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February 2019 Investor Presentation – Crew Energy Inc.

Crew Energy Inc. · Feb 28, 2019 · 26 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. February 2019 Investor Presentation – Crew Energy Inc. – slide 1
    Focus on Value Creation February 2019
  2. February 2019 Investor Presentation – Crew Energy Inc. – slide 2
    ABOUT CREW (TSX: CR) Liquids-focused, NE BC Montney producer Large, contiguous land base with a material resource 16 billion boe Access to diversified markets with operated and growing infrastructure footprint, increasing liquids…
  3. February 2019 Investor Presentation – Crew Energy Inc. – slide 3
    SIGNIFICANT LAND POSITION Acreage prospectivity & land value affords material optionality Montney (2007) Montney (2010) Montney (2019) Value Production Land Date Area Divested (mm) (boe/d) (acres) Apr 2010 Edson (Cardium) 126…
  4. February 2019 Investor Presentation – Crew Energy Inc. – slide 4
    CONVERTING PROSPECTIVE LAND TO RESOURCE Montney is a siltstone, not a shale Montney Attributes: Exceptionally thick: up to 1,000 feet Permeability 20 - 80x greater than comparable resource plays in North America Excellent…
  5. February 2019 Investor Presentation – Crew Energy Inc. – slide 5
    2018 YEAR END RESERVES HIGHLIGHTS(1) Outperformance drives further condensate growth 3 year Average 2P F&D Trending Down 3 Year 1P F&D 16 14.45 3 Year 2P F&D Condensate Growth at 14 West Septimus 12 11.08 9.88 10 9.15 8.38…
  6. February 2019 Investor Presentation – Crew Energy Inc. – slide 6
    CONVERTING RESOURCE TO PRODUCTION & RESERVES At a low cost P+P Reserves(2) (MMBOE) Montney Organic Production Growth(1) (BOE/D) Focus on 450 Condensate bopd Light Oil bopd condensate Liquids mmbbls 411.0 22,000 NGLs bopd Natural Gas…
  7. February 2019 Investor Presentation – Crew Energy Inc. – slide 7
    CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 4 HZ Wells 3 HZ Wells 87 HZ Wells 77 HZ Wells 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Tower Doig Upper Montney 9 1 AA 1 23 7 2 A 42 57 3 B 2 9 3…
  8. February 2019 Investor Presentation – Crew Energy Inc. – slide 8
    STABLE PRODUCTION BASE = Free cash flow at Septimus Long-range growth plan forecasts W. Septimus & 4.49 96MM Free cash flow forecast 16 19(2) 5.00 Groundbirch generating free cash flow in excess of 2X Septimus from additional…
  9. February 2019 Investor Presentation – Crew Energy Inc. – slide 9
    ULTRA CONDENSATE-RICH (UCR) AREA Focus at Greater Septimus Focus on UCR development Condensate ratios of 75 - 250 bbls/mmcf in area UCR Area 69% IRR on forward strip pricing(1) Crew 7-30 Pad IP 60: 5 well average: Crew 3-32 Pad 350…
  10. February 2019 Investor Presentation – Crew Energy Inc. – slide 10
    EXCEPTIONAL OPERATIONAL PERFORMANCE Pacesetter well performance on first ERH pad Costs per Lateral Length Continue to Improve Drilling Days vs Depth Days 1,200 0 4 8 12 16 0 1,000 34% 2016 - 2018 500 1000 2018 vs 2016 /…
  11. February 2019 Investor Presentation – Crew Energy Inc. – slide 11
    UCR COMPLETION EVOLUTION Positive early results Initial 30 Day Condensate 25,000 1,800 m 20,000 Condensate Sales (bbl per well) Montney 15-20 Pad, 3 wells 15,000 3 well rate 4,584 boe/d Per well average: 1,528 boe/d…
  12. February 2019 Investor Presentation – Crew Energy Inc. – slide 12
    WEST SEPTIMUS: ULTRA CONDENSATE-RICH Compelling IRRs and robust NPVs of ERH wells support continued development with low gas prices Rate of Return Sensitivities(1) to WTI Pricing (US/bbl) Natural Gas: US3.00/MMBtu NYMEX, 160…
  13. February 2019 Investor Presentation – Crew Energy Inc. – slide 13
    STRATEGICALLY POSITIONED LAND BASE NE BC Montney assets are ideally situated for export RAILWAY TRANSPORTATION Uniquely positioned land base with direct access to 3 existing export pipelines, potential LNG exports & rail…
