Penn Virginia : Fourth Quarter and Year-End 2020 Earnings Presentation

Forward-Looking and Cautionary Statements

This communication contains "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. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that Penn Virginia expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "future," "build," "focus," "continue," "strive," "allow" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, (1) Penn Virginia's future production and capital expenditures, its ability to maintain low cost structure, the impact of Gulf Coast pricing, the benefits of its hedge positions and resumption of the drilling program, and its ability to manage leverage and operate within cash flow, and (2) statements regarding the transactions with Juniper described herein (the "Transaction") and pro forma descriptions of the post-Transaction company and its operations, integration, debt levels, acreage, well performance, development plans, per unit costs, ability to maintain production within cash flow, production, cash flows, synergies, type curves, opportunities and anticipated future performance. Pro forma information should not be considered a forecast of future results. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the risk that changes in Penn Virginia's capital structure and governance, including its status as a controlled company, could have adverse effects on the market value of its securities; the ability of Penn Virginia to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers and on Penn Virginia's operating results and business generally; the risk the Transaction could distract management from ongoing business operations or cause Penn Virginia to incur substantial costs; the risk that the expanded acreage footprint does not allow for longer laterals, lower per unit operating expenses, and increased number of wells per pad as expected; the ability of Penn Virginia to develop drilling locations, which do not represent oil and gas reserves, into production or proved reserves; the risk that Penn Virginia may be unable to reduce expenses or access financing or liquidity; the risk that the Company does not realize expected benefits of its hedges; the impact of the COVID-19 pandemic, the related economic downturn and the related substantial decline in demand for oil and natural gas; the risk of changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Penn Virginia's control, including those detailed in Penn Virginia's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on Penn Virginia's website atwww.pennvirginia.comand on the website of the Securities and Exchange Commission (the "SEC") at www.sec.gov. All forward-looking statements are based on assumptions that Penn Virginia believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and Penn Virginia undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Definitions

Proved reserves are those quantities of oil and gas which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. Proved developed reserves are proved reserves that can be expected to be recovered: (a) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well; or (b) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is means not involving a well. EUR is a measure that by its nature is more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly is less certain.

Cautionary Statements

The estimates and guidance presented in this presentation, including those regarding inventory of drilling locations and expected free cash flow, are based on assumptions of capital expenditure levels, prices for oil, natural gas and NGLs, current indications of supply and demand for oil, well results and operating costs. The guidance, estimates and type curves provided or used in this presentation do not constitute any form of guarantee or assurance that the matters indicated will be achieved. Statements regarding inventory are based on current information, assumptions regarding well costs, the drilling program and economics and are subject to material change. The number of locations shown as being in the Company's current estimated inventory is not a guarantee of the number of wells that will actually be drilled and completed or the results or return that will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable, they are inherently uncertain and are subject to, among other things, significant business, economic, operational and regulatory risks and uncertainties and are subject to material revision. Actual results may differ materially from estimates and guidance.

Reconciliation of Non‐GAAP Financial Measures

This presentation contains references to certain non‐GAAP financial measures. Reconciliations between GAAP and non‐GAAP financial measures are available in the appendix to this presentation. The non-GAAP financial measures presented may not provide information that is directly comparable to that provided by other companies, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company views these non-GAAP financial measures as supplemental and they are not intended to be a substitute for, or superior to, the information provided by GAAP financial results.

PVAC Investment Thesis

Company Overview

• • 102,100 gross (90,100 net) acres(1) in Gonzales, Fayette, Lavaca and DeWitt counties; 99% Operated; 92% HBP

• • Approximately 500 identified drilling locations in inventory

  • o Top ~250 locations average 40%+ IRR at $50/BBL(2)

• • 4Q20 Sales: 16,719 BOPD and 21,502 BOEPD; 78% oil / 90%

  liquids

• • Top quartile adjusted EBITDAX(3)(4) margins for 3Q20

• • Net Debt(3) to LTM adjusted EBITDAX <1.5x(5)

• • Advantaged regulatory position

  • o No Federal acreage; Assets on private fee lands in Texas

• • Located close to Gulf Coast Markets (MEH/LLS)

  • o Advantaged pricing and market access

Year-End
Reserves Summary ($MM)
SEC Pricing(6)	$55/WTI and $2.50/MMBtu Pricing(6)
Proved Developed PV10(3)	$485	$834
Total Proved PV10(3)	$658	$1,547
Proved Developed to Net Debt(3)(7)	1.0x	2.3x

Pro Forma Juniper Transaction

• 1) As of March 5, 2021.

• 2) Estimated well level returns based on D&M type curves at December 31, 2020.

• 3) Adjusted EBITDAX, Net Debt and PV-10 are non-GAAP financial measures that are defined and reconciled in the appendix of this presentation.

• 4) Source:FactSet. Companies include: AMPY, APA, AR, AXAS, BCEI, BRY, CDEV, CLR, CNX, COG, COP, CPE, CRK, DVN, EOG, EQT, ESTE, FANG, GDP, HES, HPR, KOS, LPI, MCF, MGY, MRO, MTDR, MUR, NOG, OVV, OXY, PDCE, PXD, QEP, REI, RRC, SBOW, SD, SM, SWN, TALO, WTI and XEC.

• 5) Leverage ratio is calculated by dividing Net Debt as of December 31, 2020 by LTM adjusted EBITDAX as of December 31, 2020, pro forma for Juniper transaction.

• 6) Based on 2020 Year-end Reserve Report from D&M.

• 7) Net Debt as of December 31, 2020.