Second Quarter Highlights Strong Q2 production due to continued well outperformance and base production reliability Strong Operational & Funds Flow from Operations ahead of consensus estimates Financial Results Operating costs…
Continue to Transact on Assets Dispositions 2.1B 1.6B of debt reduction year to date 491M Q4 2015 Net Debt Q2 2016 Pro Forma Net Debt Dispositions evidence the quality of our asset base, our ongoing commitment to reduce our…
Senior Debt Compliance Fully compliant with all our financial covenants at June 30, including the Senior Debt to EBITDA covenant of 3.9 times, relative to a 5.0 times limit 374 million cash available for debt prepayment; pro-forma…
Strong Metrics Received for Saskatchewan Raging River / Rock Saskatchewan Transaction Overview Raging River / Anegada (May 31, 2016) (December 10, 2015) 109 MM Proceeds MM 975 125 MM 2,550 boe/d (95% Liquids) 2,750 boe/d (58%…
Operating Costs Second quarter operating costs of 12.70 per boe, net of carry, a result of improved operating efficiencies and cost savings, and deferrals of discretionary expenses 2016 marks a step change improvement in cost structure…
Penn West Transformation Plan Phase 1 Phase 2 Fix Balance Sheet High-Grade Assets COMPLETED IN Q2 COMPLETE BY YEAR-END Sold approximately 1.3 billion of assets Streamline Alberta operations to three since the beginning of 2016 at…
Phase 2 Asset Sales Remaining Well Count 12,300 Expect Value Range of 100 - 200 MM and Total Production of 20,000 boe/d Signed agreements for 75 MM additional dispositions 3,300 with associated production of 6,000 boe/d Q1…
Peer Comparison and Competitiveness Net Debt/FFO (x) 2P NAV/Net Debt (x) 15x Phase 1 is complete and largely fixes the debt problem Company leverage competitive with peers 2x Phase 1 Phase 2 Phase 1 Phase 2…
New Penn West at a Glance Penn West Total Core Areas Q2 2016 Production 24,500 boe/d Post Phase 2 Liquids 73% % Opex 7.00 /boe Netback 19.00 /boe Peace River Core Development Cardium 90 kms with Multi-Horizon Production…
Updated 2016 Capital Budget & Guidance Capitalizing on improved financial flexibility by increasing capital budget by 40 million Budget Increase by Area Expected to add 3,000 boe/d of exit production Demonstrating ability to grow…
2017 Preliminary Look Anticipate spending up to 150 million in total expenditures next year targeting development in core areas Capital program will be fully funded by funds from operations; flexibility to adjust spending based on…
Updated Long-Term Plan Metrics Exit Production (boe/d) Sustainability Total Expenditures and FFO (MM)…
Penn West Enters A New Chapter Strong Focus Bold Action on on Light Oil Debt Core New development options available Asset quality combined with operating capability Measured and sustainable growth at current commodity…
Asset Overview
Inventory Life Cycle Changes PWT currently has an attractive asset pipeline Cardium potential remains in early stages as we move into waterflood and EOR activity Alberta Viking still in early stages with potential to become another…
Cardium Area Strong Development Foundation T54 Cardium Area Details Production boe/d 18,500 Locations 1,500 Land net sections 700 Easyford T50 Pembina 1P Reserves MMboe 72 2P Reserves MMboe 99 PCU 11 J Lease PCU 9 Cardium…
Multi-Horizon Potential in Cardium Area FORMATION Cardium BELLY RIVER Prospective Zone COLORADO SHALE High netback oil-weighted production base Current Core Long and successful history as top CARDIUM Development operator in the…
Peace River Area Stable Cash Generation Penn West land R20W5 R15 Peace River Area Details Production boe/d 5,000 15 kms T85 Oil Weighting % 98% 10 miles 1P Reserves MMboe 7 2P Reserves MMboe 37 Peace River Peace River Area…
Alberta Viking Area Prospective Light Oil Fairway Alberta Viking Area Details T35 Production boe/d 1,000 Locations 500 Land net sections 174 Alberta Viking Alberta Viking Area Well Economics NPV (K) 1,949 T30 1,569 15 kms…
Senior Debt Maturity Profile Subsequent to June 30, will pay down C630M of Senior Notes from Q2 A&D proceeds Q2 2016 Post Q2 2016 Pay Down Date (millions) (millions) 2016 32 19 2017 223 110 2018 354 172 354 2019 181 76 2020…
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