- 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
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.
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 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.
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.
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.
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 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.
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 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.
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.
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.
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.
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.
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 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%.
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 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.
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.
PVA is transitioning from a natural gas producer to an oil and natural gas liquids producer through its focus on oil-rich plays like the Eagle Ford Shale. This shift has improved revenues and cash flows as oil and NGL prices have increased relative to natural gas prices. PVA plans to continue growing its oil and liquids production and considers asset sales to boost liquidity in the near term. The company believes it is undervalued relative to its peers given its leverage to higher-priced oil and natural gas liquids.
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.
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.
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 is an E&P company that has transitioned from primarily natural gas to oil and liquids production through its Eagle Ford Shale position. It has 23,000 net acres in the Eagle Ford with 190 well locations identified. PVA's strategy has increased revenues and cash flows as oil and liquids prices have risen relative to natural gas prices. PVA believes its valuation is low relative to peers given its oil and liquids focus, production growth, and hedging program. It plans to continue developing its Eagle Ford acreage and adding other oil projects while maintaining its gas assets for potential future price recovery.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
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.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
This corporate presentation by Denbury Resources provides an overview of the company's CO2 enhanced oil recovery (EOR) business. Some key points:
- Denbury focuses on CO2 EOR, owning significant CO2 reserves and over 1,100 miles of pipelines to transport CO2 for injection.
- The company's assets have substantial long-term EOR resource potential estimated at 890 million barrels recoverable.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing operations, reducing debt, and preserving cash and liquidity.
- The company has ample CO2 supply for EOR operations with no significant capital required for several years.
Final may invester presentation 5.30.17SandRidgeIR
The document is an investor presentation for SandRidge Energy covering operational highlights and forward looking statements. It summarizes that Sandridge has a portfolio of three oil-focused project areas with over 1,300 total 2P locations. It is focusing development on its NW STACK and North Park Niobrara projects in 2017 while harvesting its Mississippian position. Recent results in both areas have exceeded type curves with estimated ultimate recoveries of over 600 MBoe per lateral. The company had $554 million in liquidity as of early May 2017 with no debt.
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.
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.
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.
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.
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 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%.
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 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.
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.
PVA is transitioning from a natural gas producer to an oil and natural gas liquids producer through its focus on oil-rich plays like the Eagle Ford Shale. This shift has improved revenues and cash flows as oil and NGL prices have increased relative to natural gas prices. PVA plans to continue growing its oil and liquids production and considers asset sales to boost liquidity in the near term. The company believes it is undervalued relative to its peers given its leverage to higher-priced oil and natural gas liquids.
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.
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.
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 is an E&P company that has transitioned from primarily natural gas to oil and liquids production through its Eagle Ford Shale position. It has 23,000 net acres in the Eagle Ford with 190 well locations identified. PVA's strategy has increased revenues and cash flows as oil and liquids prices have risen relative to natural gas prices. PVA believes its valuation is low relative to peers given its oil and liquids focus, production growth, and hedging program. It plans to continue developing its Eagle Ford acreage and adding other oil projects while maintaining its gas assets for potential future price recovery.
Denbury Resources reported operational and financial results for 3Q17. Production was impacted by Hurricane Harvey but no long-term damage occurred. Denbury is focusing on reducing costs, maximizing asset value, and improving its balance sheet. It has identified opportunities to develop horizontal wells in the Mission Canyon interval of the Cedar Creek Anticline, which could unlock significant resource potential with attractive economics. Total operating costs for the quarter were $21.22 per BOE.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
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.
Scotia Howard Weil 43rd Annual Energy Conference PresentationApproachResources
The document discusses forward-looking statements and cautions that actual results may differ substantially from estimates. It provides an overview of Arena Energy, including its enterprise value, asset base in the Midland Basin with over 1 billion barrels of estimated resource potential, and capital program focused on flexibility and returns. Arena has a low-risk, oil-rich asset base and a strong financial and liquidity position to withstand commodity price volatility.
This corporate presentation by Denbury Resources provides an overview of the company's CO2 enhanced oil recovery (EOR) business. Some key points:
- Denbury focuses on CO2 EOR, owning significant CO2 reserves and over 1,100 miles of pipelines to transport CO2 for injection.
