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 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.
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 growth in cash flows and EBITDAX in 2012 that will fund its drilling program and increase its borrowing capacity. However, PVA appears undervalued relative to its peers based on valuation multiples.
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 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.
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.
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 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 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 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.
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 growth in cash flows and EBITDAX in 2012 that will fund its drilling program and increase its borrowing capacity. However, PVA appears undervalued relative to its peers based on valuation multiples.
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 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.
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.
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 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 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 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 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.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
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.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
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.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
- 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.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
(1) Sunoco LP has entered an agreement to sell approximately 1,110 convenience stores to 7-Eleven for $3.3 billion, focusing its business on fuel supply. (2) This transaction improves Sunoco's leverage and financial profile, reducing leverage to a target range of 4.5-4.75x. (3) Sunoco will continue marketing its remaining convenience stores and aims to grow its wholesale fuel business through long-term contracts with customers like 7-Eleven.
Dis bremen participation all results 8 nov14emiliomerayo
The document lists the results of a competition for persons with various disabilities. It includes 4 categories: persons with learning disabilities, wheelchair users, and blind and visually impaired for both females and males. For each category, it lists the place, name, country, and gender of the top competitors. There were a total of 15 males and 9 females listed for learning disabilities, 6 males and 3 females for wheelchair users, and 8 males and 2 females for blind and visually impaired competitors.
1. Shimizu Kiyou of Japan won the female kata competition, while Serap Ozcelik of Turkey won the female -50kg kumite. Sara Cardin of Italy won the female -55kg kumite and Giana Lotfy of Egypt won the female -61kg kumite.
2. Germany won the female team kata competition, while Egypt won the female team kumite competition. Iran placed second in the female team kumite.
3. Ryo Kiyuna of Japan won the male kata competition, while Douglas Brose of Brazil won the male -60kg kumite and William Rolle of France won the male -67kg kum
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 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.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an investor presentation covering key highlights, including 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It summarizes recent financial results and outlines the company's long-term outlook, focusing on growth opportunities in the Delaware Permian Basin, Northeast Marcellus shale, and Bakken shale plays.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It provides an overview of the companies, including key highlights such as 2016 guidance being on track, a focused growth strategy, a strong balance sheet, and significant insider ownership. It also summarizes recent quarterly results that demonstrate a commitment to deleveraging and strong distribution coverage. The document outlines Crestwood's focused growth strategy in three core areas and provides a long-term outlook with future growth projected to begin driving distributable cash flow growth in 2018.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
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.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
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.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
- 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.
Phillips 66 reported adjusted earnings of $294 million for the first quarter of 2017. Operating cash flow excluding working capital was $748 million. Capital expenditures and investments totaled $470 million. The company's net debt to capital ratio was 27% and annualized adjusted return on capital employed was 5%. Refining realized $8.55 per barrel in margins, capturing 70% of market margins. Chemicals earnings increased due to higher olefin and polyethylene margins. Midstream earnings rose with the first full quarter of operations at the Freeport LPG export terminal.
(1) Sunoco LP has entered an agreement to sell approximately 1,110 convenience stores to 7-Eleven for $3.3 billion, focusing its business on fuel supply. (2) This transaction improves Sunoco's leverage and financial profile, reducing leverage to a target range of 4.5-4.75x. (3) Sunoco will continue marketing its remaining convenience stores and aims to grow its wholesale fuel business through long-term contracts with customers like 7-Eleven.
Dis bremen participation all results 8 nov14emiliomerayo
The document lists the results of a competition for persons with various disabilities. It includes 4 categories: persons with learning disabilities, wheelchair users, and blind and visually impaired for both females and males. For each category, it lists the place, name, country, and gender of the top competitors. There were a total of 15 males and 9 females listed for learning disabilities, 6 males and 3 females for wheelchair users, and 8 males and 2 females for blind and visually impaired competitors.