  14. February 2019 Investor Presentation – Crew Energy Inc. – slide 14
    OTHER OPPORTUNITIES Attachie, Groundbirch, Monias, and Tower development B13-26 Pad CGR: 350 bbls/mmcf 6 Miles Crew 10-22 10.5 mmcf/d IP30: 665 bbls/d condy extreme overpressured ATTACHIE 4 fracs 13-14 Pad Over-pressured 1.5 -…
  15. February 2019 Investor Presentation – Crew Energy Inc. – slide 15
    MARKET DIVERSIFICATION Expanding exposure to higher-priced hubs outside of Canada(2) Q1 2018 Q2 & Q3 2018 Q4 2018(1) 2019 3% 6% 4% 9% 10% 6% 18% 15% Chicago 4% Dawn(1) 16% 19% Malin(1) 41% 8% 38% Nymex 12% 15% Sumas(1)…
  16. February 2019 Investor Presentation – Crew Energy Inc. – slide 16
    PRODUCTION AND MARKET DIVERSIFICATION Increasing condensate production and greater exposure to US Nat Gas markets Q3 2018 Production Q3 2018 Revenue(1) Q3 2018 Operating Netback(1) 9% 12% 20% 16% 44% 48% 32% 44% 75% Est.…
  17. February 2019 Investor Presentation – Crew Energy Inc. – slide 17
    ENVIRONMENTAL LEADERSHIP IS A PRIORITY Recycled Water Used for Hydraulic Fracturing (%) Hazardous Waste Recycling Avg Per Year (2015-2017) 100 95% 80 60 50% 67% 61% 72 Tonnes Of waste diverted from landfills BC AB 19…
  18. February 2019 Investor Presentation – Crew Energy Inc. – slide 18
    KEY MONTNEY BUILDING BLOCKS ARE IN PLACE 16+ billion boe TPIIP(1) with 5,380 identified locations(1) on 282,000 net acres Massive Montney Resource Only 13% of Upper Montney land has reserves assigned Condensate, Light Oil & Focus on…
  19. February 2019 Investor Presentation – Crew Energy Inc. – slide 19
    IMPORTANCE OF CANADIAN ENERGY GLOBALLY Canada is the 4th largest oil, liquids and gas producing country in the world 16 Oil & Liquids Production (2017) Natural Gas Production (2017) 800 14 700 12 600 Billions of cubic metres…
  20. February 2019 Investor Presentation – Crew Energy Inc. – slide 20
    Contact Info: Contact Info: Dale O. Shwed, President & CEO John G. Leach, Senior Vice President & CFO Suite 800, 250 - 5th Street SW Calgary, Alberta T2P 0R4 Suite 800, 250 - 5th Street SW Telephone: (403) 266-2088 Calgary, Alberta…
  21. February 2019 Investor Presentation – Crew Energy Inc. – slide 21
    APPENDIX
  22. February 2019 Investor Presentation – Crew Energy Inc. – slide 22
    2019 CAPEX PROGRAM & FORECAST 2019 Cash Flow (CF) (mm) 95-105 Hedging Summary as of February 15, 2019 Net Capex (mm) 95-105 Volume Period Derivative Reference Price Year-end net debt (mm) 342 Natural Gas Assumptions: 22,500 mmbtu/Day…
  23. February 2019 Investor Presentation – Crew Energy Inc. – slide 23
    PROCESS AND TRANSPORTATION CAPACITY 275 mmcf/d takeaway capacity with 325 mmcf/d of processing 350,000 PROCESSING TRANSPORTATION 300,000 Groundbirch Facility (Proposed) 250,000 120 mmcf/d 200,000 TCPL/Nova 60 mmcf/d firm…
  24. February 2019 Investor Presentation – Crew Energy Inc. – slide 24
    POSITIVE IMPACT OF GAS MARKET DIVERSITY Ideally positioned with access to 3 major export pipelines 3.50 Commencement of Alliance Pipeline service and initiation of diversified 3.00 contract portfolio Natural Gas Prices (C/MCF)…
  25. February 2019 Investor Presentation – Crew Energy Inc. – slide 25
    NE BC MONTNEY RESOURCE EVALUATION - 2016 Dec. 31, Dec. 31, Reserves and Risked and Unrisked Economic Contingent Chance of Best Estimate Best Estimate 2016 2015 Resource (1)(2)(3)(6)(7)(8) Development Unrisked Risked Conventional…
  26. February 2019 Investor Presentation – Crew Energy Inc. – slide 26
    NE BC MONTNEY RESOURCE EVALUATION - 2016 CONTD Chance of Best Estimate Best Estimate Prospective Resources (1)(2)(3)(4)(5)(6)(7) Commerciality Unrisked Risked Conventional Natural Gas (Tcf) 66% 10,311 6,774 NGL (MMbbl) 66% 327 215…

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