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October 2015 Investor Presentation – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Oct 7, 2015 · 19 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. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 1
    Corporate Presentation October 2015
  2. October 2015 Investor 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 (Q2/15 trailing 12 months) 661 MM 1P Reserves (YE 2014) 368 MMboe Asset Base 2P Reserves (YE 2014) 561…
  3. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 3
    Core Areas Total Core Assets Production 54,000 boe/d Liquids 76% Opex 15.50/boe NOI 440 MM Netback 22.50/boe Slave Point Viking 100 kms 65 miles Production 18,500 boe/d Liquids 87% 95 kms Opex 16.00/boe 60 miles NOI 160…
  4. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 4
    Non-Core Areas: Upside Potential with Stable Base H1 2015 Operational Summary NE B.C. & NW AB Production Liquids boe/d % Swan Hills 8,000 76% NE BC & NW AB 8,000 8% East Central AB 7,000 41% PROP PROP 3,000 97% Other 1,000…
  5. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 5
    Recent Dispositions Mitsue Properties 9.5% Weyburn Unit Working Interest Announced Sep 15, 2015 Announced Oct 1, 2015 Proceeds MM 192.5 Proceeds MM 205 Production boe/d 4,500 Production bbl/d 2,500 Liquids Weighting % 78% Liquids…
  6. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 6
    Continue to Transact on Non-Core Assets 3.4B 1.9B of dispositions over the last 27 months 1.8B Q2 2013 Net Debt Q2 2015 Net Debt Pro Forma Mitsue & Weyburn Sales 3,500 (493) 3,402 Total production sold of 35,000 boe/d 3,000…
  7. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 7
    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 ALBERTA SASKATCHEWAN 1P Reserves…
  8. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 8
    Cardium Overview T54 Cardium Play Details Production boe/d 29,500 Base Decline % 16 - 20 Locations 2,500 Easyford T50 Pembina Land sections 1,100 PCU 11 J Lease 1P Reserves MMboe 160 PCU 9 2P Reserves MMboe 216 2P RLI (H1…
  9. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 9
    Investment Economics Remain Supportive Viking Play Well Economics (Dodsland) 1.14x NPV (K) 1,015 IRR (%) PIR (x) 97% 0.85x 757 70% 490 0.55x 47% 223 26% 0.25x C50/bbl C60/bbl C70/bbl C80/bbl C50/bbl C60/bbl C70/bbl…
  10. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 10
    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…
  11. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 11
    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…
  12. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 12
    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…
  13. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 13
    Driving Down Operating Costs 800 Absolute operating costs at our existing properties reduced over 20%, 700 which excludes the impact of divestitures Operating Costs (MM) 600 Expect further 5 10% operating cost…
  14. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 14
    Current Hedge Position Targeting to hedge 25% - 40% of net oil volumes and 40% - 50% of net gas volumes in the current year 75MM current mark to market value on senior note FX contracts Oil Hedge Position: Volumes & Price Gas Hedge…
  15. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 15
    Appendix
  16. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 16
    Guidance 2015 FY Guidance Annual Average Production 84,000 88,000 boe/d Capital Expenditures 500 MM Operating Expenses 19.25 - 19.75/boe G&A Expenses 2.80 - 3.05/boe pennwest.com TSX: PWT NYSE: PWE 17
  17. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 17
    Debt Capital Structure Senior Debt as at June 30, 2015 Bank Facility Drawings as at June 30, 2015 Bank Facility C0.5B Amount Drawn Undrawn C0.5B Capacity C0.7B Senior Notes C1.7B Senior Debt 2.2B Total Credit…
  18. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 18
    Senior Notes Maturity Profile: June 30, 2015 500 Senior Debt Breakdown C456 As of June 30, 2015, in millions 450 Currency Outstanding C FX Rate C Outstanding USD US1,180 1.25 C1,473 C96 CAD C102 1.00 C102 400 GBP 69 1.96 C135…
  19. October 2015 Investor Presentation – Penn West Petroleum Ltd. – slide 19
    US WTI To C Edmonton Par Comparison Illustrative Comparison of U.S. and Canadian Benchmark Light Oil Prices 55 C13 C55 Due to a weaker Canadian Dollar, 50 Canadian producers receive a revenue uptick per barrel of oil relative…

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