2019 FOCUS ON VALUE CREATION C O R P O R AT E P R E S E N TAT I O N J U LY 2 0 2 0
ABOUT CREW (TSX: CR) Condensate-Focused, NE BC Montney Producer Strong liquidity with continued focus on sustainability and decreasing controllable costs Large, contiguous land base with access to diversified markets and operated…
CORPORATE SUSTAINABILITY STRATEGY Crews Substantive Liquidity will be Maintained Positioned for Uncertainty 1 89% of Q1/20 net debt termed out to 2024 with no financial covenants Active hedging program underpins funds flow Diverse…
COVID-19 RESPONSE Rapid Action to Ensure Safety of Stakeholders and Value Preservation HEALTH & SAFETY Established work from home protocols in mid-March Implemented training programs to ensure seamless transition to remote working…
NATURAL GAS PRICE SENSITIVITY Significant Upside Potential with Improving Natural Gas Prices US2.60/Mcf NYMEX US2.95/Mcf NYMEX Current Strip(1) 2.50/Mcf AECO 3.00/Mcf AECO CF CF CFPS CFPS Chg % CFPS Chg % AAV 0.97 1.11 14% 1.34 38%…
STRATEGICALLY POSITIONED LAND BASE NE BC Montney Assets are Ideally Situated for the Export of Cleaner LNG Which Could Displace Coal RAILWAY TRANSPORTATION Crews land base is proximal to Coastal Gas Link Pipeline in the natural…
CREW INFRASTRUCTURE TRANSACTIONS Debt and Cost Reduction Derived From Strategic Agreements NET EFFECT: Cost reduction + debt reduction Debt reduction 58.3 MM Additional value creation First closing complete (Feb 2020) = 35 MM of cash…
2019 YEAR END RESERVES HIGHLIGHTS(1) 3 Year Average 2P F&D and FD&A Trending Down Meaningful Growth in PDP & 1P Reserves PDP Reserves 9 3 Year 2P F&D +5% 63.1 8.38 7.96 3 Year 2P FD&A 8 7.39 Increase Y/Y MMboe 7 6 6.21…
LOW COST PRODUCTION & RESERVES ADDITIONS P+P Reserves(1) (MMBOE) Montney Organic Production Growth(2) (BOE/D) 450 Condensate bopd Light Oil bopd Liquids mmbbls 411 411 NGLs bopd Natural Gas boepd 400 Gas mboe 370 22,000 350 20,000…
CONDENSATE PRODUCTION GROWTH Significant Exposure to a Recovery in Condensate Pricing Crew Condensate Volume & Value Western Canada Condensate Market Continues to Increase Supply vs Demand(2) UCR 1P 2019 condensate reserves +52% vs…
POSITIVE WELL RESULTS UCR ERH Type Average Wells Exceeding Type Curve(2) 1,000 West Septimus UCR 15-20 Pad(1)(3) 900 D15-20 - 41% Condensate(4) C15-20 - 40% Condensate(4) 800 B15-20 - 35% Condensate(4) 700 A15-20 - 33%…
IMPROVING EFFICIENCIES Lower Costs and Longer Wells Reductions in Drilling Cost per Lateral Meter Reductions in UCR Completions Costs per Lateral Meter 1,200 1,057 29% 2017-2019 2,500 26% over 4-21 pad 1,000 1,996 2,000…
ULTRA CONDENSATE-RICH (UCR) AREA Focus at Greater Septimus Crew 3-32 Pad (2019) 4.25 wells completed 4 B zone well average IP90: 1,119 boe/d Initial condensate ratios of 75 - 250 bbls/mmcf 2,723 mcf/d, 511 bbls/d condy, 154 bbls/d…
STABLE PRODUCTION BASE Field Operating Netback(3) Capex at Septimus 103MM 60,000 Septimus Gas Production Field operating netback(3) 100 4.78 16 19 exceeds capex(1), 5.00 4.49 providing funding for UCR growth 50,000 Stable…
MARKET DIVERSIFICATION Q4 2019 Q1 2020 2020(1) 2021(1) 3% 7% 9% 11% 16% 19% 13% 20% Chicago 7% 16% Malin(2) 16% 16% NYMEX Henry Hub 3% 20% AECO 5A Alliance ATP Station 2 58% 58% 59% 49% 1) Estimated market…
OTHER OPPORTUNITIES Attachie, Groundbirch and Tower Development B13-26 Pad 6 Miles Crew 10-22 CGR: 350 bbls/mmcf 10.5 mmcf/d IP30: 665 bbls/d condy ATTACHIE extreme overpressured 4 fracs 13-14 Pad Over-pressured 1.5 - 1.8x with…
KEY MONTNEY BUILDING BLOCKS ARE IN PLACE Direct access to 3 existing export pipelines, potential LNG exports & rail transportation Ideally Situated Land Base Only 13% of Upper Montney land has reserves assigned Rich Gas, Condensate &…
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 CONTACT INFO 20
APPENDIX 21
CANADA IS THE COUNTRY TO INVEST IN FOR RESPONSIBLE, CLEAN ENERGY Canada is a Top-ranking Global Leader in ESG Canadian-sourced energy is in the The importance of just one worlds best interest(1) Canadian LNG project…
ENVIRONMENTAL LEADERSHIP IS A PRIORITY Reducing Environmental Footprint While Remaining Focused on Returns Fresh Water Used for Hydraulic Fracturing (%) Gas Plant Flaring Performance 0.30% 50% 46% 91% 71% Flare volume % of…
SAFETY & SOCIAL IMPACTS ARE TOP OF MIND Safety - Its all About PEOPLE Crews Safety Performance: 350,000 Average Canadian homes Workforce TRIF* annually could be sourced from 1.5 Crews 2019 natural gas production Injury…
GOVERNANCE PROVIDES STRONG FOUNDATION Keeping Trust and Integrity at the Forefront of our Business Alignment with Shareholders is Key Women Represented Across Workforce Significant officer & director ownership 50% of Crews top 20…
HEDGING PROGRAM Hedging Summary as of May 7, 2020 Volume Period Derivative Reference Price Natural Gas 12,500 mmbtu/Day 2020 Swap Chicago C3.32/mmbtu 2,500 mmbtu/Day 2020 Swap NYMEX US2.48/mmbtu 7,500 mmbtu/Day Nov 20 Oct 21…
READER ADVISORIES 27
NON-IFRS MEASURES General References are made in this presentation to use terms that are commonly used in the oil and natural gas industry, but do not have any standardized meaning as prescribed by IFRS and therefore may not be…
NON-IFRS MEASURES Operating Netback and Field Operating Netback Management uses certain industry benchmarks such as operating netback to analyze financial and operating performance. This benchmark as presented does not have any…
Loading...
