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March 2016 Investor Presentation – Teine Energy

Teine Energy · Mar 10, 2016 · 26 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 Investor Presentation – Teine Energy – slide 1
    DISCIPLINE, SUSTAINABILITY, PROFITABILITY March 2016
  2. March 2016 Investor Presentation – Teine Energy – slide 2
    Corporate Snapshot Capital Structure Mgt./Empl./Directors 13%, Founders 10%, Shareholders (fully diluted) CPPIB 77% Term Debt 6.875% Senior Unsecured Notes (due September 2022) US350MM / C386 MM(1) Reserves / Production 2P Reserves(2)…
  3. March 2016 Investor Presentation – Teine Energy – slide 3
    Proven Track Record A Platform for Growth Production (boe/d)(1) PDP Reserves (MMBOE)(2) 14,000 13,201 25 12,283 12,000 19 19 20 10,000 Asset Accumulation 7,791 15 13 8,000 6,000 10 9 4,000 2,978 1,775 1,957 5 3 3 2,000 0 -…
  4. March 2016 Investor Presentation – Teine Energy – slide 4
    Q4E 2015 Debt & Hedging Summary Unsecured Senior Notes Senior Bank Debt Facility Covenants US350 MM outstanding C250 MM total facility Covenant…
  5. March 2016 Investor Presentation – Teine Energy – slide 5
    Financial Discipline 300 30 250 Q1 2013 acquisition 25 followed by Second Lien issuance Borrowing Base (C MM) 200 20 PDP Reserves (mmboe) 150 15 100 10 50 5 - 0 Borrowing Base Amount Drawn PDP Reserves…
  6. March 2016 Investor Presentation – Teine Energy – slide 6
    Teines Viking Footprint Teine Saskatchewan Land Holdings(1) Saskatchewan Viking Production(2) Undeveloped Developed Total: 60k bbl/d 450 Other Teine 400 22% 20% 350 Thousand Acres 300 231 250 Penn 200 West RRX 10% 21%…
  7. March 2016 Investor Presentation – Teine Energy – slide 7
    Teines Infrastructure Advantage Owned, controlled and operated strategic infrastructure drives low cost operations 6 oil batteries; aggregate of 24,000 bopd capacity IPL Pipeline 3 gas plants; aggregate of 15 MMcf/d capacity…
  8. March 2016 Investor Presentation – Teine Energy – slide 8
    Q3 YTD 2015 Leading Cost Structure Opex + Transport (C/boe)(1) Field Netback (C/boe)(1),(2) 25 40 35.82 34.68 20.87 35 20 30 17.49 16.8417.26 26.54 25.72 15.59 25 24.20 15 14.53 23.20 21.98 11.4811.75 20 18.16 9.62…
  9. March 2016 Investor Presentation – Teine Energy – slide 9
    2015 Report Card Continuous Improvement Driver 2014A 2015A(1) Variance WTI 93 49 47% (US/bbl) Production 12,283 13,201 7% (Boe/d) Opex 9.24 7.31 21% (C/boe) Transport 4.21(2) 2.73 35% (C/boe) G&A 3.32 2.19(3) 34% (C/boe)…
  10. March 2016 Investor Presentation – Teine Energy – slide 10
    Reserve Rebalance Overview Undertook rebalancing of 1P FDC Booked Locations 932 booked locations in a prudent 1,388 effort to reduce future development capital 784 463 2014 2014 2P FDC / 2015E FFO multiple is 2015 2015 in line…
  11. March 2016 Investor Presentation – Teine Energy – slide 11
    2016E Current Outlook Base Case 2014A 2015E(1) 2016E(2) Preserving the balance sheet and WTI (US/bbl) 93.19 49 40 conserving inventory Avg. Production (boe/d) 12,283 13,201 11,700 11,900 Maintaining land tenure Wells Drilled (Net)…
  12. March 2016 Investor Presentation – Teine Energy – slide 12
    Teine 2016E Scenarios Well Count Avg. Prodn(1) (boe/d) Capex (CMM) FFO(2),(3),(4) (CMM) Base Upside Base Upside Base Upside Base Upside 30 Low Case 30 Low Case 30 Low Case 30 Low Case 12,500 11,500 123 120 150 11,800 95 83…
  13. March 2016 Investor Presentation – Teine Energy – slide 13
    2016E FFO Sustainability 30 25 20 C FFO / BOE 15 10 5 0 (5) 15 20 25 30 35 40 45 50 US WTI Hedged Unhedged Based on Managements best estimates using the following assumptions (See Disclaimer): 1. 2016E base case…
