CORPORATE SNAPSHOT TSX: TOG Market Summary Basic Shares Outstanding 223mm 2020e Production Average Daily Volume1 1.6mm shares Exit: 25,000 boe/d Market Cap / (88% liquids) 375mm / 750mm Enterprise Value Dividend Suspended…
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 Multi-leg wells - mile hz Trap: Subcrop, shoals and buried…
SE Saskatchewan Conventional Cash Flow Engine 200 Economic Parameters1 Conventional 50 mbbl Curve 180 DCE&T 0.9mm Average 160 IP 365 46 bopd 51 boepd Production Rate, 30 Day Avg (BOPD) Reserves 50 mbbls 55 mboe 140…
SE Saskatchewan Conventional SE Saskatchewan Conventional Wells Drilled vs Inventory Inventory has been expanded 400 through high quality acquisitions 350 300 Extensive experience in area drives 250 prospect generation Well…
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 Multi-stage fracd Bakken oil generation window Frac height contained to oil bearing units,…
Torquay / Three Forks Light Oil Resource Play 250 Torquay 150 mbbl Curve Economic Parameters1 Average - All Wells DCE&T 2.7mm 200 IP 365 97 bopd Production Rate, 30 Day Avg (BOPD) Reserves 150 mbbls 150 Production Adds 27,840…
Torquay / Three Forks Depth and Quality of Inventory Torquay/Three Forks Wells Initial footprint was established Drilled vs Inventory through 2013 strategic acquisition 160 140 TORC exploration program along 120 with industry…
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 net…
SE Saskatchewan Fracd Midale SE Saskatchewan - Fracd Midale Unconventional Midale: Low permeability, large OIP, low Multi-stage fracd recovery factor, layered and water flood upside Delineating the Resource Across TORCs Land…
SE Saskatchewan Fracd Midale Light Oil Resource Play 250 Economic Parameters1 Midale 85 mbbl Average DCE&T 1.6mm 200 IP 365 84 bopd 108 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 180 Established primarily through acquisitions in 2015 and 2016 160 140 TORC exploration program along 120 with 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 Multi-stage fracd…
Cardium Trend Development Drilling 350 Economic Parameters1 250 mboe Curve Average DCE&T 2.5mm 300 IP 365 85 bopd 135 boepd Reserves 155 mbbls 250 mboe Production Rate, 30 Day Avg (BOEPD) 250 Production Adds 18,520 per…
Cardium Trend Depth and Quality of Inventory Cardium Wells Drilled vs Inventory 300 Maintaining inventory through tuck-in acquisitions replacing 250 annual drill program 200 Sustainability and repeatability Well Count 150…
Sustainability Analysis Commodity Sensitivity Base Production 25,000 boe/d Base Decline 20% Annual Production Decline 5,000 boe/d WTI (USD) 35.00 37.50 40.00 42.50 45.00 FX (US/C) 0.74 0.74 0.74 0.74 0.74 WTI (C/bbl) 47.30 50.68…
Balance Sheet Strength Net Debt per Boepd 382mm net debt (Q2 Exit) 25,000 367mm drawn debt (Q2 Exit ) 20,000 15,000 425mm bank facility 10,000 5,000 TORC has reduced net debt per boe/d significantly since 2014 0 2014…
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 - Patrick O'Rourke President & Chief Executive Officer The Toronto-Dominion Bank BMO Capital Markets - Ray Kwan Jason Zabinsky…
Appendix 26
TORC s COVID Response Demonstrates Strategic Priorities Global responses to combat the spread of COVID-19 resulted in a sudden decline in economic activity and consequently a significant decrease in global crude demand In addition, a…
2020 Capital Program 80mm Capital Spending Investing in higher rate of return, lower risk light oil opportunities Strategically investing in infrastructure projects that achieve both economic returns and environmental benefits…
Wells Drilled Corporately Depth and Quality of Inventory Total Wells Drilled vs Inventory 1000 25% Depth of Inventory Across All 900 Core Areas 800 20% Each location thoroughly scrutinized through detailed evaluation by the…
Hedging Current Hedge Summary (C/Bbl) Volume (Bbl/d) Type Low High Index Jan 1, 2020 Dec 31, 2020 500 Collar 60.00 90.35 CWTI Aug 1, 2020 Dec 31, 2020 500 Collar 45.00 62.00 CWTI Aug 1, 2020 Dec 31, 2020 500 Collar 45.00 62.00 CWTI…
TORC Crude Oil Marketing Canadian Market Access TORCs production is 88% light oil and liquids High quality crude oil (average 35 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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