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November 2015 Corporate Presentation – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Nov 4, 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. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 1
    Corporate Presentation November 2015
  2. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 2
    Corporate Profile Production (Q3/15) 82,198 boe/d Operations % Liquids 67% Netback (Q3/15) 13.72/boe EBITDA (Q3/15 trailing 12 months) 520 MM Asset Base 1P Reserves (YE 2014) 368 MMboe 2P Reserves (YE 2014) 561…
  3. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 3
    Core Areas Total Core Assets Production 53,000 boe/d Liquids 76% Opex 16.00/boe NOI 410 MM Netback 21.00/boe Slave Point Greater Viking 100 kms 65 miles Production 18,500 boe/d Liquids 86% 95 kms Opex 16.50/boe 60 miles…
  4. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 4
    Non-Core Areas: Upside Potential with Stable Base Total Non-Core Assets NE BC & NW AB Production Liquids boe/d % Swan Hills 7,500 75% NE BC & NW AB 7,500 8% East Central AB 7,000 41% PROP PROP 3,000 98% Other 1,000 56% Total…
  5. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 5
    Recent Dispositions Mitsue Properties 9.5% Weyburn Unit Working Interest Closed October 30, 2015 Expected to close November 2015 Proceeds MM 192.5 Proceeds MM 205 Production boe/d 4,500 Production bbl/d 2,500 Liquids Weighting % 78%…
  6. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 6
    Continue to Transact on Non-Core Assets 3.4B 1.9B of dispositions since Q2 2013 2.0B Q2 2013 Net Debt Q3 2015 Net Debt Pro Forma Mitsue & Weyburn Sales 3,402 (493) Total production sold of 35,000 boe/d implies aggregate…
  7. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 7
    Greater Viking Overview Greater Viking Play Details Production boe/d 18,500 Base Decline % 8 - 12 T30 Locations 1,500 Penn West land PW 2015 well 4 kms R22W3 PW 2014 well Land sections 1,000 2 miles ALBERTA SASKATCHEWAN…
  8. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 8
    Cardium Overview T54 Cardium Play Details Production boe/d 29,000 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…
  9. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 9
    Investment Economics Remain Supportive Dodsland Viking Play Well Economics 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 C80/bbl…
  10. November 2015 Corporate 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. November 2015 Corporate 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. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 12
    Driving Down Capital Costs Pembina Cardium Drill Cost Dodsland Viking Drill Cost 550 230 Pembina Cardium Dodsland Viking YTD 2015 cost per YTD 2015 cost per meter drilled down meter drilled down 500 200/m from 2013 220 30/m from…
  13. November 2015 Corporate 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. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 14
    Current Hedge Position Hedging program continues to help reduce the volatility of our funds flow from operations, thereby improving our ability to align capital programs going forward In Q3 2015, we began to extend crude oil hedge…
  15. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 15
    Appendix
  16. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 16
    Guidance 2015 FY Guidance Annual Average Production 85,000 87,000 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. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 17
    Debt Capital Structure Senior Debt as at Sep 30, 2015 Bank Facility as at Sep 30, 2015 Bank Facility C0.5B Undrawn Capacity Amount C0.6B Drawn C0.6B Senior Notes C1.7B Senior Debt 2.2B Aggregate Borrowing Limit of…
  18. November 2015 Corporate Presentation – Penn West Petroleum Ltd. – slide 18
    Senior Notes Maturity Profile: Sep 30, 2015 Senior Notes Breakdown C456 As of Sep 30, 2015, in millions Currency Outstanding C FX Rate C Outstanding USD US1,124 1.33 C1,500 C95 CAD C96 1.00 C96 GBP 67 2.02 C134 EUR 8 1.49 C12…
  19. November 2015 Corporate 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 C13 C55 Due to a weaker Canadian Dollar, Canadian producers receive a revenue uptick per barrel of oil relative to…

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