icon Unconventional Resource Finance NGI Annual Affiliates Meeting and Research Review November 9 th, 2017
|
|
- Myron William Dennis
- 5 years ago
- Views:
Transcription
1 Unconventional Resource Finance icon Donec vel nisl nec risus vulputate placerat in at ligula. Donec auctor magna nec lacus porttitor hendrerit. In pulvinar quam vitae NGI Annual Affiliates Meeting and Research Review November 9 th, 2017
2 Unconventional Resource Finance How Did We Get Here, Where Are We Going? The Opportunity Reservoir Driven Capital Pull Massive scale Compelling economics $1 trillion of N.A. unconventional capex from $ Executive Driven Capital Pull Public markets view production growth as value adding Executive compensation becomes tied to production growth Funding Source Capital requirements exceed available internal cash flow, equity markets, and traditional debt instruments significant high yield debt is issued Production Growth & Price Response From 2010 to 2014, US shale oil production triples, and shale gas production doubles Supply / demand balance moves into surplus, driving commodity price declines Investor Returns High yield debt becomes an inefficient and costly capital structure Well economics decline and corporate level cash flow and returns fall Technology improvements and cost reduction allows producers to continue to drill Today: Investors are dissatisfied with the model of high growth with low returns and are limiting capital access Going Forward: Returns based capital discipline focused on only the top tier plays 1
3 Contents I. The Opportunity II. III. IV. Funding Source Production Growth & Price Response Investor Returns V. Where We Are Today VI. What This Means for Tomorrow 2
4 I. The Opportunity 3
5 I. The Opportunity North American Unconventional Development The nine basins illustrated represent the vast majority of drilling in North America. Within North America, Canada is attracting a fifth of total drilling and ~40% of gas directed drilling (1) In the following discussion, US unconventional development will be used as a proxy for broader North America as the relationships and trends are consistent. (2) Most Active North American Basins (1) WCSB 179 / 19% Oil 87 / 12% Gas 92 / 40% DJ-Niobrara 24 / 3% Oil 23 / 3% Gas 1 / 0% Williston 48 / 5% Oil 48 / 7% Western Canadian Sedimentary Basin Select US Plays Legend (Basin) Total Hz Rigs / % of N.A. Hz Rigs Oil Oil Hz Rigs / % of N.A. Oil Hz Rigs Gas Gas Hz Rigs / % of N.A. Gas Hz Rigs Marcellus/Utica 71 / 7% Gas 71 / 31% Permian 339 / 36% Oil 339 / 47% Barnett 4 / 0% Oil 1 / 0% Gas 3 / 1% Eagle Ford 62 / 7% Oil 57 / 8% Gas 5 / 2% Woodford/SCOOP-STACK 76 / 8% Oil 66 / 9% Gas 10 / 4% Haynesville 40 / 4% Oil 2 / 0% Gas 38 / 16% (1) Baker Hughes, October Data in graphic above includes horizontal drilling only. (2) Unconventional resource includes shale / tight oil and gas reservoirs developed through horizontal drilling and / or hydraulic fracturing. 4
6 I. The Opportunity Compelling Unconventional Scale and Economics US Unconventional Gas Proved Reserve Growth (1) North American Gas Play Economics (2) US Unconventional Natural Gas Proved Reserves (tcf) Unconventional Reserves % of Total Reserves % 50% 40% 30% 20% 10% 0% Percentage of Total US Natural Gas Proved Reserves (%) Montney Haynesville Spirit River Duvernay Utica Marcellus Horn River United States Canada $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Breakeven Price (US$/mcf) US Unconventional Oil Proved Reserve Growth (1) North American Oil Play Economics (2) US Unconventional Oil Proved Reserves (mmbbls) Unconventional Reserves % of Total Reserves (1) US Energy Information Administration, (2) Bank of Montreal Capital Markets, Global Cost Study, % 35% 30% 25% 20% 15% 10% 5% 0% Percentage of Total US Oil Proved Reserves (%) Bakken (US) Montney Oil Bakken (SK) Cardium Permian Viking Shaunavon Eagle Ford Niobrara Duvernay United States Canada $0.00 $15.00 $30.00 $45.00 $60.00 Breakeven Price (US$/bbl) 5
7 II. Funding Source 6
8 II. Funding Source Capital Spend Beyond Internal Cash Flow US Onshore E&P Reinvestment Rate (1) North American Onshore E&P Spending (2) Reinvestment Rate (Capex / Cash Flow From Operations) 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% Free Cash Flow Externally Funded Capital Internally Funded Capital Capital Expenditures (US$bn) $300 $250 $200 $150 $100 $50 Unconventional Conventional % Unconventional 80% 70% 60% 50% 40% 30% 20% 10% Unconvnetional as a Percentage of Total Spending (%) 0% $ Prior to 2007, US exploration and production ( E&P ) capital spending was at or below internally generated cash flow levels. Post 2007, demand for unconventional growth led to spending that was well beyond internal cash flow, resulting in material increases in external capital raised. (1) Bank of Montreal Capital Markets, (2) IHS Markit, % 7
9 II. Funding Source Public Equity and Debt Markets Equity Issuances (US$bn) US E&P Equity Issuances (1) US E&P Debt Issuances (1) $50 $45 $40 $35 $30 $25 $20 $15 Secondary IPO Debt Issuances (US$bn) $50 $45 $40 $35 $30 $25 $20 $15 Investment Grade High Yield Not Rated $10 $10 $5 $5 $ $ Equity Issued (US$bn) $9 $29 $51 $44 HY Debt Issued (US$bn) $15 $40 $116 $56 % of Total Debt Issued 34% 44% 69% 67% Equity issuances have increased as unconventional development advances. Total debt issued has also increased, with high yield becoming the primary funding source. (1) Bank of Montreal Capital Markets,
