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November 2016 Investor Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Nov 18, 2016 · 26 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. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 1
    November 2016
  2. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 2
    PQs Aggressive Response to Downturn Asset sales in excess of 300 million Completed two debt exchanges to extend maturities and reduce fixed charges Have repaid or extended maturity on 93% of Unsecured Notes due 2017 Recent…
  3. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 3
    Changes to Maturity Profile (000s) 12/31/15 9/30/16 400 400 350 350 350 To be refinanced with 300 300 50MM term loan due 250 250 2020 244 200 200 150 150 100 100 50 50 23 14 0 0 - 2017 2016 2017 2021 2021 Unsecured 2017…
  4. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 4
    4Q15 vs 4Q16E Cash Costs Comparison (mms) 5 G&A down - 9% Lifting costs down - 22% Int/Dividends down - 85% 30 10.9MM in savings 23.5 equates to (1) 2.69/mcfe (2) 20 5.3 8.1 12.6 (1) 10 4.8 (1) 10.1 6.3 0 1.5 (1) 4Q15…
  5. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 5
    Our Properties 2015 Reserves 3Q16 Production Mid- Mid-Con Con East Texas Gulf Coast East Texas Gulf Coast 178 Bcfe 57 Mmcfe/d 3Q16 Production Mix 70% Gas 16% NGL 14% Oil Denotes PetroQuest offices East Texas…
  6. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 6
    Advantages of PQs Cotton Valley Geology: high permeability sandstones relative to low permeability shales Multiple targets: 1,400 thick sand column with seven benches to target Low risk: hundreds of vertical wells with decades of…
  7. November 2016 Investor 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 Coast…
  8. November 2016 Investor 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. November 2016 Investor 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. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 10
    Cotton Valley Horizontal Economics (1) 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 (2) Gross…
  11. November 2016 Investor 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. November 2016 Investor 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. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 13
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 600 Gross Future Locations (300 Net) 14
  14. November 2016 Investor 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 / 3Q16 Production (Mmcfe/d) 33 Thunder Bayou % Gas: 68% % NGL: 11% % Oil: 21% Areas of Interest:…
  15. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 15
    Thunder Bayou/La Cantera Summary La Cantera Thunder Bayou (3 Wells) (1 Well) Current Gross Production: 64 MMCFE/D Cumulative Gross Production: 123 BCFE Remaining Gross 3P Reserves: 207 BCFE 16
  16. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 16
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 207 Bcfe 3Q16 Cash Margin/Mcfe (1) 2.70 Remaining Gross 3P Value(undiscounted) 559 MM PQ Weighted Avg. NRI 31% Net Value to PQ 173 MM Shares O/S 21,100,000 Value per…
  17. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 17
    Thunder Bayou Recompletion: Low Cost Production Boost TB currently flowing from the lowest interval at gross rate of 17 Mmcfe/d comprised of: 300 BBls/d of oil 500 BBls/d of NGLs 12,000 Mcf/d of gas Recompletion scheduled for…
  18. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 18
    Thunder Bayou 2016 Recompletion Dec16 Recompletion 154 net feet of pay Current Zone 17 MMCFE/d from 48 net feet of pay 19
  19. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 19
    Summary Asset sales and debt exchanges represent critical steps in repairing balance sheet Refinanced or repaid 95% of the YE14 debt of 425MM Refinanced debt retained the original Notes 10% interest rate No material near-term…
  20. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 20
    Appendix 21
  21. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 21
    Appendix 1 Adjusted EBITDA Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 Net Income (Loss) available to 5,409 (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) common stockholders Income tax…
  22. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 22
    Appendix 2 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) (22,021) Reconciling items: Income tax…
  23. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 23
    Appendix 3 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…
  24. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 24
    Appendix 4 - La Cantera Development Lower Cris R-1 200 feet of potential pay Lower Cris R-2, Lobe A 25,000 MCF/D + 570 Bbls of oil (CURRENTLY PRODUCING) Lower Cris R-2, Lobe B Waiting on Recompletion (Waiting on…
  25. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 25
    Appendix 5 - 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…
  26. November 2016 Investor Presentation – Petroquest Energy Inc. – slide 26
    Appendix 6 - 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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