It discusses Chevron's Q4 2008 earnings of $4.9 billion and earnings per share of $2.44. It also provides details on Chevron's 2008 return on capital employed, debt ratio, and share repurchases. The document reviews Chevron's Q4 2008 earnings performance across its upstream, downstream, and other segments and discusses its 2009 capital and exploratory budget and production outlook.
This document summarizes Chevron's fourth quarter 2008 earnings conference call. It discusses Chevron's Q4 2008 earnings of $4.9 billion and earnings per share of $2.44. It also provides details on Chevron's 2008 return on capital employed, debt ratio, and share repurchases. The document reviews Chevron's Q4 2008 earnings performance across its upstream, downstream, and other segments and discusses its 2009 capital and exploratory budget and production outlook.
American Electric Power (NYSE: AEP) will share 2012 to 2014 plans, including 2012 ongoing earnings guidance (earnings excluding special items) and expected capital spend, during a meeting today with investors in New York.
The company is expected to announce an ongoing earnings guidance range for 2012 of $3.05 to $3.25 per share and set its 2012 capital budget at $3.1 billion. Capital expenditures for 2013 and 2014 are estimated at $3.5 billion to $3.7 billion per year.
This document discusses Penn Virginia's (PVA's) presentation at the BMO Capital Markets 10th Annual Unconventional Resource Conference on January 8, 2012. It begins with forward-looking statements and definitions of proved, probable and possible oil and gas reserves. It then provides a high-level overview of PVA, including its transition to focus on oil and liquids-rich plays like the Eagle Ford Shale. The document summarizes PVA's key assets and highlights its multi-year drilling inventory in the Eagle Ford Shale play.
Victory Energy (VYEY) Investor PresentationDerek Gradwell
Victory Energy Corporation is a public oil and gas exploration company focused on development in the Permian Basin. The company owns interests in several producing properties in the basin. Victory plans to deploy $15 million in 2014 for drilling, completions, and acquisitions to increase production and proved reserves. The goal is to achieve over 30 million barrels of proved reserves by year-end and increase revenue to over $1 million. A key focus is the recently acquired 4,050 acre Fairway project, which Victory expects can generate a 60% internal rate of return over three years of planned drilling.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
1) This investor presentation discusses Penn Virginia's strategy to transition from natural gas to oil and natural gas liquids (NGLs) through developing oil-rich plays like the Eagle Ford Shale.
2) Penn Virginia has successfully grown its Eagle Ford position and increased its oil/NGL production significantly over the past two years, though it retains substantial natural gas assets for potential future price recovery.
3) The presentation outlines Penn Virginia's options to build financial liquidity in 2012, such as through potential asset sales, reducing capital expenditures, and continuing its active hedging program.
1. The presentation provides an overview of Penn Virginia Corporation (PVA), an independent oil and gas exploration and production company focused on oil and natural gas liquids plays like the Eagle Ford Shale.
2. PVA has successfully transitioned its portfolio towards more oil and liquids-rich assets through acquisitions and drilling in plays like the Eagle Ford Shale, growing its oil and NGL production significantly since 2010.
3. PVA believes it is attractively valued relative to its peers, trading at a discount on key valuation metrics like price-to-earnings and enterprise value to EBITDAX, given its higher oil and liquids weighting and growth profile.
1. The presentation provides an overview of Penn Virginia Corporation (PVA), an independent oil and gas exploration and production company focused on oil and natural gas liquids plays like the Eagle Ford Shale.
2. PVA has successfully transitioned its portfolio towards more oil and liquids-rich assets through acquisitions and drilling in plays like the Eagle Ford Shale, growing its oil and NGL production significantly since 2010.
3. PVA believes it is attractively valued relative to its peers, trading at a discount on key valuation metrics like price-to-earnings and enterprise value to EBITDAX, given its higher oil and liquids weighting and growth profile.
- PVA is a small-cap E&P company focused on oil and liquids-rich plays like the Eagle Ford Shale, with excellent drilling results to date in the Eagle Ford
- PVA is executing a strategy to transition from natural gas to oil and liquids, through increased drilling in plays like the Eagle Ford where it has over 23,000 net acres
- Key catalysts for PVA include further exploratory success in the Eagle Ford, improving production and cash flows from the Eagle Ford, and a potential Granite Wash asset sale to boost liquidity
This presentation provides an overview of PetroMagdalena Energy Corp. It discusses the company's focus on organic cash flow opportunities by enhancing netbacks, reducing costs, and increasing efficiency. It also mentions plans to increase development activity in Colombia's Llanos Basin in 2012 following exploration success. Finally, it highlights PetroMagdalena's track record of discoveries and production growth, and focus on being cash flow positive and earnings quality.
- PVA is a small-cap E&P company focused on oil and liquids-rich plays like the Eagle Ford Shale, with excellent drilling results to date in the Eagle Ford
- PVA is executing a strategy to transition from natural gas to oil and liquids, through its Eagle Ford position and other oil-focused assets
- Key catalysts for PVA include further exploratory success in the Eagle Ford, increasing Eagle Ford production and margins, and selling its Granite Wash assets to boost liquidity
Penn Virginia Corporation is acquiring Eagle Ford Hunter, Inc. (MHR) for $400 million. The acquisition significantly increases Penn Virginia's Eagle Ford position by expanding its acreage to approximately 83,000 net acres across Gonzales and Lavaca Counties. The MHR assets add over 12 million barrels of oil equivalent of proved reserves and 345 gross drilling locations. The acquisition transforms Penn Virginia's asset profile by increasing its Eagle Ford net acreage from 10% to 54%, net inventory from 28% to 68%, and proved developed reserves from 20% to 42%.