  14. March 2016 Investor Presentation – Teine Energy – slide 14
    Profitable Cost Structure Input Costs and Return (C/boe)(1) Historical Depletion Costs Current Breakeven 90 CAD Realized: CAD Realized: 78.30 80.01 80 70 18.94 29.74 60 CAD Realized: 7.09 49.33 C / boe 50 3.96 5.10…
  15. March 2016 Investor Presentation – Teine Energy – slide 15
    Teine Well Performance by Vintage 80 3 year average 12 Month IP of 33 bbl/d Tier 5.5 70 Assuming 725k DCET and Tier 5.5 well 60 IRR of 20% at 40 flat life of well F&D of 15 / boe Oil Production (bbl/d) 50 PIR of 1.3x 40…
  16. March 2016 Investor Presentation – Teine Energy – slide 16
    Focus On Capital Efficiency 1,000 945 35,000 900 85 815 30,000 800 160 75 755 725 700 75 25,000 125 75 650 Capital Efficiency (/bbl/d) 100 70 600 DCET Costs (C000s) 100 20,000 90 500 420 350 330 15,000 400…
  17. March 2016 Investor Presentation – Teine Energy – slide 17
    Teines Viking Robust Economic Inventory 4,000 repeatable, low-risk Hz Viking oil locations 250 sections of identified oil bearing lands with 210 having been de-risked and evaluated by drilling Teine Inventory Map Teine Inventory…
  18. March 2016 Investor Presentation – Teine Energy – slide 18
    Down-space Potential the Prize Historical log analysis has yielded conservative Resource Potential OOIP estimates Potential of 300 MMBOE1 of recoverable light oil 225 215 MMBOE (12% RF) with F&D costs of 15-20/BOE 200 Pilot program…
  19. March 2016 Investor Presentation – Teine Energy – slide 19
    Future Growth in Reserves and Net Asset Value Teine Net Drilling Inventory 5,000 Reserve class migration Booked in 2P (1) Risked 40 Acre Unbooked 4,500 Risked 20 Acre Unbooked 4,410 80% of captured recoverable oil has yet to be…
  20. March 2016 Investor Presentation – Teine Energy – slide 20
    Teine Competitive Advantage Teine seeks to continuously increase profitability through efficiencies in cost structure, increasing well productivity, and improved reservoir recovery Strategic Economic at Low Cost Partner Saskatchewan Own…
  21. March 2016 Investor Presentation – Teine Energy – slide 21
    Corporate History & Capitalization Pre-2010 June 2010 November 2011 November 2011 December 2012 January 2013 May 2013 September 2014 Predecessor C75 million C204 million Acquisition of C155 million equity C43 million Closed new US300…
  22. March 2016 Investor Presentation – Teine Energy – slide 22
    Significant E&P High Yield Outperformance Source: J.P. Morgan. 27
  23. March 2016 Investor Presentation – Teine Energy – slide 23
    North American Crude Oil Play Comparison Payout Ranking Breakeven Ranking Viking Hz. Dodsland Viking Hz. Dodsland Sask. Bakken Hz. Sask. Bakken Hz. Cardium Hz. Pembina E. Cardium Hz. Pembina E. Permian - Wolfcamp Delaware Eagle…
  24. March 2016 Investor Presentation – Teine Energy – slide 24
    Teine Viking Well Economics Type Curve IRR Sensitivities 1 Assumptions WTI (US/bbl) 48.00 25.00 30.00 35.00 40.00 45.00 Mar 9 Strip Fixed Operating Cost (/month) 2,000 DCET Cost (C000s) 625 650 675 700 725 650 Variable Operating…
  25. March 2016 Investor Presentation – Teine Energy – slide 25
    2015 YE Reserve Composition Summary Table Commodity Composition Reserves Btax 61 mmboe 2P 43 mmboe Proved Oil NGLs Gas Total NPV10% 13% 13% mmbls mmbls bcf mmboe CMM 2% 2% Proved Developed 16 0.4 18 19 430 Proved Undeveloped 20 0.4…
  26. March 2016 Investor Presentation – Teine Energy – slide 26
    Sproule Viking Type Curves 180 Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6 Tier 7 Tier 8 Tier 9 160 140 (Months) 120 Oil Production (bbl/d) 100 80 60 40 20 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41…

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