Building Momentum Investor Presentation Investor Presentation January 2019
A RESILIENT TEAM REDEFINING WHATS POSSIBLE TO Pengrowth Energy UNLOCK VALUE FROM TWO LONG LIFE ASSETS Brownfield Resource Developer of Two Well Defined Long-Life Assets Lindbergh Heavy Oil Backstopped by Two High Quality…
A RESILIENT TEAM REDEFINING WHATS POSSIBLE TO Pengrowth Energy UNLOCK VALUE FROM TWO LONG LIFE ASSETS That Gives Us One of the Lowest Capitalization and Operational Focused on Thermal Oil Asset Corporate Decline Rates(1)…
BITE SIZED GROWTH PLAN TO REACH 35,000 BBL/D AT Corporate Strategy LINDBERGH BY THE END OF 2023 Invest Within Balance Sheet / Deploy Proven Market Strategic Priority Cash Flow Debt Reduction Technologies Access Deploy capital…
LINDBERGH IS ONE OF THE MOST ECONOMIC THERMAL OIL Strong Economics PROJECTS IN THE BASIN Low SOR Drives Excellent Capital Efficiency Competitive Operating / Transport Costs (CA/boe) (1) (2) 25 Peers Pengrowth Senior /…
Investment Highlights Investor Presentation
Guidance & GOVERNMENT OF ALBERTA CURTAILMENTS ARE NOT Curtailments EXPECTED TO MATERIALLY IMPACT 2019 GUIDANCE Early engagement with the Government of Alberta and first mover advantage on mechanisms within the curtailment framework…
FOLLOWING TRANSFORMATION PENGROWTH HAS AN Attractive Cost Structure ATTRACTIVE COST STRUCTURE RELATIVE TO PEERS Low F&D Costs Drive Strong Recycle Ratio Capital Efficiency(1) LOW F&D COSTS Incremental Large Scale 6.95/boe (2P,…
2.3 Billion in TAX POOLS PROTECT CASH FLOW TO SUPPORT CAPITAL Tax Pools PLAN & DEBT REPAYMENT 10 Years of Tax Shielded Cash Flow 1 mm 19 mm 2.3 Billion in Total Pools 380 mm Deductibility Rate Tax pool balances are the legacy of…
Asset and Operations Overview Investor Presentation
Pengrowths TWO HIGH QUALITY LONG-LIFE LOW-DECLINE ASSETS Asset Portfolio By Area By Product Oil 2% NGL Q4 2018 Production Other 1% Groundbirch Lindbergh 10% 16% Gas 23% Heavy Oil 17,866 bbl/d production 24,104 24,104…
Lindbergh Thermal 313 MILLION BBL PROVED AND PROBABLE Oil RESERVES WITH A 52 YEAR LIFE INDEX Operational Production exceeding nameplate capacity CNRL Excellence with low cumulative SOR of 2.6 Primrose Imperial Cold Lake Asset…
Groundbirch 792 BILLION CUBIC FEET PROVEN AND PROBABLE Montney Natural Gas RESERVES WITH 72 YEAR LIFE INDEX 792 bcf P+P reserves with 72 year North Montney Long Life Asset reserve life Mainline ARC Crew CNRL Long life gas supply…
Recent Results Investor Presentation
PURSUING MULTIPLE OPTIONS TO IMPROVE PENGROWTHS Balance Sheet CAPITAL STRUCTURE 330 MM Revolving Credit Facility CA515 MM Long Term Notes 250 Drawn 158 200 330 MM 150 100 205 122 131 Un-Drawn 50 172 57 0 2019 2020…
Sequential Q3 2018 ADJUSTED FUNDS FLOW1 OF CA15.6MM, A Waterfall Chart CA5.5 MM INCREASE SINCE Q2 2018 Sequential Analysis Waterfall Analysis of Adjusted Funds Flow (C mm) (1) Q2 2018 vs. Q3 2018 18 5.8 16 0.3 0.1 15.6 0.8…
Year-over-year Q3 2018 ADJUSTED FUNDS FLOW GREW Waterfall Chart 15.9 MILLION YEAR-OVER-YEAR Year-Over-Year Analysis Waterfall Analysis of Adjusted Funds Flow (C mm) (1) Q3 2017 vs. Q3 2018 20 8.9 15.6 38% drop in production due…
Lindbergh SAGD 19,256 BBL/D SEVEN DAY AVERAGE PRODUCTION AS OF DECEMBER 31, 2018 SETS NEW RECORD FOR ASSET AND FACILITY Unscheduled Outage 20,000 18,000 12.0 Scheduled plant turnarounds Bitumen Production (bbl/d) 16,000…
70% OF PRODUCTION APPORTIONMENT PROTECTED IN 2019 Market Access THROUGH FIXED DIFFERENTIAL PHYSICAL CONTRACTS Year 2018 2019 Lindbergh Estimated Production Coverage 73% 72% Diluted Bitumen Volume (bbl/d) 17,000 17,500 Average…
2019 Market Access 17,500 OF 2019 DILBIT SALES VOLUME APPORTIONMENT Illustration PROTECTED AT A FIXED DIFFERENTIAL Other Contractual Elements Multiple How We Get 24,250 bbl/d of C5 Diluent (6,675 bbl/d) Markets at Apportionment…
Appendix Investor Presentation
Historical EXCELLENT EXECUTION AT STREAMLINING OPERATIONS Transformation AND REPAYING DEBT Q2 2016 Q2 Announced 600 mm in Q4 Sold remaining Swan Hills assets for Q2 Sold Montney 150 mm, net proceeds used to reduce debt Asset…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 2018 Measure Pengrowth (1) Pengrowth (2) Change Asset Retirement Obligation 546 mm 127 mm -77% (net of trust funds) Permanent…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 2018 Measure Pengrowth (1) Pengrowth (2) Change Production (boe/d) 57,058 21,324 -63% Operated Wellbores 9,600 1,800 -81% Operated…
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