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March 2016 Corporate Presentation – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Mar 7, 2016 · 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. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 1
    Corporate Presentation March 2016
  2. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 2
    Corporate Profile Production (Q4/15) 77,000 boe/d Operations Production (Q3/15) 82,198 boe/d Liquids % 67% Netback (Q3/15) 13.72/boe EBITDA (Q3/15 trailing 12 months) 520 MM Asset Base 1P Reserves (YE 2014) 368…
  3. March 2016 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. March 2016 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. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 5
    Recent Dispositions Mitsue Properties 9.5% Weyburn Unit Working Interest Closed October 30, 2015 Closed November 6, 2015 Proceeds MM 192.5 Proceeds MM 205 Production boe/d 4,500 Production bbl/d 2,500 Liquids Weighting % 78% Liquids…
  6. March 2016 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. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 7
    2016 Budget Re-Affirms Our Strategy 2016 capital budget is consistent with the Limit Capital Expenditures to strategy announced on September 1, 2015 Funds Flow from Operations Seek to limit total expenditures to FFO Only…
  8. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 8
    2016 Capital Budget 2016 Budget Focus Full Year Capital Budget of 50MM (excl. Enviro) re-affirms our commitment of living within our means Total expenditures (incl. Enviro) seeks to be within FFO Focus on maintaining…
  9. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 9
    2015 Operational Update Production (boe/d) Capex (MM) 90,000 600 Guidance Guidance Range 500 2015E 2015E 400 80,000 300 200 100 70,000 0 Q4 FY Q4 FY Q4 and FY production above the midpoint of guidance despite Capex…
  10. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 10
    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…
  11. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 11
    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…
  12. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 12
    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…
  13. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 13
    Limiting Capex to Funds Flow from Operations 215MM 150MM Surplus Surplus Going forward, we seek to limit our Total Capital expenditures to Funds Flow from Operations Capex Capex Capex Capex Incl. Incl. Incl. Incl.…
  14. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 14
    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…
  15. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 15
    Driving Down Operating Costs 750 Absolute operating costs at our existing properties reduced over 20%, 650 which excludes the impact of divestitures Operating Costs (MM) 550 Expect further 20% 450 operating cost…
  16. March 2016 Corporate Presentation – Penn West Petroleum Ltd. – slide 16
    Hedge Positions as at Nov 4, 2015 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…
  17. March 2016 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. March 2016 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. March 2016 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 C14 C50 Due to a weaker Canadian Dollar, Canadian producers receive a revenue uptick per barrel of oil relative to…

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