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September 2015 Investor Presentation – Pengrowth Energy Corp

Pengrowth Energy Corp · Sep 15, 2015 · 36 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 – Pengrowth Energy Corp – slide 1
    Corporate Presentation September 2015
  2. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 2
    Corporate Profile Corporate Presentation | TSX : PGF NYSE : PGH 2 Market Capitalization5 $691 million Enterprise Value6 $2.7 billion Shares Outstanding1 540 million Quarterly Dividend $0.01 per share Current Yield5 3.1% Total Debt7…
  3. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 3
    Resource portfolio with increasing focus on oil and liquids development Corporate Presentation | TSX : PGF NYSE : PGH 4
  4. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 4
    Sustainable growth with commodity and capital optionality Corporate Presentation | TSX : PGF NYSE : PGH 5 Barbell strategy offers commodity and capital optionality and is expected to provide over $12 billion of long-term development &…
  5. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 5
    Dealing with the uncertainty in 2015 and beyond ? A significantly reduced capital program for 2015 of $200 million, representing a 78 percent reduction from 2014 ? A 50 percent dividend reduction to $0.02/share per month ? Cash flow…
  6. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 6
    Dealing with the uncertainty in 2015 and beyond ? A reduction in overall corporate indebtedness by targeting non-core asset sales of $600 million ? Ongoing focus on capital cost reductions. Efforts to date point to a 20 to 25 percent…
  7. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 7
    Strategy to reduce outstanding debt and strengthen balance sheet Corporate Presentation | TSX : PGF NYSE : PGH 8 Cash Inflows > Cash Outflows ? Continue to maintain a financial plan where cash inflows are greater than the…
  8. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 8
    Corporate hedging provides a measure of stability and strength to cash flow Corporate Presentation | TSX : PGF NYSE : PGH 9 Crude Oil Natural Gas Power Hedge positions as at September 14, 2015 Volume Average Price Volume Average…
  9. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 9
    Long-term debt structure and debt maturities DEBT COMPOSITION DEBT MATURITIES Corporate Presentation | TSX : PGF NYSE : PGH 10 $400 $265 $35 $116 $105 $195 $15 $25 $138 ?50 ?15 2015 2016 2017 2018 2019 2020 2021 2022 2023…
  10. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 10
    Pengrowth?s credit capacity is more than sufficient to meet our needs in 2015 Corporate Presentation | TSX : PGF NYSE : PGH 11 Debt Covenants Senior debt covenant includes bank debt and term notes Total debt covenant includes senior…
  11. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 11
    Lindbergh thermal oil ? Where and what is it? Corporate Presentation | TSX : PGF NYSE : PGH 13 Lindbergh Lindbergh Target formation Lloydminster 2P Reserves * 243 million bbls Best Estimate Contingent Resources* 101 million bbls…
  12. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 12
    Corporate Presentation | TSX : PGF NYSE : PGH 14 Lindbergh reservoir characteristics ? 9o ? 11o API oil, 50,000 to 350,000 cP ? Clean continuous sands with no significant shales ? Reservoir characterized as nearshore marine sand ?…
  13. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 13
    Lindbergh initial commercial phase ? Commercial project consisting of three well pads with 22 well pairs ? Pad D05 with eight well pairs ? Pad D03 with seven well pairs ? Pad D02 with five well pairs ? Former pilot with two well…
  14. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 14
    0 100 200 300 400 500 600 700 800 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 3.9 4.4 4.9 5.4 5.9 6.4 6.9 7.4 7.9 Avg. Commercial Wellpair Avg. Pilot Wellpair D02 Avg Well D03 Avg Well D05 Avg Well Lindbergh commercial ramp-up following…
  15. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 15
    Lindbergh Cumulative production profile* Corporate Presentation | TSX : PGF NYSE : PGH 17 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 0 100 200 300 400 500 600 700 800 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 3.9 4.4…
  16. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 16
    Steam-to-Oil Ratios of commercial facilities compared to ratios from pilot facilities 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 5.00 6.00 7.00 8.00 Pilot ISOR Pilot CSOR Commercial ISOR Commercial CSOR Corporate Presentation |…
  17. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 17
    Lindbergh pilot results point to higher recovery rates versus type curve expectations Corporate Presentation | TSX : PGF NYSE : PGH 19 0 200 400 600 800 1,000 1,200 1,400 0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 90 96 102 108…
  18. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 18
    Lindbergh results demonstrate top quartile instantaneous steam-oil ratios and well productivity Corporate Presentation | TSX : PGF NYSE : PGH 20 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0.00 1.00 2.00 3.00 4.00…
  19. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 19