10 II. Funding Source Energy Equity Raised Energy Equity Fundraising by Subsector (1) Equity Raised (US$bn) $80 $70 $60 $50 $40 $30 $20 $10 Energy Services Midstream Diversified Upstream Cumulative Upstream (Conventional & Unconventional) $180 $160 $140 $120 $100 $80 $60 $40 $20 Cumulative Upstream Equity Raised (US$bn) $ Total Energy Equity Raised (US$bn) Upstream $6 $29 $56 $68 Total $20 $109 $153 $136 $0 The amount of capital raised by private equity funds has trended upwards over the long term with 2017 expected to be a record year in terms of private equity energy fundraising. The number of private energy-related funds has also increased significantly over this time period. (1) Cambridge Associates, Fundraising for 2017 represents a forecast for the full year based on expected or reported fundraising targets for funds that are either open or expected to open in 2017, and is subject to change. 9
11 III. Production Growth & Price Response 10
12 III. Production Growth Aggressive Unconventional Growth Natural Gas Production (bcf/d) US Shale Dry Natural Gas Production (1) 70 Marcellus Utica 60 Permian Haynesville Eagle Ford 50 Other Oil Production (mmbbl/d) US Shale Oil Production (1) 7 Permian Eagle Ford 6 Bakken Niobrara Other Shale production has grown exponentially from 2010 onwards. Rates of growth of Canadian unconventional plays such as the Montney reflect similar growth profiles Natural gas production and pricing has been heavily influenced by the associated gas of oil-weighted plays such as the Permian, and the gas directed drilling driven by liquids economics in plays such as the Montney. This will likely continue to effect natural gas dynamics going forward (1) US Energy Information Administration,
13 III. Production Growth Executive Compensation Becomes Linked to Production Use of Key Factors for Annual Bonuses (1) Factor Weightings in Annual Incentive Plans (1) 120% 25% Percentage of Companies (%) 100% 80% 60% 40% 20% 100% 90% 90% 80% 50% 50% 20% 20% 15% 10% 5% 21% 16% 15% 11% 10% 10% 6% 6% 2% 2% 0% 0% 0% 0% Production Safety Opex Reserves Cash Flow TSR ROCE EPS Other Opex Production HSE Strategic Reserves Cash Flow TSR Projects Annual Incentive Plan Factors (%) ROCE EPS E&P executive compensation structures focus on production / reserves growth and largely neglect return metrics. This may help to explain why executives chose to accelerate development, even in the face of falling commodity prices. (1) Evercore ISI, 2017 data reflects 2016 reporting. TSR represents total shareholder return measured by stock price appreciation plus reinvested dividends. 12
14 III. Price Response Commodity Prices Decline Material unconventional production growth from 2009 to 2014 pushed supply / demand balances into surplus, causing price declines. With top tier plays having seemingly unlimited inventory, commodity prices will be dictated by the marginal barrel, which for the near term will be unconventional production. Henry Hub Natural Gas Price Response (1) $6 WTI Oil Price Response (1) $120 $5 $100 NYMEX Price (US$/mmbtu) $4 $3 WTI Price (US$/bbl) $80 $60 $2 $40 $ $ (1) Bloomberg,
15 III. Price Response Unconventional Economics Adjust For Commodity Price Decline Technology Advances Permian Illustration (1) Service Providers Cut Costs (2) Technology Advances (% of 2012) 300% 250% 200% 150% IP90 Oil Rates Proppant per Well Frac Stages Lateral Length Delaware Basin IP90 Oil Rates (bbl/d) Oil Field Service EBITDA Margin (%) 35% 30% 25% 20% 15% 10% 5% 100% Technological advancements related to lateral length and completion intensity improved operational results. In addition, oil field service providers cut their prices materially to maintain market share. 0 0% These two events resulted in unconventional production in top tier plays remaining economic even in a lower commodity price environment, resulting in continued drilling. (1) Goldman Sachs, Reflects Permian average technology advances and Permian Delaware Basin production response as a proxy for the broader unconventional industry trend. (2) Bloomberg, Reflects Philadelphia Oilfield Services Index quarterly results. 14
16 IV. Investor Returns 15
17 IV. Investor Returns A History of Production Growth and Value Destruction E&P Index Performance Relative to Production Growth (1) S&P 500 Oil and Gas E&P Index S&P 500 Oil and Gas E&P Index Total Shale Production Total US Shale Production (mmboe/d) Since 2007, ~$1 trillion of capital has been spent on North American onshore unconventional development. (2) Average annual US E&P ROCE was below 10% from 2007 to 2014 and has been negative since. (3) Investors are becoming frustrated with returns to date and will no longer fund growth for growth s sake. (1) Bloomberg, (2) IHS Markit, (3) Bank of Montreal Capital Markets,
18 V. Where We Are Today 17
19 V. Where We Are Today Capital Access is Becoming Limited US and Canadian Public E&P Equity Issuances (1) Total Equity Raised (US$bn) $14 $12 $10 $8 $6 $4 $2 $0 Canada United States Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q : US$22bn 2015: US$21bn 2016: US$41bn 2017: US$9bn Through 2017, the equity markets have been closed for North American E&P companies. The combination of aggressive growth forecasts at very low incremental returns has turned off institutional investors Institutional investor catch-22 If I write XYZ-co a big cheque for growth acceleration, then at the margin I m just worsening commodity fundamentals in a world of infinite inventory. (1) Bloomberg, Company Filings, October
