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January 2017 Investor Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · 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 – Petroquest Energy Inc. – slide 1
    January 2017
  2. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 2
    Our Properties 2015 Reserves (1) 3Q16 Production Mid-Con Mid-Con Gulf Coast East Texas East Texas Gulf Coast 159 Bcfe 57 Mmcfe/d 3Q16 Production Mix 70% Gas 16% NGL 14% Oil East Texas Cotton Valley Gulf Coast…
  3. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 3
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison PQ13: 12.3 MMcfe/d Marcellus PQ Cotton Valley Gulf Coast PQ14: 13.5 MMcfe/d Porosity (5%) (10%) (28%) PQ15: 11.4 MMcfe/d PQ16: 16.7 MMcfe/d Marcellus PQ Cotton…
  4. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 4
    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…
  5. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 5
    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…
  6. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 6
    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…
  7. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 7
    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…
  8. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 8
    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…
  9. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 9
    2017 Cotton Valley Drilling Program 3-well Pad PQ/CVX 22 PQ 26-28 (Drilling) PQ 21 (WOC) 3-well Pad PQ 23-25 Single Well Pads PQ 29-31 10
  10. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 10
    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…
  11. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 11
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 600 Gross Future Locations (300 Net) 12
  12. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 12
    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:…
  13. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 13
    Thunder Bayou Recompletion Jan 17 Recompletion 154 net feet of pay Prod Est: 50-70 MMCFE/D 3P Reserve Est: 140 Bcfe 35MM in field level cash flow Bottom Zone (Shut-In) Cum Prod: 14.6 Bcfe Original 1P: 8.6 Bcfe 14
  14. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 14
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 200 Bcfe 3Q16 Cash Margin/Mcfe (1) 2.70 Remaining Gross 3P Value(undiscounted) 540 MM PQ Weighted Avg. NRI 31% Net Value to PQ 167 MM Shares O/S 21,100,000 Value per…
  15. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 15
    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…
  16. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 16
    Changes to Maturity Profile (000s) 12/31/15 9/30/16 400 400 350 350 350 Expected to be refinanced 300 300 with 50MM term loan 250 250 due 2020 244 200 200 150 150 100 100 50 50 23 14 0 0 - 2017 2016 2017 2021 2021…
  17. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 17
    4Q15 vs 4Q16E Cash Costs Comparison (mms) 18 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)…
  18. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 18
    2017 Gas Hedge Position (MMcf/d) Average floor gas price: 3.21 Cotton Valley IRR 3.00: 67% 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 1Q17 2Q17 3Q17 4Q17 Hedged Volumes 4Q16E Gas Production*…
  19. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 19
    Summary Asset Sales and Debt Exchanges Repositions 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 maturities until 2021…
  20. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 20
    Appendix 21
  21. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 21
    Appendix 1 - Hedging Positions Natural Gas Hedged Volumes (Bcfe) Price 2017 10.1 3.21 1Q18 1.8 3.21 22
  22. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 22
    Appendix 2 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…
  23. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 23
    Appendix 3 - 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…
  24. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 24
    Appendix 4 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…
  25. January 2017 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. January 2017 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…
  27. January 2017 Investor Presentation – Petroquest Energy Inc. – slide 27
    Company Information 400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com V1 28

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