- The company's assets have substantial long-term EOR resource potential estimated at 890 million barrels recoverable.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing operations, reducing debt, and preserving cash and liquidity.
- The company has ample CO2 supply for EOR operations with no significant capital required for several years.
Final may invester presentation 5.30.17SandRidgeIR
The document is an investor presentation for SandRidge Energy covering operational highlights and forward looking statements. It summarizes that Sandridge has a portfolio of three oil-focused project areas with over 1,300 total 2P locations. It is focusing development on its NW STACK and North Park Niobrara projects in 2017 while harvesting its Mississippian position. Recent results in both areas have exceeded type curves with estimated ultimate recoveries of over 600 MBoe per lateral. The company had $554 million in liquidity as of early May 2017 with no debt.
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.
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.
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.
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.
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.
ConocoPhillips (COP) today provided an update on its operating plan for Alaska, focusing on the company’s long history of creating value in the state and an ongoing commitment to invest in low cost of supply opportunities. Over the past few years, the company’s Alaska business has undergone a significant transformation, driven by a more competitive fiscal framework, cost reductions, technological advancements and an exploration renaissance.
1) SandRidge Energy presented at the Howard Weil Energy Conference on March 24, 2015. The presentation provided an overview of the company, its assets and operations, capital expenditure plans for 2015, and strategies for adapting to lower oil prices.
2) Key points included outlining a $700 million capital expenditure budget for 2015, a plan to reduce the rig count from 19 to 7 rigs, and targeting $200 million in proceeds from asset sales. The presentation also highlighted efficiency gains and expanded use of multilaterals to reduce well costs.
3) SandRidge demonstrated success in 2014 by growing reserves 37% and type curves 27%, with 47% production growth in the Midcontinent. The presentation emphasized preserving value
The document provides an August 2018 update on Chesapeake Energy Corporation's business strategies and operations. It discusses plans to use proceeds from an asset sale to reduce debt, goals of achieving a net debt to EBITDA ratio of 2x and free cash flow neutrality. Production from the Powder River Basin is growing rapidly and is expected to increase 90% in 2018 and 100% in 2019, driven largely by oil growth from the Turner area where 18 wells are currently producing. Drilling and completion costs in the Turner area have improved. The company has a diverse portfolio across five basins with an inventory of potential locations.
SandRidge Energy presented at an energy conference, outlining its strategy to thrive in a lower oil price environment through capital discipline and efficiency gains. Key points:
- The company plans to reduce its 2015 capital expenditures to $700 million, down from $1.6 billion in 2014, through lower well costs, expanded use of multilaterals, and other efficiencies.
- SandRidge expects its new strategy will allow it to grow production 6% in 2015 while drilling fewer wells and lowering its rig count.
- The company has a strong hedge position and recently negotiated more flexible debt covenants to bolster its financial position in the current market.
SandRidge Energy presented at an energy conference, outlining their operations and strategy in response to lower oil prices. Key points included:
1) A $700 million capital budget for 2015, down from $1.6 billion in 2014, focusing on efficiency gains and expanded use of multilaterals to preserve returns.
2) Demonstrating success in 2014 through production growth, increased reserves, and pioneering multilaterals in the Mississippian.
3) Pursuing appraisal and redevelopment opportunities in legacy reservoirs like the Chester and Woodford to further extend the drilling inventory.
SandRidge Energy presented at an energy conference, outlining their operations and strategy in response to lower oil prices. Key points included:
1) A $700 million capital budget for 2015, down from $1.6 billion in 2014, focusing on efficiency gains and expanded use of multilaterals to preserve returns.
2) Demonstrating success in 2014 through production growth, increased reserves, and pioneering multilaterals in the Mississippian.
3) Pursuing appraisal and redevelopment opportunities in legacy reservoirs like the Chester and Woodford to further extend the drilling inventory.
SandRidge Energy presented at an energy conference, highlighting its operations, capital efficiency gains, and 2015 guidance. Key points included:
1) A $700 million capital budget for 2015 focusing on efficiency and multilaterals to preserve 6% production growth while lowering rig count.
2) Capital efficiency gains through service cost reductions, improved well design, and expanding multilaterals which provide the same production as single laterals for 20% less cost.
