Montney In The Right Neighborhood Condensate-Rich Montney Industry Growth Continues Elmworth to Kakwa Montney HZ Activity Update High level of industry activity continues 1,300 Industry Montney HZ wells drilled to date Montney…
Built-in Control and Flexibility Current Environment Calls for Adjusting the Pace of Growth Pure-Play Montney Company In The Right Neighborhood Clear Line-of-Sight to 110,000 Boe/d Pace Dictated by Balance Sheet and Returns Growth…
Key 2019 Catalysts Major Milestones and Growth Options Preserved If Commodities Stabilize at If a Q2 Recovery Takes Shape Current Levels Wapiti Plant Start-up Minimal incremental volumes 30,000 Boe/d of new capacity to needed to…
Measured, Funded Growth Flexible Growth with Managed Net Debt to Adjusted Funds Flow 10+% Prod/Share Growth while maintaining current debt levels 2020+ Capital Expenditure Outlook Range (MM) Production Outlook Range (MBoe/d) 400 23%…
Capital Expenditure Highlights Maintaining Maximum Near-term Flexibility While Growing 10-15% per year 2019 Capex Breakdown 2019 Drilling Gantt Chart 2019 2020 Significant H219 25M flexibility to dial down RIG 1 capital…
Building on Solid Foundation Cash Generation Setting the Stage for Growth to 110,000+ Boe/d Previous Field Target New Field Target Adjusted Funds Flow less Capex at New Field Target Variable Base Adj. Funds Flow (Less Capex) Impact…
Line-of-Sight now to 110,000+ Boe/d Four Development Blocks Established Gold Creek and Pipestone South Ramping up in 2019 Pipestone Infrastructure PiestoneAgreements in Place Gold Creek On Production Compressor station and pipeline…
Stratigraphy & Well Placement Reserves Booked in only 1-2 Layers Across our Lands Material Future Upside Remains Pipestone Pipestone 5 % Gas Filled North area has Pipestone Porosity four well Elmworth South Gold Creek developed…
Development Underpinned by Robust Established and Emerging Inventory Montney 'A' Reserves & Resource Montney 'B' Reserves & Resource Montney 'C+D' Reserves & Resource Montney Wells Montney Wells Montney Wells Montney D HZ Wells…
Bilbo Development Block Generating Excess Cash & Significant Remaining Inventory Bilbo Activity and Reserves & Resource Bilbo Sales Production 20 Cumulative-to-Date C5+ Sales Gas NGL's C5+ 5-Well Pad On Prod Bbls/MMcf Butane…
Bilbo Development Block First-Year Capital Efficiency & Capital Returned Strong Condensate Yields Driving Cash Generation Bilbo Capital Efficiency per Well(1) Bilbo First Year Capital Returned(2) Capital Efficiency (/Total boe/d)…
Elmworth Development Block Significant New Results Hi-Fi Coming Through Elmworth Activity Elmworth Sales Production 18 Sales Gas NGL's C5+ Cumulative-to-Date Bbls/MMcf 15 C5+ 10 Butane 9 Production (Mboed) 41 12 Propane…
Elmworth Development Block First-Year Capital Efficiency & Capital Returned Improving Capital Efficiencies Driving Payouts toward One Year Elmworth Capital Efficiency per Well(1) Elmworth First Year Capital Returned(2) Capital…
Gold Creek Development Block New ERH and Hi-Fi Wells off to a Strong Start Activity and Infrastructure Gold Creek Sales Production 8 NVA Montney New IP30's Cumulative-to-Date Sales Gas NGL's C5+ NVA In-Progress Wells Bbls/MMcf Gold…
Pipestone Development Block Solid Production Base On-track for a Q419 Ramp-up Activity and Infrastructure Pipestone Highlights Montney 'D' Hz Wells Up to 4 Developable layers All have been proven productive on or adjacent to NVA…
Multiple Existing and Future Processing Options NuVista Existing Gas Plants Wembley NuVista Ownership NuVista Firm Excess Capacity Facility or Firm Capacity In Downstream Available Place Capacity Keyera Pipestone SemCAMS K3…
Market Egress Plan Material Capacity Secured Plus Significant Optionality Around Future Additions Towards 110,000 Boe/d 110,000+ Boe/d Montney Production Potential 600 120,000 500 Secure Mid-stream deals for Montney Raw Gas…
