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Corporate Presentation – TORC Oil & Gas Ltd.

TORC Oil & Gas Ltd. · Nov 9, 2018 · 33 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. Corporate Presentation – TORC Oil & Gas Ltd. – slide 1
    Corporate Presentation November 2018 1
  2. Corporate Presentation – TORC Oil & Gas Ltd. – slide 2
    Corporate Snapshot TSX: TOG Market Summary Basic Shares Outstanding 216mm Guidance: Average Daily Volume1 1.2mm shares 2018e Production Average: 25,300 boe/d Market Cap / Enterprise 1.6bln / 2.0bln Exit: 28,000 boe/d Value (88%…
  3. Corporate Presentation – TORC Oil & Gas Ltd. – slide 3
    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…
  4. Corporate Presentation – TORC Oil & Gas Ltd. – slide 4
    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…
  5. Corporate Presentation – TORC Oil & Gas Ltd. – slide 5
    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…
  6. Corporate Presentation – TORC Oil & Gas Ltd. – slide 6
    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…
  7. Corporate Presentation – TORC Oil & Gas Ltd. – slide 7
    SE Saskatchewan Conventional SE Saskatchewan - Conventional Conventional Mississippian: Stacked, discrete flow units, Frobisher: Open hole. excellent rock properties. Single and dual leg wells - mile hz. Trap: Subcrop, shoals…
  8. Corporate Presentation – TORC Oil & Gas Ltd. – slide 8
    SE Saskatchewan Conventional Cash Flow Engine 200 Economic Parameters1 180 50 mbbl Curve DCE&T 0.9mm 160 Average IP 365 46 bopd 51 boepd Production Rate, 30 Day Avg (BOPD) 140 Reserves 50 mbbls 55 mboe 120 Production Adds…
  9. Corporate Presentation – TORC Oil & Gas Ltd. – slide 9
    SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory 400 Inventory has been expanded 350 through high quality acquisitions 300 250 Well Count Extensive experience in area drives 200…
  10. Corporate Presentation – TORC Oil & Gas Ltd. – slide 10
    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…
  11. Corporate Presentation – TORC Oil & Gas Ltd. – slide 11
    Torquay / Three Forks Torquay / Three Forks Units 4-6 Units 1-3 Trap: Combination stratigraphic-structural, juxtaposed against 30 stage liner, 40 tonnes/stage, fracd with Bakken oil generation window. slickwater 1 mile…
  12. Corporate Presentation – TORC Oil & Gas Ltd. – slide 12
    Torquay / Three Forks Light Oil Resource Play 350 Economic Parameters1 300 175 mbbl Curve 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…
  13. Corporate Presentation – TORC Oil & Gas Ltd. – slide 13
    Torquay / Three Forks Depth and Quality of Inventory Torquay/Three Forks Wells Drilled vs Inventory 160 Initial footprint was established through 140 2013 strategic acquisition 120 TORC exploration program along with 100…
  14. Corporate Presentation – TORC Oil & Gas Ltd. – slide 14
    SE Saskatchewan Fracd Midale Medium - Light Oil Resource Play Unconventional Pools Large Oil-in-Place1 5.5 to 9.0 mmbbls/sec. Depth 1,400 1,600 m Oil Quality 26-38 API Well Spacing 5 wells/section Undrilled Locations2 175…
  15. Corporate Presentation – TORC Oil & Gas Ltd. – slide 15
    SE Saskatchewan Fracd Midale SE Saskatchewan - Fracd Midale Unconventional Midale: Low permeability, large OIP, low Midale: 30 stage liner, 5 tonnes/stage, recovery factor, layered and water flood upside. fracd with water at low…
  16. Corporate Presentation – TORC Oil & Gas Ltd. – slide 16
    SE Saskatchewan Fracd Midale Light Oil Resource Play 300 Economic Parameters1 DCE&T 1.8mm 250 Midale 85 mbbl IP 365 84 bopd 106 boepd Production Rate, 30 Day Avg (BOPD) Average 200 Reserves 85 mbbls 120 mboe Production…
  17. Corporate Presentation – TORC Oil & Gas Ltd. – slide 17
