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Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Mar 7, 2014 · 17 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. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 1
    2013 Fourth Quarter & Reserve Results March 7, 2014
  2. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 2
    2013 Financial & Operational Highlights Funds flow for Q4 was 216MM (0.44/sh) and 1.1B (2.17/sh) for the full year 2013 2013 netback improved 12% to 29.69/boe year-over-year Non-cash impairment charges of 790MM in the quarter…
  3. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 3
    2013 Financial & Operational Highlights Sustainability ratio for 2013 was 112% and compares to 172% in 2012 Q4 capital was 208MM and 816MM for the full year 2013 which was below guidance of 900MM primarily due to cost reductions…
  4. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 4
    Q3 Q4 2013 Production Bridge Uneconomic shut-in volumes represent production that would cost more to restore than we forecast to recover at current commodity prices (peaked at 3,200 boe/d in 2013) Outages and operational disruptions…
  5. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 5
    Q3 Q4 2013 Funds Flow Bridge 350 330 310 293 Funds flow (MM) 290 270 250 (44) 230 25 216 210 190 10 9 Wide liquids differentials in 14 170 (91) the fourth quarter more than 150 Q3 2013 Production Commodity…
  6. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 6
    Q3 Q4 2013 Net Debt Bridge 3,500 62 208 16 3,250 3,223 219 3,000 (216) 54 2,860 Net Debt (MM) (18) 2,750 (473) 402 2,500 1,009 2,250 401 2,000 1,995 2,057 1,750 Q3 Unrealized Funds Capital Enviro Net…
  7. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 7
    Quarterly Cash Costs 37.48/boe 33.48/boe 33.11/boe 34.57/boe 34.48/boe 600 500 Quarterly Cash Cost (000s) 400 G&A (net) Environmental Major R&M Workovers 300 Royalties 200 Transportation 100 Operating…
  8. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 8
    2013 Reserves Highlights Proved(1): 415 MMboe High Quality Reserves Proved + Probable (2P)(1): 625 MMboe 72% Proved Developed Liquids account for approximately 70% of 2P reserves Producing Proved Reserves 415 MMboe Excluding impact…
  9. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 9
    Light Oil Plan Resource Conversion Key Plays Light Oil Cardium 1,400 900 Prospective 800 Resources 1,200 Prospective Resources 700 Remaining Remaining 1,000 Resource 600 Resource (post long-term (post long-term Contingent 800…
  10. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 10
    Play Performance Metrics Current Performance vs 2014 Budget and Long-Term Plan Targets Gross Well Count Over 95% of development capital is allocated in 500 these three core areas through the long-term plan 400 Slave Point Program…
  11. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 11
    Cardium Play Update 2013 spent 83MM and rig released 25 net wells, as well as waterflood investments in Pembina and Willesden Green Q4 spent 50MM and rig released 15 net wells 2014 plan to spend 270MM (225% increase); rig release 67…
  12. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 12
    Viking Play Update 2013 spent 97MM and rig released 75 net wells Q4 spent 43MM and rig released 29 net wells Q4/13 average D&C costs of 842,000 represents a 24% improvement compared to H1/13; Penn Wests D&C costs have reached the…
  13. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 13
    Slave Point Play Update 2013 spent 70MM and rig released 6 net wells Q4 spent 14MM and rig released 2 net wells and kicked off our Q1/14 program early Drilling commenced late November 2013 and increased to a four rig pace at year-…
  14. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 14
    2014 Priorities Deliver the Program as Planned Focus on consistency and stability in 2014 across all business areas Targeting 18 - 24 months of executable inventory, positioning for sustained and efficient execution Cycle time…
  15. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 15
    Price Realizations By Product Oil NGLs Natural Gas Q3 2013 Q4 2013 Q3 2013 Q4 2013 Q3 2013 Q4 2013 /bbl /bbl /bbl /bbl /mcf /mcf WTI or Henry Hub Benchmark US 105.80 97.50 105.80 97.50 3.55 3.85 Benchmark Differential US (4.80)…
  16. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 16
    Definitions and Industry Terms All references to dollar amounts in this presentation are to Canadian dollars unless otherwise specified. A&D means oil and natural gas property acquisitions and divestitures. CAGR means compound annual…
  17. Q4 2013 EARNINGS CALL – Penn West Petroleum Ltd. – slide 17
    Stock Exchange Investor Relations Toronto: PWT Clayton Paradis Manager, Investor Relations New York: PWE Telephone: (403) 539-6343 Email: clayton.paradispennwest.com Legal Counsel Burnet, Duckworth & Palmer LLP Toll Free: 1-888-770-2633…

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