The document provides an overview of Penn Virginia Corporation's acquisition of Eagle Ford Hunter, Inc. (MHR). Key points:
- The $400 million acquisition significantly increases PVA's Eagle Ford acreage and production. Pro forma, net Eagle Ford acreage increases 54% and daily oil production increases 42%.
- Sources and uses of funds include $775 million in new senior notes, $40 million from equity issuance, and $400 million for acquisition consideration. Funds will also refinance $300 million senior notes due 2016.
- The acquisition grows PVA's proved reserves 11% to 125.5 MMBOE with 28% oil, increases total proved and developed Eagle Ford reserves 46%
Penn Virginia is acquiring Eagle Ford Shale assets from Magnum Hunter for approximately $400 million. The assets include 40,565 acres adjacent to Penn Virginia's existing position in Gonzales and Lavaca Counties, Texas. The assets are currently producing approximately 3,173 BOEPD and are estimated to produce 5,500 BOEPD for the remaining eight months of 2013. The transaction is expected to be accretive to Penn Virginia's cash flow per share and proved reserves.
Penn Virginia is acquiring Eagle Ford Shale assets from Magnum Hunter for approximately $400 million. The assets include 40,565 acres (19,037 net acres) in Gonzales and Lavaca Counties, Texas. As of February 2013, the assets were producing approximately 3,173 BOEPD and are estimated to produce approximately 5,500 BOEPD for the final eight months of 2013. The transaction is estimated to add approximately 12.0 MMBoe of proved reserves to Penn Virginia. The acquisition significantly increases Penn Virginia's footprint in the core of the Eagle Ford shale play in Texas.
This document provides an overview of Penn Virginia Corporation (PVA), an oil and gas exploration and production company. PVA has transitioned to focus on oil and natural gas liquids (NGLs) production through its Eagle Ford Shale position. It discusses PVA's strategy of growing its oil and NGLs reserves and production, expanding its Eagle Ford acreage, and continued drilling in the play. PVA has significantly grown its oil and NGLs production and shifted the makeup of its reserves to be over 40% oil and NGLs. The company is focused on improving liquidity and growing its oil and liquids cash flows.
This document contains an investor presentation by PVA Oil & Gas regarding their business strategy and operations. PVA has transitioned from primarily focusing on natural gas to oil and natural gas liquids (NGLs) through developing their Eagle Ford Shale position. They plan to continue expanding their Eagle Ford acreage and drilling inventory while growing oil and NGL production and cash flows. PVA's proved reserves are now approximately 40% oil and NGLs, and over 60% of their 2013 production and 85% of revenues are expected to come from oil and NGLs due to the shift in commodity prices favoring liquids over natural gas.
The document discusses PVA's transition from a natural gas producer to an oil and liquids producer through acquisitions in the Eagle Ford Shale. It has grown its oil and natural gas liquids production significantly and expanded its acreage position in the Eagle Ford. PVA's strategy is to continue developing the Eagle Ford, expanding its oil and liquids reserves and production, while retaining its substantial gas assets. This transition has shifted the value of PVA towards oil as oil and natural gas liquids prices have increased relative to natural gas prices.
The document is an investor presentation for Penn Virginia Corporation (PVA) from December 2012. It summarizes that PVA has transitioned to focus on oil and liquids-rich plays like the Eagle Ford Shale, growing its oil production 246% over the past two years. It has a large acreage position in the Eagle Ford's volatile oil window with excellent drilling results to date. The presentation provides an overview of PVA's assets and business strategy to continue expanding its high-margin oil and liquids production and reserves.
PVA has established a premier position in the Eagle Ford shale, an emerging oil and liquids-rich play, with over 31,800 net acres across Gonzales and Lavaca Counties in Texas. PVA has seen significant success drilling 60 wells to date in the play, with average initial production rates of over 1,000 BOEPD. PVA plans to continue aggressive development of the Eagle Ford with up to 35-40 wells planned in 2013, exploiting over 280 remaining drilling locations, as it works to expand its oil and liquids production and cash flow.
PVA owns over 31,800 net acres in the Eagle Ford Shale, primarily located in Gonzales and Lavaca Counties, Texas. The company has drilled 60 wells to date with average initial production rates of 1,001 BOEPD. PVA plans to drill 35-40 additional Eagle Ford wells in 2013 using 3 dedicated rigs to develop its 282 remaining drilling locations. Recent drilling results have met or exceeded expectations, with wells producing high rates of oil, natural gas liquids, and associated natural gas.
1) The document is an investor presentation for Penn Virginia Corporation (PVA) that provides an overview of the company and its strategy.
2) PVA has transitioned its business strategy and capital investments toward oil and natural gas liquid plays like the Eagle Ford Shale, growing its oil production significantly.
