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Q2 2016 Earnings Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Aug 2, 2016 · 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. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 1
    August 2016
  2. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 2
    Our Properties 2015 Reserves 2Q16 Production Mid- Mid-Con Con East Texas Gulf Coast East Texas Gulf Coast 178 Bcfe 66 Mmcfe/d 2Q16 Production Mix 71% Gas 17% NGL 12% Oil Denotes PetroQuest offices East Texas…
  3. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 3
    PQs Proactive Response to Downturn Sold Oklahoma Assets for 280 million (9x cash flow) Repaid all first lien borrowings Completed exchange for majority of Unsecured Senior Notes due 2017 Through bank debt repayment and exchange, PQ…
  4. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 4
    Change to Leverage Profile (000) A. Total debt down 34% (144 million) B. 68% of total debt at 12/31/14 repaid or maturity extended C. Provides 9MM in annual fixed charge savings (0.46/Mcfe margin enhancement) (1) 12/31/2014…
  5. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 5
    Change to Maturity Profile (000s) Bank Debt Notes 12/31/14 6/30/16 350 350 350 300 300 250 250 200 200 136 145 150 150 100 75 100 50 50 - 0 0 2016 2017 2021 2016 2017 6
  6. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 6
    2Q15 vs 2Q16 Cash Costs Comparison (mms) G&A down - 25% Lifting costs down - 44% 40 Int/Dividends down - 34% 29.6 30 (1) (2) 6.7 20 18.8 12.1 5.0 (2) 10 6.8 (2) 10.7 (2) 7.1 0 2Q15 2Q16 Int/Div Lifting G&A (1)…
  7. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 7
    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 PQ16: 16.7 MMcfe/d PQ Cotton Valley Gulf…
  8. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 8
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 14.2 13.7 14 8.0 5,000 12 11.9 24HR IP Rate (MMCFE/D) 7.0 4,535 4,500 10 9.1 4,232 Average D&C Cost 6.0 4,106 4,147 Lateral Feet…
  9. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 9
    1st Year Cotton Valley Profile (1) Drill & Total 1st Year Field Level % of Payout Payout Complete Production Cash Flow (2) 1st year Period Cost 4,000 M 2.3 Bcfe (6.3 MMcfe/d) 3,624 M 91% 22 mth 12,000 10,000 8,000 MMcfe/d…
  10. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 10
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices 80% Horizontal CV Well Economics 67% 70% 4.0 MM D&C 60% 50% 42% 40% 30% 22% 20% 10% 0% 2.00 2.50 3.00 Economic Assumptions Assumptions (1) Gross Well…
  11. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 11
    Last 9 Cotton Valley Wells: Maximum Growth with Minimal Wells PROVED RESERVES PRODUCTION 120 114 140% 12 11.1 95% 110 Growth 11 Growth 100 in in 10 90 Reserves Production 80 9 BCFE BCFE 70 8 60 7 50 47.6 6 5.7…
  12. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 12
    SE CARTHAGE 8200 Multi Bench Cotton Valley Opportunities 8250 8250 8300 8300 8350 8350 8400 8400 8450 8450 8500 8500 PetroQuest -- McFadden Bagley 1 8550 8550 8600 8600 8650 Cotton…
  13. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 13
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 600 Gross Future Locations (300 Net) 14
  14. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 14
    Gulf Coast Free Cash Flow Generator Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / PV-10 (MM) (12/31/15): 59 Thunder Bayou 2Q16 Production (Mmcfe/d) 35 % Gas: 68% % NGL: 11% % Oil:…
  15. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 15
    Thunder Bayou/La Cantera Summary La Cantera Thunder Bayou (3 Wells) (1 Well) Current Gross Production: 80 MMCFE/D Cumulative Gross Production: 122 BCFE Remaining Gross 3P Reserves: 208 BCFE 16
  16. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 16
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 208 Bcfe 2Q16 Cash Margin/Mcfe (1) 2.06 Remaining Gross 3P Value(undiscounted) 428 MM PQ Weighted Avg. NRI 31% Net Value to PQ 133 MM Shares O/S 17,600,000 Value per…
  17. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 17
    Thunder Bayou Recompletion: Low Cost Production Boost TB currently flowing from the lowest interval at gross rate of 30 Mmcfe/d comprised of: 600 BBls/d of oil 900 BBls/d of NGLs 21,000 Mcf/d of gas Recompletion scheduled for 4Q16…
  18. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 18
    Thunder Bayou 2016 Recompletion 4Q16 Recompletion 154 net feet of pay Current Zone 30 MMCFE/d from 48 net feet of pay 19
  19. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 19
    Summary Arkoma divestiture/ debt exchange represents critical first steps in repairing balance sheet Extinguished or extended maturity on 70% of 12/31/14 debt Cost cutting initiatives in place to preserve liquidity 2016 capex…
  20. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 20
    Appendix 21
  21. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 21
    Appendix 1 - Hedging Positions Natural Gas Daily Hedged Volumes (Mmbtu) Price July16 Dec16 5,000 2.50 22
  22. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 22
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2010 2011 2012 2013 2014 2015 1Q16 2Q16 Net Income (Loss) available to common 41,987 5,409 (137,218) 8,943 26,051 (299,977) (39,137) (24,143) stockholders Income tax…
  23. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 23
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) Reconciling items: Income tax expense (benefit)…
  24. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 24
    Appendix 4 Gulf Coast/GOM Free Cash Flow Reconciliation ( in thousands) 2007-2015 Revenues 1,005,705 Lease Operating Expense (184,505) Severance Tax (25,480) Field level cash flow 795,720 Capital Expenditures (1) (361,794) Free…
  25. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 25
    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…
  26. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 26
    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…
  27. Q2 2016 Earnings Presentation – Petroquest Energy Inc. – slide 27
    Appendix 7 - 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…

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