20 V. Where We Are Today Producers Are Starting to React Producers Are Reacting to Investor Response Producers Are Adjusting Messaging Producer messaging is focusing more on returns as opposed to production growth. Capital budget expectations are declining. Select leading E&P companies are undertaking share buybacks for the first time in years. Select producers are announcing production volumes being removed as a performance compensation metric, to be replaced by efficiency metrics including ROCE. The capital program in 2018 is being designed to optimize returns, not production growth Devon Energy [we] expect to deliver a returns-focused program, while living within our means at a moderate oil price of around $50 WTI. Marathon Oil Our number one goal is getting ROCE back to our historical average EOG Pursuing growth without adequate returns is something we will avoid Anadarko Change in E&P Production Forecasts Since June (1) 0% Recently Announced Share Buybacks (2) % Change in Production Forecast -1% -2% -3% -4% -5% -6% -2.0% -5.0% US Small & Mid Cap -1.1% -2.5% 2017e 2018e US Large Cap US$2.5bn US$2.0bn US$1.6bn/yr US$3.0bn US$1.2bn US$1.0bn (1) BMO Equity Research, Comparables at strip pricing, October (2) Company disclosure,
21 VI. What This Means for Tomorrow 20
22 VI. What This Means for Tomorrow North American Unconventional Development The development of North American unconventional resources has had and will continue to have a strong positive effect on the consumer, the overall economy and on natural gas usage as a primary energy source. Going forward, companies that prioritize return over growth will be rewarded over the long term. A reduction in growth for growths sake is a positive fundamental outcome and will likely result in an improvement of the global supply / demand balance Only the top tier plays will receive capital, and only to the extent a compelling shareholder return can be generated. Top tier plays receiving capital will most likely be financed via: Internal cash flow Conservative leverage, likely funded through more traditional secured structures Select equity for high quality names equity capital The development of global unconventional resources will also be influenced by North America s experience. 21
23 VI. What This Means for Tomorrow Global Unconventional Shale Resources Technically Recoverable Shale Gas and Shale Oil Resources (1)(2) Canada Gas tcf Oil 8.8 bn bbl Russia Gas tcf Oil 103 bn bbl Poland Gas tcf Oil 1.8 bn bbl Ukraine Gas tcf Oil 1.1 bn bbl United States Gas tcf Oil 78.2 bn bbl Mexico Gas tcf Oil 13.1 bn bbl Venezuela Gas tcf Oil 13.4 bn bbl Brazil Gas tcf Oil 5.3 bn bbl France Gas tcf Oil 4.7 bn bbl Algeria Gas tcf Oil 5.7 bn bbl Libya Gas tcf Oil 26.1 bn bbl Egypt Gas tcf Oil 4.6 bn bbl Iran Gas tcf Oil bn bbl Qatar Gas tcf Oil 26.0 bn bbl Saudi Arabia Gas tcf Oil n.a. UAE Gas tcf Oil 22.6 bn bbl Pakistan Gas tcf Oil 9.1 bn bbl China Gas tcf Oil 32.2 bn bbl Australia Gas tcf Oil 15.6 bn bbl Argentina Gas tcf Oil 27.0 bn bbl South Africa Gas tcf Oil 0.0 bn bbl Legend Current Unconventional Gas Producers Potential New Frontier for Unconventional Gas Wet Shale Gas (trillion cubic feet) Tight Oil (billion barrels) (1) World Energy Council, February US Energy Information Administration, September (2) Potential New Frontier for Unconventional Gas includes countries with greater than 100 tcf of technically recoverable shale gas resources. 22
24 VI. What This Means for Tomorrow Unconventional Opportunity Assessment Technically Recoverable Shale Gas and Shale Oil Resources by Area (bn boe) (1) Fiscal Regime Political Environment Infrastructure Resource / Land Access Investability / E&P Diversity Established Service Provider Environmental Leadership Middle East North America South America Africa Russia China Australia Eastern Europe Other Asia Western Europe Supportive of development Wet Shale Gas (solid bar represents current unconventional gas producers) Shale Oil (solid bar represents current unconventional gas producers) Outside of North America, each potential unconventional producer faces below and above ground challenges as they attempt to replicate North American unconventional development progress. Following the experience in North America, investors will be conservative in their desire to finance the development of riskier plays. North American technology and experience is transferable, but commodity prices will need to improve to exploit international unconventional resources in a meaningful way. (1) World Energy Council, February US Energy Information Administration, September (2) Classifications are subjective in nature and are based on J.P. Morgan and Azimuth estimates. These classifications can vary within each specified region. 23
25 24
John Gerdes Head of Research. The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017
John Gerdes Head of Research The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017 Differentiated Energy Research Mission: Consistent, objective analysis of full-cycle economic returns derived
More informationTSX:CFW. CALFRAC WELL SERVICES LTD. Investor Presentation January 2017
TSX:CFW CALFRAC WELL SERVICES LTD. Investor Presentation January 2017 Forward Looking Statement Certain information contained within this presentation and statements made in conjunction with this presentation
More informationTSX:CFW. CALFRAC WELL SERVICES LTD. Investor Presentation June 2014
TSX:CFW CALFRAC WELL SERVICES LTD. Investor Presentation June 2014 Forward Looking Statement Certain information contained within this presentation and statements made in conjunction with this presentation,
More information2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November Jefferies LLC Member SIPC
2015 Jefferies Energy Conference Pete Bowden Global Head of Midstream Energy Investment Banking November 2015 Jefferies LLC Member SIPC Current Macro Environment 1 Production / Consumption (MMBbl/d) Stock
More informationEmerging Trends in the Energy Industry. Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP
Emerging Trends in the Energy Industry Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP August 2016 Agenda Introduction Drilling and Production Trends Crude Oil and Refined
More informationIn for the Long Haul Why Lower Oil Prices will be Good for You!