3) The company aims to continue expanding its oil and liquids reserves and drilling inventory through continued development of the Eagle Ford and exploration of new oil prospects, while maintaining a conservative financial strategy and balance sheet.
This document provides an investor presentation for PVA. It discusses PVA's transition to focus on oil and natural gas liquid plays like the Eagle Ford Shale. PVA has grown its Eagle Ford acreage position and drilling inventory significantly. It is continuing to expand through additional leasing and exploration of other oil prospects. PVA's strategy is focused on growing its oil and liquids production and cash flows by continuing development in the Eagle Ford with multiple drilling rigs. The company also retains natural gas assets and will benefit from any future price recovery in natural gas.
PVA is an E&P company focused on transitioning from natural gas to oil production through development of its Eagle Ford Shale position. It has grown its Eagle Ford acreage and is seeing strong production and reserve growth from its Eagle Ford drilling program. PVA is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. Its strategy is focused on continued expansion of its Eagle Ford drilling inventory and reserves to grow its oil and liquids production and cash flows.
This investor presentation provides an overview of Penn Virginia Corporation (PVA):
1) PVA has transitioned to focus on oil and liquids-rich plays like the Eagle Ford Shale, growing oil production over 250% since 2010.
2) The company is executing a strategy of continued drilling in the Eagle Ford with an inventory of up to 250 well locations, while maintaining gas assets for potential future price recovery.
3) Challenges include the capital intensity of the industry and building financial liquidity, which PVA is addressing through asset sales and reducing spending and dividends.
PVA is an E&P company focused on transitioning to oil and liquids production. It has built up a position in the Eagle Ford shale through drilling and leasing, with over 25,000 net acres and up to 250 well locations. PVA has successfully grown its oil and NGL production in recent years while retaining substantial gas assets. The company is taking steps to improve liquidity and focus on further expanding its oil reserves and drilling inventory through continued activity in the Eagle Ford and testing a new Viola Lime oil prospect. PVA's strategy is aimed at continuing its transition to oil and liquids in order to grow production and cash flows in the current environment of higher oil prices relative to natural gas prices.
PVA is an E&P company focused on transitioning to oil and liquids production. It has built up a position in the Eagle Ford shale play with over 25,000 net acres and 250 well locations. PVA is executing a strategy of continued drilling in the Eagle Ford to grow its oil and liquids production and cash flows. It is also taking steps to improve its financial liquidity by selling non-core assets and reducing capital spending and dividends. PVA sees opportunities to expand its oil and liquids reserves and drilling inventory through further exploration and leasing in South Texas and other oil-rich plays.
PVA is an E&P company focused on transitioning to oil and liquids production. It has built up a position in the Eagle Ford shale through leasing and exploration, and now has nearly 25,000 net acres and up to 250 well locations. PVA has grown its oil/NGL production significantly in recent years through Eagle Ford development. It is also exploring other oil prospects while retaining gas-heavy assets. PVA's strategy is focused on continuing its transition to oil, expanding its drilling inventory, improving liquidity, and growing its oil and liquids production and cash flows.
PVA is an oil and gas E&P company focused on growing its oil and liquids production. It has successfully transitioned to focus on oil-rich plays like the Eagle Ford shale, growing its oil production significantly. PVA is working to improve its liquidity through asset sales and reducing capital spending while maintaining strong drilling results in its key oil assets. The company remains attractively valued given its transition towards oilier production and reserves.
PVA is an E&P company focused on growing its oil and liquids production. It has successfully transitioned to focus on oil-rich plays like the Eagle Ford shale, where it has over 23,000 net acres and strong drilling results. PVA's strategy has led to significant growth in EBITDAX and cash operating margins as oil prices have increased. The company is working to improve its liquidity by selling gas-heavy assets and reducing capital spending while maintaining its core gas portfolio for potential future price recovery. Upcoming catalysts include further exploration and development success in the Eagle Ford and Mid-Continent plays.
The document provides an investor presentation for PVA's 2012 Annual Meeting of Shareholders. It includes forward-looking statements and discusses risks and uncertainties in the oil and gas industry. Specifically, it notes that global oil prices have remained high while natural gas prices have hit 10-year lows. The industry is shifting capital from gas to oil and liquids-rich plays due to the gas price collapse. Gas production has grown 30% since 2007 despite declining rig counts recently, as new shale gas plays have kept supply high.
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2. Forward‐Looking Statements, Oil and Gas Reserves and Definitions
Forward‐Looking Statements
Certain statements contained herein that are not descriptions of historical facts are “forward‐looking” statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies,
actual results may differ materially from those expressed or implied by such forward‐looking statements. These risks, uncertainties and contingencies include, but are
not limited to, the following: the volatility of commodity prices for natural gas, natural gas liquids and oil; our ability to develop, explore for, acquire and replace oil and
gas reserves and sustain production; any impairments, write‐downs or write‐offs of our reserves or assets; the projected demand for and supply of natural gas, natural
gas liquids and oil; reductions in the borrowing base under our revolving credit facility; our ability to contract for drilling rigs, supplies and services at reasonable costs;
our ability to obtain adequate pipeline transportation capacity for our oil and gas production at reasonable costs and to sell the production at, or at reasonable
discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from
estimated proved oil and gas reserves; drilling and operating risks; our ability to compete effectively against other independent and major oil and natural gas
companies; uncertainties related to expected benefits from acquisitions of oil and natural gas properties; environmental liabilities that are not covered by an effective
indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; our ability to maintain
adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force
majeure events; our ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future
obligations; changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating
to general domestic and international economic and political conditions; and other risks set forth in our filings with the U.S. Securities and Exchange Commission (SEC).
Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report on
Form 10‐K for the year ended December 31, 2010. Readers should not place undue reliance on forward‐looking statements, which reflect management’s views only as
of the date hereof. We undertake no obligation to revise or update any forward‐looking statements, or to make any other forward‐looking statements, whether as a
result of new information, future events or otherwise.
Oil and Gas Reserves
Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves, but also “probable” reserves and
“possible” reserves. As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any
reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not
necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in
PVA’s Annual Report on Form 10‐K for the fiscal year ended December 31, 2010, available from PVA at Four Radnor Corporate Center, Suite 200, Radnor, PA 19087
(Attn: Investor Relations). You can also obtain this report from the SEC by calling 1‐800‐SEC‐0330 or from the SEC’s website at www.sec.gov.
Definitions
Proved reserves are those estimated quantities of oil and gas that geological and engineering data demonstrate with reasonable certainty to be economically
producible in future years from known oil and gas reservoirs under existing economic and operating conditions and government regulation prior to the expiration of the
contracts providing the right to operate, unless renewal of such contracts is reasonably certain. Probable reserves are those additional reserves that are less certain to
be recovered than proved reserves, but which are more likely than not to be recoverable (there should be at least a 50% probability that the quantities actually
recovered will equal or exceed the proved plus probable reserve estimates). Possible reserves are those additional reserves that are less certain to be recoverable than
probable reserves (there should be at least a 10% probability that the total quantities actually recovered will equal or exceed the proved plus probable plus possible
reserve estimates). “3P” reserves refer to the sum of proved, probable and possible reserves. Estimated ultimate recovery (EUR) is the sum of reserves remaining as of
a given date and cumulative production as of that date.
2
3. PVA Overview
• Small‐cap domestic onshore E&P company primarily active in the Eagle Ford
Shale oil play
• Also active in the Granite Wash play with Chesapeake
• Significant HBP positions in Cotton Valley, Haynesville Shale, Selma Chalk, and Appalachia
• PVA is executing a strategy of growth in oil and NGL rich plays
• 2010 and 2011 have been transformational years, diversifying our portfolio towards oil / NGLs
• Initial drilling in the Eagle Ford Shale during 2011 ‐ approximately 30 wells completed by YE11
• Continuing to add to Eagle Ford drilling inventory and considering other play types
• PVA is financially sound
• Sufficient liquidity to fund current year and anticipated 2012 drilling program
• Only $15 MM drawn on the revolver with a $380 MM borrowing base at 9/30/11
• No material debt maturities until 2016
• High rate of return projects are continuing to increase cash flow
3
4. PVA’s Growth Strategy is Sound
Cash Flow Ramp Expected, Along With Higher Oil/Liquids Reserves and Production
• “Gas‐to‐Oil” transition underway
• Built Eagle Ford position from initial 6,800 net acres to over 21,000 net acres in just over one year
– Up to approximately 180 well locations, including recent AMI in Lavaca County
• Grew oil/NGL production from 2,461 Bbls/day in 2Q10 to 7,057 Bbls/day in 3Q11 (+187%)
• Rated among the highest‐return drillers in 2010; Eagle Ford driving 2011 and 2012 returns
• Other oily / liquids‐rich plays include the horizontal Cotton Valley and Granite Wash
• Substantial core gas assets retained for eventual gas price recovery
• Haynesville Shale in east Texas, Selma Chalk in Mississippi and Appalachia
• Selective divestitures to increase margins, operational focus, liquidity
• Efforts continue to expand oil/liquids reserves and drilling inventory
• Expected growth in cash flows and higher multiples due to increasing
oil/NGL production/reserves should drive recovery in equity valuation
4
5. PVA is Financially Sound
Liquidity and Financial Wherewithal Among Best for Small‐Cap E&Ps
Leverage Ratios
• Liquidity is solid
4.5x 45%
• Immediate liquidity of $284MM (borrowing base 41.1%
4.0x 40%
liquidity of $369MM) at September 30, 20111 3.5x
35.9% 35.6%
35%
31.6%
30.0%
• Current borrowing base of $380MM1 3.0x
28.2%
3.0x
30%
2.5x 2.3x 25%
• 115 straight years of dividends (4.36% current yield) 2.2x
2.0x 1.7x 1.8x 20%
• Indebtedness is not an issue either 1.5x 1.2x 15%
1.0x 10%
• No significant debt maturities until 2016 0.5x 5%
• Relatively low yield on notes of approximately 8.3% 0.0x 0%
2006 2007 2008 2009 2010 3Q11
• BB‐/B1 corporate rating; BB‐/B2 rated public debt
Net Debt/EBITDAX Net Debt/Capitalization
• PDP reserve value approximates net debt
• New credit facility reflects high quality assets
• 5‐year maturity at a 0.5% lower interest rate
• Maximum leverage of up to 4.5x through June 2013
• Non‐core asset sales further bolster liquidity
