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PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp.

Western Energy Services Corp. · Jan 13, 2014 · 24 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. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 1
    Peters & Co. Limited Energy Conference WRG January 2014
  2. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 2
    Strategic Growth Acquired IROC Energy Services with Issued a 20-1 Eagle Well stock Servicing and consolidation, Aero Rental moved to the Services Acquired TSX and implemented Market Horizon Drilling, Capitalization Cedar…
  3. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 3
    Western Energy Services Today 48 Canadian 5 U.S. 65 Canadian Canadian Based Based Based Well Rental Drilling Rigs Drilling Rigs Servicing Equipment Rigs WRG 4
  4. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 4
    Operations Focus on Most Robust Resource Plays Geographic Composition of Drilling and Well Servicing Rig Fleets Diverse resource play coverage across business lines WRG 5
  5. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 5
    High Quality Customer Base CANADIAN NATURAL RESOURCES LTD. 11% PROGRESS ENERGY CANADA LTD. Other 10% 46% 150 Customers BAYTEX ENERGY LTD. 9% HUSKY ENERGY INC. 9% ARC RESOURCES LTD 7% DEVON CANADA CORPORATION…
  6. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 6
    Westerns Drilling Rig Fleet WESC Fleet by Depth Capacity…
  7. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 7
    Westerns Competitive Advantage Modern efficient fleet Small footprint and efficient moves Rig-up and drill efficiently Average age 6 years Automated pipe handling and hydraulic BOP handling 66% of fleet have a minimum of 1,300hp…
  8. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 8
    WCSB Drilling Utilization and Day Rates Westerns premium drilling rig fleet has realized above average utilization and industry leading day rates in the WCSB WCSB Utilization Rates (1) WCSB Day Rates (2) 85 40,000 79 81 34,329…
  9. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 9
    Westerns Well Servicing Fleet One of the newest fleets in WCSB Average age of the fleet 4 years 7th largest well servicing fleet in Canada Fleet design evolved to meet changing Mobile Slants, 7 needs of market Mobile Cost…
  10. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 10
    Utilization and Hourly Rates Eagles well servicing rigs have realized above average industry utilization, signifying the quality of the respective fleets and operations Canadian Well Servicing Rig Utilization Rates Canadian Well…
  11. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 11
    Quality Oilfield Rental Equipment Broad range of surface pressure control assets for: Coil Tubing Services Frac Services Drilling Well Completions Larger customer base as we rent to both service providers and direct to oil & gas…
  12. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 12
    Corporate Overview Common shares Basic 73 Million Diluted 78 Million Current share price (as at January 17, 2014) 7.65 52 Week Range 6.49 8.86 Market capitalization (f.d.) (January 17, 2014) 597 Million Net debt 254 Million…
  13. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 13
    Q3 2013 WRG Consolidated Results Third Quarter YTD Q3 Operating Highlights 2013 2012 % Change 2013 2012 % Change Contract drilling Canadian Operations Rig fleet (end of period) 46 43 7% 46 43 7% Operating revenue per operating day…
  14. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 14
    Q3 2013 WRG Consolidated Results (contd) Third Quarter Nine Months Ended September 30 Financial Highlights (Thousands CDN) 2013 2012 % Change 2013 2012 % Change Operating Revenue 96,473 64,999 48% 234,563 206,401 14% Gross Margin…
  15. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 15
    Q3 2013 WRG Consolidated Results (contd) Year Ended December 31 Financial Highlights (Thousands CDN) 2012 2011 2010 Revenue 308,617 262,519 56,009 Gross Margin 131,063 114,837 22,902 EBITDA 108,931 99,324 16,504 EBITDA as a…
  16. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 16
    2013 Consolidated Budgeted Capital Expenditures Consolidated Capital Spending - Consolidated Capital Spending Expansion vs. Maintenance & By Entity Critical Spares Critical Spares 6% (6 million) Maintenance 13% (14…
  17. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 17
    2014 Budgeted Capital Expenditures Consolidated Total Expected Spend (65 million) Equipment New Rig Builds Recertifications 5% 8% Rig Moving Systems Maintenance Drill Pipe 14% 9% Rental Expansion Equipment 15% Other…
  18. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 18
    2014 Consolidated Budgeted Capital Expenditures Consolidated Capital Spending Consolidated Capital Spending by Expansion vs. Maintenance & Critical Entity Spares Critical Spares 15% (10 million) Stoneham 21% Maintenance…
  19. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 19
    Continued Strategic Growth Westerns key initiatives over the next three years: Stay financially flexible with a well structured balance sheet Continue to offer an annual dividend Focus on capital discipline while maintaining the…
  20. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 20
    Appendix WRG 21
  21. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 21
    WCSB Well Licenses Support a Steady Near-Term Outlook Canadian Wells Operating Days (1) Well Licenses by Objective (2) 180,000 160,000 158,427 3,500 145,166 140,000 134,816 3,000 Number of Well Licenses 124,595 Wells -…
  22. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 22
    Westerns Drilling Rig Depth Capacity WCSB of Depth (m) % of Fleet WESC % of Fleet Rigs* 760 to 1524 105 13% - - 1525 to 2270 67 8% 3 6% 2280 to 3049 168 21% - - 340 43% 3 6% 3050 to 3799 255 32% 29 55% 3800 to 4569 146 18%…
  23. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 23
    Leading Deep Driller in the WCSB Construction of one fit for purpose telescopic ELR double drilling rig is currently underway 100% 6% 9% 13% 90% 20% 19% 13% 29% 80% 7% 23% 70% 24% 11% 60% 50% 94% 40% 78% 72% 30% 64% 60%…
  24. PETERS AND CO LIMITED ENERGY CONFERENCE – Western Energy Services Corp. – slide 24
    Western Energy Services Corp. For further information please contact: Alex MacAusland Jeffrey K. Bowers President & CEO Senior Vice President, Finance & CFO Email: amacauslandwesc.ca Email: jbowerswesc.ca Office: 403.984.5932…

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