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May 2017 Corporate Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · May 19, 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. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 1
    May 2017
  2. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 2
    Our Properties 2016 Reserves 1Q17 Production Gulf Coast East Texas 67% Gas 28% 33% 17% NGL Gulf Coast 16% Oil East Texas 67% 72% 115 Bcfe 58 Mmcfe/d 3
  3. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 3
    1Q16 vs 1Q17 Comparison 1Q16A 1Q17A % Change EBITDA (MM) 0.7 10.7 1,429% Disc. Cash Flow (MM) (2.2) 9.2 518% 2017 Debt Maturity(MM) 350 - N/A Realized Gas Price (/Mcf) 1.93 3.02 56% 80 70 60 50 46 43 40 MM 30 20 10…
  4. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 4
    2017 Production & EBITDA Growth Profiles Production (MMcfe/d) 100 100 90 82 80 70 64 60 58 50 50 40 4Q16 1Q17 2Q17E (1) 3Q17E (1) 4Q17E Exit (2) EBITDA (MM) 70 58.5 60 50 40 2017 Capex 30 20 17.9 10 0 2016…
  5. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 5
    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:…
  6. May 2017 Corporate 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. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 7
    2017 Cotton Valley Drilling Program 2-well Pad PQ/CVX 22 PQ 26-27 2017 Activity (Producing) 2 Wells Producing 3 Wells Completing 3 Wells Remaining PQ 21 (Producing) 3-well Pad PQ 23-25 (WOC) Single Well Pad PQ 28 8
  8. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 8
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 3,000 6,000 14 12.5 5,500 12 2,200 24HR IP Rate (MMCFE/D) 10 2,000 4,688 5,000 /Lateral Foot Lateral Feet 8 4,500 6.3 1,100 6…
  9. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 9
    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…
  10. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 10
    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…
  11. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 11
    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…
  12. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 12
    Cotton Valley Acreage Position 52,000 Gross Acres (100% HBP) 600 Gross Future Locations (300 Net) 13
  13. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 13
    Gulf Coast Free Cash Flow Generator Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / 1Q17 Production (Mmcfe/d) 39 Thunder Bayou % Gas: 68% % NGL: 11% % Oil: 21% Areas of Interest:…
  14. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 14
    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…
  15. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 15
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 200 Bcfe March 2017 Cash Margin(1) 3.26 Remaining Gross 3P Value(undiscounted) 652 MM PQ Weighted Avg. NRI 31% Net Value to PQ 202 MM Shares O/S 21,200,000 Value per…
  16. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 16
    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 Last exchange…
  17. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 17
    Changes to Maturity Profile (000s) 12/31/15 3/31/17 400 400 350 350 350 300 300 250 252 250 200 200 150 150 100 100 50 50 30 14 0 0 2017 2021 2021 2020 Unsecured 2017 Notes Term Loan 2021 2L Notes 2021 2L PIK Notes…
  18. May 2017 Corporate 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 2Q17E 3Q17E 4Q17E Exit Rate* Hedged Volumes Gas…
  19. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 19
    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…
  20. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 20
    Appendix 21
  21. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 21
    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 22
  22. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 22
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 Net Income (Loss) available 5,409 (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) (4,310) (90,896) (4,918)…
  23. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 23
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) (22,021) (8,374) (90,896)…
  24. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 24
    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…
  25. May 2017 Corporate 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. May 2017 Corporate Presentation – Petroquest Energy Inc. – slide 26
    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 PQ 21 PQ 22 Avg. IP IP Rate (Mmcfe/d) 10.7 7.9 11.7 12.3 13.5 11.4 16.7 14.2 11.7…
  27. May 2017 Corporate 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 V2 28

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