Corporate Snapshot TSX: TOG Market Summary 2017 Production Basic Shares Outstanding 196mm Average: 20,871 boe/d Average Daily Volume1 1.2mm shares Exit: 22,500 boe/d Market Cap / Enterprise 1.3bln / 1.6bln Value Monthly…
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 Cash Flow Engine 200 Economic Parameters1 50 mbbl Curve 180 DCE&T 0.9mm Average 160 IP 365 46 bopd 51 boepd Production Rate, 30 Day Avg (BOPD) 140 Reserves 50 mbbls 55 mboe 120 Production Adds…
SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory 400 Inventory has been expanded 350 through high quality acquisitions 300 250 Extensive experience in area drives Well Count 200 prospect…
Torquay / Three Forks Light Oil Resource Play Large Oil-in-Place1 5 mmbbls / section 50 net prospective Land 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 300 DCE&T 2.8mm Average IP 365 119 bopd Production Rate, 30 Day Avg (BOPD) 250 Reserves 175 mbbls Production Adds 23,540 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 140 120 100 TORC exploration program along with…
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 and discrete pools Land wellbore in upper porosity and geosteer in best quality rock 25 stage liner, 20…
Cardium Trend Development Drilling 350 Economic Parameters1 250 mboe Curve 300 DCE&T 2.7mm Average IP 365 85 bopd 135 boepd Production Rate, 30 Day Avg (BOEPD) 250 Reserves 156 mbbls 250 mboe Production Adds 19,940 per…
Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 250 Maintaining inventory through tuck-in acquisitions replacing annual drill 200 program Well Count 150 275 280 280 280 280 100…
Supporting Sustainability Asset Quality with Financial Flexibility 20
Sustainability Analysis Sustainability Highlights Production Run Rate Production boepd 22,500 Decline Rate % 23.0% Run rate production of 22,500 Annual Production Decline boepd 5,175 boe/d (87% oil & NGLs) o Corporate decline of…
Sustainability Analysis Commodity Sensitivity Run Rate 22,500 boe/d WTI (USD) 50.00 55.00 60.00 65.00 70.00 FX (US/C) 0.78 0.78 0.78 0.78 0.78 WTI (C/bbl) 64.10 70.51 76.92 83.33 89.74 Edm Lt vs C WTI Differential (/bbl) -5.00…
Balance Sheet Strength 280mm net debt 450 400 (year end 2017) 350 300 250 400mm bank facility mm 200 150 100 50 40% undrawn bank line at 0 end of 2017 Q4 '14 Q4 '15 Q4 '16 Q2 '17 Q3 '17 Q4 '17 Drawn Facility…
Dividend + Disciplined Growth Checklist Sustainability of the business model driven by: Decline rate 23% Operating netback1 30 Capital efficiency: all-in IP365 26,000 per boe/d (2018 budget) 280mm net debt (year end 2017)…
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 BMO Capital Markets - Ray Kwan President & Chief Executive Officer The Toronto-Dominion Bank Jason Zabinsky Canadian Imperial Bank of Commerce…
Appendix 27
2018 Capital Program 165mm program Flexibility to adjust spending levels and asset allocation through the year 95mm in 5-7% organic growth maintains current decline 100 2nd half rate under 25% 90 FCF allocation to acquisitions that…
Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled Depth of Inventory Across All vs Inventory 900 25% Core Areas 800 700 20% Each location thoroughly scrutinized through detailed evaluation by the…
2017 Year End Review Quality assets performed SE Sask and Cardium areas generated strong returns and stable free cash flow Transitioned Torquay/Three Forks into development stage and identified significant quality inventory Established…
2017 Year In Review Year-End Reserves Reserves Summary Oil Gas NGLs Total % Oil % Liquids RLI mbbl mcf mbbl mboe % % yrs PDP 36,259 40,984 2,860 45,950 79% 85% 5.6 Total Proved 57,350 72,569 4,600 74,045 77% 84% 9.0 P+P 87,780…
Hedging Current Hedge Summary (C/Bbl) Volume (Bbl/d) Type Low High Index Jan 1, 2018 - Dec 31, 2018 500 Collar 55.00 78.05 CWTI Jan 1, 2018 - Dec 31, 2018 250 Collar 55.00 81.80 CWTI Jan 1, 2018 - Dec 31, 2018 250 Collar 55.00 82.00…
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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