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The Oil and Gas Conference Presentation – TD Securities Inc.

TD Securities Inc. · Aug 16, 2016 · 18 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.

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  1. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 1
    YOUR ATTENTION IS DIRECTED TO THE IMPORTANT DISCLOSURES IN APPENDIX A Show Me the Montney The Oil & Gas Conference Denver, CO August 14-18, 2016 Juan (JJ) Jarrah, P.Eng., CFA 403 299 3494 juan.jarrahtdsecurities.com Page 1…
  2. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 2
    Where In the World is the Montney August 8, 2016 Source: EIA. Page 2 of 21
  3. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 3
    Canada's Most Important and Prolific Resource Play August 8, 2016 Montney now accounts for 25% of Western Canadian Sedimentary Basin gas (and 50% of growth since 2008) Over 5,000 horizontal wells now producing 4.5-5.0 bcf/d…
  4. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 4
    A Brief Geological Overview August 8, 2016 Lower (Early) Triassic (250 MYA) Aerially extensive at 50,000 mi2 Marine Environment (Modern Day BC Under Water) Siltier to the West (Not a Shale) Coarser to the East Conventional…
  5. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 5
    It's Big, It's Thick, and There's a Lot of It August 8, 2016 In 2013 NEB estimates a recoverable resource of: 449 TCF natural gas 14.5 billion bbl NGL 1.1 billion bbl oil Over 5,000 TCF Original Gas In Place using 3%…
  6. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 6
    Large Play = Diverse Regional Economics August 8, 2016 British Columbia Alberta TD Focus Area 1 TD Focus Area 2 TD Focus Area 3 TD Focus Area 4 TD Focus Area 5 TD Focus Area 6 Greater Town Greater Septimus Greater Swan Greater…
  7. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 7
    Only Getting Better with Time (IP90 Basis) August 8, 2016 2015 horizontals are outperforming prior years Longer, bigger fracs, better placement, smarter design (but still in early innings) Source: GeoScout, TD Securities.…
  8. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 8
    Only Getting Better with Time (IP365 Basis) August 8, 2016 2015 horizontals are outperforming prior years Not just short term rates but sustainably better performance Source: GeoScout, TD Securities. Page 8 of 21
  9. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 9
    A Significant Driver of Corporate Reserves Growth August 8, 2016 Montney producers consistently dominate top reserves rankings Meaningful production and reserves growth Positive technical revisions on existing reserves…
  10. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 10
    Economies of Scale Drive a Recent Surge in M&A August 8, 2016 5,878 3,100 2009-2012: 2,000 Resource capture Existing Focus New Focus 1,750 LNG theme Total Transaction Value (mm) 1,500 2013-2015: Lower gas price 1,250…
  11. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 11
    BC Montney is Due for Consolidation August 8, 2016 5,878 3,100 AB has been the 2,000 focus to date due to AB BC seller balance sheet 1,750 Total Transaction Value (mm) stress 1,500 BC likely next due to access to…
  12. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 12
    Paying More Money for Less Land August 8, 2016 Petronas and ExxonMobil paid up for access to large blocks of land for Progress and Celtic in 2012 Birchcliff and Seven Generations paid up for concentrated (but strategic)…
  13. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 13
    Paying Less Money for More Production August 8, 2016 Acquisition of production was a by-product of resource capture in 2012 Production, reserves, and cash flow are a bigger focus in 2016 Operating scale and internal cash…
  14. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 14
    Paying Less Money for More Reserves August 8, 2016 Acquisition of reserves was a by-product of resource capture in 2012 Production, reserves, and cash flow are a bigger focus in 2016 Reserves growth has been substantial…
  15. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 15
    August 8, 2016 Source: TD Securities. Page 15 of 21
  16. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 16
    August 8, 2016 Source: Encana. Page 16 of 21
  17. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 17
    Marketing Presentation Equity Research August 8, 2016 TD Securities Equity Research Disclosures Distribution of Research Ratings Investment Services Provided* 75% REDUCE - 3.2% 62.5% BUY - 55.8% 50% 35.87% 25% HOLD -…
  18. The Oil and Gas Conference Presentation – TD Securities Inc. – slide 18
    Contact List Canada RESEARCH Cherilyn Radbourne, CA, CFA 416 308 3403 Special Situations Jean-Francois Boucher 416 308 0862 Mark Ferguson, Sales 416 944 5555 J.P. Benson, CFA, Head of Research 416 983 6714 Merchandising & Consumer…

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