GMP FirstEnergy Energy Growth Conference November 15, 2016
Penn West Corporate Profile TSX: PWT NYSE: PWE Share Price /share 2.08 PWT Daily Volume (shares) MM 3.3 % of Shares Outstanding 0.7% PWE Daily Volume (shares) MM 2.7 % of Shares Outstanding 0.5% Market Capitalization MM…
Q3 2016 Operating and Financial Highlights Strong Q3 production due to continued high base reliability Delivering on Operating costs lower than expectations due to a continued focus Production and Costs on cost controls Funds Flow…
Inventory Life Cycle Changes Position & Prove Initial Full Harvest Deplete or Exit Commerciality Development Development Cardium Production, Reserves, Value Very large resource and high P EOR potential translates into P P…
Penn West at a Glance 1 rig program in Q3 2016, drilled 2 wells Cardium in J-Lease, and 1 well in Willesden Peace River Green subsequent to Sep 30th 90 kms Net Sections: 700 56 miles Production: 17,700 boe/d 90 kms 56 miles…
Cardium Area Strong Development Foundation R15W5 R10 R5 T54 Size of the prize is based on 2.5 3.0 billion barrels of Original Oil in Place in our Cardium acreage Potential recovery factors of 35% based on production history of…
Willesden Green Waterflood Program Illustrative 2017 Willesden Green Integrated 2017 Budget will focus on Integrated Waterflood Program with Vertical Injectors Waterflood Development in Willesden Green (Crimson) and Simultaneous…
2017 Peace River Plan & Illustrative Economics 2017 Peace River Area Historical Drill World class cold flow heavy oil play with 5-7 Costs (/meter) years of identified locations JV partner funds 90% of capital and operating Days to…
AB Viking Overview Prospective Light Oil Fairway AB Viking Industry Horizontal Wells Low risk, profitable acreage de-risked 2012-2016 Vintage (boe/d) by offset competitor activity 140 Initial production rates key Shorter term payout…
Multi-Horizon Potential in Cardium Area FORMATION Cardium BELLY RIVER Prospective Zone COLORADO SHALE High netback oil-weighted production base Current Long and successful history as top CARDIUM Development operator in the…
Corporate Declines PWT corporate decline from 22% YE15 to 19% currently in Key Development Areas is extremely competitive with peers Integrated waterflood investment can reduce corporate declines to 15% longer term Results in more…
2017 Preliminary Look Anticipate spending up to 150 million in total expenditures next year targeting development in the Cardium, Peace River and AB Viking areas Capital program fully funded by funds from operations…
Meaningful Debt Reduction 2.1B 1.6B of debt reduction year to date 484M Q4 2015 Net Debt Q3 2016 Net Debt Closed several asset dispositions in Q3 2016 for total proceeds of 75MM and 2,120 33 associated production of 6,000…
Why Invest in Penn West Organic Growth Profile Leading Cost Structure Target 10% Key Development Top quartile operating and Area production growth at capital costs in Key current prices Development Areas Compelling Investment…
Appendix
Operating Costs Third quarter operating costs of 13.40 per boe, net of our joint venture carry in the Peace River area Result of continued cost efficiencies and weather delaying some discretionary expenses until the fourth quarter…
Updated 2016 Capital Budget & Guidance H2 2016 Budget Increase by Area Capitalizing on improved financial flexibility by increasing capital budget by 40 million Expected to add 3,000 boe/d of exit production Demonstrating ability…
Hedge Positions as at November 11, 2016 Hedging program continues to help reduce the volatility of our funds flow from operations, thereby improving our ability to align capital programs going forward Oil Volumes Hedged (bbl/d) Gas…
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