CORPORATE PROFILE CONVENTIONAL ASSETS 1. Based on October 31, 2014 TSX closing price of 4.55. 2. Defined as market capitalization + long-term + short-term debt as at September 30, 2014 less cash on hand. 3. As at September 30,…
WHY SHOULD YOU INVEST IN PENGROWTH Strategic plan We have one Become a long-term sustainable dividend paying entity by shifting to thermal oil production with lower declines, better capital efficiency and growing free cash flow Have…
THERMAL STRATEGY MAKES MORE SENSE THAN EVER Supply cost Thermal offers the lowest supply cost as compared to global alternatives Growth Niche thermal opportunities continue to exist for a company of our size Competition U.S. is not…
THERMAL DEVELOPMENT OFFERS SUSTAINING CAPITAL ADVANTAGES Capital reinvestment Capital reinvestment Capital reinvestment efficiency 27,000/boe/d efficiency 40,000/boe/d efficiency 40,000/boe/d 60%- 60%-80% First year declines…
STRONG YEAR OVER YEAR PRODUCTION GROWTH THROUGH 2018 IS PROJECTED Production Y-O-Y Growth (boe/day) 2014E 71,000 73,000 2015E 78,200 9.0%* boe/d 2016E 78,400 - 2017E 84,700 8.0% 2018E 95,500 13.0% CAGR 7.0% * Assumes…
TOTAL DEBT1/EBITDA EXPECTED TO DECLINE EVEN IN LOWER PRICE ENVIRONMENT 4.0 3.8 3.6 Total Debt/EBITDA 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 90 WTI 80 WTI 70…
2014 GUIDANCE Guidance Capital (MM) 740 - 770 Non-thermal(1) 350 Lindbergh(1) 405 Average daily production (boe/d) 71,000 73,000 EBITDA (MM)(2)(3) 575 625 Funds Flow (MM) (2)(3) 500 540 Royalties (%) 16 18 Net operating costs…
GREATER OLDS/GARRINGTON AREA Large, contiguous land base RED DEER Over 500 gross sections of Cardium rights Prospective sections 290 gross (160 net) SYLVAN LAKE 4-5 years of Tier 1 drilling locations Extensive infrastructure…
PENGROWTHS CARDIUM PROGRAM OFFERS ROBUST IRRS EVEN IN LOWER COMMODITY PRICE ENVIRONMENT Lochend Garrington/Westward Ho Current price range 70 Assumptions: IRR is before tax Flat oil price noted; 60 Opex not escalated. Flat gas…
LOCHEND CARDIUM Typical 100% Well 30 day initial production (boe/d) 285 First year average production (boe/d) 132 Reserves* (Mboe) 239 Metrics Drill/complete (MM/well) 3.4 Tie in Costs (MM/well) 0.4 0.6 F&D (/boe) 15-17…
LINDBERGH HAS BEEN SUBSTANTIALLY DE-RISKED Pengrowth has mitigated the major risks associated with SAGD projects: 1) Reservoir performance: Very successful pilot with significant production history and top quartile SOR and…
EXCELLENT PILOT PERFORMANCE Total cumulative production in excess of 1.46 MMbbls at September 30, 2014 SOR Well Pair 1 SOR Well Pair 2 Well Pair 1 prod'n Well Pair 2 prod'n (103/06-24) (104/06-24) (106/06-24) (108/06-24) 1,400…
LINDBERGH PILOT RESULTS HAVE EXCEEDED TYPE CURVE EXPECTATIONS 1,400 Type Curve Lindbergh Actual* 1,200 Pump efficiency issues 1,000 drove a change to Electric Bitumen Production (bbl/d) Submersible Pump (ESP) 800 600…
LINDBERGH PRODUCTION RAMP-UP PLAN FOCUSED ON ACHIEVING TARGET OF 50,000 BBLS/DAY 100 MM EIA application submitted in December 2013 for the Production (bbl/d) 17,500 bbl/d expansion - approval expected in Q1 2016 360 MM…
MAY 2014 LINDBERGH PROJECT UPDATE HIGHLIGHTS 2P RESERVE VALUE HAS MORE THAN DOUBLED ON A PER SHARE BASIS SINCE DECEMBER 31, 2013 61% increase in Lindbergh 2P reserves 18% increase in total Pengrowth 2P reserves NPV10 increase of…
2014 FINANCIAL STRATEGY TO SUPPORT GROWTH Pengrowth entered 2014 with approximately 450 million of cash on hand Aim to maintain a balance between cash inflows and cash outflows, which protects the dividend and ensures financial…
THIRD QUARTER FINANCIAL AND OPERATING HIGHLIGHTS Three Months Ended September June 30, September (Cdn millions, except per share and per boe amounts) 30, 2014 2014 30, 2013 Production (boe/d)(1) 72,472 73, 823 83,275 Gas 46% 44%…
PENGROWTHS CREDIT CAPACITY IS MORE THAN SUFFICIENT TO MEET OUR NEEDS September 30, Forecast year Forecast year 2014 end 2014 end 2015 Outstanding (MM) (MM) (MM) Senior fixed term notes 1,484 1,393 1,350 Term Credit…
TOTAL PAYOUT RATIOS* EXPECTED TO DECLINE FROM 2014 ONWARDS 210% 190% 170% Payout Ratio 150% 130% 110% 90% 70% 50% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 *Total payout defined as capex +…
2013 RESERVES SUMMARY(1) Total Proved (1P) reserves of 307 MMboe and Proved plus Probable reserves (2P) of 477 MMboe Replaced 211 percent of 2013 production Reserve life index for Proved plus Probable reserves increased 18 percent to…
2013 FINDING, DEVELOPMENT AND ACQUISITION (DISPOSITION) COSTS 2013 Three-year Weighted Average Proved Proved Proved Proved plus plus Probable Probable Excluding Future Development costs Finding and Development (/boe) 8.30 10.61…
SWAN HILLS TREND - LOW DECLINE WITH STRONG CASH FLOW Devil 100% WI House Mountain 2.3 Billion barrels of original oil in (1) House Mountain Unit No.2 Unit No.1 19.3% WI place net to Pengrowth 7.1% WI Deer Mountain Unit…
LOCHEND CARDIUM OFFERS SOME OF THE BEST RECYCLE RATIOS IN PENGROWTHS PORTFOLIO Flat Edmonton Par 50/bbl 60/bbl 70/bbl 80/bbl 90/bbl 100/bbl NPV 10% (M) 200 1,000 1,700 2,500 3,200 4,000 IRR (%) 11 18 25 34 46 59 Payout (Yrs) 6.6…
2014 EBITDA SENSITIVITY TO VARIOUS PRICE DIFFERENTIALS Light oil differential (% of C WTI) 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% Assumptions used in 5 year model 75 591 585 581 575 570 565 Crude oil price 80 597 591 585 580 575 569…
NO MATERIAL DEBT REPAYMENTS REQUIRED UNTIL 2017 Long-term debt maturities (all amounts in millions) 138 Convertible Debentures Cad Long-term Notes (Cad) Weighted average Long-term Notes () coupon of 5.7% Long-term Notes (US)…
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