3) 37% proved reserve growth in 2014 to 516 MMBoe and a 27% improvement to the type curve, demonstrating repeated operational success.
Rockdale Resources Corporation is an independent oil and gas exploration and production company traded on the OTCQB market under the ticker BBLS. The company owns a 623 acre lease in the Minerva-Rockdale oil field in Texas, with 11 producing oil wells currently producing around 50 barrels per day. The company sees potential to drill 4 additional wells on the lease and estimates 20-30 total new drilling locations. Management aims to grow production through its own drilling program and acquiring additional production assets and leases.
This document provides an investor presentation for SandRidge Energy. It summarizes the company's strategic focus on increasing capital efficiency through well cost reductions and expanded use of multilaterals. SandRidge plans to reduce 2015 capital expenditures to $700 million while still guiding for 6% production growth. The presentation highlights recent operational successes in increasing reserves by 37% and improving type curves. It also outlines opportunities in appraising new zones like the Chester and Woodford formations while defending the company's strong position in the Mississippian play.
A copy of Chesapeake Energy's PowerPoint presentation at the Heikkinen Energy Conference in August 2016. Several slides show Chesapeake's shale drilling strategy, which will focus on the Eagle Ford and Haynesville Shale plays in the near-term.
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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, NGLs and oil; our ability to develop, explore for and replace oil and gas reserves and
sustain production; our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; any impairments, write‐
downs or write‐offs of our reserves or assets; the projected demand for and supply of natural gas, NGLs 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 cost 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; our ability to successfully monetize select assets and repay our debt; leasehold
terms expiring before production can be established; 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 regulation
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, 2011. 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, 2011, which is 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 quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be
economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulation
before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the
estimate is a deterministic estimate or probabilistic estimate. Probable reserves are those additional reserves that are less certain to be recovered than proved
reserves, but which are as 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
• Very active in the Eagle Ford Shale oil play with excellent results to date: YE11 PV‐10 of $278 MM
• HBP positions in Granite Wash, East Texas, Mississippi and Appalachia: YE11 PV‐10 of $596 MM
• Still significantly leveraged to natural gas prices
• PVA is executing a strategy of growth in oil and NGL rich plays
• 2010 and 2011 were transformational years, diversifying our portfolio towards oil / NGLs
• Successful drilling results in the Eagle Ford Shale – ~45 wells on‐line
• Adding to Eagle Ford drilling inventory – recent AMI in Lavaca County and exploration under way
• Strategy has resulted in excellent growth in EBITDAX and cash operating margins
• Focused on improving liquidity
• Have launched Mid‐Continent asset sale process
• Borrowing base of $300 MM following April 2012 redetermination ‐ $180 MM of liquidity at 1Q12
• Have reduced capital spending in 2012 – 30% less than 2011
• Oil hedges: ~70% hedged for balance of 2012 at weighted average price of ~$100 per barrel
• Attractively valued
• 1.2x 2013 CFPS and 3.5x 2013 EBITDAX, 53% and 19% below peers
• $1.09 per Mcfe of YE11 proved reserves and $8,100 per MMcfed of 1Q12 daily production
3
4. PVA’s Catalysts / Challenges
• Challenges
• Managing liquidity in light of our higher cost of capital
• Maintaining three‐plus years of oily drilling inventory
• Very capital intensive industry
• Catalysts
• Eagle Ford exploratory success in Lavaca County, TX
• Strong Eagle Ford development drilling results
• Success in lowering Eagle Ford drilling and completion costs
