BUILDING SUSTAINABLE CASHFLOW Investor Presentation Investor Presentation August 2019
ADJUSTED FUNDS FLOW* INCREASED 188% Highlights YEAR-OVER-YEAR TO 29.1 MILLION IN Q2 2019 Strategic Priority Invest Within Balance Sheet / Deploy Proven Market Cash Flow Debt Reduction Technologies Access Deploy capital…
OUR TWO LONG-LIFE ASSETS PROVIDE Resource Developer PREDICTABLE PRODUCTION AND CASHFLOW Proved and Probable Reserves One of the Q2 2019 Production (Company Interest) Lowest Corporate Decline Rates(1) Groundbirch Montney natural…
390 MILLION BBL PROVED AND PROBABLE RESERVES WITH Lindbergh SAGD A 54 YEAR 2P RESERVE LIFE INDEX Operational Production exceeding nameplate capacity CNRL Excellence with low cumulative SOR of 2.69 Primrose Imperial Cold Lake…
Lindberghs LINDBERGH IS A TOP QUARTILE SAGD PROJECT Strong Economics (1) (2) Low SOR Drives Excellent Capital Efficiency Competitive Operating / Transport Costs (CA/boe) 25 Senior / Integrated Pure Play Producers Peers Pengrowth…
Groundbirch 132 MILLION BOE PROVEN AND PROBABLE RESERVES Montney Natural Gas WITH 118 YEAR RESERVE LIFE INDEX 132 BOE 2P gross reserves with 118 year 2P North Montney Long Life Asset reserve life index Mainline ARC Crew CNRL Long…
Recent Results Investor Presentation
Lindbergh Reserves 1P RESERVES INCREASE 34% - RLI 30 YEARS Recently Increased 2P RESERVES INCREASE 25% - RLI 54 YEARS Reserves Category Proved Developed Proved and Proved (1P) (millions BBLs) Producing Probable (2P) Opening Balance…
Lindbergh SAGD LINDBERGH PRODUCTION STEADY IN Q2 EVEN WHILE CURTAILED Unscheduled Outage 20,000 18,000 Scheduled plant turnarounds 12.0 Bitumen Production (bbl/d) 16,000 Steam-Oil Ratio (SOR) 14,000 9.0 12,000 10,000…
Adjusted Funds Flow* STRONGEST ADJUSTED FUNDS FLOW IN TWO YEARS WITH ( millions) A 188% YEAR-OVER-YEAR INCREASE TO 29.1 MILLION Impact Source 5.4 Increased production (7.2) Lower realized pricing 13.1 Decreased hedging losses…
Investment Highlights Investor Presentation 14
Performance versus ADJUSTED OPERATING EXPENSES AND CASH G&A EXPENSES Guidance ARE NORMALIZING TO GUIDANCE FOR THE YEAR 2019 Guidance (1) YTD 2019 Results Average production (boe/d) 22,500 - 23,500 22,736 Lindbergh Average…
DECREASED DEBT BY 19.3 MILLION NET OF FOREIGN Liquidity EXCHANGE 330 MM Revolving Credit Facility 520 MM Long Term Notes Drawn 250 182 200 330 MM Un-Drawn 85 150 100 208 123 132 Letters of 50 Credit 63 57 0 2019…
Attractive Cost Structure FOLLOWING TRANSFORMATION PENGROWTH HAS AN (Total Company) ATTRACTIVE COST STRUCTURE RELATIVE TO PEERS Low F&D Costs Drive Strong Recycle Ratio (1) Lindbergh Capital Efficiency(2) LOW F&D COSTS (3)…
TAX POOLS PROTECT CASH FLOW TO SUPPORT CAPITAL Tax Pools PLAN & DEBT REPAYMENT 10 Years of Tax Shielded Cash Flow 2.4 Billion in Total Pools 12 45 320 Deductibility Rate Tax pool balances are the legacy of Pengrowth Energy…
Pengrowth Energy A RESILIENT TEAM REDEFINING WHATS POSSIBLE TO TSX:PGF UNLOCK VALUE FROM TWO LONG LIFE ASSETS That Give Us One of the Lowest Capitalization and Operational Information(2): Corporate Decline Rates(1) (2)…
Appendix Investor Presentation
Lindbergh 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…
Historical EXCELLENT EXECUTION AT STREAMLINING OPERATIONS Transformation Q2 2016 AND REPAYING DEBT Q2 Announced 600 mm in Q4 Sold remaining Swan Hills assets for Q2 Sold Montney planned asset dispositions 150 mm, net proceeds used…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 Q2 2019 Measure Pengrowth(1) Pengrowth(2) Change Asset Retirement Obligation 546 MM 139 MM -75% (net of trust funds) Permanent Employees…
Pengrowth CONVERSION FROM INTERMEDIATE E&P TO Transformation RESOURCE PLAY DEVELOPER 2016 Q2 2019 Measure Pengrowth (1) Pengrowth (2) Change Production (boe/d) 57,058 22,736 -60% Operated Wellbores 3,949 546 -86% Operated…
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