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Corporate Presentation November 2018 – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Nov 9, 2018 · 45 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 November 2018 – Tourmaline Oil Corp. – slide 1
    Corporate Presentation November 2018
  2. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 2
    2 Current Status Nov 2018 Production Overview 2018 average production forecast of 265,000-270,000 boepd 2018 average liquid production of 50,000 bpd 2018 production exit estimate of 295,000-305,000 boepd. Three Major Core Areas…
  3. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2018 Production Growth Per Share* Reserves Growth Per Share* 350 9 Production per Thousand Shares Reserves per Share (BOEs) 300 8 7 250 6 200 5 (BOEs) 150 4 100 3 2 50 1 0 0 2009…
  4. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 4
    4 A History of Full Cycle Profitability Nov 2018 400 6.00 * 350 Earnings before taxes (000,000s) 5.00 AECO (CAD/mcf) Earnings before tax ( millions) 300 4.00 250 AECO (/mcf) 200 3.00 150 2.00 100 1.00…
  5. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 5
    5 Largest Canadian Gas Producers Mar 2018 1,800 2016A Natural Gas (Mmcf/d) 1,600 2017E Natural Gas (Mmcf/d) 1,400 2018E Natural Gas (Mmcf/d) 1,200 Production (Mmcf/d) Tourmaline is currently producing 1,000 between…
  6. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 6
    6 A Significant Liquids Producer Nov 2018 Tourmaline has doubled liquids production over the past 15 months with strong liquids growth across all three operated complexes. Condensate production will grow from current levels of 12,000…
  7. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 7
    7 Balanced Revenue and Cash Flow Streams Through Product, Marketing and Transportation Diversification Nov 2018 2018 BUDGETED REVENUE AECO & Station 2 11% Oil 26% Fixed Price 19% NGL 12% NYMEX Basis 7% NYMEX-Based…
  8. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 8
    8 Current 5 Year Plan(1) Nov 2018 400,000 350,000 300,000 250,000 Spirit River Boe/d 200,000 NEBC 150,000 Deep Basin 100,000 50,000 - 2016 2017 2018 2019 2020 2021 2022 2023 After-tax After-tax E&P Capital Free…
  9. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 9
    9 Alberta Deep Basin Nov 2018 T65 R9 R7 R5 Current Production 185,000-190,000 boepd Current Reserves 984.4 mmboe (Jan 1, 2018) T63 Tourmaline Land Base 1.77 million acres Drilling Inventory 2,322 locations (vertical) TCPL Main…
  10. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Liquids Rich Cardium Fairway Aug 2018 The combination of extensive 3D seismic coverage T59 T59 and the lowest cost drilling/completion capability Smoky make the liquids rich Cardium play a significant new…
  11. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 11
    11 NEBC Montney Gas/Condensate Complex Nov 2018 Current Prod. 375-400 mmcf/d Black Swan TOU Land Comp. Station, dehy 12,500-13,500 bpd condensate TOU Wells C-60-A Gas Plant 25 mmcf/d 4,000-4,500 bpd ngl 200 MMCF/D Q4 2019…
  12. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 12
    12 Doe 2-11 Condensate/NGL Facility A 3,000-3,500 boepd project started up in late September 2018 Sep 2018
  13. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 13
    13 Gundy Ck Montney Development Nov 2018 Gundy Black Swan Current Production: 13,000-15,000 BOEPD Construction of Phase 1 Deep Cut Comp. Station, dehy No of wells drilled by TOU: 28 Gas Plant has commenced in the field, 25 MMCF/D No…
  14. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 14
    14 Gundy Horizontal Well Performance Nov 2018 2017/2018 average completed well costs of 3.3-3.5 million, and along with Sunrise-Dawson, the least expensive for the entire Canadian Montney sector.
  15. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 15
    15 Gundy Deep Cut Plant Construction Aug 2018 Gundy Sales Line Right of Way Phase 1 50,000 boepd deep cut facility is on schedule for a Q2 2019 start-up. Phase 1 construction designed to facilitate the potential Phase 2…
  16. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 16
    16 Tourmaline Long Term NEBC Montney Growth Aug 2018 200,000 Sundown Tourmaline can grow to a 200,000 boepd NEBC Phase One Montney producer within the current 5 year plan Development 175,000 time frame. Gundy Phase Two and…
  17. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 17
    17 Peace River High Complex Triassic Oil Charlie Lake and Montney Plays Nov 2018 Mulligan 8-15 Upper Trcl Pad Q3 2016 Peace River High Charlie Lake Play 90 day production rates R. 11 R. 9 5-14 R. Mulligan 7 R. 5 Oil Battery…
  18. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 18
    18 Tourmaline Mid-Stream Assets Sep 2017 The infrastructure skeleton in all three core operated complexes is now complete. This infrastructure is essentially R. 15W6 R. 1W6 all newR.and 15W5in the growth areas of the WCSB. NE…
  19. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 19
    19 Tourmaline Condensate Production Outlook 2018-2020 Nov 2018 35,000 Current Base Production totals reflect anticipated 31,500(+) total condensate production by the 30,000 end of the specified period. Deep Basin Kca (750 bpd)…
  20. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 20
    20 Historical Reserves Summary Mar 2018 Reserves (GLJ) Reserves 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 2500 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) PDP 91.9 122.3 177.8 263.2 352.1 436.5 TP 249.2 316.5…
  21. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 21
    18 Independently Recognized Canadian 2P Reserves May 2018 12 Tourmaline has booked only 14% of 10 Natural Gas (1) existing drilling inventory (2,074 of 8 14,471 locations See Schedule A). TCF 6 4 2 1000 0 800…
  22. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 22