• Increasing Eagle Ford production, margins and cash flows
• Granite Wash sale would increase liquidity and reduce leverage
• Retained Mid‐Continent oil prospect expected to be drilled and completed in 3Q12
• Attractive natural gas asset base that is primarily HBP
4
5. Options to Build Financial Liquidity
• Current liquidity is sufficient and we will build it up as 2012 progresses
• 2012 CAPEX fully‐funded and largely discretionary; no material debt maturities until 2016
• Borrowing base equal to current commitment amount of $300 MM
• ~$180 MM of borrowing base liquidity at 3/31/12
• 2012E cash flow outspend of $107‐147 MM
• Granite Wash asset sale process underway
• Would reduce bank debt and replenish liquidity going into 2013
• Liquids‐rich assets (approximately 50% liquids and oil)
• Significantly reduced capital expenditures
• 2012 capital program of $300‐325 MM is ~30% less than $446 MM in 2011
• 89% Eagle Ford (oily) ‐ no natural gas drilling due to weak prices
• Continue active hedging program
• Oil: ~70% hedged for balance of 2012 at average price of $100.47 per barrel
• Gas: ~25% hedged for balance of 2012 at average price of $5.27 per MMBtu
• 2013: 2,872 BOPD hedged at weighted average of $98.61 per barrel (floor/swap); no gas hedges
• 2014: 1,750 BOPD hedged at weighted average of $100.19 per barrel (floor/swap); no gas hedges
• Hedges help support borrowing base and strong cash flow margins
5
6. Business Strategy
• Commenced our “Gas‐to‐Oil” transition in mid‐2010
• Built Eagle Ford position from initial 6,800 net acres to in excess of 23,000 net acres currently
– Up to approximately 190 well locations
– Includes acreage and locations expected to be earned in recently announced AMI in Lavaca County
• Grew oil/NGL production from 2,461 Bbls/day in 2Q10 to 8,387 Bbls/day in 1Q12 (+241%)
– Up 17% from 7,194 Bbls/day in 4Q11
– 42% of total production and 82% of product revenues
– Daily oil production alone grew 23% from 4Q11 to 1Q12
• Other oily / liquids‐rich plays include the Cotton Valley and Granite Wash
• Retain substantial core gas assets for eventual gas price recovery
• Haynesville Shale, Cotton Valley, Mississippi Selma Chalk and Marcellus Shale
• Make selective divestitures to improve operational focus and liquidity
• Have launched Granite Wash asset sale process
• Continue to expand oil and liquids reserves and drilling inventory
• Will test a horizontal Viola oil prospect in the Mid‐Continent in 2012
• Continue to grow oil and liquids production and cash flows
• Eagle Ford drilling emphasis in 2012
• Continued focus on optimizing drilling, completion and operating costs
6
7. Value Has Shifted to Oil
• In mid‐2010, PVA implemented a strategy to transition from dry gas to oil
• Since then, the decrease in gas prices and increase in oil & liquids prices has shifted the
market from a “6:1” to a “20:1” liquids‐to‐gas price environment (50:1 for oil)
• Examining revenue growth by commodity type reveals PVA’s true growth in value
Perception: “6‐to‐1” Equivalent Environment Reality: “20‐to‐1” Price Environment
Gas Producer With Little to No Production Growth Oil/NGL Producer With Revenue Growth
Pro Forma Production by Commodity Pro Forma Quarterly Revenue by Commodity
MMcfe per day (1 Bbl = 6 Mcfe) Pre‐Hedging; $MM
160 $90
120 $68
82%
~43%
80 $45
40 $23
~57%
18%
0 $0
Base Gas Shale Gas Oil NGLs Gas Oil NGLs
7
Note: Pro forma to exclude South Texas and South Louisiana assets sold in January 2010 and primarily Arkoma Basin assets sold in August 2011
8. EBITDAX and Cash Margin Growth
• EBITDAX has increased significantly since mid‐2010 when we began our strategic shift
towards oil
• Gross operating margin per Mcfe has also improved significantly due to the increase in
oil prices and declining operating costs per unit
• Eagle Ford margin almost $15 per Mcfe
Quarterly EBITDAX and Cash Margins
$70 $7
$60 $6
$50 $5
$ per Mcfe
$ Millions
$40 $4
$30 $3
$20 $2
$10 $1
$0 $0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Adjusted EBITDAX ($MM) Gross Operating Margin per Mcfe
8
Note: Gross operating margin per Mcfe is defined as total product revenues, excluding the impact of hedges, less direct operating expenses per unit of equivalent production
9. PVA Appears Undervalued
• Trades at 1.2x analysts’ mean 2013E CFPS1
– Trades at a 53% discount to selected peers which trade at an average of 2.6x