    SE Saskatchewan Fracd Midale Depth and Quality of Inventory Frac'd Midale Wells Established primarily through Drilled vs Inventory 180 acquisitions in 2015 and 2016 160 140 TORC exploration program along with 120 industry…
  18. Corporate Presentation – TORC Oil & Gas Ltd. – slide 18
    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…
  19. Corporate Presentation – TORC Oil & Gas Ltd. – slide 19
    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…
  20. Corporate Presentation – TORC Oil & Gas Ltd. – slide 20
    Cardium Trend Development Drilling 350 250 mboe Curve Economic Parameters1 Average 300 DCE&T 2.7mm IP 365 85 bopd 135 boepd Production Rate, 30 Day Avg (BOEPD) 250 Reserves 156 mbbls 250 mboe 200 Production Adds 19,940 per…
  21. Corporate Presentation – TORC Oil & Gas Ltd. – slide 21
    Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 Maintaining inventory through 250 tuck-in acquisitions replacing 200 annual drill program Well Count 150 275 280 280 280 280…
  22. Corporate Presentation – TORC Oil & Gas Ltd. – slide 22
    Sustainability Analysis Sustainability Highlights Production Production boepd 28,000 Decline Rate 23.0% Run rate production of 28,000 % boe/d (88% oil & NGLs) Annual Production Decline boepd 6,440 o Corporate decline of 23%…
  23. Corporate Presentation – TORC Oil & Gas Ltd. – slide 23
    Sustainability Analysis Commodity Sensitivity Base Production 28,000 boe/d WTI (USD) 60.00 65.00 70.00 75.00 80.00 FX (US/C) 0.77 0.77 0.77 0.77 0.77 WTI (C/bbl) 77.92 84.42 90.91 97.40 103.90 Edm Lt vs C WTI Differential (/bbl)…
  24. Corporate Presentation – TORC Oil & Gas Ltd. – slide 24
    Balance Sheet Strength 500 391mm net debt (Q3 2018) 450 400 350 500mm bank facility 300 250 mm 200 Pro forma net debt/cash flow 150 expected to be 1.0x 100 50 0 Q4 '14 Q4 '15 Q4 '16 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2…
  25. Corporate Presentation – TORC Oil & Gas Ltd. – slide 25
    Dividend + Disciplined Growth Checklist Sustainability of the business model driven by: Decline rate 23% Operating netback1 40 Capital efficiency: all-in IP365 26,000 per boe/d (2018 budget) Strong balance sheet 391mm net…
  26. Corporate Presentation – TORC Oil & Gas Ltd. – slide 26
    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…
  27. Corporate Presentation – TORC Oil & Gas Ltd. – slide 27
    Corporate Information Management Banks Analyst Coverage Brett Herman Bank of Montreal AltaCorp Capital Thomas Matthews President & Chief Executive Officer The Toronto-Dominion Bank Jason Zabinsky BMO Capital Markets - Ray Kwan Canadian…
  28. Corporate Presentation – TORC Oil & Gas Ltd. – slide 28
    Appendix 28
  29. Corporate Presentation – TORC Oil & Gas Ltd. – slide 29
    2018 Capital Program 185mm program Flexibility to adjust spending levels and asset allocation through the year 120 115mm in 5-7% organic growth maintains current decline 2nd half rate under 25% 100 FCF allocation to acquisitions…
  30. Corporate Presentation – TORC Oil & Gas Ltd. – slide 30
    Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled Depth of Inventory Across All vs Inventory 1000 25% Core Areas 900 Each location thoroughly scrutinized 800 20% through detailed evaluation by the…
  31. Corporate Presentation – TORC Oil & Gas Ltd. – slide 31
    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…
  32. Corporate Presentation – TORC Oil & Gas Ltd. – slide 32
    Modeling Assumptions 2018 Average: 25,300 boepd (87% oil & liquids) Production: 2018 Exit: 28,000 boepd (88% oil & liquids) Per Share: 0.264 per share Annual Dividend: Gross: 57mm Net: 40mm (net of 30% SDP participation)…
  33. Corporate Presentation – TORC Oil & Gas Ltd. – slide 33
    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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