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January 2017 Investor Presentation – TORC Oil & Gas Ltd.

TORC Oil & Gas Ltd. · Jan 20, 2017 · 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. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 1
    January 2017
  2. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 2
    Corporate Snapshot Market Summary Ticker Symbol TSX : TOG Average Daily Volume1 1.9mm shares Basic Shares Outstanding 183mm Market Cap / Enterprise Value 1.5bln / 1.8bln Monthly Dividend 0.02 per share (0.24 annualized) CPPIB…
  3. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 3
    Proven Strategy Acquire / Exploit / Explore Focus Per share growth through Competitive advantage organic development and Capital efficiencies strategic acquisitions Cash costs Integrated Operational Approach Expertise…
  4. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 4
    Strategic Priorities Managing in a Lower Price Environment Balance sheet strength Dividend Maintain asset quality Organic Growth Operational and service cost efficiencies Asset Sustainability Maintain and expand growth…
  5. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 5
    Balanced Light Oil Asset Base Low decline, high netback, light oil assets Southeast 400 net undrilled conventional locations Saskatchewan: (stable production and 94% liquids free cash flow) Significant management experience in…
  6. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 6
    Southeast Saskatchewan Cash Flow Generation Plus Upside Potential 6
  7. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 7
    SE Saskatchewan Conventional Cash Flow Engine SE Saskatchewan Large Oil-in-Place:1 Conventional Pools 5 100+ mmbbls Depth: 1000 2000m Oil Quality: 30 40 API Well Spacing: 75 150m inter-well Undrilled Locations: 400 net…
  8. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 8
    SE Saskatchewan Conventional Cash Flow Engine Historical Asset Results vs 50 mbbl Curve 120 Economic Parameters 2008 (46) 2009 (45) DCE&T (mm) 0.9 100 2010 (88) 2011 (87) IP (365) (bopd) 46 2012 (79) 2013 (71) (boepd) 51 80…
  9. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 9
    SE Saskatchewan Torquay/Three Forks Light Oil Resource Play Torquay / Three Forks 6 miles Large Oil-in-Place:1 5 mmbbls / section Land: 50 net light oil sections Depth: 2100 2300m Oil Quality: 40 API sweet Well Spacing: 4…
  10. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 10
    SE Saskatchewan Torquay/Three Forks Light Oil Resource Play Torquay Rate - Time Economic Parameters 350 Torquay 175 mbbl Curve DCE&T (mm) 2.8 300 Average IP (365) (bopd) 119 Production Rate, 30 Day Avg (BOPD) 250 Reserves…
  11. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 11
    Cardium Development 11
  12. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 12
    Cardium Trend Significant Undrilled Development Inventory West Pembina Cardium Trend Large Oil-in-Place:1 5 mmbbls / section Land: 95 net light oil sections Depth: 1600 2000m Oil Quality: 40 API sweet Well Spacing: 4 wells /…
  13. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 13
    Cardium Results Development Drilling Cardium Rate - Time Economic Parameters 350 Cardium 185 mbbl Curve DCE&T (mm) 2.7 300 Average Production Rate, 30 Day Avg (BOPD) IP (365) (bopd) 93 (boepd) 115 250 Reserves (mbbls)…
  14. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 14
    Financial Overview 14
  15. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 15
    2017 Capital Program Budget Philosophy Capital Spending Measured approach - targeted growth range of 5- 2017 capital budget conservatively set at 130mm 7% manages to maintain decline profile (45mm in 1st half; 85mm in 2nd half)…
  16. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 16
    Managing The Capital Program Decline Profile Cost Structure Capital Allocation Conservative growth results in Operational efficiencies and service Capital allocation to most efficient lower decline profile cost reductions improve…
  17. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 17
    Sustainability Analysis Sustainability Highlights Sustainability Production Run Rate Production boepd 19,600 Run rate production of 19,600 boe/d ( 87% oil Decline Rate % 23.0% & NGLs) Annual Production Decline boepd 4,508…
  18. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 18
    Sustainability Analysis Commodity Sensitivity Run Rate 19,600 boepd WTI (USD) /bbl 50.00 55.00 60.00 65.00 FX US/C 0.75 0.75 0.75 0.75 WTI (CAD) /bbl 66.67 73.33 80.00 86.67 Edm Lt vs C WTI Differential /bbl -4.50 -4.50 -4.50…
  19. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 19
    Balance Sheet Strength Historical Bank Debt Strong Financial Position 600 70% Bank Facility 400mm 60% 500 50% Drawn (Q3 Exit) 222mm 400 Percent Drawn 40% mm 300 Net Debt (Q3 Exit) 287mm 30% 200 20% 100…
  20. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 20
    Dividend + Disciplined Growth Checklist Sustainability of Business Model Driven By: Decline Rate 23% Operating Netback (65 Edm Lt) 30 Capital Efficiency - All-in IP 365 24,000 per boepd (2017 budget) 287mm net debt Strong…
  21. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 21
    Summary 21
  22. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 22
    Investment Highlights Well Positioned for Disciplined Growth Low Decline, High Netback Production Base Focused light oil asset base Sustainable Yield All-in payout ratio targeted below 100% Opportunity for CPPIB to support…
  23. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 23
    Corporate Information Management Independent Reserve Engineers Analyst Coverage Brett Herman Sproule Associates Limited BMO Capital Markets President & Chief Executive Officer Ray Kwan Canaccord Genuity Jason Zabinsky Banks Vice…
  24. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 24
    Appendix 24
  25. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 25
    Modeling Assumptions 2016 Exit: 19,600 boepd (87% oil & liquids) Production: 2017 Average: 19,900 boepd (87% oil & liquids) 2017 Exit: 20,600 boepd (87% oil & liquids) 0.54 per share Dividend: 44mm 26mm (net of 40% SDP…
  26. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 26
    Hedging Current Hedge Summary Volume (Bbl/d) Type (C/Bbl) Index Low High June 1, 2016 Dec 31, 2016 250 Collar 55.00 65.10 CWTI June 1, 2016 Dec 31, 2016 250 Collar 55.00 71.20 CWTI July 1, 2016 Dec 31, 2016 250 Collar 55.00 75.75…
  27. January 2017 Investor Presentation – TORC Oil & Gas Ltd. – slide 27
    Significant Cornerstone Investment from CPPIB CPPIBs Relationship Investments group provides long-term strategic capital to select companies CPPIB believes are positioned to be leaders in their respective industries Ownership of…

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