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November 2019 Corporate Presentation – Crew Energy Inc.

Crew Energy Inc. · Nov 20, 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. November 2019 Corporate Presentation – Crew Energy Inc. – slide 1
    Focus on Value Creation November, 2019 Developing our World-Class Montney Resource
  2. November 2019 Corporate Presentation – Crew Energy Inc. – slide 2
    CAUTIONARY STATEMENT, Contd Non-IFRS Measures Funds from Operations and Adjusted Funds Flow One of the benchmarks Crew uses to evaluate its performance is funds from operations and adjusted funds flow. Funds from operations and adjusted…
  3. November 2019 Corporate Presentation – Crew Energy Inc. – slide 3
    ABOUT CREW (TSX: CR) Liquids-focused, NE BC Montney producer Large, contiguous land base with a material resource 16 billion boe(1) Access to diversified markets with operated infrastructure footprint, increasing liquids production &…
  4. November 2019 Corporate Presentation – Crew Energy Inc. – slide 4
    CAPITALIZING ON STRONG FORECAST GAS PRICES Nine month budget expected to enhance well economics while balancing capex with AFF through 1H 2020 Forward Nine-Month 54MM planned for investment Q4/19 through Q2/20 Capital Expenditure…
  5. November 2019 Corporate Presentation – Crew Energy Inc. – slide 5
    LOW COST PRODUCTION & RESERVES ADDITIONS With increasing condensate P+P Reserves(1) (MMBOE) Montney Organic Production Growth(2) (BOE/D) Focus on 450 Condensate bopd Light Oil bopd condensate Liquids mmbbls 411.0 22,000 NGLs bopd…
  6. November 2019 Corporate Presentation – Crew Energy Inc. – slide 6
    CONDENSATE PRODUCTION GROWTH Material leverage to condensate: a 1,000 bbls/d increase drives AFF increase of 25%(1) Crew Condensate Volume & Value Western Canada Condensate Continues to Increase Market Supply vs Demand(3) UCR 1P 2018…
  7. November 2019 Corporate Presentation – Crew Energy Inc. – slide 7
    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…
  8. November 2019 Corporate Presentation – Crew Energy Inc. – slide 8
    OVER 100 TCFE OF TPIIP* ON CREW LANDS Montney is a siltstone, not a shale (*Total Petroleum Initially In Place) Montney Attributes: Exceptionally thick: up to 1,000 feet Permeability 20 - 80x greater than comparable Flatrock…
  9. November 2019 Corporate Presentation – Crew Energy Inc. – slide 9
    CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 4 HZ Wells 4 HZ Wells 94 HZ Wells 77 HZ Wells 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Tower Doig Upper Montney 9 1 AA 2 23 7 2 A 42 64 3 B 2 9 3…
  10. November 2019 Corporate Presentation – Crew Energy Inc. – slide 10
    OPTIMIZING DRILLING PERFORMANCE Cost per Lateral Length Continues to Improve Drilling Days vs Depth Days 1,200 0 4 8 12 16 35% 0 500 1,000 2016-2019 2019 vs 2016/2017 1,000 800 1,500 64% 2,000 Increased lateral length…
  11. November 2019 Corporate Presentation – Crew Energy Inc. – slide 11
    UCR COMPLETION EVOLUTION Positive early results 15-20 Pad UCR Wells Exceeding 300,000 bbl / Well Type Curve(2) West Septimus UCR 15-20 Pad(1)(3) 320,000 300,000 1,800 m Estimated Cumulative Sales Volume (boe) 280,000…
  12. November 2019 Corporate Presentation – Crew Energy Inc. – slide 12
    ULTRA CONDENSATE-RICH (UCR) AREA Focus at Greater Septimus Focus on UCR development Initial condensate ratios of 75 - 250 Crew 7-30 Pad (2016/17) 5 B zone well average IP90: 590 boe/d, Crew 3-32 Pad Q4 completions 4 B zone wells…
  13. November 2019 Corporate Presentation – Crew Energy Inc. – slide 13
    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: US2.40/MMBtu NYMEX, 120 FX:…
  14. November 2019 Corporate Presentation – Crew Energy Inc. – slide 14
    STABLE PRODUCTION BASE Field operating netback(4) Capex at Septimus 100 4.78 94MM 6.00 5.00 60,000 Septimus Gas Production 90 4.49 Field operating netback(4) forecast 50,000 16 19(1) exceeds capex, Stable forecast declines…
  15. November 2019 Corporate Presentation – Crew Energy Inc. – slide 15
    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…
  16. November 2019 Corporate Presentation – Crew Energy Inc. – slide 16
    MARKET DIVERSIFICATION Expanding exposure to higher-priced hubs outside of Canada(1) Q3 2019(2) Q4 2019(1) 2020(1) 2% 7% 7% 20% Chicago 16% 18% Dawn(2) 6% 7% 15% Malin(2) 16% 17% NYMEX Henry Hub 8% AECO 5A Alliance ATP…
  17. November 2019 Corporate Presentation – Crew Energy Inc. – slide 17
    POSITIVE IMPACT OF GAS MARKET DIVERSITY Ideally positioned with access to 3 major export pipelines 4.00 3.50 Commencement of Alliance Pipeline service and initiation of diversified contract portfolio 3.00 Natural Gas Prices…
  18. November 2019 Corporate Presentation – Crew Energy Inc. – slide 18
    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 4 fracs 13-14 Pad ATTACHIE 7 well average: IP90…
  19. November 2019 Corporate Presentation – Crew Energy Inc. – slide 19
    ENVIRONMENTAL LEADERSHIP IS A PRIORITY Recycled Water Used for Hydraulic Fracturing (%) Gas Plant Flaring Performance 95% 0.25% 100 93% 0.21% 52% reduction 2015 to 2018 Flare Volume % of Plant 0.20% 0.18% 80 67% 0.15% 61% 60…
  20. November 2019 Corporate Presentation – Crew Energy Inc. – slide 20
    INNOVATION LEADS TO IMPROVED SAFETY & REDUCED EMISSIONS Identifying opportunities to improve efficiencies & reduce environmental impact Positive Impacts from Using Natural Gas in Positive Impacts from Shipping Drilling & Completions…
  21. November 2019 Corporate Presentation – Crew Energy Inc. – slide 21
    KEY MONTNEY BUILDING BLOCKS ARE IN PLACE 16+ billion boe TPIIP(1) with 5,380 identified locations(1) on 277,000 net acres Massive Montney Resource Only 13% of Upper Montney land has reserves assigned Condensate, Light Oil & Focus on…
  22. November 2019 Corporate Presentation – Crew Energy Inc. – slide 22
    Contact Info Suite 800, 250 - 5th Street SW Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Email: investorcrewenergy.com Dale O. Shwed President & CEO John G. Leach Executive Vice President & CFO
  23. November 2019 Corporate Presentation – Crew Energy Inc. – slide 23
    www.crewenergy.com Appendix
  24. November 2019 Corporate Presentation – Crew Energy Inc. – slide 24
    2019 CAPEX PROGRAM & FORECAST 2019 Hedging Summary as of November 1, 2019 Volume Period Derivative Reference Price AFF(1) (mm) 75-85 Natural Gas Net Capex (mm) 95-100 25,000 mmbtu/Day 2019 Swap Chicago C3.53/mmbtu Assumptions:…
  25. November 2019 Corporate 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. November 2019 Corporate 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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