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September 2015 Investor Presentation – Western Energy Services Corp.

Western Energy Services Corp. · Sep 21, 2015 · 23 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 Investor Presentation – Western Energy Services Corp. – slide 1
    Investor Presentation September 2015
  2. September 2015 Investor Presentation – Western Energy Services Corp. – slide 2
    Company Snapshot Contract Drilling Western Energy Services (WRG) Fleet of 57 drilling rigs Share Price1 5.05 52 based in Canada 52-week high/low 10.52 / 3.03 5 based in the United Shares outstanding2 79 million States Market…
  3. September 2015 Investor Presentation – Western Energy Services Corp. – slide 3
    Business Highlights Modern Seven pad Efficient drilling rigs Long Reach in fleet (ELR) fleet SAGD Eight customized slant service rig service packages rigs 123 total rigs Assets managed Innovative and serviced…
  4. September 2015 Investor Presentation – Western Energy Services Corp. – slide 4
    Conservative Financial Position Cash balance 80 million of working capital (as at June 30, 2015) Net Debt to EBITDA of 1.1 for FY 2014 Net Debt to trailing 12 month adjusted EBITDA 1.3 to 1 (as at June 30, 2015) Onside with all…
  5. September 2015 Investor Presentation – Western Energy Services Corp. – slide 5
    Returning Cash to Shareholders Dividend History 70 25% Consistent quarterly dividend of 60 Cumulative Dividend ( millions) 0.075/share 50 20% TTM Payout Ratio Annualized yield of 5.9% (as of 40 15% September 9, 2015)…
  6. September 2015 Investor Presentation – Western Energy Services Corp. – slide 6
    Market Trends Unconventional resource plays continue to be focus for Canada and United States Canadian Industry Drilling Rigs by Class Deeper and higher capacity drilling rigs are currently most in demand Duvernay 141 Customers…
  7. September 2015 Investor Presentation – Western Energy Services Corp. – slide 7
    Montney and Duvernay Focused Fleet Westerns Rig Fleet by Class Industry Rig Fleet by Classification Duvernay 100% 13 23% 15% 15% 90% 23% 19% 22% Cardium 25 44% 80% 39% 10% 10% 70% 29% Montney 19 60% 33% 33% 14% 50%…
  8. September 2015 Investor Presentation – Western Energy Services Corp. – slide 8
    Superior Utilization for Montney and Duvernay Class Rigs Montney class and Duvernay class Cardium Rig Class Utilization 100% rigs are the most sought after in 80% Canada 60% 40% 20% These rig classes continue to 0% generate…
  9. September 2015 Investor Presentation – Western Energy Services Corp. – slide 9
    Premium Drilling and Well Servicing Utilization Westerns drilling and well servicing rig fleets have consistently realized above average utilization Canadian Drilling Rig Utilization Rates Canadian Service Rig Utilization Rates 100%…
  10. September 2015 Investor Presentation – Western Energy Services Corp. – slide 10
    Westerns Customer Base Consolidated YTD Revenues Western has a diversified revenue stream comprised Canadian Natural of over 250 customers Resources 12% Clients include a wide- Other Progress array of public, private 9% 36%…
  11. September 2015 Investor Presentation – Western Energy Services Corp. – slide 11
    Operating Highlights Second Quarter Year to Date June 30 Operating Highlights 2015 2014 % 2015 2014 % Contract Drilling Canadian Operations Rig fleet (end of period) 49 49 - 49 49 - Operating Revenue per Revenue Day (CDN) 20,589…
  12. September 2015 Investor Presentation – Western Energy Services Corp. – slide 12
    Financial Highlights Second Quarter Six Months Ended June 30 Year Ended December 31 Financial Highlights (000s CDN) 2015 2014 % 2015 2014 % 2014 2013 2012 2011 Operating Revenue 30,719 77,352 (60%) 131,677 226,979 (42%) 474,120…
  13. September 2015 Investor Presentation – Western Energy Services Corp. – slide 13
    Balance Sheet Overview Consolidated Balance Sheet ('000s) June 30, 2015 December 31, 2014 Cash and other current assets 112,926 158,823 Property and equipment 840,231 827,306 Goodwill and other 72,619 70,989 Total assets 1,025,776…
  14. September 2015 Investor Presentation – Western Energy Services Corp. – slide 14
    2015 Budgeted Capital Expenditures 42 Million Budgeted Capital Spending Capital Spending By Entity 25 4 23 Stoneham Drilling 2% 20 19 12 19 Aero Rental Services 12% 15 Eagle Well Millions Servicing 14% 10 7 5…
  15. September 2015 Investor Presentation – Western Energy Services Corp. – slide 15
    Performance Driven Culture Well Managed Service Company Strategic thinking embedded in every decision Best-in-class People and Equipment From start to finish, every project, every person, is selected to support our…
  16. September 2015 Investor Presentation – Western Energy Services Corp. – slide 16
    Appendix 17
  17. September 2015 Investor Presentation – Western Energy Services Corp. – slide 17
    Canadian Drilling Industry Statistics Operating Days Horizontal Wells Drilled 158,427 180,000 YTD Full-Year 8,391 145,272 9,000 7,726 160,000 134,835 131,021 7,214 8,000 124,613 7,048…
  18. September 2015 Investor Presentation – Western Energy Services Corp. – slide 18
    Historical Canadian Well Data Average Well Length by Province YTD 2015 Average Well Length AB SK BC MB WCSB 4,500 4,000 3,718 4,000 3,500 3,398 3,300 Average Well Length (Metres per Well) 3,500 3,000 Average Well…
  19. September 2015 Investor Presentation – Western Energy Services Corp. – slide 19
    2015 Drilling Stats YTD Utilization YTD Metres Drilled per Rig 30% 14,000 26% 26% 25% 11,928 12,000 23% 10,679 10,000 20% 19% 9,076 8,508 8,415 Metres per Rig 16% 8,000 15% 7,155 15% 6,000 10% 4,000 5% 2,000…
  20. September 2015 Investor Presentation – Western Energy Services Corp. – slide 20
    Provincial Well Licenses Issued 2005 to 2015 YTD 2015 vs. YTD 2014 AB SK BC MB WCSB YTD 2014 YTD 2015 30,000 5,000 4,500 25,000 4,000 3,500 20,000 Licenses Issued Licenses Issued 3,000 15,000 (48%) 2,500 2,000…
  21. September 2015 Investor Presentation – Western Energy Services Corp. – slide 21
    YTD 2015 Metres Drilled by Province Western Trinidad + CanElson Savanna Precision Ensign AB SK BC MB 0 200,000 400,000 600,000 800,000 Source: June Warren-Nickle's Energy Group Note: Year-to-date through July…
  22. September 2015 Investor Presentation – Western Energy Services Corp. – slide 22
    Drilling Rig Contractors Market Share YTD 2014 Market Share YTD 2015 Market Share Closing Rig Count 25% 200 180 20% 160 Market Share (Operating Days) 140 15% 120 Rig Count 100 10% 80 60 5% 40 20 0% 0…
  23. September 2015 Investor Presentation – Western Energy Services Corp. – slide 23
    Alex R.N. MacAusland Jeffrey K. Bowers President & CEO Senior VP Finance & CFO Western Energy Services Corp. 1700, 215 9th Avenue SW Calgary, Alberta T2P 1K3 Telephone: (403) 984-5916 www.wesc.ca 24

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