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JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc.

Petroquest Energy Inc. · Jul 7, 2015 · 29 slides

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Slides

  1. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 1
    July 2015
  2. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 2
    Arkoma Divestiture Overview Sold majority of Woodford and Mississippian Lime Assets Gross proceeds of 280 million Net operating cash flow of approximately 7.5 million (1Q15) from sold assets Sold approximately 227 Bcfe proved…
  3. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 3
    Liquidity and Debt Metrics Post Arkoma Divestiture Liquidity Position (net of working capital) Up 775% 200 171.6 147.2 150 Cash 100 BB Availability MM 50 14.2 19.6 Working Cap Deficit (1) 0 Total Liquidity -50 -45.6…
  4. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 4
    Asset Base - Post Arkoma Divestiture 1Q15 Reserves 1Q15 PF Reserves 1Q15 Field Cash Flow 1Q15 PF Field Cash Flow Mid-Con Gulf Coast Mid-Con Gulf Coast Mid-Con East Texas East Texas Gulf Coast Mid-Con East Texas Gulf Coast…
  5. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 5
    Strategic Rationale for Divestiture Attractive Valuation Metrics Proceeds of 9X cash flow are highly accretive to corporate multiple with sold assets embedded Significantly enhances liquidity and financial flexibility No bank…
  6. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 6
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison PQ13: 12.3 MMcfe/d PQ Cotton Valley Gulf Coast PQ14: 13.5 MMcfe/d Porosity (5%) (10%) (28%) PQ15: 11.4 MMcfe/d s PQ Cotton Valley Gulf Coast PQ16: 16.7 MMcfe/d…
  7. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 7
    Cotton Valley Horizontal Production Up with Cost Down Improving Well Performance 14.2 8.0 5,000 14 11.9 12 7.0 4,500 10 4,232 Average D&C Cost 9.1 4,106 4,147 Lateral Feet 8 7.4 6.0 4,000 6.3 Gas 6 Liquids 6.9 4…
  8. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 8
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices Horizontal CV Well Economics 94% 4.5 MM D&C 95 85 78% 5.0 MM D&C 71% 75 IRR - % 65 58% 49% 55 45 40% 35 3.00 3.50 4.00 Economic Assumptions Assumptions…
  9. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 9
    Cotton Valley Horizontal Planned Activity and Inventory PQ 18 11.7 MMcfe/d 10
  10. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 10
    Cotton Valley Significant Undrilled Inventory 900 826 800 700 600 125% Growth in 500 reserves since Jan 2014 BCFE 400 300 200 101.5 100 45.3 0 E. Texas Proved 12/31/13 E. Texas Proved 4/1/2015 Net Risked…
  11. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 11
    Horizontal Cotton Valley Net Present Value Creation 17 PQ Operated Wells Gross PV-10 (M) (1) Current Gross Well Cost (M) (2) Gross NPV (M) PQ 1 - 2011 8,116 5,000 3,116 PQ 2 - 2011 6,892 5,000 1,892 PQ 3 - 2011 11,564 5,000 6,564 PQ…
  12. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 12
    Gulf Coast Free Cash Flow Generator Fleetwood Project Area Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / PV-10 (MM) (12/31/14): 209 Thunder Bayou 1Q15 Production (Mmcfe/d) 35 % Gas:…
  13. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 13
    LaCantera/Thunder Bayou Deeper Pool Tests ERATH FIELD Composite Outline of Field Pay 1.4 TCFE SOUTH ERATH DISCOVERY MID CRIS R HILCORP TIGRE LAGOON/ SOUTH TIGRE LAGOON FIELDS Composite Oultine of Field Pays Cris I, Disc…
  14. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 14
    Fleetwood JV Overview Fleetwood JV Overview Announced a 24 million joint venture agreement to develop a conventional onshore oil play 10MM cash; 14MM carry to earn an average 50% w.i. in partners interest in Fleetwood project…
  15. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 15
