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IPAA OGIS San Francisco – Petroquest Energy Inc.

Petroquest Energy Inc. · Oct 6, 2015 · 27 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. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 1
    October 2015
  2. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 2
    Our Properties 2014 PF Reserves (1) 2Q15 PF Production (1) Mid-Con Mid-Con East Texas Gulf Coast East Texas Gulf Coast 170 Bcfe 75 Mmcfe/d 3Q15E Production Mix (2) NGL 16% Oil 11% Gas 73% Denotes PetroQuest…
  3. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 3
    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…
  4. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 4
    Liquidity and Debt Metrics Post Arkoma Divestiture Liquidity Position (1) 200 150 135.1 MM 100 50 19.6 0 1Q15 2Q15 Total Debt (net of cash) (2) 500 5 421 TTM Debt to Adjusted EBITDA 400 300 MM 3.2 209 3…
  5. IPAA OGIS San Francisco – 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. IPAA OGIS San Francisco – 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 Mus PQ Cotton Valley Gulf Coast PQ16: 16.7 MMcfe/d…
  7. IPAA OGIS San Francisco – 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. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 8
    1st Year Cotton Valley Profile (1) Drill & Total 1st Year Field Level % of Payout Payout Complete Production Cash Flow (2) 1st year Period Cost 5,000 M 2.3 Bcfe (6.3 MMcfe/d) 4,180 M 84% 16 mth 12,000 10,000 8,000 MMcfe/d…
  9. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 9
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices Horizontal CV Well Economics 4.5 MM D&C 80 77% 70 5.0 MM D&C 60 56% 65% IRR - % 50 40 35% 47% 30 29% 20 2.50 3.00 3.50 Economic Assumptions Assumptions…
  10. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 10
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 236 Gross Future Locations (118 Net) PQ 18 11.7 MMcfe/d 2014-2015 Avg 12.3 MMcfe/d Samson 10 Wells Average IP:10.7 MMcfe/d MRD 3 Wells Average IP:10.8…
  11. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 11
    One Year (6 wells) Cotton Valley Growth PROVED RESERVES PRODUCTION 90 89.2 10 87% 9.5 67% 80 Growth Growth 9 in in 70 Reserves Production 8 BCFE BCFE 60 7 50 47.6 6 5.7 40 30 5 20 4 12/31/13 12/31/14 12/31/13…
  12. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 12
    Cotton Valley Significant Undrilled Inventory 900 826 800 700 600 125% Growth in 500 reserves since Jan 2014 BCFE 400 300 200 106.5 100 47.6 0 E. Texas Proved 12/31/13 E. Texas Proved 6/30/2015 Net Risked…
  13. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 13
    Horizontal Cotton Valley Net Present Value Creation 18 PQ Operated Wells Gross PV-10 (M) (1) Current Gross Well Cost (M) (2) Gross NPV (M) PQ 1 - 2011 7,280 5,000 2,280 PQ 2 - 2011 6,860 5,000 1,860 PQ 3 - 2011 9,744 5,000 4,744 PQ 4…
  14. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 14
    Gulf Coast Free Cash Flow Generator Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / PV-10 (MM) (12/31/14): 209 Thunder Bayou 2Q15 Production (Mmcfe/d) 35 % Gas: 65% % NGL: 10% % Oil:…
  15. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 15
    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…
  16. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 16
    Thunder Bayou Supports Near-Term Production Growth Initiated production from Thunder Bayou late-June Well is currently flowing at gross rate of 40 Mmcfe/d comprised of: 800 BBls/d of oil 1,200 BBls/d of NGLs 28,000 Mcf/d of gas…
  17. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 17
    Woodford Position 18
  18. IPAA OGIS San Francisco – 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 PQ EUR (Bcf)…
  19. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 19
    Summary Arkoma Divestiture - significant liquidity building and deleveraging event Zero drawn on 55 million borrowing base Large cash position provides additional deleveraging options for 350 million 10% Senior Notes due September…
  20. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 20
    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…
  21. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 21
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2010 2011 2012 2013 2014 2Q15 LTM 2Q15 Net Income (Loss) available to common stockholders 41,987 5,409 (137,218) 8,943 26,051 (61,083) (176,907) Income tax expense (benefit)…
  22. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 22
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 6M15 Net income (loss) 10,548 (132,079) 14,082 31,190 (180,756) Reconciling items: Income tax expense (benefit) (1,810) 1,636 320 (2,941)…
  23. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 23
    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)…
  24. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 24
    Appendix 5 - La Cantera Development Lower Cris R-1 200 feet of potential pay Lower Cris R-2, Lobe A 35,000 MCF/D + 700 Bbls of oil (CURRENTLY PRODUCING) Lower Cris R-2, Lobe B 1,500 MCF/D + 42 Bbls of oil (CURRENTLY…
  25. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 25
    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…
  26. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 26
    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…
  27. IPAA OGIS San Francisco – Petroquest Energy Inc. – slide 27
    Appendix 8 - 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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