In for the Long Haul Why Lower Oil Prices will be Good for You! CO2-EOR Institute, 16 July 2015 BEG/CEE-UT, 1 Lower oil prices will Build demand Reduce competition to oil from non-oil alternatives (high
More informationUSA Compression Partners, LP Jefferies Global Energy Conference 2013 November 13, 2013
USA Compression Partners, LP Jefferies Global Energy Conference 2013 November 13, 2013 Disclaimers This presentation contains forward-looking statements relating to the Partnership s operations that are
More informationOSU Energy Conference The Benefits of Demerging
OSU Energy Conference The Benefits of Demerging April 17, 2012 Howard J. Thill VP Investor Relations & Public Affairs Forward-Looking Statement Except for historical information, this presentation contains
More informationLooking Ahead on Oil & Gas
Looking Ahead on Oil & Gas Art Berman NACE Investor Speaker Luncheon Palm Beach Gardens, Florida March 16, 217 Slide 1 Oil Prices Fell Below $5 Floor Last Week: Deflation of the OPEC Expectation Premium
More informationOil Markets: Where next?
Oil Markets: Where next? Christof Rühl, Global Head of Research Singapore September 2016 1 Content Oil and the economy: Recap Why did lower oil prices not support economic growth? OPEC vs. US two sides
More informationT H E P O W E R OF T H E P E R M I A N
T H E P O W E R OF T H E P E R M I A N 1 FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the statements in this presentation are forward-looking statements that are made
More informationState of the Chemical and Petrochemical Industry Is India the next driver?
State of the Chemical and Petrochemical Industry Is India the next driver? Presentation to IOC Conclave 29 July 217 Dave Witte Senior Vice President, IHS Markit GM - Oil Markets, Midstream, Downstream
More informationUBS GLOBAL OIL AND GAS CONFERENCE MAY 19-22, 2014
UBS GLOBAL OIL AND GAS CONFERENCE MAY 19-22, 2014 FORWARD-LOOKING STATEMENTS Certain statements in this presentation contain "forward-looking statements" within the meaning of Section 27A of the Securities
More informationCorporate Presentation
IT'S ABOUT PERFORMANCE Corporate Presentation November 2015 IT'S ABOUT PERFORMANCE 1 Forward Looking Information Certain information in this document is forward-looking and is subject to important risks
More informationTRICAN REPORTS FOURTH QUARTER RESULTS FOR 2013
Press Release TSX TCW February 25, 2014 TRICAN REPORTS FOURTH QUARTER RESULTS FOR 2013 Financial Review Three months ended Twelve months ended Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31, ($ millions,
More informationJefferies 2012 Global Energy Conference November 2012 Matt Fox EVP, Exploration and Production
Jefferies 2012 Global Energy Conference November 2012 Matt Fox EVP, Exploration and Production Cautionary Statement The following presentation includes forward-looking statements. These statements relate
More informationU.S. Energy Renaissance Trends & Opportunities
U.S. Renaissance Trends & Opportunities PRESENTATION TO THE 2014 NDT CONFERENCE David P. Ginther, CPA, Portfolio Manager Waddell & Reed Investment Management Company 6300 Lamar Avenue Overland Park, Kansas
More informationENCANA CORPORATION. Financial Strength & Discipline. Sherri Brillon. Executive Vice President & Chief Financial Officer
ENCANA CORPORATION Financial Strength & Discipline Sherri Brillon Executive Vice President & Chief Financial Officer CORPORATE FINANCE Providing Financial Flexibility & Liquidity to Execute our Strategy
More informationBAYTEX ANNOUNCES CLOSING OF STRATEGIC COMBINATION WITH RAGING RIVER, UPDATED 2018 GUIDANCE AND CONFIRMATION OF PRELIMINARY 2019 PLANS
BAYTEX ANNOUNCES CLOSING OF STRATEGIC COMBINATION WITH RAGING RIVER, UPDATED 2018 GUIDANCE AND CONFIRMATION OF PRELIMINARY 2019 PLANS CALGARY, ALBERTA (August 22, 2018) Baytex Energy Corp. ( Baytex )(TSX,
More informationTSX:CFW. CALFRAC WELL SERVICES LTD. Investor Presentation June 2016
TSX:CFW CALFRAC WELL SERVICES LTD. Investor Presentation June 2016 Forward Looking Statement Certain information contained within this presentation and statements made in conjunction with this presentation
More informationA Perspective on Canada s Upstream Oil & Gas Sector
A Perspective on Canada s Upstream Oil & Gas Sector 2010 Edmonton Real Estate Forum May 4, 2010 Dave Collyer President, Canadian Association of Petroleum Producers Presentation Outline Current business
More informationPermian Reserves May Be Much Smaller Than You Think: Tight Oil and Long-Term Debt Cycle
Permian Reserves May Be Much Smaller Than You Think: Tight Oil and Long-Term Debt Cycle Arthur E. Berman September 11, 217 Slide 1 New Age of American Energy Dominance The U.S. is the 1th Largest Oil Reserve
More informationP o w e r o f t h e P e r m i a n M A Y 2018
P o w e r o f t h e P e r m i a n M A Y 2018 1 FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the statements in this presentation are forward-looking statements that are
More informationNEWS RELEASE REPORTS 2011 THIRD QUARTER FINANCIAL RESULTS