• Will consider asset sales / partnering opportunities
• Will reinvest proceeds into oil / liquids inventory
1 – Liquidity at 9/30/11 of $369MM is comprised of a borrowing base of $380MM, less $15MM outstanding
on the revolver plus $4MM of cash; future ability to borrow under the revolver will be subject to a 1
maximum leverage ratio of 4.5x (through 6/30/13) and 4.0x (from 9/30/13 through 6/30/16) net
debt‐to‐EBITDAX, as well as future borrowing base amounts 5
6. EBITDAX and Cash Margin Growth
Shift to Oil/Liquids Strategy Has Dramatically Improved Cash Flow Margins
• EBITDAX has increased significantly since mid‐2010 when we began our strategic shift
towards oil and NGL growth, with less focus on low‐margin natural gas growth
• Gross operating margin per Mcfe has also moved up dramatically, reflecting our shift to
drilling high‐margin, oily and liquids‐rich plays
Quarterly EBITDAX and Cash Margins
$70 $7
$60 $6
$50 $5
$ per Mcfe
$ Millions
$40 $4
$30 $3
$20 $2
$10 $1
$0 $0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Adjusted EBITDAX ($MM) Gross Operating Margin per Mcfe
Note: Gross Operating Margin per Mcfe is defined as total product revenues, excluding the impact of hedges, less direct cash operating expenses per unit of equivalent production 6
7. Cash Flow Growth is Expected
2012 CFPS and EBITDAX Growth in Line With Peers
• Expected growth in cash flow and EBITDAX is ahead of peers through 20121
• Growth is fully‐funded
• Expected growth in EBITDAX will drive additional debt capacity (liquidity) and increases
in the borrowing base during 2012 and beyond1
2012E CFPS and EBITDAX Growth
60%
50%
40%
30%
20%
10%
0%
‐10%
‐20%
‐30%
‐40%
‐50%
‐60%
PVA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6
2011E‐2012E CFPS Growth 2011E‐2012E EBITDAX Growth
1 – Source: mean First Call estimates; peers: CRK, FST, GDP, GMXR, PETD and PQ; as of close on 1/6/12 7
8. PVA Appears Undervalued and Oversold
Valuation Multiples Well Below Less Liquid and Smaller Peers
• Trades at 1.1x analysts’ mean 2012E CFPS1
• Selected peers trade at a mean of 3.2x1
• Trades at 3.0x analysts’ mean 2012E EBITDAX
• Selected peers trade at a mean of 5.5x1
• Trades at 55% of analysts’ mean target price1
• Selected peers trade at mean of 68%1
2012E CFPS and EBITDAX Multiples % of Target Price
9.0x 80%
8.0x 75%
70%
7.0x
65%
6.0x
60%
5.0x
55%
4.0x
50%
3.0x
45%
2.0x 40%
1.0x 35%
0.0x 30%
PVA Peer 5 Peer 1 Peer 6 Peer 2 Peer 3 Peer 4 PVA Peer 1 Peer 5 Peer 3 Peer 2 Peer 6 Peer 4
Price‐to‐2012E CFPS TEV‐to‐2012E EBITDAX Price‐to‐Mean Target Price
1 – Sources: First Call; peers: CRK, FST, GDP, GMXR, PETD and PQ (see previous page); as of 1/6/12 8
9. What is Our Response?
Focus on Drilling the Eagle Ford and Look to Expand Our Oil Inventory in the Near‐Term
Continue to increase oil and liquids exposure
• 36% of 4Q11 production vs. 18% in FY10; cash flows expected to accelerate
• Eagle Ford‐driven, with goal to add more Eagle Ford / other oily inventory
Retain long‐term optionality of core gas assets
• E. Texas, Mississippi and Appalachia – largely HBP; wait on gas prices
Continue to maintain solid liquidity and financial position
• No significant debt maturities until 2016 and sufficient liquidity to fund CAPEX
• Continuing to drill and prove up reserves increases cash flow
Stress the compelling value
• Undervalued on most valuation metrics, despite solid operations and financial position
9
10. Core Operating Regions
Emerging Oil and Liquids‐Rich Plays Plus “Option” in Significant Gas Plays
2011E CAPEX: $433MM ‐ $443MM
89% Oil & Liquids‐Rich Plays
2011E Production: 46.5‐46.8 Bcfe
28% Oil & Liquids; 36% in 4Q11
2011E Production: ~47 Bcfe
2010 Proved Reserves: 942 Bcfe
Oil / Liquids
Wet Gas
Dry Gas
10
Note: Based on 11/2/11 and 12/13/11 operational updates; see Appendix
11. Eagle Ford Shale: Volatile Oil
Excellent Early Results; Looking to Expand Acreage Position
• Positioning
Eagle Ford Shale – Over 30,000 (21,000 net) acres in Gonzales and
Lavaca Counties, TX
– Operator in Gonzales with 83% WI and 63% NRI
– Operator in Lavaca with at least a 50%WI
– ~30 wells producing; up to 180 well locations
– Fracturing, gathering and processing in place
– Recent JV transaction in vicinity for $25K per net
acre (Hunt/Marubeni)
• Reserve Characteristics / Geology
– Volatile oil window: 80% oil, 10% NGLs, 10% gas
– First 20 wells IP’d at avg. of 1,012 BOE/d
– Results support a 422 MBOE type curve
• 2011 Activity
– 3‐4 rigs drilling; up to 33 (27.5 net) wells
– Up to $290MM of CAPEX (66% of total)
– 11% of 2011E production (~19% of 4Q11E)
11
Note: Based on 11/2/11 and 12/13/11 operational updates
12. Eagle Ford Shale: Play Activity Map
Located in the “Volatile Oil” Window Near Strong, Early Industry Results
• PVA’s Eagle Ford Acreage Peers With Peers
Fayette
County
and Potential is Well‐ Acreage PVA
PVA / MHR / EOG
Near PVA
Positioned Based PVA (avg. 1,101 BOEPD)
MHR (avg. 1,192 BOEPD)
EOG EOG Hill Unit (avg. 1,642 BOEPD)
on Overall Excellent MRO (Hilcorp)
Industry Results in MHR PVA Acreage
~14,700 Net Acres in
FST Gonzales Gonzales Co. and
Area Hunt County ≥ 6,500 Net Acres in
Lavaca Co.
