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April 2018 Investor Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Apr 6, 2018 · 32 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. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 1
    April 2018
  2. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 2
    Recap of 2017 2017 execution of goals led to substantial growth from 2016: Production up 17% (4Q17 vs 4Q16 up 87%) Reserves up 35% (F&D 0.70/Mcfe) PV10 up 90% 2017 EBITDA up 217% from 2016 4Q17 annualized leverage ratio down 69%…
  3. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 3
    2017 Production & EBITDA Growth Profiles Production (MMcfe/d) 100 94 90 81 80 70 69 60 58 50 50 40 4Q16 1Q17 2Q17 3Q17 4Q17 EBITDA (MM) 60 56.9 50 40 30 20 17.9 10 0 2016 EBITDA 2017 EBITDA 4
  4. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 4
    Our Properties 2017 Reserves 4Q17 Production Gulf Coast 16% 75% Gas East Texas 40% 14% NGL Gulf Coast 11% Oil 60% East Texas 84% 156 Bcfe 94 Mmcfe/d 5
  5. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 5
    Louisiana Austin Chalk Entry Rationale for PQ Familiar development story: access existing fields that had variable production success using conventional development techniques and apply the latest horizontal/completion technologies…
  6. April 2018 Investor 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. April 2018 Investor 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. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 8
    LOUISIANA ACREAGE MAP (600,000 acres) 9
  9. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 9
    EAGLES RANCH 14H: Directional survey N EOG Eagles Ranch 14H Pilot Hole APC Dominique 271 Pilot Hole S KB = 106 KB = 66 Anadarko Dominique 271 APC Dominique 271 Pilot Hole 5 Bulk Density Log Upper Perf: 16,477 Lower…
  10. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 10
    HYDRAULIC FRACTURE UPLIFT Fracked Horizontals Chalk production primarily from Matrix porosity, with permeability created by hydraulic fracturing, with natural fracture upside Unfracked Horizontals Chalk production primarily from…
  11. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 11
    Baird Energy Report - Top 11 Basins Baird Energy Big Data Analytics report draws from a dataset of over 60,000 wells ranks operators by average revenue* per lateral foot for the first 90 days of production Operator Name Basin 90 Days…
  12. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 12
    Louisiana Austin Chalk - 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…
  13. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 13
    Industry Activity - Cotton Valley Trend (16 Rigs) Relative Rock Quality Comparison Haynesville PQ Cotton Valley Porosity (3-14%) (10%) Haynesville PQ Cotton Valley Permeability…
  14. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 14
    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…
  15. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 15
    Recent Cotton Valley Drilling Program 2-well Pad PQ/CVX 22 PQ 26-27 (Producing) (Producing) PQ 21 (Producing) PQ 30 (Producing) Single Well Pad PQ 29 (Producing) 3-well Pad PQ 23-25 (Producing) Single Well Pad PQ 28…
  16. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 16
    PQ Cotton Valley - 838 Future Locations 17
  17. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 17
    Cotton Valley Horizontal Production Up with Costs Down Improving Well Performance 3,000 5,747 6,000 14 13.3 12 5,500 2,200 24HR IP Rate (MMCFE/D) 10 2,000 5,000 /Lateral Foot Lateral Feet 8 6.3 4,500 6 1,000…
  18. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 18
    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…
  19. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 19
    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…
  20. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 20
    Thunder Bayou Recompletion Recompletion Current Production: 61 MMCFE/D 39 MMCF/D of Gas 1,500 Bbls/D Oil 2,200 Bbls/D NGLs 35MM in field level cash flow Bottom Zone Cum Prod: 14.6 Bcfe Original 1P: 8.6 Bcfe 21
  21. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 21
    4Q17 vs 4Q16 Cash Flow up 370% Revenues up 114% 20000 16,880 35,080 35000 15000 25000 10000 Cash Flow 16,429 Revenues 5000 3,591 15000 0 5000 4Q16 4Q17 4Q16 4Q17 Mmcfe/d up 85% Net loss improved 96% 100 93.3 4Q16 4Q17 0 80…
  22. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 22
    Relative Deleveraging Through Cash Flow Growth Debt/EBITDA (1) 25 21.3x 20 15 Debt/EBITDA 13.4x 10 6.9x 5.8x 5.1x 5 4.2x 0 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 (1) Quarterly EBITDA annualized 23
  23. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 23
    Changes to Maturity Profile (000s) 12/31/15 12/31/17 400 400 350 350 350 300 300 272 250 250 200 200 150 150 100 100 50 50 30 9 0 0 2017 2021 2021 2020 Unsecured 2017 Notes First Lien Term Loan 2021 2L Notes 2021 2L PIK…
  24. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 24
    Summary Substantial Growth accomplished in 2017 through Cotton Valley development and Thunder Bayou recompletion 4Q17 production up 87% from 4Q16 4Q17 EBITDA up 75% from 4Q16 Annualized Debt/EBITDA at 12/31/17 down 69% from…
  25. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 25
    Appendix 26
  26. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 26
    Appendix 1 - Hedging Positions Natural Gas Hedged Volumes (Bcfe) Price 1Q18 3.2 (36 MMcf/d) 3.24 Oil Hedged Volumes (Bbls) Price 2018 91,250 (250 Bbls/d) 55.00 (LLS) 17.2 MM of revenue hedged for 2018 27
  27. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 27
    Appendix 2 Adjusted EBITDA Reconciliation ( in thousands) 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 4Q17 2017 Net Income (Loss) available to common (137,218) 8,943 26,051 (299,977) (39,137) (24,143) (23,306) (4,310)…
  28. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 28
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 2013 2014 2015 2016 2017 Net income (loss) 10,548 (132,079) 14,082 31,190 (294,838) (90,896) (6,637) Reconciling items: Income tax expense (benefit)…
  29. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 29
    Appendix 4 - 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…
  30. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 30
    Appendix 5 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 PQ 29 PQ 30 Avg.** IP Rate (Mmcfe/d) 12.5 14.8 7.1 10.6 14.5 5.4 18.3 12.7 13.3 15.4…
  31. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 31
    Appendix 6 - Cotton Valley Acreage Position 55,000 Gross Acres (100% HBP) 800 Gross Future Locations (420 Net) 32
  32. April 2018 Investor Presentation – Petroquest Energy Inc. – slide 32
    Company Information 400 East Kaliste Saloom Road, Suite 6000 Lafayette, Louisiana 70508 Phone: (337) 232-7028 Fax: (337) 232-0044 www.petroquest.com V3 33

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