Investor Presentation Investor Presentation June 2019
PENGROWTH IS A RESOURCE DEVELOPER OF TWO Who We Are WELL-DEFINED LONG-LIFE LOW-DECLINE ASSETS 447 Million boe 792 Billion cf Proved & Probable Reserves (Gross) Proved & Probable Reserves (Gross) Groundbirch 50 Year Reserve Life…
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)…
PENGROWTHS FREE CASH FLOW YIELD Torque to Oil EXPECTED TO OUT-PERFORM IN 2019 2019E Interest-adjusted FCF yield(1) Net Present Value Sensitivity(3) At strip pricing(2) GLJ 2P case presented on a before tax basis 25% US55 WTI US60…
BITE SIZED GROWTH PLAN TO REACH 35,000 BBL/D AT Multi-Year Plan LINDBERGH BY THE END OF 2023 Strategic Priority Invest Within Balance Sheet / Deploy Proven Market Cash Flow Debt Reduction Technologies Access Deploy capital Pursue…
Strategic REVIEW PROCEEDING AS PLANNED Alternatives Assembly of Bid Evaluation, Virtual Data Management Preliminary Lender Room and Meetings with Bid Evaluation, Solicitation of Negotiation, Confidential Counterparties…
LINDBERGH IS ONE OF THE MOST ECONOMIC THERMAL OIL Strong Economics PROJECTS IN THE BASIN (1) (2) Low SOR Drives Excellent Capital Efficiency Competitive Operating / Transport Costs (CA/boe) 25 Senior / Integrated Pure Play…
Investment Highlights Investor Presentation
FOLLOWING TRANSFORMATION PENGROWTH HAS AN Attractive Cost Structure ATTRACTIVE COST STRUCTURE RELATIVE TO PEERS Low F&D Costs Drive Strong Recycle Ratio (1) Lindbergh Capital Efficiency(2) LOW F&D COSTS Incremental Large Scale…
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 13 2.3 Billion in Total Pools 357 Deductibility Rate Tax pool balances are the legacy of Pengrowth…
Asset and Operations Overview Investor Presentation
Pengrowths TWO HIGH QUALITY LONG-LIFE LOW-DECLINE ASSETS Asset Portfolio By Area By Product Oil Groundbirch 2% Q1 2019 Production Other NGL 16% 2% 0% Gas Lindbergh 18% Heavy Oil 18,193 bbl/d production 22,764 22,764 311…
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 gross reserves with 72 year North Montney Long Life Asset reserve life Mainline ARC Crew CNRL Long life gas…
Recent Results Investor Presentation
Performance versus ADJUSTED OPERATING EXPENSES AND CASH G&A EXPENSES Guidance ARE EXPECTED TO NORMALIZE TO GUIDANCE OVER THE YEAR 2019 Guidance (1) Q1 2019 Performance Average production (boe/d) 22,500 - 23,500 22,764 Lindbergh…
ADJUSTED FUNDS FLOW INCREASE 122% TO Year-over-Year 16 MILLION COMPARED WITH 7.2 MILLION Adjusted Funds Flow ( millions) 10.5 - Increased production (6.5) - Commodity pricing 8.9 - Decreased hedging losses (3.3) - Increased…
DRAWS ON OUR CREDIT FACILITY INCREASED PARTLY DUE TO Liquidity ABANDONMENT AND RECLAMATION WORK COMPLETED DURING THE FIRST QUARTER WHICH REDUCED OUR LETTERS OF CREDIT 330 MM Revolving Credit Facility 531 MM Long Term Notes Drawn…
LINDBERGH EXITS 2018 ON PLAN AT MORE THAN 19,000 BBL/D AND Lindbergh SAGD CONTINUES TO PRODUCE AT UPPER END OF 2019 GUIDANCE EVEN WHILE CURTAILED Unscheduled Outage 20,000 18,000 12.0 Scheduled plant turnarounds Bitumen Production…
70% OF PRODUCTION APPORTIONMENT PROTECTED IN 2019 Market Access THROUGH FIXED DIFFERENTIAL PHYSICAL CONTRACTS Year 2019 Lindbergh Estimated Production Coverage 72% Diluted Bitumen Volume (bbl/d) 17,500 Average Fixed…
2019 Market Access 17,500 OF 2019 DILBIT SALES VOLUME APPORTIONMENT Illustration PROTECTED AT A FIXED DIFFERENTIAL How We Get 25,000 bbl/d of Other Contractual Elements Multiple Apportionment C5 Diluent (6,900 bbl/d) Diluted…
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 Asset Sales planned asset dispositions 150 mm, net…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 Q1 2019 Measure Pengrowth (1) Pengrowth (2) Change Asset Retirement Obligation 546 mm 114 mm -79% (net of trust funds) Permanent…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 Q1 2019 Measure Pengrowth (1) Pengrowth (2) Change Production (boe/d) 57,058 22,764 -60% Operated Wellbores 3,949 721 -82% Operated…
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