PVA / Hunt‐MHR
PVA (30‐day avg. 334 BOEPD)
Hunt‐MHR (30‐day avg. 219 BOEPD)
Lavaca
County
EOG
Meyer Unit (1.9 – 3.4 MBOEPD)
Mitchell Unit (3.3 – 3.6 MBOEPD)
Wilson
County
EOG
King Fehner Unit (1.4 – 1.7 MBOEPD)
Karnes Central Gonzales (avg. 1,465 BOEPD)
County Dewitt
County
12
Note ‐ Industry results based on peers’ investor presentations and reported IP wellhead rates (pre‐processing); production “windows” are PVA’s approximation
13. Eagle Ford Shale: Excellent Early Results
PVA Has Reported Some of the Best Industry Results in the Volatile Oil Window
• Initial 20 wells had an average peak gross production rate of 1,012 BOEPD
– Average 30‐day gross production rate of 688 BOEPD
• Well results provides the basis for our 422 MBOE EUR type curve
30‐Day
Cumulative Peak Gross Daily Average Gross Daily
Gross Production1 Production Rates1 Production Rates1
Lateral Frac Equivalent Days On Oil Equivalent Oil Equivalent
Well Name Length Stages Production Line Rate Rate Rate Rate
On‐Line Wells feet BOE BOPD BOEPD BOPD BOEPD
Gardner #1H 4,792 16 129,946 275 1,084 1,247 732 881
Hawn Holt #1H 4,053 15 73,952 182 759 837 606 668
Hawn Holt #2H 4,476 17 71,524 149 869 986 668 728
Hawn Holt #4H 4,106 14 45,281 179 534 582 357 394
Hawn Holt #6H 4,166 17 46,111 150 670 711 342 370
Hawn Holt #9H 4,453 18 90,538 145 1,652 1,877 1,044 1,153
Hawn Holt #10H 3,913 16 62,836 121 1,080 1,188 771 839
Hawn Holt #3H 3,800 15 41,232 114 607 651 478 522
Hawn Holt #5H 3,950 16 32,735 113 474 528 321 349
Munson Ranch #1H 4,163 17 90,609 104 1,755 1,921 1,207 1,315
Munson Ranch #3H 3,953 16 66,241 103 1,448 1,538 1,007 1,092
Hawn Holt #11H 3,931 17 51,640 99 1,120 1,190 786 860
Hawn Holt #7H 4,345 18 27,960 68 730 798 493 541
Dickson Allen #1H 3,953 15 20,305 67 465 508 358 393
Hawn Holt #12H 3,320 18 33,255 60 1,458 1,495 619 668
Cannonade Ranch #1H 4,403 18 14,361 51 377 403 255 274
Hawn Holt #13H 2,805 11 25,877 47 1,347 1,399 585 650
Hawn Holt #15H 4,153 17 23,388 28 1,191 1,298 ‐‐‐ ‐‐‐
Dickson Allen #2H 3,853 16 9,120 20 552 601 ‐‐‐ ‐‐‐
Hawn Holt #8H 4,203 17 6,383 19 427 492 ‐‐‐ ‐‐‐
Averages 4,040 16 930 1,012 625 688
Note: Based on 11/2/11 and 12/13/11 operational updates 13
1 Wellhead rates only; the natural gas associated with these wells is yielding approximately 145 barrels of NGLs per MMcf
14. Mid‐Continent: Liquids‐Rich Play Types
High‐Margin, Liquid‐Rich Reserves and Production
• Positioning
Anadarko Basin – CHK development drilling JV
• ~10,000 net acres in Washita Co.