    Lindbergh economics are top quartile within SAGD space Corporate Presentation | TSX : PGF NYSE : PGH 21 $0 $10 $20 $30 $40 $50 $60 $70 0% 5% 10% 15% 20% 25% 30% $40.00 $50.00 $60.00 $70.00 $80.00 Netback BT IRR WTI…
  20. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 20
    0 20 40 60 80 100 120 0 20 40 60 80 100 Lindbergh competes with lowest cost production on world cost curve Corporate Presentation | TSX : PGF NYSE : PGH 22 Onshore Middle East Oil Sands North American Shale Ultra…
  21. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 21
    Economic sensitivities of current inventory Corporate Presentation | TSX : PGF NYSE : PGH 24 Play IRR Locations $45 WTI* $60 WTI** Gross Net Jenner 3% 52% 112 91 Bodo 13% 37% 40 40 Cardium Garrington 0% 18% 265 132 Lochend 5% 33%…
  22. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 22
    ? Large, contiguous land base with access to multi-tier development opportunities ? Focus has been on Cardium development over past two years ? Over 500 gross sections of Cardium rights ? Prospective Cardium sections ~280 gross…
  23. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 23
    Pengrowth has a dominant position in the Garrington, Olds and Lochend areas ? Light oil (35o to 50o oil) and liquids-rich natural gas with stacked (deep basin type) horizons ? Large land foot print ? 377,000 net acres (> 16…
  24. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 24
    Montney overview ? Significant development inventory ? Montney land holdings in excess of 50 sections ? Groundbirch ? Bernadet ? Pengrowth best estimate for total petroleum initially-in-place (PIIP) on company lands is in excess of…
  25. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 25
    Corporate Presentation | TSX : PGF NYSE : PGH 28 SE NW 2174m TVD 2409m TVD 1880m TVD 2226m TVD ? Montney prospect inventory currently assessed at over 450 risked locations with potential to more than double over time ? 4…
  26. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 26
    Pengrowth Montney play overview BERNADET ? 32.6 sections (100 percent working interest) ? Expected to provide a scalable, low risk stacked zone liquids-rich play on contiguous lands ? Pengrowth?s best estimate of total PIIP in…
  27. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 27
    Bernadet - Development potential Corporate Presentation | TSX : PGF NYSE : PGH 30 U3 M1 L1 ? Upper L1 ?Lower ? Four prospective and proven sub-zones thought to exist within the Montney in the greater Bernadet area Pengrowth…
  28. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 28
    Groundbirch - Development potential Corporate Presentation | TSX : PGF NYSE : PGH 31 U3 U2 U1 ? Upper U1 ?Lower Pengrowth Montney Lands ? Four prospective and proven sub-zones exist within the Montney at Groundbirch ? 2014…
  29. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 29
    Montney economics provide strong returns that compete with oil plays BERNADET* GROUNDBIRCH** Corporate Presentation | TSX : PGF NYSE : PGH 32 Per Well Unrisked Metrics DCET ($ millions/well) 7.4 EUR (Bcf) 5.0 Liquids Yield…
  30. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 30
    Conclusion ? Building on our momentum ? Continued momentum in 2015 ? Executed on measures to ensure our financial health and strengthen our balance sheet sustainability ? Focused on bringing down debt with free cash flow and target of…
  31. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 31
    2015 guidance striking a balance Corporate Presentation | TSX : PGF NYSE : PGH 36 Corporate Guidance Capital ($ Millions) 190 to 210 Average daily production (boe/d) 70,000 to 72,000 Royalties (%) 11 to 14 Net operating costs…
  32. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 32
    Second quarter 2015 highlights ? Lindbergh production continues to ramp-up as expected ? Average production during second quarter was 10,930 bbl per day at an Instantaneous Steam Oil Ratio (ISOR) of 2.5x ? Current production in excess…
  33. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 33
    Second quarter 2015 Financial and operating highlights Corporate Presentation | TSX : PGF NYSE : PGH 38 Three Months Ended (Cdn$ millions, except per share and per boe amounts) June 30, 2015 March 31, 2015 Production (boe/d) Gas…
  34. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 34
    2014 reserves summary(1) ? Total Proved (1P) reserves of 310 million boe and Proved plus Probable reserves (2P) of 557 million boe ? 206 million boe of best estimate contingent resources ? Replaced 399 percent of 2014 total…
  35. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 35
    2014 reserves continuity* Corporate Presentation | TSX : PGF NYSE : PGH 40 ? 2014 Proved reserves increased one percent to 310 MMboe ? Proved plus Probable reserves increased 17 percent to 557 MMboe Proved (Mboe) Proved plus Probable…
  36. September 2015 Investor Presentation – Pengrowth Energy Corp – slide 36
    2014 Finding, Development and acquisition (disposition) costs Corporate Presentation | TSX : PGF NYSE : PGH 41 2014 2013 Three-year Weighted Average Proved Proved plus Probable Proved Proved plus Probable Proved Proved plus…

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