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April 2017 Corporate Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Apr 4, 2017 · 25 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. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 1
    April 2017
  2. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 2
    Our Properties 2016 Reserves 4Q16 Production 68% Gas 16% NGL Gulf Coast 16% Oil 28% East Texas 39% Gulf Coast East Texas 61% 72% 115 Bcfe 50 Mmcfe/d 100 Production (Mmcfe/d) 100 EBITDA (MM) 60 56.2 90 50 80 40…
  3. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 3
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison Marcellus PQ Cotton Valley Gulf Coast Porosity (5%) (10%) (28%) Marcellus PQ Cotton Valley Gulf Coast Permeability (.01 MD) (10 MD) (1,000 MD) Wright 13:…
  4. April 2017 Corporate 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. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 5
    2017 Cotton Valley Drilling Program 3-well Pad PQ/CVX 22 PQ 26-28 (Flowing Back) PQ 21 (Producing) 3-well Pad PQ 23-25 (Drilling) Single Well Pads PQ 29-31 6
  6. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 6
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 3,000 6,000 14 13.0 5,500 12 2,200 24HR IP Rate (MMCFE/D) 10 2,000 4,747 5,000 /Lateral Foot Lateral Feet 8 4,500 6.3 1,200 6…
  7. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 7
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices Horizontal CV Well Economics 98% 100% 4.0 MM D&C 80% 67% 60% 42% 40% 20% 0% 2.50 3.00 3.50 Economic Assumptions Assumptions Gross Well Cost (MM) 4.0…
  8. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 8
    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 40 30…
  9. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 9
    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…
  10. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 10
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 600 Gross Future Locations (300 Net) 11
  11. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 11
    Gulf Coast Free Cash Flow Generator Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / 4Q16 Production (Mmcfe/d) 31 Thunder Bayou % Gas: 68% % NGL: 11% % Oil: 21% Areas of Interest:…
  12. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 12
    Thunder Bayou Recompletion Recompletion Current Production: 61 MMCFE/D 39 MMCF/D of Gas 1,500 Bbls/D Oil 2,200 Bbls/D NGLs 3P Reserve Est: 140 Bcfe 35MM in field level cash flow Bottom Zone Cum Prod: 14.6 Bcfe Original…
  13. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 13
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 200 Bcfe Dec 16 Cash Margin/Mcfe (1) 3.04 Remaining Gross 3P Value(undiscounted) 608 MM PQ Weighted Avg. NRI 31% Net Value to PQ 188 MM Shares O/S 21,100,000 Value per…
  14. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 14
    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 refinanced 100% of Unsecured Notes due 2017 Recent exchange…
  15. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 15
    Changes to Maturity Profile (000s) 12/31/15 3/31/17 400 400 350 350 350 300 300 250 250 244 200 200 150 150 100 100 50 50 30 14 0 0 2017 2021 2021 2020 Unsecured 2017 Notes Term Loan 2021 2L Notes 2021 2L PIK Notes 16
  16. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 16
    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 1Q17 Gas Production *…
  17. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 17
    Summary 2017: Poised For Significant Growth through Cotton Valley development and Thunder Bayou recompletion Sequential production growth expected in 2017 Gas hedges help to lock in strong Cotton Valley economics Interest savings…
  18. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 18
    Appendix 19
  19. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 19
    Appendix 1 - Hedging Positions Natural Gas Hedged Volumes (Bcfe) Price 2017 11.0 3.21 1Q18 3.2 3.24 35.2 MM of revenue hedged for 2017 10.2 MM of revenue hedged for 2018 20
  20. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 20
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 Net Income (Loss) available to 5,409 (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) (4,310) (90,896) common…
  21. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 21
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) (22,021) (8,374) (90,896) Reconciling…
  22. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 22
    Appendix 4 Gulf Coast/GOM Free Cash Flow Reconciliation ( in thousands) 2007-2016 Revenues 1,048,762 Lease Operating Expense (203,456) Severance Tax (26,300) Field level cash flow 819,006 Capital Expenditures (1) (367,023) Free…
  23. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 23
    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…
  24. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 24
    Appendix 6 Cotton Valley Production Profile Recent Horizontal Cotton Valley Results % of PQ10 PQ11 PQ12 PQ13 PQ14 PQ15 PQ16 PQ17 PQ18 PQ 19 PQ 20 Avg. IP IP Rate (Mmcfe/d) 10.7 7.9 11.7 12.3 13.5 11.4 16.7 14.2 11.7 12.5 14.8 12.5…
  25. April 2017 Corporate Presentation – Petroquest Energy Inc. – slide 25
    Company Information 400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com V1 26

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