PRECISION DRILLING CORPORATION Calgary, Alberta, Canada October 21, 2011 (Canadian dollars except as indicated) NEWS RELEASE PRECISION DRILLING CORPORATION REPORTS 2011 THIRD QUARTER FINANCIAL RESULTS
More informationInvestor Presentation. March 2019
Investor Presentation March 2019 Forward-Looking Statements and Other Disclaimers The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
More informationThe State of U.S. Tight Oil Activity During the Downturn
The State of U.S. Tight Oil Activity During the Downturn OPEC/IEA/IEF Workshop Trisha Curtis Co-Founder, PetroNerds, LLC trisha@petronerds.com March 15, 2016 PetroNerds LLC www.petronerds.com 970-329-1645
More informationChanging Flow Dynamics: Natural Gas, Oil, NGL
Changing Flow Dynamics: Natural Gas, Oil, NGL Pipeline Development & Expansion Conference September 22, 2011 The Westin Oaks Houston, TX E. Russell Braziel BENTEK Energy Bentek Energy 2011 Shale Infrastructure
More informationCORPORATE PRESENTATION OCTOBER 2017 IT'S ABOUT PERFORMANCE 1
CORPORATE PRESENTATION OCTOBER 2017 IT'S ABOUT PERFORMANCE 1 Forward Looking Information Certain information in this document is forward-looking and is subject to important risks and uncertainties. The
More informationBAYTEX ANNOUNCES 2019 BUDGET
BAYTEX ANNOUNCES 2019 BUDGET CALGARY, ALBERTA (December 17, 2018) - Baytex Energy Corp. ( Baytex ) (TSX, NYSE: BTE) announces that its Board of Directors has approved a 2019 capital budget of $550 to $650
More informationMost often, when referring to oil and gas as a
September 2018 Energy Industry Data & Trends LOOK NORTH FOR THE NEXT MAJOR U.S. SHALE PLAY Most often, when referring to oil and gas as a cyclical business, the mind tends toward the price of oil. Through
More informationInvestor Presentation. November 2018
Investor Presentation November 2018 Forward-Looking Statements and Other Disclaimers Forward-Looking Statements and Cautionary Statements The foregoing contains forward-looking statements within the meaning
More informationDUG Permian. April 5, Randy Foutch Chairman and CEO
DUG Permian April 5, 2017 Randy Foutch Chairman and CEO Forward-Looking / Cautionary Statements This presentation, including any oral statements made regarding the contents of this presentation, contains
More informationCapital One Securities 2017 Annual Energy Conference. December 7, 2017
Capital One Securities 2017 Annual Energy Conference December 7, 2017 Key Messages 1. Focused on value creation 2. Solid capital structure 3. Cash flow per share growth 4. Margin expansion 5. Best-in-class
More informationINVESTOR PRESENTATION. September 2018
INVESTOR PRESENTATION September 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These
More informationINVESTOR PRESENTATION. March 2017
INVESTOR PRESENTATION March 2017 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking
More informationTSX:CFW. CALFRAC WELL SERVICES LTD. Investor Presentation August 2014
TSX:CFW CALFRAC WELL SERVICES LTD. Investor Presentation August 2014 Forward Looking Statement Certain information contained within this presentation and statements made in conjunction with this presentation,
More informationINVESTOR PRESENTATION. March 2018
INVESTOR PRESENTATION March 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking
More informationEncana Investor Presentation. January 2019
Encana Investor Presentation January 2019 D E M O N S T R A T I N G T H E P O W E R O F A L E A D I N G S H A L E P O R T F O L I O A Premium E&P Company 2 Premium positions in 3 top shale plays supports
More informationTHE TRANSFORMATION AND THE FUTURE. Doug Lawler President and Chief Executive Officer
THE TRANSFORMATION AND THE FUTURE Doug Lawler President and Chief Executive Officer FORWARD-LOOKING STATEMENTS Cautionary Statement Regarding Forward-Looking Information This communication may contain
More informationWe re breaking new ground every day
We re breaking new ground every day THIRD QUARTER INTERIM REPORT Q3For the Three and Nine Months Ended September 30, 2011 Three Months Ended September 30, Nine Months Ended September 30, 2011 2010 Change
More informationFounders Investment Banking June 2013 Oil & Gas Newsletter
Founders Investment Banking June 2013 Oil & Gas Newsletter Professionals: Duane P. Donner, II Managing Partner ddonner@foundersib.com Joe H. Brady, III Vice President jbrady@foundersib.com Patrick L. Bradley
More informationShale by Shale Analysis:
Shale by Shale Analysis: Assessing the New Landscape Matt Andre Senior Energy Analysis September 1, 2015 2015 Platts, McGraw Hill Financial. All rights reserved. 1 Who is Bentek Energy? 5% 22% 40% 33%
More informationSandeep Bhakhri SVP and Chief Information and Technology Officer
Sandeep Bhakhri SVP and Chief Information and Technology Officer Copyright; Assumption of Risk: Copyright 2018. This presentation and the contents of this presentation have been copyrighted by EOG Resources,
More informationThe U.S. Petroleum Renaissance: What Does it All Mean?