1. Shimizu Kiyou of Japan won the female kata competition, while Serap Ozcelik of Turkey won the female -50kg kumite. Sara Cardin of Italy won the female -55kg kumite and Giana Lotfy of Egypt won the female -61kg kumite.
2. Germany won the female team kata competition, while Egypt won the female team kumite competition. Iran placed second in the female team kumite.
3. Ryo Kiyuna of Japan won the male kata competition, while Douglas Brose of Brazil won the male -60kg kumite and William Rolle of France won the male -67kg kum
Japan won the most medals at the 2014 WKF World Senior Championships, earning 3 gold, 2 silver, and 5 bronze medals for a total of 10 medals. Egypt finished second with 3 gold, 2 silver, and 1 bronze medals. France came in third place with 2 gold, 3 silver, and 3 bronze medals.
This document provides an overview of Falco Resources Ltd. and its Horne mining project in Rouyn-Noranda, Quebec. It summarizes Falco's initial inferred resource estimate of 2.8 million ounces of gold equivalent for the Horne 5 zone based on historical drilling data. It also notes opportunities to increase resources through additional drilling as the resource remains open along strike and at depth, and highlights similarities between Horne 5 and other Abitibi mining operations in terms of mining methods, depth, stope sizes, and production rates.
The document is a corporate presentation for Falco Resources Ltd., a Canadian gold developer. It summarizes Falco's key project, the Horne 5 project located near Rouyn-Noranda, Quebec. The Horne 5 project is a large-scale, high-tonnage underground gold project with indicated resources of over 6 million ounces of gold. A 2016 PEA outlined a 12-year mine life with average annual production of 236,000 ounces of gold at low all-in sustaining costs of US$427 per ounce and an after-tax IRR of 16%. Falco is advancing the project towards feasibility with the goal of production starting in 2020.
The document is Nexon's Q2 2014 investor presentation. It discusses Nexon's financial results for Q2 2014, with revenue of ¥36.9 billion, operating income of ¥10 billion, and net income of ¥4.1 billion. It provides an overview of key titles and their performance, including Legion of Heroes and EA SPORTS FIFA Online 3 M for mobile. The presentation also highlights Nexon's global pipeline of new and partner-developed games across PC, mobile, and online platforms.
This document provides forward-looking statements and information about Shona Energy Company, Inc. It outlines key assumptions regarding future capital expenditures, oil and gas prices, production levels, exchange rates, financing ability, and other economic factors. It cautions readers that actual results may differ materially from forecasts due to risks in the oil and gas industry and greater economic uncertainties. The document is not a complete analysis of Shona and readers should conduct their own due diligence.
- Bayer reported positive Q3 2011 results, with adjusted sales up 5% and adjusted EBITDA up 8%
- Key strategic progress included positive regulatory milestones for new drugs and 10% organic growth in emerging markets
- Bayer reiterated full-year outlook of 5-7% organic sales growth, adjusted EBITDA over €7.5 billion, and core EPS growth of approximately 15%
The presentation provides an overview of UGI Corporation as a balanced growth and income investment. UGI has a diversified portfolio of businesses including propane, gas and electric utilities, and energy marketing. It has a proven strategy of achieving 6-10% EPS growth and 4% dividend growth through operational excellence, investment, and acquisition integration. UGI generates over $100 million annually for reinvestment, has provided uninterrupted dividends for 128 years, and increased dividends for 25 consecutive years. It is pursuing accelerated growth through organic investments and acquisitions across its businesses.
PROS Holdings, Inc. (NYSE:PRO) Analyst Day Presentation - 4Mar11
Agenda (Speaker / Topic)
Andres Reiner, President & CEO / Welcome and PROS Update
Craig Zawada, SVP Pricing Excellence / The Current and Future State of Pricing
Tim Girgenti, Chief Marketing Officer / Marketing Overview
Wilbur Reid, Director of Strategic Pricing SP Richards / SP Richards and PROS
Chris Jones, Chief Sales Officer / Sales Overview
Charlie Murphy, EVP & CFO / Financial Update
PROS is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s.