• Trades at 3.5x analysts’ mean 2013E EBITDAX1
– Trades at a 19% discount to selected peers which trade at an average of 4.4x
• $965MM enterprise value is only $91MM ($1.99/share) above YE11 PV‐10 of $874MM2
• YE11 PV‐10 of Eagle Ford 3P reserves alone is $360MM, using a $9 MM drilling and
completion well cost and allocating no value to Lavaca County at this time3
2013E CFPS and EBITDAX Multiples
6.0x
4.0x
2.0x
0.0x
PVA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
Price‐to‐2013E CFPS TEV‐to‐2013E EBITDAX
1 – Sources: First Call; peers: CRK, FST, GDP, PETD and PQ; as of 5/14/12 9
2 – PV‐10 pretax value of $874MM based on SEC pricing of $96.19 per Bbl for oil and $4.12 per MMBtu for natural gas
3 – Derived from our 2011 reserve report prepared by our independent petroleum engineers
10. Asset Overview
Emerging Oil and Liquids‐Rich Plays Plus “Option” in Significant Gas Plays
2012E CAPEX: $300MM ‐ $325MM
~89% Eagle Ford / ~30% Less than 2011
2012E Production: 40.0‐43.0 Bcfe
~43% Oil & Liquids
2012E Production: 41.5 Bcfe
2011 Proved Reserves: 883 Bcfe
Oil / Liquids
Wet Gas
Dry Gas
10
Note: Based on 5/2/12 operational update; see Appendix
11. Eagle Ford Shale
The Most Economic Eagle Ford Shale Wells are in the Volatile Oil & Condensate Rich Gas Windows
Premier Shale Oil & Liquids Play Volatile Oil • 31,400 (≥23,100 net) acres in Gonzales and
Lavaca Counties, TX1
Condensate
Gonzales Rich Gas – Operator in Gonzales with 83% WI
– Operator in Lavaca with at least a 57%WI1
San Antonio – Avg. IP/30‐day rates of 1,001/645 BOEPD
Wilson Lavaca – Type curve EUR of ≥400 MBOE2
Bexar
– 88% oil, 6% NGLs and 6% gas, post processing
– 1Q12 D&C costs: estimated $7.5MM per well
Atascosa
– Reduced proppant costs and stage sizes
Karnes DeWitt
– Initial Lavaca wells met/exceeded expectations
– Initial positive down‐spacing test of 3‐well pad
Victoria • Up to ~150 remaining drilling locations1
Goliad – April production: ~12,000 (7,000 net) BOEPD
• Rigs, infrastructure in place
– Dedicated rigs and fracturing crew
McMullen Live Oak Bee Texas – Current oil price at ~$11/Bbl premium to WTI
Acreage Valuations – Gas gathering and processing in place
Have Increased
Significantly in Recent
EFS Transactions
1 – Includes approximately ~13,500 (~8,000 net) acres and up to ~40 locations to be earned in the recently announced AMI in Lavaca Co.
11
2 – Internally generated type curve based on production history of wells drilled to date by PVA; year‐end 2011 reserve report was prepared by
Wright & Company, Inc. and reflects a type curve of 341 MBOE based on the production history of the wells through year‐end 2011
12. Eagle Ford Shale
Premier Acreage Position in Volatile Oil Window; Lavaca AMI Provides Additional Upside
PVA’s Eagle Ford Acreage
Volatile Oil Window Notable PVA Results
and Potential is Well‐ Gonzales
PVA Well Name IP Rates
Positioned Based on County Gardner 1H 1,247 BOEPD
Hawn Holt 9H 1,877 BOEPD
Overall Excellent MHR Hawn Holt 10H 1,188 BOEPD
Hawn Holt 11H 1,190 BOEPD
Industry Results in Area Hawn Holt 12H 1,495 BOEPD
Hawn Holt 13H 1,399 BOEPD
Hawn Holt 15H 1,298 BOEPD
Munson Ranch 1H 1,921 BOEPD
Munson Ranch 3H 1,538 BOEPD
Munson Ranch 4H 1,416 BOEPD
Munson Ranch 6H 1,808 BOEPD
Rock Creek Ranch 1H 1,257 BOEPD
Lavaca Schaefer 3H 1,129 BOEPD
Munson Ranch 5H 1,164 BOEPD
County D. Foreman 1H 1,202 BOEPD
Henning 1H 1,115 BOEPD
Rock Creek Ranch 5H 969 BOEPD
Rock Creek Ranch 6H 960 BOEPD
EOG Effenberger #1H (Lavaca) 922 BOEPD
PVA Acreage
PVA AMI with “Major”1
3‐D Seismic Survey
Notable PVA Results
Notable Industry Results
1 – Includes approximately ~13,500 (~8,000 net) acres and up to ~40 locations to be earned in the recently announced AMI in Lavaca Co. 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
Positive Trends: Volumes Up, Costs Down
• During 2011 and into early 2012, we have quickly ramped up the Eagle Ford Shale
• We also reduced our average well cost during the second half of 2011 which, combined
with strong oil prices, has contributed to increased rates of return and margins
• The cost decline is due primarily to drilling efficiencies and altered completion design
2011‐12 Sales Volumes by Commodity 2011‐12 Drilling & Completion Costs
600 $12
500 $10
400 $8
$ Millions
MBOE
300 $6
200 $4
100 $2
0 $0
1Q11 2Q11 3Q11 4Q11 1Q12 3Q11 4Q11 1Q12
Net Oil Sales Net NGL Sales Net Gas Sales Average Total Well Cost Average Completion Cost