The U.S. Petroleum Renaissance: What Does it All Mean? Lucian Pugliaresi, President Energy Policy Research Foundation, Inc. (EPRINC) 33 RD Alaska Resources Development Conference Anchorage, Alaska November
More informationINVESTOR PRESENTATION. July 2018
INVESTOR PRESENTATION July 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking
More informationThe Bakken America s Quality Oil Play!
The Bakken America s Quality Oil Play! Jack Stark- President 218 WBPC Bismarck, ND - May 22-24 Forward-Looking Information Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private
More informationRig Activity, Production and Trends
Rig Activity, Production and Trends Catherine Bernardo September 24, 2013 2013 Platts, McGraw Hill Financial. All rights reserved. Who is Bentek Energy? Who We Are 33% 5% 40% Premier Energy Data and Analytics
More informationJP Morgan Energy Equity Conference. June 2017
JP Morgan Energy Equity Conference June 2017 NOBLE ENERGY INVESTMENT THESIS Best assets, best execution, best results Industry-leading Well Performance in Premier U.S. Onshore Basins 4.5 BBoe net unrisked
More informationInvestor Presentation
TSX: STEP Investor Presentation April 2019 Disclaimer The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require.
More informationINVESTOR PRESENTATION. April 2018
INVESTOR PRESENTATION April 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking
More informationMacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today
More informationShale: Transforming US Energy. The Thinking Man s Approach. Advances in technology spurred significant shale production
Shale: Transforming US Energy Over the past few years, there has been a transformation in the North American energy industry, thanks to the production of shale oil and gas. New technology has not only
More informationInvestor Presentation January 2014
Investor Presentation January 2014 Forward-looking Information Certain information contained within this presentation and statements made in conjunction with this presentation, including information and
More informationOilfield Services and Equipment Sector Market Opportunity Update
May 2010 Oilfield Services and Equipment Sector Market Opportunity Update C O N F I D E N T I A L www.oliverwyman.com Contents Introduction and executive summary Global energy industry and oilfield services
More informationINVESTOR PRESENTATION. November 2018
INVESTOR PRESENTATION November 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These
More informationGoldman Sachs Global Energy Conference. January 2018
Goldman Sachs Global Energy Conference January 2018 Key Messages 1. Focused on value creation 2. Solid capital structure 3. Cash flow per share growth 4. Margin expansion 5. Best-in-class execution 6.
More informationCHESAPEAKE ENERGY CORPORATION REPORTS FINANCIAL AND OPERATIONAL RESULTS FOR THE 2010 THIRD QUARTER
FOR IMMEDIATE RELEASE NOVEMBER 3, 2010 CHESAPEAKE ENERGY CORPORATION REPORTS FINANCIAL AND OPERATIONAL RESULTS FOR THE 2010 THIRD QUARTER Company Reports 2010 Third Quarter Net Income to Common Stockholders
More informationCurrent Themes in Oil & Gas Financial Markets Jimmy Crain Director, EnCap Investments
Current Themes in Oil & Gas Financial Markets Jimmy Crain Director, EnCap Investments April 13, 2016 2 Overview of EnCap Investments L.P. Founded in 1988, EnCap is a leading provider of growth equity to
More informationBulking Up In The Permian Basin August 2016
Bulking Up In The Permian Basin August 2016 Please Read This presentation makes reference to: Forward-looking statements This release contains forward-looking statements within the meaning of securities
More informationOil & Gas Outlook. Brian M. Gibbons, Jr., CFA
Oil & Gas Outlook Brian M. Gibbons, Jr., CFA bgibbons@creditsights.com Presentation Overview Oil market trends and outlook Natural gas market trends and outlook Key industry themes Credit trends and outlook
More informationTalisman Energy 2012 Capital Plan Lower Spending Focused on Liquids Opportunities, Confirms Medium-Term Growth Target
N E W S R E L E A S E Talisman Energy 2012 Capital Plan Lower Spending Focused on Liquids Opportunities, Confirms Medium-Term Growth Target CALGARY, Alberta January 10, 2012 Talisman Energy Inc. has announced
More informationThe Turning Point corporate Summary
The Turning Point Enerplus Corporation 2010 corporate Summary Executing the plan 36 % 2010 total return Canadian investors Increased strategic land base to MORE THAN 500,000 net acres Bakken 230,000 43
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP MLPA 2016 Investor Conference June 3, 2016 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking statements
More informationCiti One-On-One MLP / Midstream Infrastructure Conference. August 20, 2014 Strong. Innovative. Growing.
