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September 2015 Corporate Presentation – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Sep 21, 2015 · 13 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. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 1
    Corporate Presentation September 2015
  2. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 2
    Corporate Profile Production (Q2/15) 91,164 boe/d Operations % Liquids 69% Netback (Q2/15) 18.72/boe EBITDA (trailing 12 months) 661 MM 1P Reserves (YE 2014) 368 MMboe Asset Base 2P Reserves (YE 2014) 561 MMboe 2P…
  3. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 3
    Actions Taken to Live Within our Means 2016 capital program will be Limit capital expenditures to Free Cash Flow neutral funds flow from operations Ramping down H2 2015 activity 20 million annual cash savings Suspend our…
  4. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 4
    Limiting Capex to Funds Flow from Operations 215MM 150MM Surplus Surplus Going forward, we plan to limit our Total Capital Expenditures to Funds Capex Capex Capex Incl. Incl. Incl. Flow from Operations Enviro FFO Enviro…
  5. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 5
    Driving Down Capital Costs Pembina Cardium Drill Cost Dodsland Viking Drill Cost 550 230 Pembina Cardium 220 Dodsland Viking H1 2015 cost per H1 2015 cost per meter drilled down meter drilled down 200/m from 2013 30/m from…
  6. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 6
    Driving Down Operating Costs 800 Absolute operating costs at our existing properties reduced over 20% 700 excluding the impact of divestitures Operating Costs (MM) 600 Expect further 5 10% operating cost savings in…
  7. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 7
    Current Hedge Position Targeting to hedge 25% - 40% of net oil volumes and 40% - 50% of net gas volumes 75MM current mark to market value on senior note FX contracts Oil Hedge Position: Volumes & Price Gas Hedge Position: Volumes &…
  8. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 8
    Core Areas Remain Profitable Total Core Assets Production 54,000 boe/d Liquids 76% Opex 15.50/boe NOI 440MM Netback 22.50/boe Slave Point Cardium 100 kms 65 miles Production 29,500 boe/d Liquids 66% 95 kms Opex 14.50/boe…
  9. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 9
    Viking Overview Viking Play Details Production boe/d 18,500 Base Decline % 8 - 12 T30 Locations 1,500 Penn West land PW 2015 well Land sections 1,000 4 kms PW 2014 well R22W3 2 miles 1P Reserves MMboe 56 ALBERTA…
  10. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 10
    Cardium Overview T54 Cardium Play Details Production boe/d 29,500 Base Decline % 16 - 20 Locations 2,500 Easyford Pembina Land sections 1,100 T50 PCU 11 J Lease 1P Reserves MMboe 160 2P Reserves MMboe 216 PCU 9 2P RLI…
  11. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 11
    Investment Economics Remain Supportive Viking Play Well Economics (Dodsland) 1.14x NPV (K) 1,015 IRR (%) PIR (x) 97% 0.85x 757 70% 0.55x 490 47% 223 26% 0.25x C50/bbl C60/bbl C70/bbl C80/bbl C50/bbl C60/bbl C70/bbl…
  12. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 12
    Non-Core Areas: Upside Potential with Stable Base H1 2015 Operational Summary NE B.C. & NW AB Production Liquids boe/d % Mitsue 4,500 78% Weyburn 2,500 100% Swan Hills 8,000 76% NE BC & NW AB 8,000 8% PROP East Central AB 7,000…
  13. September 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 13
    Continue to Transact on Non-Core Assets 3.4B 1.5B of dispositions over the last 24 months 2.2B Q2 2013 Net Debt Q2 2015 Net Debt 3,500 (493) 3,402 3,000 (212) Total production sold of 30,000 boe/d (348) implies aggregate…

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