View this Presentation - Penn Virginia Corporation
View this Presentation - Penn Virginia Corporation
View this Presentation - Penn Virginia Corporation
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Operating Margins<br />
• PVA has consistently increased<br />
cash margin since 2011 through:<br />
• Investment in higher rate‐ofreturn<br />
oil projects<br />
• Advantaged LLS pricing<br />
• Decreasing per unit operating<br />
costs<br />
• The Acquisition is expected to<br />
further expand cash margins<br />
$70<br />
$60<br />
$50<br />
$40<br />
$30<br />
$20<br />
Unhedged Cash Margin Over Time ($/BOE)<br />
$52.62<br />
$47.67<br />
$4.58<br />
$2.00<br />
$5.11<br />
$1.95<br />
$38.70<br />
$1.63<br />
$2.18<br />
$5.13<br />
$5.28<br />
$4.80<br />
$1.74<br />
$1.98<br />
$4.74<br />
$38.96<br />
$33.95<br />
$62.02<br />
$6.12<br />
$4.25<br />
$1.55<br />
$4.85<br />
$45.25<br />
Realized<br />
Price<br />
Cash<br />
Margin<br />
$24.96<br />
$10<br />
$0<br />
2011 2012 2012 PF 2013E<br />
Cash Margin<br />
G&P and transportation<br />
Cash G&A (excludes share‐based compensation)<br />
LOE<br />
Production taxes<br />
Note:<br />
Cash margin ($ / BOE) is defined as total product revenues, excluding the impact of hedges, less direct operating expenses per unit of equivalent production.<br />
Assumed price deck for 2013: ($90.96 / $3.51).<br />
20
Change language