StockTwits - http://stocktwits.com/PROSHoldings
Twitter - http://twitter.com/#!/mattbal4
IR Website - http://phx.corporate-ir.net/phoenix.zhtml?c=211158&p=irol-irhome
Corporate Blog - http://www.pricingleadership.com/
EQS Roadshow 2012 / Präsentation Anlegerstudie der Universität Leipzig: Ergebnisse und Analysen für die professionelle Kommunikation mit Privatanlegern
- 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
The document discusses a proposed business combination between Canacol Energy Ltd. and Shona Energy Company, Inc. announced in October 2012. The transaction would create a larger combined entity with one of the largest and most diverse oil and gas portfolios in Colombia, including assets in the Lower Magdalena Basin with natural gas reserves, the Llanos Basin with existing oil production, and exploration acreage in the Caguan-Putumayo and Middle Magdalena Basins. The transaction is expected to close in December 2012, subject to shareholder approvals.
Shona Energy Company is an oil and gas exploration and development company focused on assets in Colombia and Peru. It has over 308,000 net acres under exploration licenses and production from its Esperanza block in Colombia. Management estimates over 173 billion cubic feet of reserves in Esperanza as of January 2012. Shona aims to grow production and reserves through development and exploration drilling, while evaluating opportunities for expanded gas marketing.
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.
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.
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.
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.
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.
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.
- 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
Teekay Corporation Fourth Quarter and Business Outlook 2015 PresentationTeekay Corporation
Teekay Corporation held a presentation on its Q4-2015 earnings and business outlook. It reported generating $401.4 million in cash flow in Q4-2015, up 30% year-over-year. For fiscal year 2015, it generated $1.4 billion in cash flow, up 35% over 2014. Teekay temporarily reduced its dividend to $0.055 per share to allow its two MLP subsidiaries, Teekay Offshore Partners and Teekay LNG Partners, to retain cash flows of around $450 million annually to fund growth projects without issuing new equity. This will increase the subsidiaries' distributable cash flow per unit in the future once projects are completed. Teekay
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.
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.
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.
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 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.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
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.
This document provides an investor presentation for a quantitative investment strategy called QARMA. It summarizes the strategy, performance, and risk management approach. Key points include:
- QARMA uses a quantitative model to generate sector allocation signals based on factors like valuation, fundamentals, and momentum across different time horizons. It implements the signals with dollar neutral ETF portfolios.
- Backtested performance from 1999-2010 showed annualized gross returns of 39.13% with a Sharpe ratio of 2.76. Live trading since September 2010 achieved a 68.66% return, outperforming the S&P 500.
- Risk is managed by capping leverage at 1x, using only liquid
Similar to PVA Pritchard Investor Presentation (20)
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.
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.
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.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
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SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani case
Time and again, the business group has taken up new business ventures, each of which has allowed it to expand its horizons further and reach new heights. Even amidst the Adani CBI Investigation, the firm has always focused on improving its cement business.
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, with nearly 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 in the next five years
• 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 (4.25% 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 maturities for five years 0.5x 5%
• Relatively low yield on notes of approximately 8% 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 Flows
• 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 12/30/11 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 3.0x1
• Trades at 3.0x analysts’ mean 2012E EBITDAX
• Selected peers trade at a mean of 5.4x1
• Trades at 57% of analysts’ mean target price1
• Selected peers trade at mean of 64%1
2012E CFPS and EBITDAX Multiples % of Target Price
9.0x 90%
8.0x
80%
7.0x
6.0x 70%
5.0x
60%
4.0x
3.0x 50%
2.0x
40%
1.0x
0.0x 30%
PVA Peer 5 Peer 1 Peer 6 Peer 2 Peer 3 Peer 4 PVA Peer 1 Peer 5 Peer 6 Peer 3 Peer 2 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 12/30/11 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 maturities for five years 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 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
• 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