    22 Gas Development Location Inventory and Economics Mar 2018 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 2.55 3.70 3.85 3.05 2.10 (Drill,…
  23. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 23
    23 The TOU Engineering Execution Machine Sep 2017 Drill & Complete Costs 8.00 Tourmaline has the lowest completed per stage (Equipping not included) well costs in the overall Montney play in 7.00 Western Canada and the Alberta…
  24. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 24
    24 Continuous Cost Reduction Strategy Mar 2018 Operating Costs General and Administrative Costs 7.00 6.50 6.34 1.50 1.29 6.00 5.58 1.02 5.50 1.00 /boe /boe 5.00 4.87 0.79 0.74 4.43 4.35 4.37 0.60 4.50 0.45…
  25. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 25
    25 2018/19 Guidance Nov 2018 2018(1) 2019(1) Production Boe/d 265,000 - 300,000 270,000 Cash Flow(i) - MM 1,319 1,667 CFPS - Diluted(i) 4.85 6.13 E&P Capital Program(ii) - MM 1,122 1,305 (net of non-core dispositions)…
  26. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 26
    26 2019 Capital Budget Overview Nov 2018 Forecast 2019 Operated Complex 2019 Capital Description/Major Items Ave Production NEBC Montney 520.0M 99 wells (D,C,T,E) 103,400 boepd Complete Gundy Phase 1 deep cut plant Doe sour…
  27. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 27
    27 2018 Natural Gas Transportation and Marketing Overview Aug 2018 2018 Natural Gas Portfolio Diversification 2018 Exit: 440 mmcf/d of gas will be to US/Other Markets 2019 Exit: 540 mmcf/d of gas will be to US/Other Markets…
  28. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 28
    28 2017 Highlights/2018 Outlook Mar 2018 Tourmaline now a Senior with production exceeding 270,000 boepd. Tourmaline is currently the second largest producer of Canadian natural gas and is a top ten Canadian liquids producer…
  29. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 29
    APPENDIX
  30. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 30
    30 Natural Gas Flows From Western Canada
  31. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 31
    31 Completed Well Costs and EUR By N. American Play Type Aug 2017 Well Costs (CAD) Vs. EUR by Play Type 25 0.47/mcf Completed Well Cost CDN EUR (Bcfe) 20.5 Bcfe 0.69/mcf 20 17.9 Bcfe 15 0.70/mcf 12.3 MM 12.5 Bcfe…
  32. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 32
    32 Tourmaline vs Natural Gas Peers Cash Costs Per BOE July 2017 Tourmaline Vs. Natural Gas Weighted Peers Cash Costs in USD* per BOE (Q1/17) Operating Transportation G&A Interest 12.00 10.26 10.00 1.45 8.00 7.15 1.54 Costs…
  33. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 33
    33 Historical Drilling Performance and Cost Improvements Mar 2017 South Deep Basin Peace River High Average Drill Days Average Drill Cost Average Drill Days Average Drill Cost 3.0 35 57% 49% 20 41% 36% 5.0 2.5 30 Decrease…
  34. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 34
    34 Historical Completions Performance Improvements Deep Basin - Completions Peace River High - Completions 3,000 3,500 47% 3,000 72% 2,500 Decrease Since 2012 Decrease Since 2012 2,500 2,000 2,000 000 000 1,500 1,500…
  35. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 35
    Tourmaline Montney 35 Efficiency + Execution Montney Peers Q2/17 Production 40,000 boe/d Sep 2017 Drilling and Completions Costs (1) Montney Operating Costs 14 Q2/2017(1) (2) 12 10 CADMM 8 7.00 6 6.00 4 5.00 2 4.00…
  36. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 36
    36 EP Growth Plan (Original Business Plan) Sept 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  37. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 37
    37 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  38. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 38
    mmcfe (cumulative) 1000 1200 0 200 400 600 800 Tourmaline 04-05-053-23W5 Tourmaline 09-07-062-05W6 Tourmaline 09-05-055-22W5 Tourmaline 14-08-059-01W6 Jupiter 16-33-059-01W6 Tourmaline 13-12-059-02W6…
  39. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 39
    39 Tourmaline Environmental Performance Tourmaline strives to continually improve all aspects of environmental performance including the impact of its operations on air, land and water. Tourmaline ranks as a top decile performer…
  40. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 40
    40 GHG Emissions Peer Comparison Jul 2018 Tourmaline has the lowest GHG emissions intensity (CO2/boe) among Canadian Senior E&P peers Canadian E&P GHG Emissions 2016 25,000,000 0.080 0.070 20,000,000 0.060 (tonnes…
  41. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 41
    41 BC Water Management 100% of all water flowed back from completion operations is recycled 90% of all water sourced for stimulation operations is recycled 187,000m3 of produced water storage capacity 3 produced water ponds…
  42. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 42
    42 Natural Gas Substitution in Operations Raw Natural Gas cost (Feb 2017) 0.10/DLE (Diesel Equivalent Liter) vs 0.69/L rack price for marked diesel 12 Drilling Rigs and all BC completion operations use a combination of NG/Diesel…
  43. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 43
    43 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling Alternative hz frac programs/processes Concurrent pairs, delayed flow-backs etc. Novel drilling…
  44. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 44
    44 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This presentation discloses drilling locations in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked locations; and…
  45. Corporate Presentation November 2018 – Tourmaline Oil Corp. – slide 45
    45 Schedule A continued Deep Basin Vertical well count : Approximately 2,767 gross prospective sections at approximately 1.5 wells per section minus 10% for areas that are inaccessible or limited by spacing requirements minus…

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