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Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc.

Petroquest Energy Inc. · Jun 25, 2012 · 37 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 1
    June 2012
  2. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 2
    Core positions provide exposure to each commodity (oil, gas, NGLs) allowing for efficient capital allocation depending upon commodity price cycles Promoted cost structure in Miss Lime and Woodford enhances returns Gas Woodford and…
  3. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 3
    Direct CapEx (excluding acq.) Cash Flow Net Debt / Proved Mcfe(1) Additional 43MM in proceeds from sale of 300 gathering system Additional 250 38MM in equity Additional proceeds 60MM in JV proceeds 200 /mcfe MM…
  4. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 4
    325 PUD PDNP PDP 300 275 265.4 250 55% 225 55% 192.7 200 185.4 179.0 156.5 Bcfe 175 62% 59% 134.5 52% 150 131.0 54% 125 52% 101.4 46% 6% 100 83.3 82.3 41% 75 27% 68.7 10% 34% 6% 21% 48.8 23% 20% 16% 11% 50…
  5. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 5
    2011 2012E % Change Capex Allocated to Liquids 60% 98% Production Oil & NGL (Bblsd) 2,612 3,230 (1) 24% Keys Drivers to Liquids Transition 50,000 gross/25,000 net acres in Miss Lime with 15 wells planned for 2012 focused on oil…
  6. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 6
    Production Mix of New Wells 100% 100% 96% 95% 90% 81% 80% 74% 70% 59% 60% 60% 49% % Gas 50% % Oil 40% 35% % NGL 28% 30% 27% 18% 20% 16% 12% 12% 13% 7% 8% 10% 4% 2% 2% 1% 0% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12E 3Q12E…
  7. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 7
    3,500 3,230 3,000 Barrels of Liquids/Day 2,639 2,612 2,474 2,517 2,500 2,000 1,500 1,000 3Q11 4Q11 1Q12 2011 2012E(1) (1) Based on midpoint of production guidance 7
  8. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 8
    What if Natural Gas/NGL prices remain weak Reduce Natural Gas/NGL activity company-wide (Woodford & E.Tex Cotton Valley) Increase capital allocation to oil focused Miss Lime program Implement a four rig program - (4Q 2012) Drill…
  9. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 9
    Production Mix of New Wells 100% 95% 90% 80% 80% 80% 80% 80% 70% 59% 60% 60% 49% % Gas 50% % Oil 40% 35% % NGL 28% 27% 30% 20% 16% 12% 13% 10% 10% 10% 10% 10% 10% 10% 10% 10% 4% 1% 0% 1Q12 2Q12E 3Q12E 4Q12E 1Q13E…
  10. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 10
    Kansas Early Core Area Oklahoma Encouraging Early Results in Eastern Play Expansion Area MS Lime Horizontal Drilling MS Lime Wells Activity Area PQ Woodford Activity PQ Acreage Area 10
  11. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 11
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  12. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 12
    Successful First Projects NRI Production Feet of Pay I.P. Rate Thibodeaux 1(La Cantera Prospect) 17% March 12 248 Net TVD 31,000 Mcfe Craft Farms 41% June 11 33 Net TVD 4,000 Mcfe SS 72 1 45% Oct 11 57 Net TVD 444 Boe SS 72 2 45%…
  13. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 13
    50,000 200 Production Reserves 45,000 180 40,000 160 35,000 (2) 140 Net Mcfed 30,000 120 Bcfe 25,000 100 20,000 80 15,000 60 10,000 40 5,000 20 - 0 2005 2006 2007 2008 2009 2010 2011 1Q12 2011(Bcfe) Proved Res…
  14. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 14
    234.6MM total transaction value (128MM guaranteed) 60MM received at closing (May 2010) 28MM in deferred payments received during 2011 146.6MM drilling carry where JV partner pays 80% of costs for 50% of the working interest 54MM…
  15. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 15
    5 wells completed during 2011 on Western flank of acreage Average IP rate of 5,833 mcf/d and projected NGLs of 100-150 barrels per mmcf of gas Average EUR of 830 MBOE (56% gas 44% NGL) NGL rich gas 1,200 BTU Pricing uplift + JV…
  16. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 16
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  17. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 17
    6 non-operated wells completed Average IP rate of 4.1 mmcf/d and 260 barrels of NGLs/d Average EUR of 523 MBOE (78% gas 18% NGL 4% oil) 5 operated wells completed Average IP rate of 5.2 mmcf/d and 360 barrels of NGLs/d Average EUR…
  18. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 18
    4,600 gross acres (2,300 net acres) in La Salle and Dimmit Counties Early stages of development: Well IP Rate (Boe/d) % oil PQ1 263 96% PQ2 363 94% PQ3 543 82% TXA/PQ1 725 70% TXA/PQ2 505 69% Three to four operated wells…
  19. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 19
