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IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc.

Petroquest Energy Inc. · Sep 27, 2011 · 32 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. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 1
    September 2011
  2. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 2
    Corporate Characteristics Balanced, diversified asset portfolio combines longer-life development assets with shorter-life strong cash flow generating assets Track record of growth through the drill bit and strategic acquisitions 28%…
  3. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 3
    Ongoing Operations La Cantera discovery in the Gulf Coast Basin 248 net feet of logged Cris R massive sands 21%-24% porosity First production expected in 1Q12 Delineation well in 1H12 to accelerate development Entry into Miss Lime…
  4. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 4
    Our Properties PQ operated 3 1 Non-operated Wyoming Tulsa PQ Office Locations 6 90% Reserves (a) 62% Production Asset 1P(1) Reserve 2 Inventory(2) 1 Woodford (Gas) 117 440(3) 2 E. Texas (Gas/Oil/NGL) 26 542(4) 10% Reserves…
  5. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 5
    Mississippian Lime SD CHK 900,000 Ac 1,000,000 Ac EUR: 300-500 MBOE PQ PQ 7,500 Ac 2,300 Ac RRC 60,000 Ac EUR: 400-500 MBOE PQ 14,125 Ac Mississippi Lime Horizontal Play Area PQ Woodford Activity Area
  6. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 6
    La Cantera High Impact Discovery 6
  7. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 7
    Gulf Coast = Shallower Declines & Liquids Exposure Lafayette La Cantera The Bluffs Pelican Point SS 225 First Prospects NRI Production IP Gross Rate Current Gross Rate Pelican Point 22% May 08 16 MMcfd 1,500 Bopd 15…
  8. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 8
    2011 Gulf Coast Drilling Activity Successful First Projects NRI Production Feet of Pay I.P. Rate La Cantera 16% 1Q12 248 Net TVD 20,000 30,000 Mcfe Craft Farms 41% June 11 33 Net TVD 4,000 Mcfe Gross Unrisked Prospect WI Total Depth…
  9. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 9
    Arkoma Basin Approximately 45,000(1) net acres in the Woodford Shale Approximately 16,000 net acres in the Fayetteville Shale Current production approximately 42,000 Mcf/day net (1) Woodford JV partner has the right to earn…
  10. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 10
    (1) Arkoma Basin Strong Growth Metrics 70,000 180 Production Reserves 160 60,000 140 50,000 120 Net Mcfed 40,000 100 Bcfe (2) 30,000 80 60 20,000 40 10,000 20 - 0 2005 2006 2007 2008 2009 2010 1Q11 2Q11 2010…
  11. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 11
    Woodford Performance Revisions 5,000 4,682 4,528 4,000 3,897 Avg Mmcf /Well 3,415 2009 Wells 3,193 2008 Wells 3,000 2,000 2008 2009 2010 11
  12. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 12
    Woodford JV Transaction Summary 234.6MM total transaction value (128MM guaranteed) 60MM up front payment 28MM in future payments 14MM guaranteed in November 2011 14MM dependent upon continued achievement of base case performance…
  13. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 13
    Horizontal Cotton Valley 13
  14. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 14
    Eagle Ford Overview 4,600 gross acres (2,300 net acres) in La Salle and Dimmit Counties Early stages of development - drill 3 gross operated wells and two non-op wells in 2011 First well in Dimmit County 24 hour IP rate of 253…
  15. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 15
    Strong Balance Sheet and Liquidity Focus since 2008 has been on building liquidity and de- leveraging the balance sheet 12/31/08 6/30/11 Bank Debt Outstanding 130MM 0 Total Liquidity (1) 44MM 151MM Net Debt / Proved Mcfe(2) (3)…
  16. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 16
    Capital Investment Program Flexibility to stay aligned with cash flow 2009 2010 2011E ETX ETX WY 5% ETX 5% 4% 19% GOM GOM 21% 21% ARK WY 44% 4% ARK ARK 52% 56% Eagle Ford GOM 1% 10% Gulf Coast Gulf Coast 21% 13% GC…
