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January 2018 Corporate Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Jan 5, 2018 · 31 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 2018 Corporate Presentation – Petroquest Energy Inc. – slide 1
    January 2018
  2. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 2
    Underlying Fundamentals Decoupled From Market Valuation Production up 63% Stock price down 45% 100 4.00 3.46 93.0 90 3.50 3.31 80 81.3 3.00 MMCFE/D 2.74 70 69.5 2.50 2.29 Production Stock Price 60 56.8 1.98 2.00 58.1…
  3. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 3
    2017 Production & EBITDA Growth Profiles Production (MMcfe/d) 100 93 90 81 80 70 69 60 58 50 50 40 4Q16 1Q17 2Q17 3Q17 4Q17E (1) EBITDA (MM) 60 53.4 50 2017 Capex 40 30 20 17.9 10 0 2016 EBITDA 2017E EBITDA (2)…
  4. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 4
    Our Properties 2016 Reserves 3Q17 Production Gulf Coast 71% Gas 28% East Texas 38% 17% NGL Gulf Coast 12% Oil East Texas 62% 72% 115 Bcfe 81 Mmcfe/d 5
  5. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 5
    Louisiana Austin Chalk Entry Rationale Familiar development story: access existing fields that had variable production success using conventional development techniques and apply the latest horizontal/completion technologies to…
  6. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 6
    Austin Chalk Trend Regional Overview = EOG Eagles Ranch 14H Brookeland North Bayou Jack Giddings Masters Pearsall Creek Karnes Austin Chalk trend has produced over 1.3 billion barrels of oil Several large cap…
  7. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 7
    CHALK COMPARISON: TEXAS LOUISIANA Karnes County, TX Avoyelles Parish, LA = EOG Eagles Ranch 14H = Austin Chalk Wells MBOE = Austin Chalk Wells MBOE Avg. pre-fracked Horizontal Oil 104 Avg. pre-fracked Horizontal Oil CUM 119 CUM…
  8. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 8
    9 Economic Sensitivities Estimates IRR ROI PV(10) High Side Case 800 MBO/Well 97% 2.98 12.5 MM Expected Case 600 MBO/Well 60% 2.08 6.4 MM Low Side Case 400 MBO/Well 16% 1.23 0.4 MM Assumptions: Well Cost = 9.0 MM Facility and…
  9. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 9
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison Haynesville PQ Cotton Valley Porosity (3-14%) (10%) Haynesville PQ Cotton Valley Permeability…
  10. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 10
    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…
  11. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 11
    2017 Cotton Valley Drilling Program 2-well Pad PQ/CVX 22 PQ 26-27 2017 Activity (Producing) (Producing) 8 Wells Producing 2 currently PQ 21 completing DUCs (Producing) PQ 30 (Completing) Single Well Pad PQ 29 (Completing)…
  12. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 12
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 3,000 5,747 6,000 14 13.3 5,500 12 2,200 24HR IP Rate (MMCFE/D) 10 2,000 5,000 /Lateral Foot Lateral Feet 8 4,500 6.3 6 1,000…
  13. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 13
    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…
  14. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 14
    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…
  15. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 15
    Cotton Valley Acreage Position 55,000 Gross Acres (100% HBP) 800 Gross Future Locations (420 Net) 16
  16. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 16
    Gulf Coast Free Cash Flow Generator Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 70% La Cantera / 3Q17 Production (Mmcfe/d) 51 Thunder Bayou % Gas: 68% % NGL: 11% % Oil: 21% Areas of Interest:…
  17. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 17
    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…
  18. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 18
    Thunder Bayou/La Cantera 3P Value Remaining Gross 3P Reserves 200 Bcfe 3Q17 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 Share…
  19. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 19
    Sequential Growth Profile (mm) 30 28.1 Revs up 73% from 4Q16 25 24.3 4Q 1Q17 20.8 2Q17 20 3Q17 16.2 15 13.7 CF up 280% 11.3 from 4Q 10 9.3 5 3.6 0 Revenues Cash Flow 20
  20. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 20
    Relative Deleveraging Through Cash Flow Growth Debt/EBITDA (1) (2) 25 21.3x 20 15 Debt/EBITDA 13.4x 10 6.9x 5.8x 5.1x 4.5x 5 0 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17E (3) (1) Debt balance assumes PIK option is…
  21. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 21
    Changes to Maturity Profile (000s) 12/31/15 12/31/17 400 400 350 350 350 300 300 250 252 250 200 200 150 150 100 100 50 50 30 14 0 0 2017 2021 2021 2020 Unsecured 2017 Notes Term Loan 2021 2L Notes 2021 2L PIK Notes…
  22. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 22
    Summary Significant Growth through Cotton Valley development and Thunder Bayou recompletion 4Q17E production up 86% from 4Q16 3Q17 EBITDA up 43% from 4Q16 Annualized Debt/EBITDA at 9/30/17 down 61% from 12/31/16 Last 4 Cotton…
  23. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 23
    Appendix 24
  24. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 24
    Appendix 1 - Hedging Positions Natural Gas Hedged Volumes (Bcfe) Price 2017 11.0 (30 MMcf/d) 3.21 1Q18 3.2 (36 MMcf/d) 3.24 Oil Hedged Volumes (Bbls) Price 2018 91,250 (250 Bbls/d) 55.00 35.2 MM of revenue hedged for 2017…
  25. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 25
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 Net Income (Loss) available to common (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) (4,310) (90,896)…
  26. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 26
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 9M17 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (37,643) (22,858) (22,021) (8,374) (90,896)…
  27. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 27
    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…
  28. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 28
    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…
  29. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 29
    Appendix 6 Cotton Valley Production Profile Recent Horizontal Cotton Valley Results PQ 19 PQ 20 PQ 21 PQ 22 PQ 23 PQ 24* PQ 25 PQ 26 PQ 27 PQ 28 Avg.** IP Rate (Mmcfe/d) 12.5 14.8 7.1 10.6 14.5 5.4 18.3 14.5 13.3 15.4 13.4 30 Day…
  30. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 30
    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…
  31. January 2018 Corporate Presentation – Petroquest Energy Inc. – slide 31
    Company Information 400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com V1 32

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