Corporate Snapshot TSX: TOG Market Summary Basic Shares Outstanding 187mm Average Daily Volume1 1.9mm shares 2017e Production Market Cap / Enterprise Average: 20,400 boe/d 1.1bln / 1.4bln Value Exit: 21,200 boe/d 0.02 per share…
Proven Strategy Per share growth Competitive advantage through organic Capital efficiencies development & strategic acquisitions Cash costs Operational Integrated Expertise Approach Financial Sustainability Flexibility Long-term…
Strategic Priorities Free Cash Flow Managing a Cyclical Business Dividend Balance sheet strength is key Focus on asset quality / capital Organic Growth efficiencies Manage decline profile for sustainability Asset…
Balanced Light Oil Asset Base Low decline, high netback, light oil assets Southeast 400 net undrilled conventional Saskatchewan locations Alberta Saskatchewan Conventional 94% liquids Significant management experience in area…
SE Saskatchewan Conventional Cash Flow Engine Conventional Pools Large Oil-in-Place1 5 to 100+ mmbbls Depth 1,000 2,000 m Oil Quality 30-40 API Well Spacing 75 150m inter-well Undrilled Locations2 400 net Booked Locations…
SE Saskatchewan Conventional SE Saskatchewan - Conventional & Fracd Midale Conventional Mississippian: Stacked, discrete flow units, Frobisher: Open hole, 1/2 mile hz excellent rock properties Midale: 30 stage liner, 5…
SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory 400 350 Inventory has been expanded through high quality acquisitions 300 250 Extensive experience in area drives Well Count 200…
Torquay / Three Forks Light Oil Resource Play Large Oil-in-Place1 5 mmbbls / section Land 50 net light oil sections Depth 2100 2300m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 150 net…
Torquay / Three Forks Torquay / Three Forks Units 4-6 Units 1-3 Trap: combination stratigraphic-structural, proximal to Bakken 30 stage liner, 40 tonnes/stage, fracd with oil generation window slickwater 1 mile hz…
Torquay / Three Forks Light Oil Resource Play 350 Economic Parameters1 175 mbbl Curve Average DCE&T 2.8mm 300 IP 365 119 bopd Production Rate, 30 Day Avg (BOPD) Reserves 175 mbbls 250 Production Adds 23,530 per boe/d 200…
Torquay / Three Forks Depth and Quality of Inventory Torquay/Three Forks Wells Drilled vs Inventory Initial footprint was acquired through 160 2013 strategic acquisition 140 120 TORC exploration program along with 100…
Cardium Light Oil Low-Risk Development Inventory 15
Cardium Trend Development Drilling Large Oil-in-Place1 5 mmbbls / section Land 95 net light oil sections Depth 1600 2000m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 290 net Booked…
Cardium Trend West Central Alberta - Cardium Cardium Regional shoreface, stratigraphic trap, low permeability halo Land wellbore in upper porosity and and discrete pools geosteer in best quality rock 25 stage liner, 20…
Cardium Trend Development Drilling Economic Parameters1 350 DCE&T 2.7mm 250 mboe Curve 300 IP 365 85 bopd 135 boepd Average Reserves 156 mbbls 250 mboe Production Rate, 30 Day Avg (BOEPD) 250 Production Adds 20,000 per…
Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 250 Maintained inventory through tuck-in acquisitions replacing annual drill 200 program Well Count 150 Sustainability and…
Supporting Sustainability Asset Quality with Financial Flexibility 20
Sustainability Analysis Sustainability Highlights Sustainability Run Rate Production 20,400 boe/d Decline Rate 23.0 % Run rate production of 20,400 boe/d (87% oil & NGLs) Annual Production Decline 4,692 boe/d o Corporate decline…
Sustainability Analysis Commodity Sensitivity Run Rate: 20,400 boe/d WTI (US) 45.00 50.00 55.00 60.00 FX (US/C) 0.75 0.75 0.75 0.75 WTI (C/bbl) 60.00 66.67 73.33 80.00 Edm Lt vs C WTI Differential (/bbl) -4.50 -4.50 -4.50 -4.50…
Balance Sheet Strength 259mm net debt 450 400 350 300 250 400mm bank facility mm 200 218mm drawn 150 100 50 0 Q4 '14 Q4 '15 Q4 '16 Q1 '17 45% undrawn bank line Drawn Facility Size Maintain Financial…
Dividend + Disciplined Growth Checklist Sustainability of the business model driven by: Decline rate 23% Operating netback1 30 Capital efficiency: all-in IP365 24,000 per boe/d (2017 budget) 259mm net debt Strong balance sheet…
Investment Summary Low decline, high netback Focused, light oil asset base production base Sustainable yield All-in payout ratio targeted below 100% Opportunity for CPPIB to support future Strategic relationship growth and / or…
Corporate Information Management Banks Analyst Coverage Brett Herman Bank of Montreal President & Chief Executive Officer BMO Capital Markets - Ray Kwan The Toronto-Dominion Bank Jason Zabinsky Canadian Imperial Bank of Commerce Vice…
Appendix 27
2017 Capital Program Conservative 130mm program Capital Spending Flexibility to adjust spending levels and asset allocation through the year 90 80mm in 2nd half 5-7% growth maintains current 23% decline rate 80 Focus on…
Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled Depth of Inventory Across All vs Inventory Core Areas 900 25% Each location thoroughly scrutinized 800 through detailed evaluation by the 700 20%…
Hedging Current Hedge Summary (C/Bbl) Volume (Bbl/d) Type Low High Index Jan 1, 2017 - Dec 31, 2017 250 Collar 55.00 77.50 CWTI Jan 1, 2017 - Dec 31, 2017 250 Collar 55.00 80.25 CWTI Jan 1, 2017 - Dec 31, 2017 250 Collar 55.00…
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 Strategic…
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