  17. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 17
    Strong Liquids Revenue Stream During 2Q11, liquids generated 49% of oil and gas revenue(1) and 19% of production on an mcfe basis. 90% of oil receives LLS uplift Revenue Production 11% 7% 12% 38% 51% 81% OIL - 114.37…
  18. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 18
    Focused Effort to Fund Drilling with Cash Flow Direct CapEx (excluding acq.) Cash Flow Net Debt / Proved Mcfe(1) Additional 43MM in proceeds from sale of 300 gathering system 1.60 1.40 250 Additional Additional 1.20 38MM in 60MM…
  19. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 19
    Reserve and Production Profile Have Diversified Gulf Coast Long-Life 192.7 Bcfe 25.6 68.7 Bcfe 167.1 87% Long-life 68.7 2002 Reserves 2010 Reserves 30.9 Bcfe 16.5 54% Long-life 13.3 Bcfe 13.3 14.4 2002…
  20. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 20
    Cash Flow Multiple Comparison P/2011E CF EV/2011E EBITDA Resource Peer Group Multiple(1) Multiple(1) Brigham Exploration 11.9 11.8 Carrizo Oil & Gas 6.2 8.1 Chesapeake Energy 4.8 5.2 Clayton Williams 2.7 4.2 Continental…
  21. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 21
    Closing Summary High quality diversified asset base Balanced portfolio that combines longer-life development assets with shorter- life strong cash flow generating assets Increased focus on oil and liquids producing assets Woodford…
  22. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 22
    Appendix 22
  23. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 23
    Appendix 1 ( in thousands) 2008 2009 2010 1H11 Net Income (Loss) (96,960) (90,190) 47,126 1,419 Income tax expense (benefit) (55,581) (14,635) 1,630 (329) Interest expense & dividends 14,467 17,754 15,092 7,516 Depreciation,…
  24. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 24
    Appendix 2 ( in thousands) 2004 2005 2006 2007 2008 2009 2010 1H11 Net income (loss) 16,348 21,417 23,986 40,619 (96,960) (90,190) 47,126 1,419 Reconciling items: Deferred tax expense (benefit) 8,511 12,477 14,604 23,664 (55,581)…
  25. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 25
    Appendix 3 Woodford Horizontal Well Economics (Pre JV) 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…
  26. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 26
    Appendix 4 Woodford Decline Curves PetroQuest Operated Woodford Horizontal Wells 5000 March 2008 Onward 4500 July 2006 to February 2008 4000 (1) Avg Year 1 Decline % PQ Woodford Haynesville: 85% 3500 Year 1 Avg Decline 60%…
  27. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 27
    Appendix 5 PQ Woodford Performance Horizontal Woodford Shale Completions PQ WOODFORD PROGRAM PQ delivered highest maximum monthly initial Max Monthly Gas Rate, Mcfd 4,500 production rate of any company 4,000 10% improvement…
  28. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 28
    Appendix 6 Eagle Ford Position PQ Acreage Zavala Frio Dimmit County - app. 600 net acres CHESAPEAKE LaSalle County - app. 1,700 net acres PETROHAWK COG PETROHAWK GDP VERMILLION Wells CABOT GOODRICH PEARSALL MANTI 800…
  29. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 29
    Appendix 7 Hedging Positions Target of hedging 40%-50% of annual production Hedging positions: Daily Hedged Volumes Average Natural Gas (Mmbtu) Price 2011 15,000 4.24 - 4.91 May11 Dec11 10,000 4.52 2012 10,000 5.00 - 5.29…
  30. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 30
    Appendix 8 Comparative Credit Metrics Net Debt/LTM Adjusted EBITDA(1) 4.7x 4.5x 3.6x 3.5x 3.4x 3.3x 2.9x 2.8x 2.7x 2.4x 2.1x 1.7x 1.3x 1.1x 0.7x 0.7x Net Debt / Proved Developed Reserves (/Mcfe) (1) 2.50 2.32 2.28 1.90…
  31. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 31
    Appendix 9 - Niobrara Position 31
  32. IPAAs 9th Annual Oil & Gas Investment Symposium – Petroquest Energy Inc. – slide 32
    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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