13
14. Why PVA?
Investment Highlights
• Diversified and valuable portfolio of high‐quality assets
• Track record of low‐cost, high‐return operations
• Drilling and acquisitions focused on high return play types
• Successful transition from dry gas to oil and liquids underway
• Ample supply of economic drilling locations
• Retained optionality of natural gas assets
• Current liquidity is sufficient; focused on improving it during 2012
• Compelling value proposition
14
16. Crude Oil Hedges
Protecting our Capital Budget and Well Economics
• We have recently expanded our crude oil hedges given our increased oil drilling activity
• Our oil hedges thus far are equal to or greater than our forecasted oil price for 2012‐2013
Crude Oil Hedges1
Swaps and Collars
4,500 $110
Weighted Average Floor /
Weighted Avg. Floors and Swaps ($/Bbl.)
Swap Price by Quarter
4,000 $105
$101 $101 $100 $100 $100 $100
$100 $99 $99
3,500 $98 $98 $100
3,000 $95
Barrels per Day
Forecast Price by Quarter
2,500 $90
2,000 $85
1,500 $80
1,000 $75
500 $70
0 $65
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
16
1 – As of 5/2/12
17. Natural Gas Hedges
Protecting our Cash Flows During Depressed Gas Price Environment
• Our 2012 natural gas hedges have locked in prices well above the forecast
• Nevertheless, we are not drilling dry gas plays as the commodity remain oversupplied
Natural Gas Hedges1
Swaps and Collars
30 $6
Weighted Avg. Floors and Swaps ($/MMBtu)
Weighted Average Floor /
Swap Price by Quarter
24 $5.31 $5.31 $5
$5.10
MMBtu per Day (000s)
18 $4
Forecast Price by Quarter
12 $2.67 $3
$2.20
$2.00
6 $2
0 $1
2Q12 3Q12 4Q12
17
1 – As of 5/2/12
18. 2012 Guidance Table
As of May 2, 2012
1st Quarter Average Quarter for Full‐Year
Dollars in millions, except unit data 2012 Guidance
2012 2Q12 ‐ 4Q12
Production:
Natural gas (Bcf) 6.3 5.6 ‐ 6.0 23.0 ‐ 24.4
Crude oil (MBbls) 549 517 ‐ 575 2,100 ‐ 2,275
NGLs (MBbls) 215 173 ‐ 203 733 ‐ 825
Equivalent production (Bcfe) 10.9 9.7 ‐ 10.7 40.0 ‐ 43.0
Equivalent daily production (MMcfe per day) 119.5 105.9 116.8 109.3 ‐ 117.8
Equivalent production (MBOE) 1,812 1,618 ‐ 1,785 6,667 ‐ 7,167
Equivalent daily production (MBOE per day) 19.9 17.7 ‐ 19.5 18.2 ‐ 19.6
Percent crude oil and NGLs 42.1% 42.6% ‐ 43.6% 42.5% ‐ 43.3%
Production revenues:
Natural gas $ 14.9 10.4 ‐ 12.0 46.0 ‐ 51.0
Crude oil $ 58.7 51.8 ‐ 57.1 214.0 ‐ 230.0
NGLs $ 9.1 7.6 ‐ 8.6 32.0 ‐ 35.0
Total product revenues $ 82.7 69.8 ‐ 77.8 292.0 ‐ 316.0
Total product revenues ($ per Mcfe) $ 7.60 7.19 ‐ 7.26 7.30 ‐ 7.35
