Penn Virginia Corporation (NASDAQ:PVAC) Q4 2018 Earnings Conference Call Transcript

Feb 27, 2019 • 11:00 am ET


Penn Virginia Corporation (NASDAQ:PVAC) Q4 2018 Earnings Conference Call Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the fourth quarter and full year 2018 results, 2019 outlook and Penn Virginia combination update. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Denbury's Director of Investor Relations, Mr. John Mayer. Please go ahead.

John Mayer

Thank you, Greg. Good morning, everyone, and thank you for joining us today. With me on the call are Chris Kendall, our President and Chief Executive Officer; Mark Allen, our Executive Vice President and Chief Financial Officer; Matthew Dahan, our Senior Vice President of Business Development and Technology; David Sheppard, our Senior Vice President of Operations; John Brooks, Penn Virginia's President and Chief Executive Officer; and Steve Hartman, Penn Virginia's Senior Vice President and Chief Financial Officer.

Before we begin, I want to point out that we have slides which will accompany today's discussion. Should you encounter any issues with slides advancing during the webcast portion of the presentation, please refresh your browser. For those of you that are not accessing the call via the webcast, these slides may be found on our homepage at by clicking on the Quarterly Earnings Center link under Resources.

I would also like to remind you that today's call will include forward-looking statements that are based on the best and most reasonable information we have today. There are numerous factors that could cause actual results to differ materially from what is discussed on today's call. You can read our full disclosure on forward-looking statements and the risk factors associated with our business in the slides accompanying today's presentation, our most recent SEC filings and today's news release, all of which are posted on our website at

Also, please note that during the course of today's call, we will reference certain non-GAAP measures. Reconciliation and disclosure relative to these measures are provided in today's news release as well as on our website.

With that, I will turn the call over to Chris.

Chris Kendall

Thanks, John. I appreciate all of you joining us today. I'd like to welcome two members of the Penn Virginia leadership team, John Brooks, CEO and President; and Steve Hartman, Senior VP and Chief Financial Officer. They'll be available to address questions during the Q&A portion of our call.

Our prepared remarks during the call will initially cover Denbury's 2018 fourth quarter and annual results and 2019 plans. I'll follow that with an updated look at our previously announced acquisition of Penn Virginia, which you'll see, continues to be a compelling combination even at today's lower oil prices. At the conclusion of our prepared remarks, we'll have the Q&A session.

2018 was a great year for Denbury. We set multi-year records for our company in each health, safety and environmental category. We entered into a merger agreement with Penn Virginia