• Operate about one‐third; ~28% WI
• ~80 drilling locations in JV as of YE10
– ~40,000 net acres in other exploratory plays
• Testing to resume in 2012 and 2013
• Reserve Characteristics / Geology
– Granite Wash: 48% liquids; attractive IRRs
– Historical EURs > 5.0 Bcfe; assuming 4.0 Bcfe
for remaining wells
– Other play types: Tonkawa, Cleveland, Viola,
St. Louis, Springer, other
• 2011 Activity
– Up to 20 (8.7 net) Granite Wash wells
– Non‐operated drilling
– Up to $89MM of CAPEX (20% of total)
14
Note: Based on 11/2/11 and 12/13/11 operational updates
15. East Texas & Mississippi: Gas Optionality
Low‐Cost, High‐Potential, Largely HBP 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 locations
– 267 Bcfe of 3P reserves at YE10
• ETX ‐ Haynesville Shale
– 6.7 Bcfe PUDs; dry gas
– $2.20 PV10 breakeven gas price
Wet Gas – 183 gross drilling locations
– 505 Bcfe of 3P reserves at YE10
Dry Gas
• Mississippi ‐ Selma Chalk
– 1.7 Bcfe PUDs; dry gas
YE10 Summary of Gas Option – $3.48 PV10 breakeven gas price
445 gross locations – 183 gross drilling locations
1.1 Tcfe of 3P reserves – 279 Bcfe of 3P reserves at YE10
15
16. Quality Inventory of Drilling Locations
PVA is Well‐Positioned in a Number of Leading Oil & Gas Plays
• Most core plays are economic at 2012‐2013 future strip pricing
• Focused on Eagle Ford Shale and Granite Wash in 2011
• Significant inventory of natural gas opportunities
Net Henry Hub WTI
Risked Breakeven Breakeven
Gross Average Reserve Gas Price Oil Price
Undrilled Working Gross EUR Potential for for
Play Locations Interest (Bcfe/Well)1 (Bcfe)2 10% IRR3 10% IRR4
Eagle Ford Shale ~150 83% 4221 ‐‐‐5 N/A $55‐66
Granite Wash ~60 28% 6601 174 N/A $31
Horizontal Cotton Valley 79 79% 5.0 267 $2.54 $50
Haynesville Shale 183 74% 6.7 505 $2.20 N/A
Selma Chalk 183 97% 1.7 279 $3.48 N/A
1 – Eagle Ford and Granite Wash EURs in MBOE
2 – 3P reserves as of 12/31/10
3 – Pretax well economics assuming $85.00 oil price per barrel WTI
16
4 – Pretax well economics assuming $4.50 gas price per MMBtu Henry Hub
5 – No Eagle Ford Shale proved or unproved reserves were included in the reserve report at year‐end 2010
17. Spending Less Overall, But More in Oil & Liquids
2007 ‐ 2011 Capital Spending Increasingly Allocated to Oil & NGLs
• In 2010 we focused CAPEX on drilling in the Granite Wash with high rates of return
• For 2011 and beyond, we’ll be focused on drilling and expanding our position in the
Eagle Ford Shale and, potentially, other oily or liquids‐rich play types
17
Note: 2011 data based on guidance announced 11/2/11; see Appendix
18. 2011 Capital Expenditures
$433 ‐ $443MM of 2011 Capital Spending, 89% Targeting Oil & Liquids‐Rich Plays
Expected 2011‐12 Capital Programs: Fully Funded
18
Note: 2011 data based on guidance announced 11/2/11; see Appendix
19. Track Record of Value Creation
Lower Drill‐Bit F&D and Higher Rates of Return on Drilling Relative to Peers in 2010
• Historical statistics place PVA among the “best in class” ‐ 2010 was no exception
– Ranked 3rd in drill‐bit F&D and 7th in return on drilling dollars out of 38 top E&P firms1
– 2010 results driven by the Granite Wash; 2011 and 2012 results will be driven by the Eagle
Ford Shale
2010E Ex‐Leasehold PD F&D1 2010E Return on Drilling Dollars1
$14 60%
$12 50%
$10 40%
$8 30%
$6 20%
Median: 13.7%
$4 10%
Median: $2.91/ Mcfe
$2 0%
$0 ‐10%
PVA PVA
1 ‐ Source: JPMorgan PD F&D Survey (March 2011); peers: APA, APC, AREX, ATPG, BEXP, BRY, CHK, CLR, COG, CRZO, CXO, DNR, DPTR, DVN, 19
EOG, EP, EQT, GDP, HK, MMR, NBL, NFX, PETD, PQ, PXD, PXP, QEP, RRC, SD, SFY, SM, SWN, UPL, VQ, WLL, WMB, XEC
20. Oil & Gas Price Sensitivities
Plenty to Do Despite Uncertain / Weak Commodity Price Environment
• Most core plays are economic at current 2012‐2013 futures strip pricing
• Our drilling is rate‐of‐return driven; our outspend is highly accretive and funded
• We’re well above peers in return on drilling dollars – these charts show how we do that
$4.50 per MMBtu $85 per Barrel
Flat HH Gas Price Flat WTI Oil Price
Eagle Ford Shale (Actual Type Curve) Eagle Ford Shale (Conservative Type Curve)
(EUR = 422 MBOE (8/8ths) / Capex = $8.000 MM) (EUR = 321 MBOE (8/8ths) / Capex = $8.000 MM)
Granite Wash Horizontal Cotton Valley
(EUR = 660 MBOE ‐‐ 4.0 Bcfe (8/8ths) / Capex = $7.500 MM) (EUR = 5.0 Bcfe (8/8ths) / Capex = $5.770 MM)
Haynesville Shale Mississippi Selma Chalk
(EUR = 6.7 Bcfe (8/8ths) / Capex = $10.000 MM) (EUR = 1.7 Bcfe (8/8ths) / Capex = $2.380 MM)
