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CORPORATE PRESENTATION – Penn West Petroleum Ltd.

Penn West Petroleum Ltd. · Jan 7, 2015 · 11 slides

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Slides

  1. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 1
    Corporate Presentation January 2015
  2. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 2
    Penn West in 2015 2015 Production Guidance Trading Information 90,000 - 100,000 boe/d Listing TSX:PWT NYSE: PWE Share Price (as of Dec 22) C2.51 US2.17 Shares Outstanding 497.3MM 497.3MM Natural Gas Market Capitalization C1,248MM…
  3. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 3
    Significant Progress in First Year of Plan Measure Outlook Details 2014 average production expected above mid-point of Average Production ON TARGET guidance range of 101,000 106,000 boe/d Opex run rate down 200MM on an annualized…
  4. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 4
    Delivering On Targets Results starting to be reflected in reporting; Change taking hold Production on Track to Meet 2014 Guidance Net Debt Expected to Decrease by 1B Drill Times Decreased Significantly 110 25 22 109 3,500…
  5. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 5
    2015 Budget: Next Step in Delivery 2015 capital to focus on oil development, primarily on the Cardium and Viking Plays After adjusting for dispositions, 2015 plan implies approximately flat annual average production relative to…
  6. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 6
    Waterflood Initiatives Enhancing value through Waterflood Forecasted Percentage of Production Under Active Waterflood 2014E 2019E Number of active vertical injectors (gross wells) 900 900 Number of active horizontal injectors (gross…
  7. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 7
    Current Play Life Cycle Company Focus on Development and Harvest Position & Prove Initial Full Harvest Deplete PWTs expertise is developing and Commerciality Development Development or Exit harvesting light oil resources Cardium…
  8. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 8
    Current Hedging Position Approximately 40% of 2015 natural gas production hedged between 3.69 - 4.52/mcf Approximately 70% of 2015 power consumption hedged at 55.59/MWh Approximately 20% of 2016 power consumption hedged at…
  9. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 9
    2013 Reserves Highlights Proved: 415 mmboe High Quality Reserves Proved + Probable (2P): 625 mmboe 72% Proved Developed Liquids account for approximately 70% of 2P reserves Producing Proved Reserves 415 mmboe Excluding impact of…
  10. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 10
    Debt Capital Structure Senior Debt to EBITDA of 2.0 times at September 30, 2014 Credit Syndicate Private Notes 1.7B capacity CAD2.1B private notes Facility essentially undrawn as at Jan 5/15 3.9 years average remaining 0.5B…
  11. CORPORATE PRESENTATION – Penn West Petroleum Ltd. – slide 11
    Debt Maturity Profile Long-Term Debt Maturity Profile 600 500 Face Value (CMM) 400 300 200 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 pennwest.com TSX: PWT NYSE: PWE 15

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