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MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc.

Petroquest Energy Inc. · Mar 1, 2012 · 33 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. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 1
    March 2012
  2. MARCH 2012 INVESTOR PRESENTATION – 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…
  3. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 3
    Navigating the Current Environment Accelerating Liquids Production 98% of 2012 drilling allocated to projects with some liquid component 2012E NGL production projected to grow 50% Woodford JV 2012 activity will be focused on…
  4. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 4
    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 one week (20-30 MMcf/d + 1,400 Bbls/d of liquids) Drilling delineation well…
  5. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 5
    Mississippian Lime SD CHK 900,000 Ac 1,000,000 Ac EUR: 300-500 MBOE PQ PQ 12,694 Ac 3,580 Ac 1st well RRC 105,000 Ac EUR: 400-500 MBOE PQ 14,604Ac Mississippi Lime Horizontal Play Area PQ Woodford Activity…
  6. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 6
    La Cantera High Impact Discovery 6
  7. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 7
    2011 Gulf Coast Drilling Summary Successful First Projects NRI Production Feet of Pay I.P. Rate La Cantera 1 17% 1 week 248 Net TVD 28,000 38,000 Mcfe Craft Farms 41% June 11 33 Net TVD 4,000 Mcfe SS 72 1 45% Oct 11 57 Net TVD 444 Boe SS…
  8. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 8
    Woodford JV Transaction Summary 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%…
  9. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 9
    (1) Arkoma Basin Strong Growth Metrics 50,000 200 Production Reserves 45,000 180 40,000 160 35,000 (2) 140 30,000 120 Net Mcfed Bcfe 25,000 100 20,000 80 15,000 60 10,000 40 5,000 20 - 0 2005 2006 2007 2008 2009 2010…
  10. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 10
    Liquids Rich Woodford Program 5 wells completed on Western flank of acreage Average IP rate of 5,833 mcf/d and projected NGLs of 100-150 barrels per mmcf of gas NGL rich gas 1,200 BTU 2.00 - 3.00 per mcf uplift to gas price + JV…
  11. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 11
    Horizontal Cotton Valley 11
  12. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 12
    Eagle Ford Overview 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% 7% of the…
  13. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 13
    Strong Balance Sheet and Liquidity Fiscal discipline and Woodford JV have resulted in zero bank borrowings 2009-2011 12/31/11 Bank Debt Outstanding 0 Total Liquidity (1) 147MM Liquidity / 2012E Capex (2) 1.5x Net Debt (3) /…
  14. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 14
    Since 2008 - Reserves up 43%; debt down 46% Proved Reserves Total Debt 300.0 300 279 265.4 250.0 250 Total Debt (MM) Bcfe 200.0 200 185.4 150.0 150 150 100.0 100 2008 2011 Debt Adjusted Reserves per Share:…
  15. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 15
    Comparative Credit Metrics Net Debt/LTM Adjusted EBITDA(1) 4.9x 4.3x 4.2x 4.1x 3.8x 3.4x 3.3x 2.9x 2.8x 2.4x 1.8x 1.2x 1.1x 1.1x 0.5x Net Debt / Proved Developed Reserves (/Mcfe) (1) 2.46 2.30 2.23 2.04 1.91 1.91 1.89…
  16. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 16
    Strong Liquids Revenue Stream During 4Q11, liquids generated 52% of oil and gas revenue(1) and 18% of production on an mcfe basis. 90% of oil receives LLS uplift Revenue Production 8% 10% 17% 38% 45% 82% Oil - 107.72…
  17. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 17
    Capital Investment Program Liquids Focused Primary Targets: 2012E Liquids Rich Gas Dry Gas Oil Combo 100 Cap Int/G&A ETX Other 20% 20% 75 Miss % Operated 10% ARK EF 25% 7% 50 GC/GOM 18% 25 90 - 100 million…
  18. MARCH 2012 INVESTOR PRESENTATION – 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 Additional 1.40 250 38MM in equity…
  19. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 19
    Historical Reserve Growth 325 PUD PDNP PDP 300 275 265.4 250 55% 225 55% 192.7 200 185.4 179.0 156.5 Bcfe 175 62% 52% 59% 134.5 150 131.0 54% 125 52% 101.4 46% 6% 100 83.3 82.3 41% 75 27% 68.7 34% 10% 6% 21%…
  20. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 20
    Diversification Strategy Accomplished 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…
  21. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 21
    Closing Summary 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…
  22. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 22
    Appendix 22
  23. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 23
    Appendix 1 ( in thousands) 2008 2009 2010 2011 Net Income (Loss) (96,960) (90,190) 47,126 10,548 Income tax expense (benefit) (55,581) (14,635) 1,630 (1,810) Interest expense & dividends 14,467 17,754 15,092 14,787 Depreciation,…
  24. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 24
    Appendix 2 ( in thousands) 2004 2005 2006 2007 2008 2009 2010 2011 Net income (loss) 16,348 21,417 23,986 40,619 (96,960) (90,190) 47,126 10,548 Reconciling items: Deferred tax expense (benefit) 8,511 12,477 14,604 23,664 (55,581)…
  25. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 25
    Appendix 3 Our Properties 8 PQ operated 3 1 Non-operated Wyoming Tulsa PQ Office Locations 91% Reserves (a) 7 66% Production Asset 1P(1) Reserve 2 Inventory(2) 1 Woodford (Gas/NGL) 176 407(3) 2 E. Texas (Gas/Oil/NGL) 31…
  26. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 26
    Appendix 4 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…
  27. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 27
    Appendix 5 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%…
  28. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 28
    Appendix 6 PQ Woodford Performance Horizontal Woodford Shale Completions PQ WOODFORD PROGRAM PQ delivered highest maximum monthly initial Max Monthly Gas Rate, Mcfd 4,000 production rate of any company 3,500 10% improvement…
  29. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 29
    Appendix 7 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…
  30. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 30
    Appendix 8 Hedging Positions 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…
  31. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 31
    Appendix 9 - Niobrara Position 31
  32. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 32
    Appendix 10 - Cash Flow Multiple Comparison P/2012E CF EV/2012E EBITDA Resource Peer Group Multiple(1) Multiple(1) Ultra Petroleum 3.8 5.0 Forest Oil 3.2 5.0 Rosetta Resources 6.0 6.0 Carrizo Oil & Gas 3.3 4.2 Chesapeake Energy…
  33. MARCH 2012 INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 33
    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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