CORPORATE SNAPSHOT TSX: TOG Market Summary Basic Shares Outstanding 217mm 2019e Production Average Daily Volume1 1.2mm shares Average: 28,300 boe/d Market Cap / Enterprise Exit: 28,300 boe/d 1.0bln / 1.4bln (88% liquids)…
Proven Strategy Per share growth Competitive advantage through organic Capital efficiencies development & strategic acquisitions Cash costs Operational Integrated Expertise Approach Financial Sustainability Flexibility Long-term…
Strategic Priorities Free Cash Flow Managing a Cyclical Business Dividend Balance sheet strength is key Focus on asset quality / capital Organic Growth efficiencies Manage decline profile for sustainability Asset…
Balanced Light Oil Asset Base Low decline, high netback, light oil assets Southeast 400 net undrilled conventional Saskatchewan locations Alberta Saskatchewan Conventional 94% liquids Significant management experience in area…
SE Saskatchewan Conventional Cash Flow Engine Conventional Pools Large Oil-in-Place1 5 to 100+ mmbbls Depth 1,000 2,000m Oil Quality 30-40 API Well Spacing 75 150m inter-well Undrilled Locations2 400 net Booked Locations…
SE Saskatchewan Conventional SE Saskatchewan - Conventional Conventional Mississippian: Stacked, discrete flow units, Frobisher: Open hole. excellent rock properties. Single and dual leg wells - mile hz. Trap: Subcrop, shoals…
SE Saskatchewan Conventional Cash Flow Engine 200 Economic Parameters1 180 50 mbbl Curve DCE&T 1.0mm Average 160 IP 365 46 bopd 51 boepd Production Rate, 30 Day Avg (BOPD) 140 Reserves 50 mbbls 55 mboe Production Adds…
SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory 400 350 Inventory has been expanded 300 through high quality acquisitions 250 Well Count 200 Extensive experience in area drives…
Torquay / Three Forks Light Oil Resource Play Large Oil-in-Place1 5 mmbbls / section 50 net prospective Land sections Depth 2100 2300m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 150 net…
Torquay / Three Forks Torquay / Three Forks Units 4-6 Units 1-3 Trap: Combination stratigraphic-structural, juxtaposed against 30 stage liner, 40 tonnes/stage, fracd with Bakken oil generation window. slickwater 1 mile…
Torquay / Three Forks Light Oil Resource Play 250 Economic Parameters1 Torquay 150 mbbl Curve Average - All Wells DCE&T 2.9mm 200 IP 365 97 bopd Production Rate, 30 Day Avg (BOPD) Reserves 150 mbbls 150 Production Adds…
Torquay / Three Forks Depth and Quality of Inventory Torquay/Three Forks Wells Drilled vs Inventory 160 Initial footprint was established through 140 2013 strategic acquisition 120 100 TORC exploration program along with Well…
SE Saskatchewan Fracd Midale Medium - Light Oil Resource Play Unconventional Pools Large Oil-in-Place1 5.5 to 9.0 mmbbls/sec. Depth 1,400 1,600m Oil Quality 26-38 API Well Spacing 5 wells/section Undrilled Locations2 175…
SE Saskatchewan Fracd Midale SE Saskatchewan - Fracd Midale Unconventional Midale: Low permeability, large OIP, low Midale: 30 stage liner, 5 tonnes/stage, recovery factor, layered and water flood upside. fracd with water at low…
SE Saskatchewan Fracd Midale Light Oil Resource Play 250 Midale 85 mbbl Economic Parameters1 Average DCE&T 1.8mm 200 IP 365 84 bopd 106 boepd Production Rate, 30 Day Avg (BOPD) Reserves 85 mbbls 120 mboe 150 Production Adds…
SE Saskatchewan Fracd Midale Depth and Quality of Inventory Frac'd Midale Wells Drilled vs Inventory Established primarily through 180 acquisitions in 2015 and 2016 160 140 TORC exploration program along with 120 industry…
Cardium Trend Development Drilling Large Oil-in-Place1 5 mmbbls / section Land 100 net light oil sections Depth 1600 2000m Oil Quality 40 API sweet Well Spacing 4 wells / section Undrilled Locations2 290 net Booked…