Total product revenues ($ per BOE) $ 45.62 43.12 ‐ 43.58 43.80 ‐ 44.09
Percent crude oil and NGLs 82.0% 84.5% ‐ 85.1% 82.5% ‐ 85.4%
Operating expenses:
Lease operating ($ per Mcfe) $ 0.84 0.80 ‐ 0.85
Lease operating ($ per BOE) $ 5.04 4.80 ‐ 5.10
Gathering, processing and transportation costs ($ per Mcfe) $ 0.38 0.31 ‐ 0.36
Gathering, processing and transportation costs ($ per BOE) $ 2.29 1.86 ‐ 2.16
Production and ad valorem taxes (percent of oil and gas revenues) 4.3% 4.0% ‐ 4.5%
General and administrative:
Recurring general and administrative $ 10.5 9.5 ‐ 10.2 39.0 ‐ 41.0
Share‐based compensation $ 1.6 1.6 ‐ 1.8 6.5 ‐ 7.0
Total reported G&A $ 12.1 11.1 ‐ 12.0 45.5 ‐ 48.0
Exploration expense $ 8.0 11.7 ‐ 12.7 43.0 ‐ 46.0
Unproved property amortization $ 8.2 8.9 ‐ 9.3 35.0 ‐ 36.0
Depreciation, depletion and amortization ($ per Mcfe) $ 4.67 4.75 ‐ 5.00
Depreciation, depletion and amortization ($ per BOE) $ 28.04 28.50 ‐ 30.00
Adjusted EBITDAX $ 64.2 51.9 ‐ 58.6 220.0 ‐ 240.0
Net cash provided by operating activities $ 70.7 38.1 ‐ 44.8 185.0 ‐ 205.0
Capital expenditures:
Drilling and completion $ 82.6 60.8 ‐ 64.1 265.0 ‐ 275.0
Pipeline, gathering, facilities $ 3.9 2.0 ‐ 3.7 10.0 ‐ 15.0
Seismic $ (0.4) 1.8 ‐ 3.5 5.0 ‐ 10.0
Lease acquisitions, field projects and other $ 4.3 5.2 ‐ 6.9 20.0 ‐ 25.0 18
Total oil and gas capital expenditures $ 90.4 69.9 ‐ 78.2 300.0 ‐ 325.0
19. Non‐GAAP Reconciliation
Adjusted EBITDAX
Year ended December 31, LTM 3 Mos. Ended
2007 2008 2009 2010 2011 1Q12 Mar‐11 Mar‐12
Adjusted EBITDAX dollars in millions
Net income (loss) from continuing operations $ 26.5 $ 93.6 $ (130.9) $ (65.3) $ (132.9) $ (118.5) $ (26.3) $ (11.9)
Add: Income tax expense (benefit) 30.5 55.6 (85.9) (42.9) (88.2) (80.6) (14.2) (6.6)
Add: Interest expense 20.1 24.6 44.2 53.7 56.2 57.5 13.5 14.8
Add: Depreciation, depletion and amortization 88.0 135.7 154.4 134.7 162.5 178.5 34.8 50.8
Add: Exploration 28.6 42.4 57.8 49.6 78.9 57.4 29.5 8.0
Add: Share‐based compensation expense 1.6 6.0 9.1 7.8 7.4 7.2 1.8 1.6
Add/Less: Derivatives (income) expense included in net income 2.0 (29.7) (31.6) (41.9) (15.7) (14.0) (1.3) 0.3
Add/Less: Cash receipts (payments) to settle derivatives 14.1 29.7 (5.8) 68.5 27.4 28.6 6.7 8.0
Add: Impairments 2.6 20.0 106.4 46.0 104.7 104.7 ‐ ‐
Add/Less: Net loss (gain) on sale of assets, other (12.6) (33.2) (2.0) (1.2) 19.1 18.8 (0.5) (0.8)
Adjusted EBITDAX $ 201.5 $ 344.7 $ 115.7 $ 209.0 $ 219.5 $ 239.7 $ 44.1 $ 64.2
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