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April 2022 Corporate Presentation – Peyto Exploration & Development Corp

Peyto Exploration & Development Corp · Apr 1, 2022 · 60 slides

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Slides

  1. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 1
  2. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 2
    New To Peyto Who We Are PEYTO Exploration & Development Corp. N 5th Largest Canadian Gas Producer 620 MMcfe/d N 11th Largest Canadian Gas Processor 970 MMcf/d capacity N Pure Play Alberta Deep Basin Multizone stacked resource,…
  3. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 3
    PEY.TO 21 Year Growth Per Share PEYTO Exploration & Development Corp. Historical Per Share (or unit) and Shares (units) Outstanding numbers (end of period) have been adjusted to reflect the May 27, 2005 2:1 stock split BOE factor -…
  4. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 4
    PEY.TO Total Shareholder Return Model PEYTO Exploration & Development Corp. Organic growth for LNG exports Future Prospects Past Profits BOE factor - 6 mcf = 1 bbl of oil equivalent 5 Non-GAAP measures and ratios do…
  5. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 5
    PEY.TO We Heat Your Homes PEYTO Exploration & Development Corp. Natural Gas X X Safe Reliable Affordable 6 https://www.efficiencyalberta.ca 4/13/2022 http://www12.Statcan.gc.ca
  6. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 6
    PEY.TO Environmental Leader PEYTO Exploration & Development Corp. Notes: Intensities are based on total subsector emissions and relevant production amounts. They represent overall averages, not facility intensities. *Calculated on…
  7. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 7
    PEY.TO Continuously Improving Emissions PEYTO Exploration & Development Corp. Peyto GHG Emissions Intensity 29.0 26.0 24.7 23.9 22.3 21.1 19.8 19.6 19.3 2013 2014 2015 2016 2017 2018 2019 2020 2021E in GHG Emissions…
  8. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 8
    PEY.TO Less Impact on Land and Water PEYTO Exploration & Development Corp. Peyto Land Use Reduction 2.1 2.0 1.9 1.8 1.7 1.7 1.6 1.5 2013 2014 2015 2016 2017 2018 2019 2020 in Surface Land Use ha per well (cumulative…
  9. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 9
    The Peyto Strategy PEYTO Exploration & Development Corp. 10 4/13/2022
  10. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 10
    The Peytos Strategy What We Continue To Believe PEYTO Exploration & Development Corp. N Natures gas is the fuel for the future. N Our gas and NGLs have some of the lowest emissions of any hydrocarbons produced in Canada. N Our…
  11. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 11
    The Peytos Strategy Growing North American Gas Market PEYTO Exploration & Development Corp. North America Gas Consumption (BCF/d) (BP Statistical Review of World Energy 2019) 140 140 120 120 100 100 32% growth 80 2008-2018…
  12. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 12
    The Peyto Strategy Bolster Albertas Shrinking Gas Reserves PEYTO Exploration & Development Corp. https://www.aer.ca/providing-information/data-and-reports/statistical-reports/st98/statistics-and-data 13 Non-GAAP measures and ratios…
  13. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 13
    The Peytos Strategy Canadian Gas Egress Is Expanding PEYTO Exploration & Development Corp. Dry Natural Gas Production - Canada 25 (EIA) 9 LNG Export 8 2.0 Bcf/d 7 LNG Canada 20 6 NGTL Expansion 5+40% BCF/D 4 15 3…
  14. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 14
    The Peyto Strategy Fund Growth From Cashflow PEYTO Exploration & Development Corp. Peyto FCF 8,000 6,766 120,000 6,940 7,000 100,000 6,000 80,000 5,000 Peyto FFO 4,000 60,000 CTD Q4/21 3,000 40,000 2,000 20,000 1,000…
  15. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 15
    The Peyto Strategy Invest For Profit Not Growth PEYTO Exploration & Development Corp. 800 700 600 500 Peyto Capital 400 CTD Q4/21 300 200 100 Covid - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010…
