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Annual General Meeting – Perpetual Energy Inc

Perpetual Energy Inc · May 16, 2018 · 35 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. Annual General Meeting – Perpetual Energy Inc – slide 1
    ANNUAL GENERAL MEETING M AY 1 6 , 2 0 1 8 BOLD IDEAS FOR ENERGY 1
  2. Annual General Meeting – Perpetual Energy Inc – slide 2
    Financial Profile Financial Profile (TSX: PMT) March 31, 2018 except as noted Common Shares o/s(1) 59.8 million Management ownership 48% Share price(1) 0.68 Market capitalization 41 million Net bank debt(2)(4) 48 million TOU…
  3. Annual General Meeting – Perpetual Energy Inc – slide 3
    Q4 2016 to H1 2018 Executing the Transition Dispositions: Full effect of Shallow Gas Disposition October 1, 2016 Sold northeast Alberta GORR (10 million), closed May 14, 2018 Positive Impact: Financing Transactions: High graded…
  4. Annual General Meeting – Perpetual Energy Inc – slide 4
    Operating Profile Edson Wilrich Deep Basin Multi-zone liquids-rich gas Tight oil & gas exploration Mannville heavy oil Eastern Alberta Conventional shallow gas Viking shallow shale gas Bitumen Asset Summary Production(1)…
  5. Annual General Meeting – Perpetual Energy Inc – slide 5
    High Graded Asset Base 100% 100% Building a foundation 90% of resource-style plays 90% Robust multi-zone inventory 80% for profitable exploration 80% and development Proved and Probable Reserves (% of Total) 70% High…
  6. Annual General Meeting – Perpetual Energy Inc – slide 6
    Capital Spending Q2 Q4 2018 2018 Total 2017 Q1 2018 Forecast Forecast ( millions) West Central 65 9 3 - 5 12 - 15 14 gross 1 gross (1.0 net) drills 0 drills 1 gross (1.0 net) drills Liquids-Rich Gas (13.4 net) drills (2…
  7. Annual General Meeting – Perpetual Energy Inc – slide 7
    Production Growth 1) 2018 guidance released May 8, 2018 Growth-oriented Capital Plan 54% exit rate production growth (December 2016 vs December 2017) 2018 year over year growth of 10% 2018 Capital Program for Optimized for…
  8. Annual General Meeting – Perpetual Energy Inc – slide 8
    Market Diversification Strategy 2018 Crude Oil (1) Price Exposure Net of Royalties Fixed Natural gas market shift to diversify portfolio Crude Oil 8% 1% AECO Fixed Price Physical delivery at AECO NIT NGL - Other 3% 14%…
  9. Annual General Meeting – Perpetual Energy Inc – slide 9
    Increasing Margins 35.00 35 30.00 30 Maintaining Margins despite 25.00 lower25AECO 2018 forward strip 20.00 20 /Boe /Boe 15.00 15 10.00 10 5.00 5 - - 2012 2013 2014 2015 2016 2017 2018E Operating Costs…
  10. Annual General Meeting – Perpetual Energy Inc – slide 10
    2018 Projected Adjusted Funds Flow(1) Sensitivities 2018 Projected Adjusted Funds Flow: 25 to 28 million(2) Adjusted Funds Flow Sensitivities(1)(4) NYMEX gas price (+/- 0.25 USD/MMBtu) WTI (+/- USD 5.00/bbl) WCS (+/- USD…
  11. Annual General Meeting – Perpetual Energy Inc – slide 11
    2018 Strategic Priorities Grow Value of Greater Edson Liquids-Rich Gas Grow Value of Eastern Alberta Portfolio Advance High Impact Opportunities Optimize Balance Sheet For Growth Positioned for short and long term value…
  12. Annual General Meeting – Perpetual Energy Inc – slide 12
    STRATEGIC PRIORITY 1 GROW VALUE OF GREATER EDSON LIQUIDS-RICH GAS
  13. Annual General Meeting – Perpetual Energy Inc – slide 13
    Edson Activity Area Capacity: 78 MMcf/d West Wolf: 65 MMcf/d Rosevear: 13 MMcf/d ERH pad 2,460 3,500 metres 2-23 frac Q4 2018 Pre 2017 2017 Q1 2018 H2 2018 2018 Drill ready 66 (63.3 net) locations booked in 2017…
  14. Annual General Meeting – Perpetual Energy Inc – slide 14
    Greater Edson Liquids-Rich Gas Wilrich Play Performance 14,000 25,000 2014: East Edson JV Royalty deal Sold 5.6 MMcf/d plus associated liquids for 120 MM investment 12,000 2015: Growth driven by JV Royalty sale commitments 20,000…
  15. Annual General Meeting – Perpetual Energy Inc – slide 15
    Edson Type Curves McDaniel YE 2017 TPP West Type Curve Economics (1) Price Deck McDaniel January 1/2018 Average (2) Capital (D,C & T) 4.5 MM West TPP Type Curve (3) West TPP Low Type Curve (3) NPV 10 % 3.5 MM East TPP Type…
  16. Annual General Meeting – Perpetual Energy Inc – slide 16
    East Edson Wilrich Capital Efficiency 1) Capital efficiency = Cost to drill complete, equip and tie in/first 12 months average daily production, based on actual capital and average daily production to date (with McDaniel 2017 PDP…
  17. Annual General Meeting – Perpetual Energy Inc – slide 17
    Top Quartile Operating Cost Structure East Edson Operating Costs 2500 16.00 14.00 2000 12.00 Operating Cost (/Boe) 10.00 Operating Cost (M) 1500 8.00 1000 6.00 4.00 500 2.00 0 0.00 (1) Operating…
