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Calgary Energy Summit – Peyto Exploration & Development Corp

Peyto Exploration & Development Corp · Mar 13, 2014 · 38 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. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 1
    15th 1998-2013
  2. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 2
    Peyto Profile 15th 1998-2013 N TSX Listing: PEY N Shares Outstanding: 153.7 million, 4.4% insiders (as of Feb. 5/14) N Monthly Dividend: 0.08/share (incr. from 0.06 effective May/13) N Current Production: 450 MMCFe/d (75,000…
  3. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 3
    Peyto Strategy 15th 1998-2013 How We Do It Invest in our own ideas Build it ourselves Operate it ourselves Focus on maximum return Stay concentrated, lean & efficient 4 3/12/2014
  4. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 4
    Peyto Strategy 15th1998-2013 Sweet, Tight sandstone Reservoirs Ante Ck FOOTHILLS STRUCTURES Elmworth GAS AS ING INCRE BILITY EA PERM WATER Kaybob TRANSITION ZONE WATER Kakwa GAS Gas INCRE ASE DEPTH AREA OF GAS…
  5. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 5
    Peyto Strategy 15th 1998-2013 Multi Zone Stacked Sandstone Reservoirs Detailed Petrophysical work on the Spirit River sands revealed 30% more reserves per section Up to per section* 6 *NGL recoveries can increase…
  6. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 6
    Peyto Strategy 15th 1998-2013 Albertas Deep Basin 450 Peyto Lands 400 Net Lands (000's acres) 350 300 250 200 150 Net Peyto Sections 100 50 - R10 R5W6 R27 R22 R17 R12 R7 T65 Net Sections of Cardium,…
  7. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 7
    Peyto Strategy 15th 1998-2013 Geographically Focused Core Areas 425,000 net acres R10 R5W6 R27 R22 R17 9 operated R12 R7W5 gas plants Cutbank ---(525 mmcf/d net capacity) 1000+ km pipelines 900+ producing zones T60 Kakwa…
  8. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 8
    Peyto Strategy 15th 1998-2013 Greater Sundance Area R24 R23 R22 R21 R20 R19 R18 FF F A AFF CF ACF CF F CF C F AAC AA F AF LF F G CF I F F J F F C G G CL K CCF K F AGC FA F AFAF AF A A F FA F AF C G K F A FACF FAA F AGAF A F A…
  9. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 9
    Peyto Strategy 15th 1998-2013 Facility Ownership and Control R9 R4W6 R26 R21 R16 R11 R6W5 Cutbank Waskahigan W Chicken T60 T60 W Smoky/Kakwa Cutpick Leland/Berland Oldman North T55 Wildhay W W W Nosehill T55 W…
  10. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 10
    Peyto Drilling Opportunities 15th 1998-2013 Large Hz MSF Inventory To Do Done1 Total Total Hz Hz Locations Total Total Locations Unbooked Vertical Hz Booked* Wells Wells 56 432 63 200 356 5 1 5 1 14 90 56 87 43 7 27…
  11. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 11
    Peyto Performance Measures 15th 1998-2013 Focus Growth per Share, Cost per Unit Production Growth Reserves Growth PDP FD&A Operating Costs (MMcfe/mm sh) (2P Bcfe/mm sh) (/Mcfe) w/transportation 18.9 2.95 2.88 (/Mcfe) 872 16.7…
  12. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 12
    Peyto Performance Measures 15th 1998-2013 Growth per Share 600 2014 YE Target 15 75 81,500 boe/d Production per Unit or Share (boe/d per million) 500 60 12 400 Gas Price (/GJ) PEY+ Cum Div 9 45 (2014…
  13. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 13
    Peyto Performance Measures 15th 1998-2013 Superior Shareholder Returns 50 600,000 45 14 45% 40 Total 12 Return 35 last yr. 30 Shareholder IRR 10 25 8 20 15 6 10 4 5 1,000 0 2010 2 2014 1998 1999 2000…
  14. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 14
    Peyto Performance Measures 15th 1998-2013 Focus on Returns Drives Capital Discipline 2013 - 15,100/boe/d 2012 - 17,600/boe/d ONR Acq - 38,600/boe/d 60,000 Annual Production Wedge (boe/d) 2011 - 17,500/boe/d 80,000 2010 -…
  15. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 15
    Peyto Performance Details 15th 1998-2013 Production By Formation 80,000 70,000 60,000 BOE/D 50,000 Wilrich 40,000 30,000 Notikewin Falher 20,000 Cardium 10,000 Bluesky 0 2005 2006 2007 2008 2009 2010 2011 2012…
  16. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 16
    Peyto Performance Details 15th 1998-2013 Liquids Rich Natural Gas Peyto 2013 Realized Prices Natural Gas 3.01/GJ (3.16/MMbtu, 3.43/Mcf) Ethane C2H6 11/bbl =…
  17. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 17
    Peyto Performance Details 15th 1998-2013 Lowest Operating Costs Gas Producers 16 PEYTO Trilogy 14 Perpetual Paramount 12 Tourmaline Operating Costs (/boe) Celtic/Kelt 10 Advantage Birchcliff How 8 We operate…
  18. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 18
    Peytos Profitable Business 15th 1998-2013 Build it for less than we sell it PEY 2013 Land/Acq Seismic 9MM 3MM Drilling 254MM PDP FD&A (2.35) Compl. 152MM Wellsite 48MM /mcfe Facilities 112MM 578MM PDP Reserves (before…
  19. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 19
    Peytos Profitable Business 15th 1998-2013 Profitable Even Through The Lows AECO Monthly 10 Peyto Realized Gas Price (/mcfe) /GJ 37% Ave. Profit Cum To Date 8 6 Bonus 4 Cash Costs 2 PDP FD&A - 2000 2001 2002…
