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December 2015 Investor Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Dec 2, 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. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 1
    December 2015
  2. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 2
    Our Properties 2014 PF Reserves (1) 3Q15 Production Mid-Con Mid-Con East Texas Gulf Coast East Texas Gulf Coast 170 Bcfe 81 Mmcfe/d 3Q15 Production Mix 73% Gas 17% NGL 10% Oil Denotes PetroQuest offices East…
  3. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 3
    Arkoma Divestiture Recap Sold majority of Woodford and Mississippian Lime Assets in June 2015 Gross proceeds of 280 million represents over 9X cash flow Significantly enhances liquidity and financial flexibility Repaid all…
  4. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 4
    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 PQ Cotton Valley Gulf Coast PQ16: 16.7 MMcfe/d…
  5. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 5
    One Year (6 well) CV Drilling: A Proxy for 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…
  6. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 6
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 14.2 8.0 5,000 14 11.9 12 24HR IP Rate (MMCFE/D) 7.0 4,500 10 4,232 Average D&C Cost 9.1 4,106 4,147 Lateral Feet 8 7.4 6.0…
  7. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 7
    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…
  8. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 8
    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…
  9. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 9
    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…
  10. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 10
    Cotton Valley Significant Undrilled Inventory 900 826 800 700 600 120% Growth in 500 reserves since Jan 2014 BCFE 400 300 200 105 100 48 0 E. Texas Proved 12/31/13 E. Texas Proved 6/30/2015 Net Risked…
  11. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 11
    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 3Q15 Production (Mmcfe/d) 44 % Gas: 65% % NGL: 10% % Oil:…
  12. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 12
    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…
  13. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 13
    Thunder Bayou Recompletion: Low Cost Production Add TB currently flowing from the lowest interval 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 Recompletion scheduled for 1H16…
  14. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 14
    Thunder Bayou 2016 Recompletion 2016 Recompletion 154 net feet of pay Current Zone 40 MMCFE/d from 48 net feet of pay 15
  15. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 15
    Woodford Position 16
  16. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 16
    Woodford Dry Gas East Hoss Joint Venture Economic Assumptions East Hoss Joint Venture Agreement 38 dry gas wells included in joint venture should be complete JV Terms (1), (2) by YE 2015 EUR (Bcf) 4.3 JV provides beneficial cost…
  17. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 17
    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…
  18. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 18
    Appendix 19
  19. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 19
    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 July15 - Jun16 10,000 3.22 Total 50,000 3.54 Average Oil Daily Hedged Volumes (Bbls)…
  20. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 20
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2010 2011 2012 2013 2014 3Q15 LTM 3Q15 Net Income (Loss) available to common stockholders 41,987 5,409 (137,218) 8,943 26,051 (51,910) (233,488) Income tax expense (benefit)…
  21. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 21
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 9M15 Net income (loss) 10,548 (132,079) 14,082 31,190 (231,379) Reconciling items: Income tax expense (benefit) (1,810) 1,636 320 (2,941)…
  22. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 22
    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)…
  23. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 23
    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…
  24. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 24
    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…
  25. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 25
    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…
  26. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 26
    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…
  27. December 2015 Investor Presentation – Petroquest Energy Inc. – slide 27
    Appendix 9 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…

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