  18. Annual General Meeting – Perpetual Energy Inc – slide 18
    STRATEGIC PRIORITY 2 GROW VALUE OF EASTERN ALBERTA PORTFOLIO
  19. Annual General Meeting – Perpetual Energy Inc – slide 19
    Eastern Alberta Mannville 8 Producing Mannville pools 6 Lloyd, 2 Sparky Q1 2018 production 860 boe/d Access to Large Resource 2017 Capital Program 190 MMbbl Discovered Petroleum Initially In Place (1) 4 (3.3 net) heavy oil…
  20. Annual General Meeting – Perpetual Energy Inc – slide 20
    Mannville Heavy Oil Drilling Inventory Well Economics Assumptions (1) Capital (D,C & T) 0.9 MM 2018 Pricing CAD47.90/bbl wellhead heavy price (McDaniel Jan 2018 WTI US58.50/bbl, WCS CAD51.90/bbl, Offset CAD-4.00/bbl forecast) NPV…
  21. Annual General Meeting – Perpetual Energy Inc – slide 21
    Mannville Heavy Oil Pools Waterflood Response 800 Upper Mannville I2I Pool Waterflood 600 Wedge Volumes F&D Netback Recycle Ratio Oil Rate, bbl/d McDaniel from Capital YE 2017 Spent To-Date 400 To-date To-date Capital…
  22. Annual General Meeting – Perpetual Energy Inc – slide 22
    Waterflood and Enhanced Oil Recovery Scope Select Pools DPIIP (2) Cumulative TPP Reserves Implied Currently Under production booked at YE Recovery Waterflood to YE 2017 2017 (2) Factor (MMbbl) (MMbbl) (MMbbl) (%) Sparky I2I (1)…
  23. Annual General Meeting – Perpetual Energy Inc – slide 23
    STRATEGIC PRIORITY 3 ADVANCE HIGH IMPACT OPPORTUNITIES
  24. Annual General Meeting – Perpetual Energy Inc – slide 24
    Bitumen R9 R5 R1W5 R21 R17 R13W4 T98 Perpetual OS Leases Overriding Royalty Lands Perpetual Panny Pilot T95 Experimental Primary Projects Thermal Projects 301 net sections (192,416 net acres) of oil sand leases…
  25. Annual General Meeting – Perpetual Energy Inc – slide 25
    Bitumen Panny Bluesky Low rate cold flow possible without solvent or thermal assistance Average pay thickness 11 m Low viscosity bitumen 15,000 cp at 25oC 50,000 cp at 11oC reservoir temp Highly mobile at 70oC Panny Bluesky…
  26. Annual General Meeting – Perpetual Energy Inc – slide 26
    LEAD Process Technology Pilot Low Pressure Electro-Thermally Assisted Drive First stage of pilot single well Cyclic Heat Stimulation completed in Q2 2017 Electrical resistive heating and production in a single horizontal well to…
  27. Annual General Meeting – Perpetual Energy Inc – slide 27
    STRATEGIC PRIORITY 4 OPTIMIZE BALANCE SHEET FOR GROWTH
  28. Annual General Meeting – Perpetual Energy Inc – slide 28
    Balance Sheet (1) Bank debt: 48 million Comprised of 37 million revolving bank debt and 11 million working capital deficiency Credit facility borrowing limit 60 million; Term through May 2019 Next borrowing limit redetermination…
  29. Annual General Meeting – Perpetual Energy Inc – slide 29
    Debt Repayment and Liquidity Profile Available liquidity(1)(2) at March 31, 2108, of 43.2 million Comprised of available bank line plus TOU share investment, net of TOU share based loan (1) As of March 31 2018, adjusted for…
  30. Annual General Meeting – Perpetual Energy Inc – slide 30
    INVESTMENT THESIS COMPELLING DISCOUNT TO NET ASSET VALUE TORQUE TO GAS PRICE RECOVERY
  31. Annual General Meeting – Perpetual Energy Inc – slide 31
    Sum of the Parts Year-End 2017 Net Bank Debt Unbooked Inventory Unbooked Inventory (1) Net asset value per share based on 59.3 million shares outstanding. Reserve valuation based on NPV10% McDaniel reserves and pricing;…
  32. Annual General Meeting – Perpetual Energy Inc – slide 32
    Key Investment Highlights High Quality Assets Asset base repositioning for resource-style and diversification successful Edson Wilrich liquids-rich gas inventory well-defined providing high capital efficiency growth Mannville heavy…
  33. Annual General Meeting – Perpetual Energy Inc – slide 33
    ADDITIONAL INFORMATION Susan Riddell Rose President & CEO Mark Schweitzer Vice President, Finance and CFO infoperpetualenergy.com EMAIL 800.811.5522 TOLL FREE 403.269.4400 PHONE 403.269.4444 FAX 3200, 605 5 Avenue SW Calgary,…
  34. Annual General Meeting – Perpetual Energy Inc – slide 34
    Non GAAP Measure Advisories NON-GAAP MEASURES: The terms adjusted funds flow, adjusted funds flow per share, adjusted funds flow per boe, available liquidity, cash costs, gas over bitumen revenue, net of payments, net working capital…
  35. Annual General Meeting – Perpetual Energy Inc – slide 35
    Oil and Gas Advisories OIL AND GAS ADVISORIES: The presentation refers to F&D (finding and development costs), ROR (rate of return), payout and recycle ratio which have been prepared by management and are used to measure performance.…

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