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YE 2015 Results – Pacific Exploration and Production Corp

Pacific Exploration and Production Corp · Mar 18, 2016 · 16 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. YE 2015 Results – Pacific Exploration and Production Corp – slide 1
    TSX:PRE BVC: PREC www.pacific.energy FINANCIAL & OPERATIONAL RESULTS 4Q & Full Year 2015
  2. YE 2015 Results – Pacific Exploration and Production Corp – slide 2
    Balance Sheet Management The Company announced the formation of the lender steering committee and appointment of December 17, 2015 Lazard Frres & Co. LLC as its financial advisor. The Company obtained waivers for the debt…
  3. YE 2015 Results – Pacific Exploration and Production Corp – slide 3
    Debt Profile as of December 31, 2015 Debt Summary(1) 1,273 Pursuant to IFRS, due to Debt Instrument MM % the terms of the waivers 4,104 BofA Bilateral Loan (3) 36.3 0.7% and a default arising from Bladex Loan (2) 24.3 0.5% failure…
  4. YE 2015 Results – Pacific Exploration and Production Corp – slide 4
    2015 Results* Operational & Financial 4Q 2015 FY 2015 42.16 /bbl 48.76 /bbl WTI: -42% & -48% decrease vs. 4Q & FY14 respectively 159,831 boe/d 154,472 boe/d Net Production(2): +9% & +5% increase vs. 4Q & FY14 respectively 652…
  5. YE 2015 Results – Pacific Exploration and Production Corp – slide 5
    Commercial Activity Oil & Gas Sales Trading Market Prices Realization Price /bbl WTI BRENT /bbl WTI NYMEX BRENT ICE Combined Realized Price /boe 80,00 150,00 150,00 70,00 60,00 100,00 100,00 50,00 40,00 53.72 51.49 49.45 41.22 48,51…
  6. YE 2015 Results – Pacific Exploration and Production Corp – slide 6
    Combined Total Operating Costs /boe Production Cost (Lifting Cost) Transportation Cost Diluent Overlift/Underlift Other Costs -12% -21% -1% 8% 2% 30.5 1 26.7 2 2 21.1 4 1 20.9 22.5 22.9 13 2 2 2 1 1 2 2 3 2 2 13 11 13…
  7. YE 2015 Results – Pacific Exploration and Production Corp – slide 7
    Total Cost Reductions Production Cost (Lifting Costs) (1) Transportation Cost (5) MM /boe Sold (3) Produced (4) MM /boe Sold (3) Produced (4) 1.000 1.000 -46% 1Q_15 8.28 8.92 -13% 1Q_15 11.18 12.05 800 800 2Q_15 8.90 7.73 2Q_15…
  8. YE 2015 Results – Pacific Exploration and Production Corp – slide 8
    Oil Netbacks /bbl Total Operating Cost Netback* 100 89,46 90 80 68,27 32,4 70 Cash operating margin 50%, in line with 60 historic averages. 55,04 52,94 28,8 50,38 49,56 50 41.86 Oil netback margins: 51% FY 2015, and 64% 22,1 40…
  9. YE 2015 Results – Pacific Exploration and Production Corp – slide 9
    Net Production Profile Mboe/d Natural Gas L&M Oil Other Heavy Oil Rubiales Heavy Oil 180 152.6 152.4 152.9 159.8 154.5 160 147.4 10 9 8 10 8 140 10 120 61 57 49 56 56 55 100 80 28 34 33 33 33 34 60 40 60 54 55 55 55 55 20…
  10. YE 2015 Results – Pacific Exploration and Production Corp – slide 10
    FY 2015 Drilling Results 19 * Since relinquished INVESTOR RELATIONS
  11. YE 2015 Results – Pacific Exploration and Production Corp – slide 11
    4Q 2015 Financial Results Financial Results 4Q14 vs. 4Q15 Operating Netbacks 4Q14 vs. 4Q15 Earnings from MM Revenues Adjusted EBITDA FFO Operations* Oil Netback Gas Netback Combined Netback 1.200 50 992 -34% 1.000 39,45 38,36 40…
  12. YE 2015 Results – Pacific Exploration and Production Corp – slide 12
    2015 Financial Results Financial Results FY 2014 vs. FY 2015 Operating Netbacks FY 2014 vs. FY 2015 Earnings from MM Revenues Adjusted EBITDA FFO Operations* Oil Netback Gas Netback Combined Netback 6.000 60 57.06 54.84 -43% 4,950…
  13. YE 2015 Results – Pacific Exploration and Production Corp – slide 13
    4Q 2015 Financial Results Breakdown MM Cash Items Non- Cash Items 652 414 (1) 367 21 55 (2) 183 206 65 42 34 380 3,890 20 (3,916) (3,896) (3) 1. Includes 42 million fees paid on suspended Bicentenario pipeline…
  14. YE 2015 Results – Pacific Exploration and Production Corp – slide 14
    FY 2015 Financial Results Breakdown MM Cash Items Non- Cash Items 1,580 (1) 2,825 214 (2) 1,031 435 517 17 579 9 134 1,529 21 4,907 (5,483) (5,462)(3) 1. Includes 42 million fees paid on suspended Bicentenario…
  15. YE 2015 Results – Pacific Exploration and Production Corp – slide 15
    Cash Position (December 31, 2015) ( millions) Cash and cash equivalents 342,660 Restricted cash (short term)- Current 18,181 Restricted cash (short term)- Non Current 17,141 377,982 25 INVESTOR RELATIONS
  16. YE 2015 Results – Pacific Exploration and Production Corp – slide 16
    Accounts Payable and Letter of Credit Commitments (December 31, 2015) Accounts Payable ( millions) Trade and other payables 250,624 Accrued Liabilities 602,907 Advances, warranties, deposits 91,982 Payables JV Partners 11,076…

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