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INVESTOR PRESENTATION – Petroquest Energy Inc.

Petroquest Energy Inc. · Oct 1, 2014 · 30 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. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 1
    October 2014
  2. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 2
    Our Properties Gulf Coast Mid-Con 2Q:14 Gulf Coast PRODUCTION: RESERVES: East Texas 301.8 Bcfe (1) 118 Mmcfe/d (1) (81% Long Life) (56% Long Life) Mid-Con East Texas Gulf Coast Mid-Con INVENTORY: 1.9 Tcfe (2) East…
  3. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 3
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison us PQ Cotton Valley Gulf Coast Porosity PQ13: 12.3 MMcf/d (5%) (10%) (28%) PQ14: 13.5 MMcf/d Mus PQ Cotton Valley Gulf Coast Permeability PQ15: 11.4 MMcf/d (.01…
  4. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 4
    Cotton Valley Horizontal Horizontal Uplift Horizontal Completions Realizing 9x EUR Uplift vs. Vertical Wells 12 9.8 10 8 7.0 Avg. Bcfe / Well 6 4 2 0.7 0 61 Vertical Wells 14 Horizontal Wells (1) PQ 9…
  5. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 5
    Cotton Valley Horizontal Moving Up the Curve Improving Well Performance (1) 20 20 18 18 16 16 Average IP Rate (Mmcfed) 14 14 Gross Operated Wells 12.2 12 12 10 9.1 10 8 7.4 8 6.3 6 6 4 4 2 2 0 0 2011…
  6. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 6
    Cotton Valley Horizontal Increasing EURs PQ9 Well - Upward Reserve Revisions 10.0 9.8 9.5 9.0 8.5 7.9 8.0 Bcfe 7.5 7.0 6.4 6.5 6.0 5.5 5.0 Initial Booking (7/1/2013) Ryder Scott Res. Booking Performance Revision…
  7. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 7
    Cotton Valley Horizontal Economics Economic Assumptions Carthage Cotton Valley Horizontal Type Curve Assumptions (1) 12,000 PQ 9 PQ 10 PQ 12 Gross Well Cost (MM) 6.8 10,000 EUR (Bcfe) 9.8 8,000 PQ 9: IP Rate (Mmcfe/d) 9.1 EUR:…
  8. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 8
    Cotton Valley Horizontal Planned Activity and Inventory Approximately 10 year drilling inventory using 2015s accelerated pace 2014 - 2015 Expected Drilling Program Horizontal Cotton Valley Inventory PQ 2011 -2013 Existing CV CV…
  9. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 9
    Cotton Valley Drilling to Unlock NAV 600 506 500 400 BCFE 300 200 100 48.1 0 E. Texas Proved 12/31/13 Net Risked Potential 10
  10. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 10
    Mid-Continent Woodford Shale West Relay Field Overview We currently have a 34,000 net JV acre position in the West Relay Field which lies approximately 8 miles to the west of our producing North Relay Field Since our development…
  11. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 11
    Woodford Position Ramping Up Development Relay Area (Liquids Rich Gas): 34,000 net JV acres (1) 2 rigs running arkoma basin Hoss Area JV ( Dry Gas): 38 well program 2015 (2 rigs planned) Legacy Dry Gas Acreage 50,000 net JV…
  12. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 12
    West Relay Program - Strong Initial Results Higher IP Rates and Liquids Mix 8.0 7.1 7.0 Average IP Rate (Mmcfed) 6.0 5.0 4.6 4.0 3.0 2.0 48.6% 1.0 36.3% 0.0 North Relay (31 well avg.) West Relay (14 well avg.)…
  13. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 13
    Woodford Liquids Rich Gas West Relay Field Economic Assumptions Sensitivity to Gas Prices 175% JV Terms (1), (2) 150% EUR (Bcfe) 4.6 IRR: 145% 125% Payback: 1.0 year Gross Well Cost (MM) 4.0 IRR: 117% 100% Payback: 1.1 years…
  14. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 14
    Gulf Coast Free Cash Flow Generator Fleetwood Project Area Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 73% La Cantera / PV-10 (MM) (12/31/13): 255 Thunder Bayou 2Q:14 Production (Mmcfe/d) 52 % Gas:…
  15. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 15
