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March 2020 Investor Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Mar 4, 2020 · 47 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. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation March 2020
  2. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 2
    Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Mar 2020 Tourmaline Overview 2.2MM Net Acres, 2.6 Billion Boe 2P Reserves R. 15W6 R. 1W6 R.…
  3. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2020 Production Growth Per Share* Reserves Growth Per Share* 500 10 Production per Thousand Shares Reserves per Share (BOEs) 400 8 300 6 (BOEs) 200 4 100 2 0 0 2009 2010 2011 2012…
  4. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 4
    4 GHG Emissions Peer Comparison Mar 2020 Tourmaline has the lowest GHG emissions intensity (CO2/boe) among Canadian Senior E&P peers Canadian E&P GHG Emissions 2018 25,000,000 0.12 Tourmaline has achieved a 46% reduction in C02…
  5. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 5
    5 A History of Full Cycle Profitability Mar 2020 400 6.00 * 350 Earnings before taxes (mm) 5.00 AECO (CAD/mcf) Earnings before tax ( millions) 300 4.00 250 AECO (/mcf) 200 3.00 150 2.00 100 1.00 50 -…
  6. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 6
    6 Largest North American Natural Gas Producers Mar 2020 Tourmaline is the largest natural gas producer in Canada, and the sixth largest gas focused producer in North America MMcf/d 2020E Natural Gas Production Canada & US 4,000…
  7. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 7
    7 Current 5 Year Plan(1) Mar 2020 450,000 400,000 350,000 300,000 250,000 Spirit River Boe/d 200,000 NEBC 150,000 Deep Basin 100,000 50,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 Ending E&P Surplus After-tax…
  8. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 8
    8 Alberta Deep Basin Mar 2020 The contiguous Tourmaline interconnected Deep Basin T65 R9 R7 R5 Cretaceous gas asset is effectively Albertas Largest Gas Field. T63 Current Production 175,000 - 180,000 boepd Current Reserves…
  9. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 9
    9 NEBC Montney Gas/Condensate Complex Mar 2020 TOU Land Current Prod. 515-540 mmcf/d 13,000-14,000 bpd condensate C-60-A Gas Plant TOU Wells 200 MMCF/D 12,000-12,500 bpd ngl Q2 2019 TOU Pipelines Current Reserves 1,344.1…
  10. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 10
    Top BC Montney Wells 10 (On-stream between Sept Nov 2019) Jan 2020 180,000 Liquids Gas 160,000 140,000 120,000 100,000 boe 80,000 60,000 40,000 20,000 0 ARC 15-23 Tourmaline d-043 Tourmaline…
  11. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 11
    11 Gundy Creek Phase 1 Deep Cut Plant May 2019 Plant Start-up in May 2019, constructed in 6 months, 200 mmcfpd/13,500 bpd capacity, on budget and ahead of schedule
  12. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 12
    13 NEBC Montney Consolidation Mar 2020 Polar Star Canadian Oil and Gas Inc. Polar Star Lands Chinook Lands Polar Star Facility 2,500 boe/d 19% Liquids Chinook Martin Ck Polar Star Lands 20 MMcf/d 106,000 Net acres of Montney…
  13. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 13
    Tourmaline Montney 13 Efficiency + Execution Mar 2020 Montney Net Production (MMcfe/d) 1,400 1,200 1,000 800 600 400 200 0 Source: Goldman Sachs (2019A) except for Tourmaline (2020 Exit) Select Montney Peers ARC…
  14. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 14
    14 Peace River High Complex Triassic Oil Charlie Lake and Montney Plays Mar 2020 Peace River High R. 11 R. 9 R. 7 R. 5 1,826 Horizontal Locations* along Regional Play Mulligan/Earring Upper Charlie Lake 15-13 Mulligan Fairways…
  15. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 15
    15 Tourmaline Mid-Stream Assets Nov 2019 The infrastructure skeleton in all three core operated complexes is now complete. This infrastructure is essentially R. 15W6 R. 1W6 all newR.and 15W5in the growth areas of the WCSB. NE…
  16. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 16
    16 Historical Reserves Summary Mar 2020 Reserves (GLJ) Reserves 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 3,000 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) 2,500 PDP 91.9 122.3 177.8…
  17. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 17
    17 Gas Development Location Inventory and Economics Mar 2020 AB Deep Outer AB Deep B.C. Gundy B.C. PRH PRH Basin Foothills Basin Montney Montney Charlie Lake Montney Vertical Vertical Horizontal Horizontal Horizontal Horizontal…
  18. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 18
    18 The TOU Engineering Execution Machine Mar 2020 Drill & Complete Costs 8.00 Tourmaline has the lowest completed per stage (Equipping not included) well costs in the overall Montney play in 7.00 Western Canada and the Alberta…
  19. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 19
    19 Continuous Capital Efficiency Improvements Mar 2020 22,500 2019 and 2020 will yield the best capital efficiency 20,000 metrics in company history. 2018 was affected by the major Gundy Phase 1 Deep Cut 17,500 gas plant…
  20. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 20
    20 Continuous Cost Reduction Strategy Mar 2020 Operating Costs General and Administrative Costs 7.00 6.50 6.34 1.50 1.29 6.00 5.58 1.02 5.50 1.00 /boe /boe 5.00 4.87 0.79 0.74 4.43 4.35 4.37 0.60 4.50 0.45…
  21. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 21
    21 2020 Guidance Mar 2020 2020(1) Production Boe/d 320,000 Cash Flow(i) - MM 1,321 CFPS - Diluted(i) 4.87 E&P Capital Program(ii) - MM 925 Free Cash Flow(iii) - MM 361 Exit Net Debt(i) - MM 1,542 Debt to CF 1.2x…
  22. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 22
    22 Balanced Revenue and Cash Flow Streams Through Product, Marketing and Transportation Diversification March 2020 2020 BUDGETED REVENUE AECO & Station 2 20% Oil and Condensate 32% Fixed Price 10% NYMEX NGL Basis 11%…
  23. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 23
    23 2020 Cash Flow & Free Cash Flow Sensitivity Mar 2020 Tourmaline has excellent free cash flow resiliency in 2020, with significant positive free cash flow expected, even well below the current strip Tourmalines budget is free…