Citi One-On-One MLP / Midstream Infrastructure Conference August 20, 2014 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationTHE US: GROWING GLOBAL SIGNIFICANCE
ENTERPRISE PRODUCTS PARTNERS L.P. THE US: GROWING GLOBAL SIGNIFICANCE March 8, 217 Joseph Fasullo Manager, International NGLs ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
More informationEconomics Society of Northern Alberta
December 214 Economics Society of Northern Alberta 215 Outlook Conference Oil & Gas Outlook Randy Ollenberger Managing Director BMO Capital Markets Crude Oil Outlook Collapse in crude oil prices due to
More informationEnercom 2018 The Oil & Gas Conference August 22, J. Marshall Dodson Senior Vice President and Chief Financial Officer
Enercom 2018 The Oil & Gas Conference August 22, 2018 J. Marshall Dodson Senior Vice President and Chief Financial Officer 1 Safe-Harbor Language This presentation contains forward-looking statements within
More informationForward Looking Information
CORPORATE PRESENTATION February 2018 Forward Looking Information Certain information in this document is forward-looking and is subject to important risks and uncertainties. The results or events predicted
More informationCHESAPEAKE ENERGY: THE TRANSFORMATION AND THE FUTURE
CHESAPEAKE ENERGY: THE TRANSFORMATION AND THE FUTURE Doug Lawler President and Chief Executive Officer FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning
More informationBAKER HUGHES INC FORM 10-Q. (Quarterly Report) Filed 10/24/12 for the Period Ending 09/30/12
BAKER HUGHES INC FORM 10-Q (Quarterly Report) Filed 10/24/12 for the Period Ending 09/30/12 Address 2929 ALLEN PARKWAY SUITE 2100 HOUSTON, TX 77019-2118 Telephone 7134398600 CIK 0000808362 Symbol BHI SIC
More informationRESPONDING TO AN IMPROVING MARKET ENVIRONMENT. Hunting Ballistic Release Tool designed for long lateral wellbores typical of shale formations
RESPONDING TO AN IMPROVING MARKET ENVIRONMENT Hunting Ballistic Release Tool designed for long lateral wellbores typical of shale formations 1 Group Summary Responding well to improving market environment
More informationINVESTOR PRESENTATION. January 2019
INVESTOR PRESENTATION January 2019 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These
More informationCorporate Presentation September 2017
Corporate Presentation September 2017 Disclaimers General Advisory The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require.
More informationFOR IMMEDIATE RELEASE For more information, contact: Richard L. Bergmark, Fax:
FOR IMMEDIATE RELEASE For more information, contact: Richard L. Bergmark, + 1 713 328 2101 Fax: +1 713 328 2151 CORE LAB REPORTS EPS OF $0.84 FOR Q4 2010, EX NON-CASH ITEM; ANNUAL RECORDS SET FOR REVENUE,
More informationConocoPhillips Reports Fourth-Quarter and Full-Year 2014 Results; Strong Reserve Replacement; Further Reduces 2015 Capital
NEWS RELEASE 600 North Dairy Ashford Road Houston, TX 77079-1175 Media Relations: 281-293-1149 www.conocophillips.com/ newsroom Jan. 29, 2015 ConocoPhillips Reports Fourth-Quarter and Full-Year 2014 Results;
More informationEnerCom s The Oil & Gas Conference. August 15, 2012
EnerCom s The Oil & Gas Conference August 15, 2012 Overview of Operations 16 Bakken Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Integrated approach to business
More informationENCANA CORPORATION. Market Access & Risk Mitigation. Renee Zemljak Executive Vice President, Midstream, Marketing & Fundamentals
ENCANA CORPORATION Market Access & Risk Mitigation Renee Zemljak Executive Vice President, Midstream, Marketing & Fundamentals ENCANA Delivering Quality Corporate Returns North American leader in: Generating
More informationACQUISITION OF MAGNUM OIL TOOLS
NINE ENERGY SERVICE ACQUISITION OF MAGNUM OIL TOOLS OCTOBER 15, 2018 DISCLAIMER This presentation has been prepared by Nine Energy Service, Inc. (together with its subsidiaries, Nine or the Company ) for
More informationThe Rice World Gas Trade Model (RWGTM): Report of Reference Case Results
The Rice World Gas Trade Model (RWGTM): Report of Reference Case Results prepared by: Kenneth B Medlock III James A Baker III and Susan G Baker Fellow in Energy and Resource Economics, and Deputy Director,
More informationINVESTOR PRESENTATION. April 2019
INVESTOR PRESENTATION April 2019 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking
More informationMorgan Stanley Marcellus-Utica Conference
Morgan Stanley Marcellus-Utica Conference September 19, 2012 www.enterpriseproducts.com All rights reserved. Enterprise Products Partners L.P. Randy Fowler EVP & CFO Forward Looking Statements This presentation
More informationBAYTEX REPORTS 2016 RESULTS, STRONG RESERVES GROWTH IN THE EAGLE FORD AND RESUMPTION OF DRILLING ACTIVITY IN CANADA