Cardium Trend West Central Alberta - Cardium Cardium Regional shoreface, stratigraphic trap, low permeability halo and discrete pools Land wellbore in upper porosity and geosteer in best quality rock 25 stage liner, 20…
Cardium Trend Development Drilling 350 250 mboe Curve Economic Parameters1 Average 300 DCE&T 2.8mm IP 365 85 bopd 135 boepd Production Rate, 30 Day Avg (BOEPD) 250 Reserves 156 mbbls 250 mboe Production Adds 20,740 per…
Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 250 Maintaining inventory through tuck-in acquisitions replacing 200 annual drill program Well Count 150 100 Sustainability and…
SUSTAINABILITY ANALYSIS Sustainability Highlights Production Run Rate Production boepd 28,300 Decline Rate % 23.0% Run rate production of 28,300 Annual Production Decline boepd 6,509 boe/d (88% oil & NGLs) o Corporate decline of…
Sustainability Analysis Commodity Sensitivity Base Production 28,300 boe/d WTI (USD) 50.00 55.00 60.00 65.00 70.00 FX (US/C) 0.75 0.75 0.75 0.75 0.75 WTI (C/bbl) 66.67 73.33 80.00 86.67 93.33 Edm Lt v s C WTI Differential (/bbl) *…
Balance Sheet Strength 396mm net debt (Q1 2019) 336mm drawn debt (YE 2018) 500mm bank facility Maintain Financial Flexibility by Managing Within Cash Flow 24
Dividend + Disciplined Growth Checklist Sustainability of the business model driven by: Decline rate 23% Operating netback1 34 Capital efficiency (all-in IP365) 28,000 per boe/d (2019 budget) Strong balance sheet 396mm net…
Investment Summary Low decline, high netback Focused, light oil asset base production base Sustainable yield All-in payout ratio targeted below 100% Opportunity for CPPIB to support future Strategic relationship growth and / or…
Corporate Information Management Banks Analyst Coverage Brett Herman Bank of Montreal AltaCorp Capital Thomas Matthews President & Chief Executive Officer The Toronto-Dominion Bank Jason Zabinsky BMO Capital Markets - Ray Kwan Canadian…
Appendix 28
2018 Year End Review Quality assets performed SE Sask and Cardium areas generated strong returns and stable free cash flow Continued Torquay/Three Forks development, select delineation to continue growth and initiated infrastructure…
2018 Year In Review Year-End Reserves Reserves Summary Oil Gas NGLs Total % Oil % Liquids RLI mbbl mcf mbbl mboe % % yrs PDP 44,115 45,704 3,446 55,178 80% 86% 5.4 Total Proved 70,757 83,035 5,697 90,293 78% 85% 8.8 P+P 107,533…
2019 Capital Program 180mm program Focus on sustainability and balance sheet protection Currently budget maintains current decline rate under 25% FCF allocation to acquisitions that are value & business accretive, improve…
Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled Depth of Inventory Across All vs Inventory 1000 25% Core Areas 900 Each location thoroughly scrutinized through 800 20% detailed evaluation by the…
Hedging Current Hedge Summary (C/Bbl) Volume (Bbl/d) Type Low High Index Mar 1, 2019 Dec 31, 2019 500 Collar 60.00 92.00 CWTI Mar 1, 2019 Dec 31, 2019 250 Collar 60.00 93.00 CWTI Apr 1, 2019 Dec 31, 2019 500 Collar 60.00 95.80 CWTI…
Modeling Assumptions Production: 2019 Avg/Exit: 28,300 boepd (88% oil & liquids) Per Share: 0.30 per share Annual Dividend: Gross: 65mm Net: 45mm (net of 30% SDP participation) Average Royalty: 17-18.0% 2019 Cash Flow OPEX &…
TORC Crude Oil Marketing Canadian Market Access TORCs production is 88% light oil and liquids High quality crude oil (average 34 API) 85% of oil production is downstream of Cromer MB Cromer volumes flow on Enbridge Line 65.…
Significant Cornerstone Investment from CPPIB CPPIBs Relationship Investments group provides long-term strategic capital to select companies CPPIB believes are positioned to be leaders in their respective industries Strategic…
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