  16. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 16
    The Peyto Strategy Dividend Sustainability PEYTO Exploration & Development Corp. 3,000 2,500 2,000 Peyto Ctd. Earnings (MM) 1,500 Q4/21 1,000 500 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009…
  17. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 17
    The Peyto Strategy 23 Year Cycle of Value Creation PEYTO Exploration & Development Corp. 6.77B Capital Investment 60% retained FFO YE 2021 24% equity 16% debt 2P NPV5 2.70B 13.1B Value Earnings 10.19B 2.49B in div/dist 0.40B to…
  18. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 18
    Peytos Profitable Business PEYTO Exploration & Development Corp. 19 4/13/2022
  19. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 19
    Peytos Profitable Business Build it for less than we sell it PEYTO Exploration & Development Corp. 2021 2014 2015 2016 2017 2018 2019 2020 2021 Land/Acq/Disp Seismic Drilling PDP FD&A /mcfe (2.25) (1.64) (1.44) (1.36) (1.18)…
  20. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 20
    Peytos Profitable Business Lowering The Bar PEYTO Exploration & Development Corp. AECO 10 Monthly /GJ Peyto Realized Gas Price (/mcfe) 35% Avg. 8 Profit CTD Lowest realized price ever, but 6 also lowest total supply…
  21. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 21
    Peytos Profitable Business Peytos Moat is a Low-Cost Advantage PEYTO Exploration & Development Corp. 2.24 5.18 (0.19) 1.60 BOE factor - 6 mcf = 1 bbl of oil equivalent 22 Data from Peters & Co. Gas producers include:…
  22. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 22
    Peytos Profitable Business High Operating Margins PEYTO Exploration & Development Corp. 90% 9.00 80% 8.00 70% 7.00 60% 6.00 50% 5.00 40% 4.00 30% 3.00 20% 2.00 Peyto Operating Margin 10% 1.00 Last 21 Year Avg. 0% 2000…
  23. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 23
    Peytos Unique Assets PEYTO Exploration & Development Corp. 24 4/13/2022
  24. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 24
    Peytos Assets Geographically Focused Core Areas PEYTO Exploration & Development Corp. 608,580 net acres (Q421) 12 operated gas plants - Cutbank --(970 mmcf/d net capacity) 2,000+ km pipelines 1,700+ producing zones Kakwa 103,000…
  25. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 25
    Peytos Assets PEYTO Deep Basin Permeability Segregation Exploration & Development Corp. FOOTHILLS STRUCTURES GAS AS ING INCRE BILITY EA PERM WATER TRANSITION ZONE WATER GAS ASE INCRE AREA OF GAS DEPTH…
  26. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 26
    Peytos Assets Multi Zone Stacked Sandstone Reservoirs PEYTO Exploration & Development Corp. *NGL recoveries can increase by 15+ bbl/mmcf with deeper cutting processing facilities Reserves are 2P recoverable in a section at 85%…
  27. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 27
    Peytos Assets Cecilia Acquisitions 35MM Effective Jan 1/21 PEYTO Exploration & Development Corp. YE21 Rates: Base: 2,750 boe/d Cecilia Gas Plant 12-34-56-22W5 Ownership: 100% WI New: 12,650 boe/d (20 new wells Original Throughput:…
  28. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 28
    Peytos Assets Chambers Area Success and New Gas Plant PEYTO Exploration & Development Corp. Existing Brazeau Gas Plant. Chambers Development Gross Capacity 150 mmcfd gas 80,000 T4 Peyto Net H H 70,000 H H H H H H H H 1…
  29. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 29
    Peytos Assets Private Co. Acquisition and New Chambers Gas Plant PEYTO Exploration & Development Corp. Corporate Acquisition 22 million, effective Jan 1, 2022 100%, 45 MMcf/d Sweet Gas Plant (26 million installed cost in…
  30. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 30
    Peytos Assets PEYTO Large Hz MSF Inventory Exploration & Development Corp. Done1 To Do Total Total Total Total Hz(Vt) Hz Locations Vertical Hz Locations Unbooked3 Wells Wells Booked2 2 (2) 440 200 460(9) 424 5 1 5 4 1 2…