BAYTEX REPORTS 2016 RESULTS, STRONG RESERVES GROWTH IN THE EAGLE FORD AND RESUMPTION OF DRILLING ACTIVITY IN CANADA CALGARY, ALBERTA (March 7, 2017) - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports
More informationLower 48 Upstream Surviving the trough
Lower 48 Upstream Surviving the trough PECD Luncheon October 30, 2015 Over the last 40 years, Wood Mackenzie has evolved naturally along the energy value chain to capture all the key components affecting
More informationCorporate appendix Chevron Corporation
Corporate appendix 1 This presentation is meant to be read in conjunction with the 2018 Security Analyst Meeting Transcript posted on chevron.com under the headings Investors, Events & Presentations. Slide
More informationNovember Edition: A Macro Update on Crude Oil
3 November Edition: A Macro Update on Crude Oil Everyone has been following the price of crude oil over the past few months, which is down over 29% since June 2014 and is the core driver of drilling activity
More informationINVESTOR PRESENTATION. January 2018
INVESTOR PRESENTATION January 2018 FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These
More information2017 UBS GLOBAL OIL & GAS CONFERENCE. May 2017
2017 UBS GLOBAL OIL & GAS CONFERENCE May 2017 NOBLE ENERGY INVESTMENT THESIS Best assets, best execution, best results Industry-leading Well Performance in Premier U.S. Onshore Basins 4.5 BBoe net unrisked
More informationScotia Howard Weil Energy Conference. March 25-26, 2019
Scotia Howard Weil Energy Conference March 25-26, 2019 Forward-Looking Statements and Other Disclosures This presentation includes forward looking statements within the meaning of Section 27A of the Securities
More informationValuing Oil & Gas Reserves (Part I) Impact and History of Oil & Gas Prices
Valuing Oil & Gas Reserves (Part I) Impact and History of Oil & Gas Prices Don Erickson, ASA Mercer Capital // www.mercercapital.com February 2018 2018 Mercer Capital // All rights reserved Introduction
More informationchesapeake energy corporation 2014 annual Report
chesapeake energy corporation 2014 annual Report At Chesapeake, our people are focused on performance. From elevating innovative solutions to demonstrating operational and financial leadership as well
More informationwhere we stand where we are going
where we stand where we are going J.P. Morgan 2018 Energy Conference June 18-19, 2018 Forward-Looking Statements and Other Disclaimers This presentation includes forward looking statements within the meaning
More informationOil Price and the Southern Midland Basin
Oil Price and the Southern Midland Basin J. Ross Craft / Chairman, President and CEO May 20, 2015 Forward-looking statements This presentation contains forward-looking statements within the meaning of
More informationMarathon Oil Reports First Quarter 2017 Results
May 4, 2017 Marathon Oil Reports First Quarter 2017 Results Strong Operational Results; Entered Northern Delaware and Exited Canadian Oil Sands; Raising 2017 E&P Production Guidance HOUSTON, May 04, 2017
More informationMARKET UPDATE. Julie Afanasiff Mark McRae. November 15, 2017
MARKET UPDATE Julie Afanasiff Mark McRae November 15, 2017 THE GLOBAL BACKDROP Millions of Barrels / Day The Global Backdrop ANNUAL GLOBAL DEMAND 102.0 Annual Global Demand Growth from 2013 2018E 100.0
More informationNEWS RELEASE NOVEMBER 7, 2018
NEWS RELEASE NOVEMBER 7, 2018 TOURMALINE DELIVERS STRONG Q3 EARNINGS AND CASH FLOW GROWTH, INCREASES 2018 EXIT AND 2019 PRODUCTION ESTIMATES AND REDUCES 2019 CAPITAL PROGRAM Calgary, Alberta - Tourmaline
More informationPermian Basin & Eagle Ford Shale from a Global Perspective. Art Berman Labyrinth Consulting Services, Inc.
Permian Basin & Eagle Ford Shale from a Global Perspective Art Berman Texas Energy Council 3 th Annual Symposium Dallas, Texas May, 28 Slide Permian Basin & Eagle Ford Shale from a Global Perspective:
More informationQ4 and Year End 2017 Results Conference Call
ENCANA CORPORATION Q4 and Year End 2017 Results Conference Call February 15, 2018 QUALITY CORPORATE RETURNS Encana today: Great portfolio with large inventory Strong balance sheet Disciplined capital allocation
More information2018 UBS Global Oil and Gas Conference. Gary D. Packer Executive Vice President & COO
2018 UBS Global Oil and Gas Conference Gary D. Packer Executive Vice President & COO NFX is Positioned to be an E&P Winner We have: Operational Scale and Quality Assets Capital Discipline and Self- Sustaining
More informationAssessing the Financial Implications of the Oil Price Collapse
Assessing the Financial Implications of the Oil Price Collapse Las Vegas, NV February 18, 2016 Thomas A. Petrie, CFA Petrie Partners, Chairman Introduction Topics Current Macro Petroleum Landscape Near-Term
More informationDEVON ENERGY CORPORATION (Exact Name of Registrant as Specified in its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More information