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Investor Presentation – Petroquest Energy Inc.

Petroquest Energy Inc. · Dec 31, 2014 · 31 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
    December 2014
  2. Investor Presentation – Petroquest Energy Inc. – slide 2
    Valuation Decoupled from Strong Growth 2010 2014E % Change Production: (1) Oil (Bbls/d) 1,817 2,413 33% NGL (Bbls/d) 1,128 3,175 181% Gas (Mcf/d) 67,128 85,864 22% Total (Mmcfe/d) 84,798 119,392 41% Proved Reserves (Bcfe) (2) 193…
  3. Investor Presentation – Petroquest Energy Inc. – slide 3
    Our Properties Gulf Coast Gulf Coast Mid-Con 3Q:14 RESERVES: PRODUCTION: East Texas 301.8 Bcfe (1) 126 Mmcfe/d (1) (81% Long Life) (71% Long Life) Mid-Con East Texas Gulf Coast Mid-Con INVENTORY: 1.9 Tcfe (2) East Texas…
  4. Investor Presentation – Petroquest Energy Inc. – slide 4
    Industry Activity - Cotton Valley Trend Relative Rock Quality Comparison  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…
  5. Investor Presentation – Petroquest Energy Inc. – slide 5
    Cotton Valley Horizontal Horizontal Uplift Horizontal Completions Realizing 12x EUR Uplift vs. Vertical Wells 10 9.0 9 8 7 6 Avg. Bcfe / Well 5 4 3 2 1 0.7 0 61 Vertical Wells 2014 Horizontal Wells (1)…
  6. Investor Presentation – Petroquest Energy Inc. – slide 6
    Cotton Valley Horizontal Moving Up the Curve Improving Well Performance 12 11.9 Average IP Rate (Mmcfed) 10 9.1 8 7.4 6.3 6 4 2 0 2011 2012 2013 2014 (1) Liquids Mmcf 2014 Horizontal Cotton Valley Results PQ10…
  7. Investor Presentation – Petroquest Energy Inc. – slide 7
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices Horizontal CV Well Economics IRR 73.9% Payback 1.0 75 IRR 61.2% 65 Payback 1.2 IRR - % IRR 49.2% 55 Payback 1.5 45 3.75 4.00 4.25 Economic Assumptions…
  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 600 512.7 500 400 92% Growth in reserves YTD BCFE 300 200 92.5 100 48.1 0 E. Texas Proved 12/31/13 E. Texas Proved 9/30/2014 Net Risked Potential (6 New Wells) 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 (1 rig running) 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 6.4 Average IP Rate (Mmcfed) 6.0 4.6 4.0 2.0 48.6% 36.3% 0.0 North Relay (31 well avg.) NGLs Gas West Relay (20 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 3Q:14 Production (Mmcfe/d) 39 % 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) 15% March 12 248 Net TVD 36,000 Mcfe Broussard Estates 2 (La Cantera Prospect) 15% Sept 12…
  19. Investor Presentation – Petroquest Energy Inc. – slide 19
    Product Diversification Gas to Liquids Liquids Production Will Drive Cash Margin Expansion 7000 6,221 6000 5,180 Barrels of Liquids/Day 5000 4,593 GOM Acquisition 4000 3,472 3,889 2,964 3000 2,612 2000 1000…
  20. Investor Presentation – Petroquest Energy Inc. – slide 20
    Operating & Financial Metrics Revenue (MM) Discretionary Cash Flow (MM) (1) 100 100.0 200 183 93.4 92.6 177.6 180 90 160 142 140 128 80 77.4 120 103.9 100 80 70 65.2 60 40 60 20 0 50 2011 2012 2013 9M13 9M14 2011 2012 2013…
  21. Investor Presentation – Petroquest Energy Inc. – slide 21
    Leverage and Liquidity Profile Debt Maturities Debt Ratios 400 350.0 2013 3Q14 Target 350 Debt to EBITDA (1)(4) 2.9X 2.7X 2.0X 300 250 Interest Coverage (2) (4) 3.5X 4.7X 5.0X 200 Debt to Proved Mcfe (5) 1.41 1.40 1.00 150…
  22. Investor Presentation – Petroquest Energy Inc. – slide 22
    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 9.2x 8.8x 4.0x 3.0x 4.5x 2.0x 2.9x 2.8x 1.0x 2.1x 2.1x 2.1x 1.9x 1.9x 1.8x 1.2x 1.1x…
  23. Investor Presentation – Petroquest Energy Inc. – slide 23
    The Opportunity GROWTH: Positioned to post record reserves and production in 2014 VALUE: Currently trading at 1.8x analyst 2015E cash flow estimate (1) CATALYSTS: High impact Gulf Coast projects Significant leverage to emerging…
  24. Investor Presentation – Petroquest Energy Inc. – slide 24
    Appendix 25
  25. Investor Presentation – Petroquest Energy Inc. – slide 25
    Appendix 1 - Hedging Positions Natural Gas Daily Hedged Volumes (Mmbtu) Price 2014 10,000 4.08 2014 10,000 4.00 2014 20,000 4.20 Mar14 Dec14 5,000 4.29 2015 10,000 4.16 2015 5,000 4.00 Oil Daily Hedged Volumes (Bbls) Price 2014…
  26. Investor Presentation – Petroquest Energy Inc. – slide 26
    Appendix 2 ( in thousands) 2010 2011 2012 9M13 4Q13 2013 9M14 Net Income (Loss) 41,987 5,409 (137,218) 6,652 2,291 8,943 24,306 Income tax expense (benefit) 1,630 (1,810) 1,636 (474) 794 320 (389) Interest expense & dividends…
  27. Investor Presentation – Petroquest Energy Inc. – slide 27
    Appendix 3 - Discretionary Cash Flow Reconciliation ( in thousands) 2011 2012 9M13 4Q13 2013 9M14 Net income (loss) 10,548 (132,079) 10,506 3,576 14,082 28,160 Reconciling items: Deferred tax expense (benefit) (1,810) 1,636 (474)…
  28. Investor Presentation – Petroquest Energy Inc. – slide 28
    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 29
  29. Investor Presentation – Petroquest Energy Inc. – slide 29
    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…
  30. Investor Presentation – Petroquest Energy Inc. – slide 30
    Appendix 6 - La Cantera Development Lower Cris R-1 200 feet of potential pay Lower Cris R-2, Lobe A 34,000 MCF/D + 700 Bbls of oil (CURRENTLY PRODUCING) Lower Cris R-2, Lobe B 4,000 MCF/D + 100 Bbls of oil (CURRENTLY…
  31. Investor Presentation – Petroquest Energy Inc. – slide 31
    Appendix 7 - Panola County Cotton Valley Room to Run Legend Cotton Valley Wells PQ CV Vertical Wells PQ CV Horizontal Wells PQ Area Carthage Field Area of Mutual 4.4 TCF of Interest Unrisked Resource Potential 2.2 Tcfe…

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