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October 2017 Corporate Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Oct 24, 2017 · 30 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.

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  1. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 1
    October 2017
  2. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 2
    Underlying Fundamentals Decoupled From Market Valuation Production up 44% Stock price down 43% 85 4.00 82.0 80 3.46 3.50 75 3.31 70 69.5 3.00 MMCFE/D 65 2.74 2.50 60 Production 56.8 58.1 Stock Price 55 1.98 2.00 50 50.0…
  3. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 3
    2017 Production & EBITDA Growth Profiles Production (MMcfe/d) 100 100 90 82 80 70 69 60 58 50 50 40 4Q16 1Q17 2Q17 3Q17E (1) 4Q17E Exit (2) EBITDA (MM) 60 54.9 50 40 2017 Capex 30 20 17.9 10 0 2016 EBITDA…
  4. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 4
    Our Properties 2016 Reserves 2Q17 Production Gulf Coast East Texas 69% Gas 28% 33% 17% NGL Gulf Coast 16% Oil East Texas 72% 67% 115 Bcfe 69 Mmcfe/d 5
  5. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 5
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison Haynesville PQ Cotton Valley Porosity (3-14%) (10%) Haynesville PQ Cotton Valley Permeability…
  6. October 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. October 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) (Producing) 8 Wells Producing 1 Well Drilling PQ 21 1 Well WOC (Producing) PQ 30 (Drilling) Single Well Pad PQ 29 (WOC) 3-well Pad…
  8. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 8
    Achievements of First Multi-Well Pad (PQ 23- PQ 25) Combined IP rate from the three well pad was 38 Mmcfe/d (NRI 59%) Eastern well on the pad, PQ 25, achieved the Companys highest IP rate to date at 18 Mmcfe/d (5,135 ft lateral…
  9. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 9
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 3,000 6,000 14 12.5 5,500 12 2,200 5,100 24HR IP Rate (MMCFE/D) 10 2,000 5,000 /Lateral Foot Lateral Feet 8 4,500 6.3 1,100 6…
  10. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 10
    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…
  11. October 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. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 12
    Cotton Valley Acreage Position 55,000 Gross Acres (100% HBP) 600 Gross Future Locations (450 Net) 13
  13. October 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 / 2Q17 Production (Mmcfe/d) 46 Thunder Bayou % Gas: 68% % NGL: 11% % Oil: 21% Areas of Interest:…
  14. October 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 Est: 140 Bcfe 35MM in field level cash flow Bottom Zone Cum Prod: 14.6 Bcfe Original 1P: 8.6…
  15. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 15
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 200 Bcfe Sept 2017 Cash Margin(1) 3.21 Remaining Gross 3P Value(undiscounted) 642 MM PQ Weighted Avg. NRI 31% Net Value to PQ 199 MM Shares O/S 21,200,000 Value per…
  16. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 16
    Sequential Growth Profile (mm) 30 Revs up 50% from 4Q16 1Q17 2Q17 25 24.3 4Q 20.8 20 16.2 15 CF up 214% 11.3 from 4Q 10 9.3 5 3.6 0 Revenues Cash Flow 17
  17. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 17
    Relative Deleveraging Through Cash Flow Growth Debt/EBITDA (1) (2) 25 21.3x 20 15 Debt/EBITDA 13.4x 10 6.9x 5.8x 4.9x 5 4.1x 0 3Q16 4Q16 1Q17 2Q17 3Q17E (3) 4Q17E (3) (1) Debt balance assumes PIK option…
  18. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 18
    Changes to Maturity Profile (000s) 12/31/15 6/30/17 400 400 350 350 350 300 300 250 252 250 200 200 150 150 100 100 50 50 30 14 0 0 2017 2021 2021 2020 Unsecured 2017 Notes Term Loan 2021 2L Notes 2021 2L PIK Notes 19
  19. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 19
    2Q16 vs 2Q17 Comparison 2Q16 2Q17 % Change EBITDA (MM) 5.5 12.7 131% Disc. Cash Flow (MM) (1.0) 11.3 1200% 2017 Debt Maturity(MM) 144 - N/A Realized Gas Price (/Mcf) 2.07 3.16 53% 60 58 55 50 45 45 MM 40 35 30 25 20…
  20. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 20
    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 3Q17E 4Q17E Exit Rate* Hedged Volumes Gas…
  21. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 21
    Summary Significant Growth through Cotton Valley development and Thunder Bayou recompletion 3Q17E production up 64% from 4Q16 2Q17 EBITDA up 20% from 4Q16 Annualized Debt/EBITDA at 6/30/17 down 57% from 12/31/16 Latest Cotton…
  22. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 22
    Appendix 23
  23. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 23
    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 24
  24. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 24
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1H17 Net Income (Loss) available (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) (4,310) (90,896) (8,303) to common…
  25. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 25
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1H17 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) (22,021) (8,374) (90,896)…
  26. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 26
    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…
  27. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 27
    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…
  28. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 28
    Appendix 6 Cotton Valley Production Profile Recent Horizontal Cotton Valley Results % of PQ15 PQ16 PQ17 PQ18 PQ 19 PQ 20 PQ 21 PQ 22 PQ 23 PQ 24* PQ 25 Avg. IP IP Rate (Mmcfe/d) 11.4 16.7 14.2 11.7 12.5 14.8 7.1 10.6 14.5 5.4 18.3…
  29. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 29
    Appendix 7 - 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…
  30. October 2017 Corporate Presentation – Petroquest Energy Inc. – slide 30
    Company Information 400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com V3 31

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