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3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development

Pacific Energy Development · Nov 4, 2014 · 21 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. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 1
    TSX:PRE BVC: PREC www.pacific.energy FINANCIAL & OPERATIONAL RESULTS 3Q 2015
  2. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 2
    OPERATIONAL MILESTONES 3Q 2015 INVESTOR RELATIONS
  3. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 3
    Operational & Financial Highlights 3Q 2015 WTI: 48.57 /bbl & 57.95 /bbl in 1Q15 & 2Q15 respectively, decrease of -4% and 46.5 /bbl -20% Combined Realization Price (1): decrease of -4% vs. 2Q15, & increase of +4% in 1Q15; 51.49 /bbl…
  4. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 4
    Commercial Activity Oil & Gas Sales Trading Advantages Market Prices Realization Price /bbl Brent WTI /bbl WTI NYMEX BRENT ICE Combined Realized Price /boe 150.00 150.00 130 110 88.05 100.00 100.00 90 65.64 70 53.72 49.45 51.49 50…
  5. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 5
    Combined Total Operating Costs /boe Production Cost (Lifting Cost) Transportation Cost Diluent Overlift/Underlift Other Costs - 18% 33 - 22% = = 2 27 2 26 1 2 21 2 1 21 13 4 2 2 2 11 3 13 11 11 16 13 8 9 6 0 -4…
  6. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 6
    Total Cost Improvement Production Cost (Lifting Costs) (1) Transportation Cost (5) MM MM 250 /boe Sold (3) Produced (4) - 21% 200 /boe Sold (3) Produced (4) - 61% 200 3Q_14 15.48 15.91 150 3Q_14 13.16 13.53 150 1Q_15 8.23 8.92 100…
  7. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 7
    Oil Netbacks /bbl Total Operating Cost Netback* 100 92.14 90 Cash operating margin 58%, in line with 80 historic averages. 35.0 68.27 70 3Q15 Netback decreased by - 6% vs. 2Q15 60 55.04 52.94 28.8 50.38 50 Oil netback margins: 54%…
  8. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 8
    Net Production Profile Mboe/d Natural Gas L&M Oil Other Heavy Oil Rubiales Heavy Oil 180 152.6 152.4 152.9 160 144.7 147.1 9 8 10 140 10 10 120 56 56 55 49 51 100 80 28 31 34 34 33 60 40 58 55 54 55 55 20 0 3Q 2014 4Q…
  9. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 9
    Pto. Baha 2015 3Q 2015 INVESTOR RELATIONS
  10. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 10
    Hedged Production 2015 WTI/BRENT Hedges Settlement Hedging Program 2015 MM Accumulated P&L Realized P&L Notional Puts Calls Settlement 200 (MMbbl) (/bbl) (/bbl) Amount As of October 31st 180 191,18 MM WTI 2.6 63.27 74.50 1Q15…
  11. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 11
    Extraordinary Cash (Snapshot) MM 1,239- 1,339 1,400 225 - 275 1,200 41% WI 425 - 475 1,000 100 (1) 800 64% WI 600 489 400 200 0 Cash Position Pacific Midstream PEL Pacific Infrastructure Ending Balance 3Q15 2H15…
  12. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 12
    2015 Snapshot GUIDANCE FY2015 1Q 2015 2Q 2015 3Q 2015 YTD WTI /bbl 50 - 60 48.57 57.95 46.50 50.88* Average Production 150 - 156 Mboe/d 152.6 Mboe/d 152.4 Mboe/d 152.9 Mboe/d 153* Mboe/d Combined Realization Price WTI + (1…
  13. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 13
    EXPLORATION HIGHLIGHTS 3Q 2015 INVESTOR RELATIONS
  14. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 14
    3Q 2015 Drilling Results 2015 3Q 2015 Exploration Well Results BLOCK Prospect Net Pay WELL 1Q 2Q 3Q 4Q Block Well Type Result Well Name (ft.) Quifa N 2 1 1* Corcel Zural-1 Exploratory Successful 19 Guatiquia 4 2 2 Ceibo-2…
  15. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 15
    3Q 2015 Drilling Results GUATIQUIA BLOCK CORCEL BLOCK AVISPA-6 CEIBO-2 ZURAL-1 LS1a Depth Map LS1 Depth 10 foot C.I. Map 1km Grid 10 foot C.I. 500m Grid Production Acum. Production Net Pay Production Acum. Production…
  16. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 16
    FINANCIAL RESULTS 3Q 2015 INVESTOR RELATIONS
  17. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 17
    3Q 2015 Financial Highlights Financial Results 2Q15 vs. 3Q15 Operating Netbacks 2Q15 vs. 3Q15 Earnings from MM Revenues Adjusted EBITDA FFO Operations* Oil Netback Gas Netback Combined Netback 1,200 50 - 5% 1,000 - 7% - 6% 40 800…
  18. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 18
    3Q 2015 Financial Results Breakdown 670 345(1) Cash Non- Cash Items 46 72 53 125 272 72 12 9 197 (345) (568) (617) Revenues Operating G&A EBITDA Finance Cash Taxes Other Cash FFO Other Non- Non-cash Foreign DD&A…
  19. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 19
    Debt Profile as of September 30, 2015 Current Debt Maturity Profile(1) Debt/Adjusted EBITDA (2) MM USD Banks Bonds 4.2x Banks 1,286.0 25% 1,178.7 1,314 1,048.2 2.1x 991.1 5,302 1.9x 1.7x 3,988 655.8 Bonds 75% 0.8x 0.8x…
  20. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 20
    Accounts Payable & Working Capital A/P & Accrued Liabilities Working Capital MM A/P & Accruals Opex, Capex & G&A Others Total A/P & Accruals 2,500 118 36% reduction 2,000 1,919 (17) 1,721 (125) 1,517 1,500 1,309 1,220 1,091…
  21. 3Q 2015 FINANCIAL & OPERATIONAL RESULTS – Pacific Energy Development – slide 21
    Low Oil Price Environment Management COST REDUCTION Continue production costs (lifting) on OPEX of -61% y/y, transportation -21%, and G&A of -45% y/y /boe CAPEX Capex to match cash flow while maintaining production. YTD capex of 565 MM…

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