  31. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 31
    Peytos Assets Deep Basin Lands Go A Long Way PEYTO Exploration & Development Corp. 1,000 Peyto Lands 900 800 700 Net Sections 600 Net Peyto Sections 500 400 300 200 100 - Net Sections of Cardium, Dunvegan,…
  32. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 32
    Peytos Assets Increased Facility Ownership And Control PEYTO Exploration & Development Corp. Cutbank Kakwa Peyto Gas Plants Cecilia YE 2020 WI Oldman (with Deep Cut) W & Oldman North 1 Oldman 125 mmcf/d 100% Wildhay 2…
  33. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 33
    Peytos Assets Big Sunny Natural Gas Storage Scheme PEYTO Exploration & Development Corp. R.25 R.24 R.23 R.22 R.21 R.20 R.19 R.18 Nosehill Creek North Cecilia Meter Station 139 mmcfd Capacity T.56 T.56 Obed North Oldman…
  34. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 34
    Peytos Assets Unique Infrastructure Location PEYTO Exploration & Development Corp. Cecilia Alliance Oldman & Oldman North Nosehill Big Sunny Wildhay Galloway Swanson Highway 16 Greater Sundance Area Cascade…
  35. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 35
    Peytos Assets Successful Reserves Conversion, Again PEYTO Exploration & Development Corp. Actual/ Booked Forecast Actual Reserve Total Booked/ Forecast Locations Forecast Outcome Cost per Actual Outcome Cost per Year Drills Total…
  36. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 36
    Peytos Assets PDP Reserve Additions PEYTO Exploration & Development Corp. PDP Additions [mboe] / FD&A [/mcfe] 2020YE Evaluation 37,044 / 1.06 2021 YE Evaluation 62,488 / 0.97 % Change 69% / -8.5%…
  37. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 37
    Peytos Assets Long Producing Reserve Life Maintained PEYTO Exploration & Development Corp. Peyto Reserve Life Index 35 30 Years at Q4 Production 25 25 20 16 15 10 9 5 0 Peyto PDP RLI 2004 2005 2006 2007 2008…
  38. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 38
    Peytos Assets Albertas Gas Developer PEYTO Exploration & Development Corp. 9,000 8,000 7,000 6,000 1,993 26% (TCFe) 5,000 CAGR 1,571 4,000 7,655 15% 3,000 CAGR 1,823 2,000 TCFe of 1,000 2,234 Discovered Reserves 0…
  39. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 39
    Peytos Assets Reserve Value (NPV5 /share) PEYTO Exploration & Development Corp. http://www.peyto.com/Files/News/2022/2021ReservesPressRelease.pdf 40 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and…
  40. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 40
    Peytos Assets What Shareholders Currently Own PEYTO Exploration & Development Corp. Tangible Infrastructure (Replacement Value as at Dec 31, 2021) 81 Compressors (3.25MM each) 283 MM 18 Inlets (1.9MM each) 35 MM 21 Refrigeration…
  41. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 41
    Peytos Incredible Returns PEYTO Exploration & Development Corp. 42 4/13/2022
  42. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 42
    Peytos Returns Production Performance by Vintage PEYTO Exploration & Development Corp. Year Over Year Performance - All Cardium Year Over Year Performance - All Wilrich 5,000 11/29 Paid Out 7,000 2/23 Paid Out Gross Recombined…
  43. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 43
    Peytos Returns Updated Template Economics At Strip PEYTO Exploration & Development Corp. Brazeau / Chambers Greater Sundance Type Curve Cardium Notikewin Wilrich ERH Notikewin Wilrich ERH Falher ERH Cardium Economics Gas [MMcf] 3,052…
  44. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 44
    Peyto Returns Best Year Ever PEYTO Exploration & Development Corp. 2021 Wells Sorted by Species Price Deck: 2021 Actuals + Feb 8, 2022 Strip 500% 450% 2021 Capital Program IRR = 121% Included 750k/well for FLS 400% 350%…
  45. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 45
    Peytos Returns High Returns On Your Capital And Equity PEYTO Exploration & Development Corp. 60% 12 50% 10 40% 8 23 yr Avg ROE to 2021 30% 6 20% 4 10% 2 0% 0 Return On Capital Employed (%) Return On Equity…