  20. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 20
    ROR, % 20 40 60 80 100 120 160 140 0 100/01-29-54-21W5/0 HZ 100/11-32-54-21W5/0 HZ 102/04-33-54-21W5/0 HZ 100/16-16-56-21W5/0 HZ 102/16-29-54-21W5/0 HZ 102/13-32-54-21W5/0 HZ 103/05-04-55-21W5/0 HZ…
  21. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 21
    Peytos Profitable Business 15th 1998-2013 Returns Driven Organic Activity 80,000 70,000 60,000 2013 50,000 Boe/d 40,000 30,000 Net Capital (after NOI) to PV5 20,000 10,000 0 2013 Capital Program…
  22. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 22
    Peytos Approach A Case Example 15th 1998-2013 Identify the Opportunity Project Commencement Beginning 2012 Strategic Fit Close to Peyto infrastructure Largely undeveloped R24 R23 R22 R21 R20 R19 R18 FF F CF K A F AG K C…
  23. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 23
    Peytos Approach A Case Example 15th 1998-2013 Quantify the Resource R21 R20W5 R21 R20W5 R21 R20W5 18 17 16 15 14 13 18 18 17 16 15 14 13 18 18 17 16 15 14 13 18 T55 T55 T55 T55 T55 T55 7 8 9 10 11 12 7 7 8 9 10 11 12 7…
  24. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 24
    Peytos Approach A Case Example 15th 1998-2013 Make the Deal R21 R20W5 17 16 15 14 13 18 T55 8 F A 9 10 11 12 7 F A U F Initial Investment of 16.75 Million 5 4 F A 3 2 1 6 F C AU F F A 14.0 Million…
  25. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 25
    Peytos Approach A Case Example 15th 1998-2013 Develop the Opportunities R21 R20W5 17 16 15 14 13 18 V F F F F T55 Cash OutFlows (M) Time Cash Inflows (M) F A 8 9 10 11 12 7 Investment Pre-Existing Wells Peyto Drilled…
  26. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 26
    Peytos Approach A Case Example 15th 1998-2013 Current Development Status (14 of 18 locations drilled) R21 R20W5 R21 R20W5 R21 R20W5 18 17 16 15 14 13 18 18 17 16 15 14 13 18 18 17 16 15 14 13 18 T55 T55 T55 T55 T55 T55…
  27. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 27
    Peytos Approach A Case Example 15th 1998-2013 Results to Date The Score as of Year End 2013 6,000 Total Production 5,000 boed Forecast 5,000 600 boed from pre-existing wells 4,400 boed from new wells 4,000 Peyto Purchase…
  28. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 28
    2014 Outlook 15th 1998-2013 Biggest Year Ever (again) Drill 110-122 Hz Wells (100% Hz-MSF, Liquids Rich Natural Gas) Expand & Extract Increase Processing Capacity & NGL Yield Increase Undeveloped Land Base Shoot Seismic…
  29. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 29
    2014 Outlook Large Resource + Low Cost = Profitable Growth 2014 Budget 575MM-625MM 100,000 110 122G (101-112N) Wells, 9-10 rigs 100,000 Add 32k to 35k boe/d for 18,000/boe/d 78,500 to 81,500 boe/d exit 90,000 90,000 75,200 boe/d…
  30. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 30
    2014 Outlook 15th 1998-2013 Continuously Improve Profitability 2014 Goals* Pad drilling CNG powered rigs PDP FD&A…
  31. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 31
    Peytos Future 15th 1998-2013 Road to 100,000 boe/d 120,000 100,000 boed 25% CAGR 110,000 90,000 boed 100,000 80,000 boed 90,000 72,600 boed 17,500/boe/d 80,000 17,500/boe/d 70,000 BOED 17,500/boe/d 60,000 61,600…
  32. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 32
    Appendix 15th 1998-2013 33 3/12/2014
  33. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 33
    Quarterly Track Record 15th 1998-2013 2013 2012 2011 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Operations Production Oil & NGLs (bbl/d) 6,376 6,984 6,295 6,374 5,840 4,778 5,286 5,236 4,480 4,101 3,856 3,947 3,918 Natural…
  34. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 34
    Organic Business Model 15th 1998-2013 Peytos Tax Pools 1,600 1,400 1,200 1,000 Federal Tax Pools Millions 800 Q4/13F 600 400 200 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CEC…
  35. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 35
    Peytos Payout 15th 1998-2013 Dividend Sustainability Peyto Dividend Sustainability 2,000 1,500 Peyto Cum. Earnings 1,000 Q4/13F 500 0 Q1 2000 Q3 2000 Q1 2001 Q3 2001 Q1 2002 Q3 2002 Q1 2003 Q3 2003 Q1 2004 Q3…
  36. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 36
    Successful Hedging Strategy 15th 1998-2013 Peyto Realized Price History 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 16.00 Peyto 7.51/mcf Peyto 7.38/mcf Peyto 8.78/mcf Peyto 8.48/mcf Peyto 8.42/mcf Peyto…
  37. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 37
    Peytos Assets 15th 1998-2013 Brazeau River Area R15 R14 R13 R12 R11 V R10 R9W5 S V V UF F GG K G V F F U JM L E KeyeraF F F Brazeau E EE E L G K F G GA G F U V WM CG E G A G FGE JS E F FC F C U U KC F F A AG V F J T46…
  38. Calgary Energy Summit – Peyto Exploration & Development Corp – slide 38
    Peytos Assets 15th 1998-2013 Low FD&A Costs = High Recycle Ratio Proved Producing 50 Total Proved Proved + Probable 40 Field Netback 30 20 Peyto PP Recycle Ratio 10 (14 yr average) 0 2003 2002 2004 2005 2006…

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