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CORPORATE PRESENTATION – Petroquest Energy Inc.

Petroquest Energy Inc. · Feb 12, 2015 · 32 slides

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Slides

  1. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 1
    February 2015
  2. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 2
    Navigating the Current Environment Flexibility to control capital expenditures Large operated position allows for control of timing of investments - 2015E Capex down 65% from 2014 Majority of acreage is held by production Minimal rig…
  3. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 3
    2014 Recap Proved reserves 31% (Company Record 397 Bcfe) PV-10 26% Production 14% (Company Record 43 Bcfe) Successful drilling programs: De-risked large acreage positions in Woodford and Cotton Valley with excellent drilling…
  4. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 4
    Our Properties Gulf Coast Gulf Coast Mid-Con 2014 PRODUCTION: RESERVES: 118.7 Mmcfe/d (1) East Texas (62% Long Life) 397.1 Bcfe (1) Mid-Con (86% Long Life) East Texas Gulf Coast Mid-Con INVENTORY: 1.6 Tcfe (2) (91%…
  5. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 5
    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 PQ Cotton Valley Gulf Coast Permeability PQ15: 11.4 MMcf/d (.01 MD) (10…
  6. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 6
    Cotton Valley Horizontal Horizontal Uplift Horizontal Completions Realizing 11x EUR Uplift vs. Vertical Wells 10 8.6 9 8 7 6 Avg. Bcfe / Well 5 4 3 2 1 0.7 0 61 Vertical Wells 2014 Horizontal Wells (1)…
  7. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 7
    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…
  8. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 8
    Cotton Valley Horizontal Economics Sensitivity to Gas Prices 80 IRR 73% Payback: 1.3 5.2MM 70 IRR 54% 60 Payback: 1.6 IRR 52% Payback 1.7 IRR - % 6.2MM 50 IRR 37% IRR 38% Payback: 2.2 Payback 2.2 40 IRR 25% 30…
  9. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 9
    Cotton Valley Horizontal Planned Activity and Inventory Near Term Drilling Program Horizontal Cotton Valley Inventory PQ 2011 -2013 Existing CV CV Horizontal Vertical Wells WellsPQ 2011 2013 CV Horizontal PQ 2011 2013 PQ 2014…
  10. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 10
    Cotton Valley Drilling to Unlock NAV 600 512.7 500 400 86% Growth in reserves YTD BCFE 300 200 100 89.4 48.1 0 E. Texas Proved 12/31/13 E. Texas Proved 12/31/2014 Net Risked Potential (6 New Wells) 11
  11. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 11
    Gulf Coast Free Cash Flow Generator Fleetwood Project Area Lafayette Key Operating Metrics Houston Ten Year Drilling Success Rate: 74% La Cantera / PV-10 (MM) (12/31/14): 209 Thunder Bayou 2014 Production (Mmcfe/d) 45 % Gas:…
  12. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 12
    La Cantera/Thunder Bayou Shallow Fields 13
  13. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 13
    LaCantera/Thunder Bayou Stratigraphic Cross Sections 14
  14. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 14
    LaCantera/Thunder Bayou Deeper Pool Tests 15
  15. CORPORATE 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…
  16. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 16
    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…
  17. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 17
    Woodford Position Ramping Up Development arkoma basin (1) PQ owns approximately 50% of net JV acres 18
  18. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 18
    West Relay Program - Strong Initial Results Higher IP Rates and Liquids Mix 8.0 6.5 Average IP Rate (Mmcfed) 6.0 4.6 4.0 2.0 49% 36% 0.0 NGLs Gas North Relay (31 well avg.) West Relay (30 well avg.) 19
  19. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 19
    Woodford Liquids Rich Gas West Relay Field Economic Assumptions Sensitivity to Gas Prices 125% JV Terms (1), (2) EUR (Bcfe) 4.6 IRR: 97% 100% Gross Well Cost (MM) 4.0 IRR: 79% 75% IP Rate (Mmcfe/d) 7.1 IRR: 55% 50% % Gas /…
  20. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 20
    Liquidity Metrics and Leverage Liquidity Borrowing Base (MM) Does not include 250 200 220 50MM of PV10 created by Thunder Bayou 150 125 50 Bank Price Deck 1Q12 2Q13 3Q14 3.79/Mcf 80.86/Bbl Ratios 2013 3Q14 Debt to…
  21. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 21
    Strong Track Record of Funding Drilling with Cash Flow PQ has balanced Capex and cash flow over the past 10 years Direct CapEx (excluding acq.) Cash Flow Other Proceeds (1) 1,600 1,400 190 1,200 1,000 MM 800 600 1,228…
  22. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 22
    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…
  23. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 23
    Summary Liquidity position (163 million) and control of operations provide flexibility to navigate current environment No long-term rig commitments Reduced spending does not impact acreage position Carthage: All HBP Woodford:…
  24. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 24
    Appendix 25
  25. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 25
    Appendix 1 - Hedging Positions Natural Gas Daily Hedged Volumes (Mmbtu) Price 2015 10,000 4.16 2015 5,000 4.00 2015 5,000 3.57 2015 10,000 3.52 Feb15 Dec15 10,000 2.93 Mar15 - Dec15 10,000 3.00 July15 - Jun16 10,000 3.22…
  26. CORPORATE 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. CORPORATE 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. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 28
    Appendix 4 - 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…
  29. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 29
    Appendix 5 - 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…
  30. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 30
    Appendix 6 - 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…
  31. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 31
    Appendix 7 - 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)…
  32. CORPORATE PRESENTATION – Petroquest Energy Inc. – slide 32
    Appendix 8 - La Cantera Cash Flow Profile 15% NRI vs Cash Flow estimate 37% NRI (Thunder Bayou interest) 160 Actual Cumulative Net Cash Flow 15% NRI (1) 150 158.8 140 Pro Forma Cumulative Net Cash Flow 37% NRI (1) (2) 130 120 110…

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