  46. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 46
    Peytos Future PEYTO Exploration & Development Corp. 47 4/13/2022
  47. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 47
    Peytos Future 2022 Outlook PEYTO Exploration & Development Corp. Drill 90Hz Wells (Liquids Rich Natural Gas) vs 91 in 2021 Expand Infrastructure New Chambers Gas Plant (prepaid equipment) Increase Opportunities Expand…
  48. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 48
    Peytos Future Gas Price Stability Before Returning to Growth PEYTO Exploration & Development Corp. 14 bbl/mmcf 14 bbl/mmcf 17 bbl/mmcf 20 bbl/mmcf 26 bbl/mmcf 28 bbl/mmcf 26 bbl/mmcf 25 bbl/mmcf 24 bbl/mmcf 5 Holding investment…
  49. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 49
    Peytos Future Lower Costs to Preserve Profit PEYTO Exploration & Development Corp. PEY 2014 PEY 2019 PEY 2021 PEY 2022 Goals 87% Gas 3.43/GJ*1.15 HC 13% NGLs53/bbl 88% Gas 4.00/GJ*1.15 5.04 2.23 3.61 5.45 12%…
  50. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 50
    Peytos Future Balance Sheet Priority PEYTO Exploration & Development Corp. 2,000 250 1,800 1,600 200 Q4 2014, 173 1,400 Total Net Debt (MM) Quarterly FFO (MM) 1,200 150 1,000 800 100 600 400 50 200 0 0 Q4…
  51. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 51
    Peytos Future Back to Strong Earnings and Dividends PEYTO Exploration & Development Corp. Peyto Earnings per share 2.50 2.00 1.50 1.00 0.50 - 2000 2001 2002 2003 2004 2005 2006 2007 2008…
  52. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 52
    Peytos Future Blue Hydrogen We Have All the Right Ingredients PEYTO Exploration & Development Corp. Cecilia Cascade Power Station H2 4 TCF of 2P Interconnected gas Big Sunny Rail, Hwy, and natural gas pipeline and…
  53. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 53
    Gas Marketing Future Market Diversification and Gas Price Protection PEYTO Exploration & Development Corp. 3-5 yr diversification program Our plan is to fill this up with Midwest US /Eastern CND exposure and more direct…
  54. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 54
    Gas Marketing Fixed Price Swaps For Gas and Liquids PEYTO Exploration & Development Corp. Peyto Marketing Summary 1.15 Heating Value GJ/mcf AECO 7A Fixed Price Swaps (CAD/GJ) 1.255 cad/usd TOTAL TOTAL TOTAL TOTAL TOTAL Q4 2019 2019 Q1…
  55. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 55
    Gas Marketing Successful Hedging Strategy Smoothes Volatility PEYTO Exploration & Development Corp. Gas Price (/mcf) 10.00 10.00 9.00 Peyto has beat the AECO 9.00 8.00 monthly price in 12 of the 8.00 last 16 years using a 7.00…
  56. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 56
    Gas Marketing LNG Consortium and Export Potential PEYTO Exploration & Development Corp. 57 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures…
  57. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 57
    Appendix PEYTO Exploration & Development Corp. N Quarterly Track Record N Tax Pools N Leverage N Reserves Growth 58 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be…
  58. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 58
    Quarterly Track Record PEYTO Exploration & Development Corp. 2021 2020 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Total Q4 Operations Production Oil & NGLs (bbl/d) 11,653 11,038 11,164 12,289 12,138 11,308 11,256 11,263 11,126 11,585…
  59. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 59
    Organic Business Model Peytos Tax Pools PEYTO Exploration & Development Corp. 1,800 1,600 1,400 1,200 1,000 800 Federal Tax Pools Millions 600 400 Q4/21 200 - 1999 2000 2001 2002 2003 2004 2005 2006 2007…
  60. April 2022 Corporate Presentation – Peyto Exploration & Development Corp – slide 60
    Peytos Debt Blend of fixed term and revolving debt PEYTO Exploration & Development Corp. 65 4.26% End of 0.95B Revolver Oct 23 100 3.70% MM 100 3.95% 100 4.39% 40USD 3.98% Interest rates are in CND 61 Non-GAAP…

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