    Fiscal discipline and Woodford JV have resulted in zero bank borrowings 2009-2011 3/31/12 Bank Debt Outstanding 10 MM Total Liquidity (1) 126 MM Liquidity / 2012E Capex (2) 1.2x Net Debt (3) / Proved Mcfe 0.67 Credit Agreement…
  20. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 20
    Proved Reserves Total Debt 300.0 300 279 265.4 250 250.0 Total Debt 200 (MM) Bcfe 185.4 200.0 150 150 100 150.0 50 100.0 0 2008 2011 Debt Adjusted Reserves per Share: 2.1 at 12/08 and 3.2 at…
  21. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 21
    Primary Targets: 2012E Liquids Rich Gas Dry Gas Oil 100 Cap Int/G&A Other ETX 16% 21% 75 % Operated Miss ARK 11% 50 23% EF 10% GC/GOM 25 19% 95 - 110 million 0 ARK GC/GOM Eagle Ford Miss Lime East Texas Drill…
  22. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 22
    Long-Life Gulf Coast 265.4 Bcfe 25.4 240.1 90% Long-life 68.7 Bcfe 68.7 2002 Reserves 2011 Reserves 30.1 Bcfe 19.8 66% Long-life 13.3 Bcfe 13.3 10.3 2002 Production 2011 Production R/P: 5.2 R/P: 8.8 22 22
  23. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 23
    180 171.1 Net Cash Flow(1) Cap Ex Cum Net CF 350 167.3 160 305.2 300 280.6 140 249.8 250 120 220.2 100 171.8 200 MM MM 77.1 80 76.7 89.9 150 64.9 66.7 60 47.5 94.4 44.1 100 40 35.9 16.5 19.5 50 20 0 0 2007…
  24. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 24
    High quality diversified asset base with expanding R/P ratio Balanced portfolio combines longer-life development assets with shorter-life strong cash flow generating assets Increased focus on oil and liquids producing assets…
  25. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 25
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  26. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 26
    Net Debt/LTM Adjusted EBITDA (1) 4.2x 4.0x 3.5x 3.3x 3.3x 2.9x 2.9x 2.7x 2.7x 2.7x 2.6x 1.6x 1.3x 1.1x 1.1x 0.6x Net Debt / Proved Developed Reserves (/Mcfe) (1) 2.65 2.17 1.98 1.83 1.74 1.73 1.73 1.71 1.66 1.56 1.29 1.11…
  27. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 27
    ( in thousands) 2008 2009 2010 2011 1Q12 Net Income (Loss) (96,960) (90,190) 47,126 10,548 (17,326) Income tax expense (benefit) (55,581) (14,635) 1,630 (1,810) (988) Interest expense & dividends 14,467 17,754 15,092 14,787 3,552…
  28. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 28
    ( in thousands) 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 Net income (loss) 16,348 21,417 23,986 40,619 (96,960) (90,190) 47,126 10,548 (17,326) Reconciling items: Deferred tax expense (benefit) 8,511 12,477 14,604 23,664…
  29. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 29
    8 PQ operated 3 1 Non-operated Wyoming Tulsa PQ Office Locations 90% Reserves (a) 7 7 66% Production Asset 1P(1) Reserve 2 Inventory(2) 1 Woodford (Gas/NGL) 176 407(3) 2 E. Texas (Gas/Oil/NGL) 31 518(4) 3 Fayetteville (Gas)…
  30. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 30
    100% 80% Capital 4MM 60% Capital 5MM IRR Capital 6MM 40% 20% 0% 4.00 5.00 6.00 7.00 8.00 /Mcf Capital (M) Assumptions: Price* 4,000 5,000 6,000 IP Rate 6.0 MMcfd 4.00 18.9% 10.6% 5.5% IRR % /Mcf EUR…
  31. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 31
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  32. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 32
    Horizontal Woodford Shale Completions Max Monthly Gas Rate, Mcfd PQ WOODFORD PROGRAM 4,000 PQ delivered highest maximum monthly initial production rate of any company 3,500 10% improvement over next operator. 3,000 2,500…
  33. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 33
    PQ Acreage Dimmit County - app. 600 net acres LaSalle County - app. 1,700 net acres COG GDP Wells 800 BOPD CHK EP PQ EOG NFX Wells 800 BOPD PQ APC & CHK Wells 1000 BOPD CRZO APC CHK HK XOM ROSE Volatile…
  34. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 34
    Target of hedging 40%-50% of annual production Hedging positions: Daily Hedged Volumes Average Natural Gas (Mmbtu) Price 2012 10,000 5.00 - 5.29 Mar12 - Oct12 20,000 2.60 Daily Hedged Volumes Oil (Bbls) Price Feb12 Dec12 250…
  35. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 35
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  36. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 36
    During 1Q12, liquids generated 61% of oil and gas revenue(1) and 18% of production on an mcfe basis. 90% of oil receives LLS uplift Revenue Production 8% 10% 15% 46% 39% 82% Oil - 110.15 Bbl Gas - 1.95 Mcf NGL - 8.78 Mcfe…
  37. Global Hunter Securities 100 Energy Conference – Petroquest Energy Inc. – slide 37
    400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com NYSE: PQ

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