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EnerComs The Oil & Services Conference – Petroquest Energy Inc.

Petroquest Energy Inc. · Feb 19, 2013 · 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. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 1
  2. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 2
    Mid-Con Production: 50 MMcfe/d (1) Reserves: 184 Bcfe (2) Tulsa Inventory: 1.1 Tcfe East Texas Gulf Coast/GOM Production: 17 MMcfe/d (1) Production: 24 MMcfe/d (1) Reserves: 48 Bcfe (2) Reserves: 30 Bcfe (2) Inventory: 518…
  3. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 3
    Core positions provide exposure to each commodity (oil, natural gas, NGLs) allowing for efficient capital allocation depending upon commodity price cycles - operate 95% of 2013 budget Promoted cost structure in Woodford and Miss Lime…
  4. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 4
    Liquids production up 43% over the last 6 quarters as capital has shifted away from dry gas 4,000 3,550 Liquids/Day 3,500 Barrels of 2,953 3,000 2,639 2,673 2,474 2,517 2,500 2,000 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Keys…
  5. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 5
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  6. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 6
    Lower Cris R-1 30,000E MCF/D + 555E Bbls of oil 40,000E MCF/D + 740E Bbls of oil 2-3 Year Reserve Life 2-3 Year Reserve Life Lower Cris R-2, Lobe A 30,000E MCF/D + 555E Bbls of oil 40,000E MCF/D + 740E Bbls of oil 2-3 Year…
  7. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 7
    Recent Successful First Projects NRI Production Feet of Pay I.P. Rate Broussard Estates 2 (La Cantera Prospect) 17% Sept 12 310 Net TVD 52,000 Mcfe Thibodeaux 1(La Cantera Prospect) 17% March 12 248 Net TVD 36,000 Mcfe Craft Farms 41%…
  8. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 8
    PQ Grant PQ Kay RRC SD Average EUR: 485-600 Mboe IP: 885 boe/d Kansas Spyglass IP: 1,108 boe/d PQ Pawnee PQ 9 IP: 1,291 boe/d Oklahoma Early Core Area DVN IP: 960 boe/d OEDV IP: 1,185 boe/d Encouraging Early Results…
  9. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 9
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  10. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 10
    50,000 200 45,000 180 40,000 160 35,000 140 30,000 120 Net Mcfe/d Bcfe 25,000 100 Production Reserves 20,000 80 15,000 60 10,000 40 5,000 20 - - 2005 2006 2007 2008 2009 2010 2011 2012 2012 (Bcfe) (1) Proved…
  11. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 11
    Liquids rich area on Western flank of acreage Average IP rate of 2,678 mcf/d and 344 barrels of NGLs/d Average EUR of 555 MBOE (56% gas 44% NGL) NGL rich gas 1,200 BTU Pricing uplift + JV promote = great returns 12-15 wells…
  12. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 12
    Woodford JV closed May 2010 whereby partner received 29 Bcfe of PUD reserves and right to earn 50% of Woodford acreage Received cash payments totaling 88 million Through 12/31/12 have utilized drilling carry totaling 75.6 million…
  13. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 13
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  14. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 14
    Legend Bethany Field Area 548 BCF Cotton Valley Wells PQ CV Vertical Wells PQ CV Horizontal Wells Beckville Field Area 243 BCF PQ Area of Mutual Interest S.E. Carthage Carthage Field Field Area Area 4,429 BCF 225 BCF…
  15. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 15
    Fiscal discipline and Woodford JV have resulted in significantly reduced bank borrowings Borrowing base recently increased to 130 million Liquidity(1) 9/30/12 = 100 million Unused future drilling carry 12/31/12 = 71 million Non-core…
  16. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 16
    Proved Reserves Total Debt 300.0 300 279 265.0 250 250.0 Total Debt 200 185 (MM) Bcfe 185.4 200.0 150 100 150.0 50 100.0 0 2008 2012 (1) Debt Adjusted Reserves per Share up 44%: 1.8 at 12/08 and…
  17. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 17
    2013E 160 Non-Operated 137 TX 140 Operated Other 8% Miss 22% 120 9% 100 90 MM 80 60 GOM/GC Wdfd 32% 40 29% 20 0 2012E Capex 2013E Capex (1) 80 - 100 million Drill 30 - 40 Wells (1) Based on the mid-point of…
  18. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 18
    Direct CapEx (excluding acq.) Cash Flow Additional 43MM in proceeds from sale of 300 gathering system Additional 250 38MM in equity Additional proceeds 60MM in 200 JV proceeds Additional 28MM in Additional MM JV 20MM in…
  19. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 19
    Long-Life Gulf Coast 265.0 Bcfe 30.1 234.8 89% Long-life 68.7 Bcfe 68.7 2002 Production 2012 Reserves (1) 32.0 Bcfe 23.3 73% Long-life 13.3 Bcfe 13.3 8.7 2002 Production 2012 Production (2) R/P: 5.2 R/P:…
  20. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 20
    180 171.1 Net Cash Flow(1) Cap Ex Cum Net CF 350 167.3 328 160 305.6 300 280.6 140 249.8 250 120 220.2 100 171.8 200 MM MM 77.1 80 76.7 89.9 150 64.9 66.7 60 47.5 51 94.4 45.3 100 40 35.9 29 16.5 20.3 50 20…
  21. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 21
    Diversified asset base with significant control over operations Balanced portfolio combines longer-life development assets with shorter-life strong cash flow generating assets Increased focus on oil and liquids producing assets…
  22. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 22
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  23. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 23
    Target of hedging 40%-50% of annual production Hedging positions: Daily Hedged Volumes Average Natural Gas (Mmbtu) Price Feb13 Dec13 10,000 3.71 2013 10,000 2.00 -3.00 -4.09 2013 5,000 4.00 2014 10,000 4.08 Daily Hedged…
  24. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 24
    Net Debt / LTM Adjusted EBITDA(1) 5.5x 4.1x 3.8x 3.7x 3.1x 3.1x 3.0x 2.8x 2.5x 2.3x 1.8x 1.6x 1.5x 1.1x 0.9x Net Debt / Proved Developed Reserves (/Mcfe) (1) 3.17 3.05 2.89 2.80 1.99 1.79 1.78 1.76 1.75 1.67 1.37 1.18 1.12…
  25. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 25
    ( in thousands) 2008 2009 2010 2011 9M12 Net Income (Loss) (96,960) (90,190) 47,126 10,548 (107,912) Income tax expense (benefit) (55,581) (14,635) 1,630 (1,810) 1,496 Interest expense & dividends 14,467 17,754 15,092 14,787…
  26. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 26
    ( in thousands) 2004 2005 2006 2007 2008 2009 2010 2011 9M12 Net income (loss) 16,348 21,417 23,986 40,619 (96,960) (90,190) 47,126 10,548 (107,912) Reconciling items: Deferred tax expense (benefit) 8,511 12,477 14,604 23,664…
  27. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 27
    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…
  28. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 28
    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…
  29. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 29
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  30. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 30
    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 6 wells…
  31. EnerComs The Oil & Services Conference – Petroquest Energy Inc. – slide 31
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  32. EnerComs The Oil & Services Conference – 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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