View this Presentation - Penn Virginia Corporation

Non‐GAAP Reconciliation
Adjusted EBITDAX
Year ended December 31,
2008 2009 2010 2011 2012
dollars in millions
Net income (loss) from continuing operations $ 93.6 $ (130.9) $ (65.3) $ (132.9) $ (104.6)
Add: Income tax expense (benefit) 55.6 (85.9) (42.9) (88.2) (68.7)
Add: Interest expense 24.6 44.2 53.7 56.2 59.3
Add: Depreciation, depletion and amortization 135.7 154.4 134.7 162.5 206.3
Add: Exploration 42.4 57.8 49.6 78.9 34.1
Add: Share‐based compensation expense 6.0 9.1 7.8 7.4 6.3
Add/Less: Derivatives (income) expense included in net income (29.7) (31.6) (41.9) (15.7) (36.2)
Add/Less: Cash receipts (payments) to settle derivatives (7.6) 58.1 32.8 27.4 29.7
Add/Less: Loss on firm transportation commitment ‐ ‐ ‐ ‐ 17.3
Add: Impairments 20.0 106.4 46.0 104.7 104.5
Add/Less: Net loss (gain) on sale of assets, other (33.2) (2.0) (1.2) 22.0 (0.6)
Adjusted EBITDAX $ 307.4 $ 179.7 $ 173.3 $ 222.5 $ 247.6
30