  24. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 24
    24 2020 Natural Gas Transportation and Marketing Overview March 2020 2020 Average Natural Gas Portfolio Diversification 2020 Exit: 490 mmcf/d of gas will be to US/Other Markets 2022 Exit: 615 mmcf/d of gas will be to US/Other…
  25. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 25
    25 Tourmaline/Topaz Transaction Nov 2019 Tourmaline crystallizes a portion of the unrealized intrinsic value in the Companys extensive infrastructure complex and utilizes the very low cost EP business to create a new hybrid…
  26. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 26
    26 Current Strategy Considerations Nov 2019 More than ever, size matters in the Canadian energy sector. Tourmaline needs to screen as a top three Canadian Senior energy investment choice. Our goal is to be the most efficient,…
  27. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 27
    27 Highlights and Outlook Nov 2019 Tourmaline now a Senior with production exceeding 300,000 boepd. Tourmaline is the largest producer of Canadian natural gas and is a top ten Canadian liquids producer (excluding oil…
  28. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 28
    APPENDIX
  29. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 29
    29 Natural Gas Flows From Western Canada
  30. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 30
    30 Completed Well Costs and EUR By N. American Play Type Mar 2019 Well Costs DC,T (CAD) Vs. EUR by Play Type 18 0.66/mcf Completed Well Cost CDN EUR (Bcfe) 16 15.5 Bcfe 0.94/mcf 14 1.10/mcf 12.8 Bcfe 12.0 MM 12 10.6 MM 10.2…
  31. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 31
    31 Tourmaline vs Natural Gas Peers Cash Costs Per BOE Mar 2019 Tourmaline Vs. US Gas Weighted Peers Cash Costs in USD* per BOE (Q3/18) Operating Transportation G&A Interest 10.00 9.52 9.00 7.89 8.00 7.00 6.24 Costs Per…
  32. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 32
    32 A Significant Liquids Producer Mar 2020 Tourmaline has doubled liquids production over the past 2 years with strong liquids growth across all three operated complexes. The 2020 liquid production growth rate of 20% is amongst the…
  33. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 33
    33 Independently Recognized Canadian 2P Reserves(1) Mar 2020 14.00 12.00 Natural Gas Tourmaline has booked only 15% of Natural Gas (1) 10.00 existing drilling inventory (2,305 of 14,919 locations See Schedule A). 8.00…
  34. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 34
    34 PRH Complex Asset Acquisition Overview Nov 2019 25 % Share of Complex Dec 2014 Sale Aug 2019 Acquisition (Reserves, Reserve Value Jan 1, 2019) Production 3,000 boepd 5,600 boepd PDP Reserves 3.7 mmboe 9.8 mmboe Value…
  35. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 35
    35 EP Growth Plan (Original Business Plan) Sept 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  36. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 36
    36 Alberta Deep Basin Liquids Rich Cardium Fairway Nov 2019 Only the initial Cardium delineation 16-20-50-22W5 PAD (2 Hztl) 6-1-51-23W5 PAD (2 Hztl) 12-36-50-23W5 PAD (1 Hztl) locations are depicted, the potential IP 90 16.8 mmcfpd…
  37. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 37
    37 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  38. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 38
    Evolving into Canadas Largest Montney Producer Mar 2020 Tourmaline to become the largest Montney producer through fully delineated assets that are economic on current strip. Tourmaline is already the largest Alberta Deep Basin…
  39. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 39
    39 Gundy Ck Montney Development Sept 2019 A-078-A PAD Avg Rate Number Avg Free Avg Total 9 wells to Date of Days Cond Yield Liquid Yield Gundy Rig Released June 2017 (mmcf/d) (bbl/mmcf) (bbl/mmcf) Current Production: 200 mmcfpd,…
  40. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 40
    40 Gundy Horizontal Well Performance Nov 2018 2017/2018 average completed well costs of 3.3-3.5 million, and along with Sunrise-Dawson, the least expensive for the entire Canadian Montney sector.
  41. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 41
    41 Tourmaline Environmental Performance Tourmaline strives to continually improve all aspects of environmental performance including the impact of its operations on air, land and water. Tourmaline ranks as a top decile performer…
  42. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 42
    Sustainability Performance Highlights Feb 2020 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over six years. The Company is systematically improving its…
  43. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 43
    Continuous Environmental Performance Improvement 43 Through Innovative Application of New Technologies Massive reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage elimination…
  44. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 44
    Tourmaline Environmental Performance 44 Improvement Highlights June 2019 BC Water Management Alberta Water Management 95-100% of all water sourced for stimulation operations is 1st, and only, company in Alberta to be licenced…
  45. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 45
    45 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling New Waste heat recovery technology Alternative hz frac programs/processes Concurrent pairs, delayed…
  46. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 46
    46 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This presentation discloses drilling locations in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked locations; and…
  47. March 2020 Investor Presentation – Tourmaline Oil Corp. – slide 47
    47 Schedule A continued Deep Basin Vertical well count : Approximately 2,499 gross prospective sections at approximately 1.5 wells per section minus 10% for areas that are inaccessible or limited by spacing requirements minus…

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