    Fleetwood JV Overview Fleetwood JV Overview Announced a 24 million joint venture agreement to develop a conventional onshore oil play 10MM cash; 14MM carry to earn an average 50% w.i. in partners interest in Fleetwood project area…
  16. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 16
    LaCantera/Thunder Bayou Deeper Pool Tests 17
  17. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 17
    LaCantera/Thunder Bayou Stratigraphic Cross Sections 18
  18. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 18
    PQ Operated Gulf Coast Drilling Summary Recent Projects First Prospect NRI Production Feet of Pay I.P. Rate Thibodeaux 1(La Cantera Prospect) 17% March 12 248 Net TVD 36,000 Mcfe Broussard Estates 2 (La Cantera Prospect) 17% Sept 12…
  19. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 19
    Product Diversification Gas to Liquids Liquids Production Will Drive Cash Margin Expansion 7000 6,622 GOM Acquisition 6000 5,833 5,567 Barrels of Liquids/Day 5000 4,787 4,593 4000 3,472 3,889 2,964 3000 2,612…
  20. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 20
    Significant Sequential Cash Flow Growth* 80.0 70.0 69.6 MM 60.0 Discretionary CF (MM) 54.7 MM 50.0 40.0 38.4 MM 30.0 20.0 10.0 1H13 2H13 1H14 * See Appendix 3 for reconciliation of discretionary cash flow…
  21. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 21
    Operating & Financial Metrics Revenue (MM) Discretionary Cash Flow (MM) (1) 100 93.4 92.6 200 183 90 180 77.4 80 160 69.6 142 70 140 128 121.0 60 120 50 100 38.4 74.1 40 80 30 60 40 20 20 10 - 0 2011 2012 2013…
  22. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 22
    Debt Metrics Poised for Improvement with Growing Cash Flow Profile Debt/EBITDA Comparison Debt Ratios 6.0x 2013 2Q14 Target 5.1x 5.0x 4.8x Debt to EBITDA (1)(4) 2.9X 2.5X 2.0X 4.0x Interest Coverage (2) (4) 3.5X 4.4X 5.0X 4.0x…
  23. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 23
    Relative Market Valuation Estimated P/CFPS for PetroQuest vs. Peers(1) 10.0x 9.0x 8.0x 7.0x EST. 2015 P/CFPS 6.0x 5.0x 9.6x 8.6x 4.0x 3.0x 4.8x 2.0x 4.2x 4.0x 3.8x 3.1x 3.0x 2.9x 2.7x 1.0x 2.4x 2.0x 2.0x 1.9x…
  24. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 24
    The Opportunity GROWTH: Positioned to post record reserves and production in 2014 VALUE: Currently trading at 2.4x analyst 2015E cash flow estimate (1) CATALYSTS: Significant leverage to emerging Cotton Valley play High impact…
  25. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 25
    Appendix 26
  26. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 26
    Appendix 1 - Hedging Positions Natural Gas Daily Hedged Volumes (Mmbtu) Price 2014 10,000 4.00 2014 20,000 4.20 Mar14 Dec14 5,000 4.29 2015 10,000 4.16 Oil Daily Hedged Volumes (Bbls) Price 2014 400 101.15 (1) 2014 350 93.26…
  27. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 27
    Appendix 2 ( in thousands) 2008 2009 2010 2011 2012 3Q13 4Q13 2013 1H14 Net Income (Loss) (102,100) (95,330) 41,987 5,409 (137,218) 383 2,291 8,943 19,635 Income tax expense (benefit) (55,581) (14,635) 1,630 (1,810) 1,636 17 794 320…
  28. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 28
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 1H13 2H13 2013 1H14 Net income (loss) 10,548 (132,079) 8,836 5,246 14,082 22,202 Reconciling items: Deferred tax expense (benefit) (1,810) 1,636 (491)…
  29. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 29
    Appendix 4 -Fleetwood Widgeon Sensitivity to Well Cost Widgeon IRR - Sensitivity to Well Cost 80% 70% 60% 50% IRR 40% 30% 20% 10% 0% 5.5 6.0 6.5 Capital, MM 400 MBO 300 MBO 200 MBO 30
  30. INVESTOR PRESENTATION – Petroquest Energy Inc. – slide 30
    Appendix 5 - Woodford Dry Gas Hoss Field Joint Venture Economic Assumptions Hoss Joint Venture Agreement 38 dry gas wells included in new joint venture JV Terms (1), (2) JV provides extremely beneficial cost sharing provisions for…

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