Q3/14 Highlights Funds Flow was 231MM (0.47/share basic) Netback of 32.51/boe remained strong as a percentage of realized prices in the quarter Cash operating costs decreased by 20% year-over-year due to dispositions, lower labour…
Preliminary 2015 Outlook 2015 capital budget: approximately 840MM 2015 average production forecast: 95,000 105,000 boe per day 2015 Funds Flow forecast: 875MM 925MM 2015 capital budget details and update to the long-term plan…
Q2/14 - Q3/14 Financial & Operating Bridges Q3/14 average volumes were lower sequentially as timing of new production additions was weighted toward the back half of the quarter due to the resumption of operations post spring break-up…
Net Debt Bridges Net debt reduced by over 660MM year-over-year excluding recently announced 355MM divestment Q2/14 Q3/14 Net Debt Bridge Q3/13 Q3/14 Net Debt Bridge 2,600 3,400 152 55 2,527 3,188 83 12 3,200 2,500 225 184 48…
Quarterly Cash Costs Continue to Trend Down 600 Demonstrating success in cost reduction efforts 500 Quarterly Cash Cost (MM) 400 300 G&A (net) Environmental Workovers Royalties 200 Transportation 100 Operating…
Operated Development Activity Q3/14 invested 181MM of development capital, over 92% of which was allocated to our three core light oil plays Drilled 72.6 net, completed 49.4 net and brought 39.4 net wells on production Currently…
Cardium Play Update Q3/14 invested 65MM of development capital Drilled 20 wells and brought 7 wells on production Drilled 12 in Willesden Green Drilled 7 in Lodgepole Drilled 1 in Pembina Cardium Unit 9 Moving forward focus on…
Viking Play Update Q3/14 invested 59MM of development capital Drilled 48 wells and brought 30 wells on production Pace of drilling increased substantially compared to H1/14 As a cost leader in the play, Penn West was able to absorb…
Slave Point Play Update Q3/14 invested 43MM of development capital Drilled 5 wells in Otter and brought 3 wells on production Our first acid frac stimulation was completed in Sawn. Initial results are encouraging and production…
Building a Strong Foundation Net debt has been significantly reduced in the first year of the long-term plan Over 660MM reduction in net debt realized to date with proceeds of an additional 355MM expected upon the close of the…
Appendix
Price Realizations by Product Oil NGLs Natural Gas Q3 2014 Q2 2014 Q3 2014 Q2 2014 Q3 2014 Q2 2014 /bbl /bbl /bbl /bbl /mcf /mcf WTI or Henry Hub Benchmark US 97.31 102.99 97.31 102.99 4.06 4.67 Benchmark Differential US (8.27)…
Long-Term Plan Pricing Assumptions Maintain the 0.14 quarterly dividend through the plan period No cash taxes in plan period 2014 2015 2016 2017 2018 Oil Prices WTI Oil Price US/bbl 92.50 87.50 87.50 87.50 89.25 Ed Par Oil Price…
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