    Widgeon Prospect - Best Well in the area performance 400 580,000 Bbl EUR 350 2008 - 2014 Actuals 416,000 Bbls of oil Actual Production Projection 300 O K L A H O M A 250 BOPD 200 2015E - 2029E 168,000 Bbls of oil*…
  16. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 16
    Widgeon Economics Widgeon IRR (1) 160% 200 MBO 300 MBO 140% 400 MBO Best Well 580 MBO 137% 120% 108% 100% 98% IRR 80% 80% 74% 74% 60% 53% 48% 51% 40% 34% 20% 25% 10% 0% 5.0 4.0 3.0 Capital, MM (1) Return…
  17. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 17
    Woodford Position 18
  18. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 18
    Woodford Dry Gas East Hoss Joint Venture Economic Assumptions East Hoss Joint Venture Agreement 38 dry gas wells included in joint venture JV Terms (1), (2) JV provides extremely beneficial cost sharing provisions for EUR (Bcf) 4.3…
  19. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 19
    Summary Arkoma Divestiture - significant liquidity building and deleveraging event Zero drawn on 70 million borrowing base Large cash position provides additional deleveraging options Simplified Asset Base/Strategy Primary Focus…
  20. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 20
    Appendix 21
  21. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 21
    Appendix 1 - Hedging Positions Natural Gas Daily Hedged Volumes (Mmbtu) Price 2015 20,000 3.97 2015 10,000 3.52 Mar15 - Dec15 10,000 3.00 Apr15 Sep15 5,000 2.89 July15 - Jun16 10,000 3.22 Total 55,000 3.49 Average Oil Daily…
  22. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 22
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2010 2011 2012 2013 2014 1Q15 LTM 1Q15 Net Income (Loss) available to common stockholders 41,987 5,409 (137,218) 8,943 26,051 (122,240) (106,232) Income tax expense (benefit)…
  23. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 23
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 Net income (loss) 10,548 (132,079) 14,082 31,190 Reconciling items: Income tax expense (benefit) (1,810) 1,636 320 (2,941) Depreciation,…
  24. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 24
    Appendix 4 Gulf Coast/GOM Free Cash Flow Reconciliation ( in thousands) 2007 2008 2009 2010 2011 2012 2013 2014 Revenues 197,453 198,949 86,880 100,618 86,371 61,788 100,049 121,859 Lease Operating Expense (18,483) ( 25,091)…
  25. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 25
    Appendix 5 - La Cantera Development Lower Cris R-1 200 feet of potential pay Lower Cris R-2, Lobe A 34,000 MCF/D + 700 Bbls of oil (CURRENTLY PRODUCING) Lower Cris R-2, Lobe B 4,000 MCF/D + 100 Bbls of oil (CURRENTLY…
  26. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 26
    Appendix 6 - Panola County Cotton Valley Room to Run Legend Cotton Valley Wells PQ CV Vertical Wells PQ CV Horizontal Wells PQ Area Carthage Field Area of Mutual 4.4 TCF of Interest Unrisked Resource Potential 2.2 Tcfe…
  27. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 27
    Appendix 7 - Strong Track Record of Funding Drilling with Cash Flow PQ has balanced Capex and cash flow over the past 10 years Direct CapEx (excluding acq.) Cash Flow Other Proceeds (1) 1,600 1,400 190 1,200 1,000 MM…
  28. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 28
    Appendix 8 - Leverage Ratio Post Arkoma Divestiture Total Debt (net of cash) vs Adjusted EBITDA 450 421 400 350 300 Total Debt (net of cash) 250 203 200 150 130 3/31/15 TTM Adjusted 89 EBITDA (1) 100 50 0 1Q15 1Q15PF…
  29. JULY 2015 CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 29
    Appendix 9 - Cotton Valley Horizontal Horizontal Uplift Horizontal Completions Realizing 12x EUR Uplift vs. Vertical Wells 10 8.6 9 8 7 6 Avg. Bcfe / Well 5 4 3 2 1 0.7 0 61 Vertical Wells 2014 Horizontal…

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