20
21. Why PVA?
A Track Record of Growth and Value Generation
• Diversified and valuable portfolio of high‐quality assets
• Track record of low‐cost, high‐return operations
• Allocating capital to build oil and liquids production
• Ample supply of economic drilling locations
• Drilling and acquisitions focused on high return play types
• Retained optionality of natural gas assets
• Sound financial condition and liquidity
• Production and cash flow growth expected
• Compelling value proposition
21
23. Crude Oil Hedges
Protecting our Capital Budget and Well Economics
• We have recently expanded our crude oil hedges given our increased oil drilling activity
Crude Oil Hedges1
Swaps and Collars
2,000 $96.86 $100
Weighted Average Floor /
Weighted Avg. Floors and Swaps ($/Bbl.)
$93.33 $93.33 $93.33 $93.33 Swap Price by Quarter
$90.00 $90.00 $90.00 $90.00
1,500 $88
$85.00 $85.00 $85.00 $85.00 $85.00 $85.00 $85.00 $85.00 $85.00
Barrels per Day
Budget Price by Quarter
1,000 $75
500 $63
0 $50
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
1 – As of 11/2/11; our new 1,000 barrel per day oil collars for 2012 ($90 x $97) and 2013 ($90 x $100) have premiums of $7.63 and $9.89 per
23
barrel, respectively, that will be paid as part of net cash settlements during the applicable periods
24. Natural Gas Hedges
Protecting our Capital Budget and Well Economics
• 38% of our natural gas price exposure is hedged for the remainder of 2011
Natural Gas Hedges1
Swaps and Collars
60 $6
Weighted Avg. Floors and Swaps ($/MMBtu)
$5.67 $5.70
Weighted Average Floor / $5.31 $5.31
Swap Price by Quarter
$5.10
MMBtu per Day (000s)
40 $5
Budget Price by Quarter
$4.25 $4.25 $4.25 $4.25
20 $4
$3.75
0 $3
4Q11 1Q12 2Q12 3Q12 4Q12
24
1 – As of 11/2/11
25. 2011 Guidance Table
As of December 13, 2011
1Q ‐ 3Q Fourth Quarter Full‐Year
2011 2011 Guidance 2011 Guidance
Production:
Natural gas (Bcf) 26.6 6.8 ‐ 7.0 33.5 ‐ 33.7
Crude oil (MBbls) 833 428 ‐ 440 1,261 ‐ 1,273
NGLs (MBbls) 695 214 ‐ 220 909 ‐ 915
Equivalent production (Bcfe) 35.8 10.7 ‐ 11.0 46.5 ‐ 46.8
Equivalent daily production (MMcfe per day) 131.2 116.3 ‐ 119.6 127.4 ‐ 128.3
Percentage crude oil and NGLs 25.6% 36.0% ‐ 36.0% 28.0% ‐ 28.0%
Operating expenses:
Lease operating ($ per Mcfe) $ 0.82 0.73 ‐ 0.81 0.80 ‐ 0.82
Gathering, processing and transportation costs ($ per Mcfe) $ 0.31 0.26 ‐ 0.30 0.30 ‐ 0.31
Production and ad valorem taxes (percent of product revenues) 5.1% 5.0% ‐ 5.5% 5.0% ‐ 5.5%
General and administrative:
Recurring general and administrative $ 31.7 9.0 ‐ 9.5 40.7 ‐ 41.2
Share‐based compensation $ 5.6 1.5 ‐ 2.0 7.1 ‐ 7.6
Restructuring $ 1.7 0.6 ‐ 0.8 2.3 ‐ 2.5
Total reported G&A $ 39.0 11.1 ‐ 12.3 50.1 ‐ 51.3
Exploration:
Dry hole costs $ 18.9 0.0 ‐ 0.2 18.9 ‐ 19.1
Unproved property amortization $ 33.6 11.0 ‐ 11.5 44.6 ‐ 45.1
Other $ 15.7 2.0 ‐ 4.0 17.7 ‐ 19.7
Total reported exploration $ 68.2 13.0 ‐ 15.7 81.2 ‐ 83.9
Depreciation, depletion and amortization ($ per Mcfe) $ 3.16 4.67 ‐ 4.86 3.55 ‐ 3.60
Capital expenditures:
Development drilling $ 207.9 95.0 ‐ 100.0 302.9 ‐ 307.9
Exploratory drilling $ 53.2 6.0 ‐ 7.0 59.2 ‐ 60.2
Pipeline, gathering, facilities $ 6.3 4.0 ‐ 6.0 10.3 ‐ 12.3
Seismic $ 9.0 1.0 ‐ 2.0 10.0 ‐ 11.0
Lease acquisitions, field projects and other $ 46.4 4.0 ‐ 5.0 50.4 ‐ 51.4
Total oil and gas capital expenditures $ 322.8 110.0 ‐ 120.0 432.8 ‐ 442.8
25
Dollars in millions, except per unit data