Natural Gas Sales Points Q4 2018 Diversification Counts Q318 Net Revenue by Product & Gas Sales Point(1,2) Grande Prairie 2% 4% AECO 4% 1.90 0% 3.88 3.86 16% 4.39 Dawn 4.94 7% 67% Malin Chicago 5.11 4.73 Chicago Nat…
Commodity Price Risk Management Continuing Rolling Hedging Program Crude Oil Hedge Position 12,000 90.00 10,000 85.00 Hedged Volume, Bbl/d 8,000 80.00 Price, C/Bbl Floor C WTI price of 6,000 75.00 78.89/Bbl on 58% of…
Market Egress Plan In-Place Natural Gas Price Diversification NuVista has contracted for firm transportation on export pipelines to diversify pricing exposure We continue to evaluate future opportunities for diversification…
NuVista Operating Results 2018 Guidance Corporate Production (Boe/d) Actual Production Guidance (Boe/d) (Boe/d) Wapiti Montney Other Properties 50,000 49,000 Q1 '18 36,100 34,500 36,000 37,435 40,080 40,000 36,100 36,035 Q2 '18…
NuVista Looking Forward Flexibility, Control and Strength in a Volatile Environment Pure-Play Montney Company In The Right Neighborhood Clear Line-of-Sight to 110,000 Boe/d Pace Dictated by Balance Sheet and Returns Growth of 10-15%…
Advisory Regarding Oil and Gas Information ADVISORY REGARDING OIL AND GAS INFORMATION The reserves estimates prepared herein with respect to NuVista's assets prior to the Pipestone acquisition have been evaluated by independent…
APPENDIX February 2019 31
Montney In The Right Neighborhood The Alberta Condensate-Rich Montney: A World Class Play 1. Scalable/Repeatable Deposition on the shelf edge not isolated pockets Gas charged top to bottom Over-pressured low water saturation 2.…
Proven Track Record of Execution Improving Efficiency and Well Costs Montney Well Cost (DCET) By Year Average Annual Montney Drilling Curves 14 0 1,000 12 2,000 Measured Depth (m) 10 3,000 4,000 (MM) 8 5,000 2013 6…
Proven Track Record of Execution Reservoir Optimization Montney 3G Analysis 3D Seismic Geological PVT Analysis Microseismic Isotope Analysis Seismic Attributes Advanced Core Analysis Calibrated Frac Modelling Tier I BH Pressure…
Bilbo Development Block Results To-Date and Type Well Economics Type Curve Comparison Plot Hi-Fi Type Curve Economic Sensitivities Original Historical Average Hi-Fi 10 Payout (Years) WTI Rate (MMcf/d) 55/Bbl 60/Bbl 65/Bbl…
Elmworth Development Block Results To-Date and Type Well Economics Type Curve Comparison Plot Hi-Fi Type Curve Economic Sensitivities Original Historical Average Hi-Fi Payout (Years) 10 WTI 55/Bbl 60/Bbl 65/Bbl Rate (MMcf/d)…
Gold Creek Development Block Results To-Date and Type Well Economics Type Curve Comparison Plot Hi-Fi Type Curve Economic Sensitivities Historical Average ERH ERH + HiFi Payout (Years) 10 WTI 55/Bbl 60/Bbl 65/Bbl Rate (MMcf/d)…
Pipestone Development Block Rich Type Curves & Well Economics Type Curve Comparison Plot Type Curve Inputs Existing Wells (2207m) Existing Wells Norm. (3000m) Risked Type Curve DCET Capital (MM) 9.3 10 Avg. Frac EUR (Raw Gas)…
Pipestone Development Block Very-Rich Type Curves & Well Economics Type Curve Comparison Plot Type Curve Inputs Existing Wells (2721m) Existing Wells Norm. (3000m) Risked Type Curve DCET Capital (MM) 9.3 10 EUR (Raw Gas) (Bcf)…
Condensate Pricing Strong Demand and Premium Price for the Long-Term Western Canadian Condensate Pricing Condensate is used in Alberta as a diluent to ship heavy oil on pipelines Condensate in Alberta is typically priced at a…
Lower Montney Activity NuVista Data Collection In Progress R9W6 R7W6 R5W6 R3W6 Cumulative Gas Production vs. Time T72 1200 SCL 06-20 NVA 11-18 NVA 09-10 Cumulative Gas Production (MMcf) 1000 POU 01-07 SCL 15-01 PEC 14-18 NVA…
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