Appendix Industry Comparison Slides - 2013 • • • • • • • • • • • • • • • • • Operating Costs (including Transportation) Cashflow Netback Operating Margin PP Reserve Life Reserve Classification PP FD&A Cost Low Cost Producer PP Recycle Ratio PP Reserve Replacement Ratio Payout Ratio Distribution/Dividend Life Market Premium to Base NAV Market Premium to Upside NAV Funding for Upside DACFM to NAV Investor Recycle Ratio PP NPV0 2013 Operating Costs Industry Comparison 100% 90% 80% $20 70% $15 Ave $12.33/boe 60% 50% $10 40% % Gas Operating Costs incl. Transportation ($/boe) $25 30% $5 20% 10% $- Operating Costs include Transportation costs. BOE factor - 6 mcf = 1 bbl of oil equivalent 0% 2 8/20/2014 2013 Cash Netback $50 100% $45 90% $40 80% $35 70% $30 $25 Ave $23.96/boe 60% 50% $20 40% $15 30% $10 20% $5 10% $- 0% Cashflow Netback per boe of production. BOE factor - 6 mcf = 1 bbl of oil equivalent % Gas Cashflow Netback ($/boe) Industry Comparison 3 8/20/2014 2013 Operating Margin % Gas TBE CR ZAR 0% NVA 0% PWT 10% KEL 10% BTE 20% PGF 20% PMT 30% POU 30% ERF 40% BNP 40% BXE 50% TET 50% ARX 60% CQE 60% CPG 70% BIR 70% WCP 80% LTS 80% BNE 90% TOU 90% VET 100% AAV 100% PEYTO Operating Margin (%) Industry Comparison 4 Annual Operating Margin is cashflow netback divided by revenue. 8/20/2014 2013 Reserve Life Industry Comparison, Proven Producing Reserve Life 8 Long Reserve Life Index (yrs) 7 6 Average 5 4 Short 3 2 1 0 5 8/20/2014 2013 Reserves, Proven vs Probable Industry Comparison, PP as % of P+P 100% 90% 80% 70% 60% 50% 40% Ave 33% 30% 20% 10% 0% 6 8/20/2014 2013 PDP FD&A Cost Industry Comparison $50.00 $45.00 $40.00 PDP FD&A ($/boe) $35.00 $30.00 $25.00 Ave $25.00/boe $20.00 $15.00 $10.00 $5.00 $- FD&A Cost – Inclusive of Acquisition, Finding and Development Capital BOE factor - 6 mcf = 1 bbl of oil equivalent 7 8/20/2014 2013 Low Cost Producer Industry Comparison 100% 90% 200% 80% 70% 150% 60% Ave 111% 100% 50% % Gas Total Costs ($/boe)/Total Revenue ($/boe) (%) 250% 40% 30% 50% 20% 10% 0% Total Costs per boe includes – Royalties, Op Costs, G&A, Interest, Management Fees, and PP FD&A cost BOE factor - 6 mcf = 1 bbl of oil equivalent 0% 8 8/20/2014 2013 Recycle Ratio Industry Comparison, PDP Recycle Ratio 100% 2.5 90% 80% 70% 60% 1.5 Ave 1.1 1.0 50% % Gas PDP Recylce Rato 2.0 40% 30% 0.5 20% 10% - 0% 9 Recycle Ratio = Netback/Proved Producing FD&A Cost 8/20/2014 2012 Reserve Replacement Ratio Industry Comparison, Proved Producing 150% 100% 50% 0% ‐50% TOU PEYTO BIR CPG CR TET AAV VET POU BTE PMT ARX ERF PBN BNP NGL PWT ZAR FEL PGF PDP Reserve Replacement Ratio % 200% ‐100% ‐150% ‐200% Reserve Replacement Ratio per debt adjusted share – Incremental PP Reserves/share divided by Annual Production/share Number of shares/units are debt adjusted by converting debt to equity at Dec 31, 2012 share prices 10 8/20/2014 2012 Q4 Payout Ratio Industry Comparison 70% 60% 50% 40% 30% 20% 10% 0% TET PBN ERF PEYTO ZAR PGF VET PWT ARX BNP CPG Payout Ratio – Total quarterly dividend(incl. exchangeable shares) divided by funds from operations, excluding stock option expenses and other performance based compensation and before DRIP re-investment. BTE 11 8/20/2014 2012 Dividend Life, PDP NPV Industry Comparison 45 40 35 Years 30 25 20 15 10 5 0 PEYTO ERF TET ZAR PGF PWT Distribution Life – Year End 2012 Proved Producing Undiscounted divided by 2012 Q4 dividend rate annualized ARX VET BNP CPG BTE 12 8/20/2014 2012 Market Premium to Base NAV Industry Comparison 800% 700% Share Price/NAV 600% 500% 400% Ave 254% 300% 200% 100% Dec 31, 2012 Share price Dec 31, 2012 Proven Producing NPV5 Debt Adjusted per unit POU BTE TET TOU CPG VET PBN NGL ARX BIR CR BNP PEYTO AAV PWT ERF ZAR PGF FEL 0% 13 8/20/2014 Market Premium to Upside NAV Industry Comparison 500% 450% Share Price/NAV 400% 350% 300% 250% 200% 150% Ave 122% 100% 50% AAV BIR FEL PGF NGL CR ZAR ERF PWT BNP PBN PEYTO CPG TOU ARX VET BTE PMT POU TET 0% Dec 31, 2012 Share price Dec 31, 2012 Proved plus Probable NPV10 Debt Adjusted per share 14 8/20/2014 2012 Funding for Upside Industry Comparison PDP NPV10 required to fund FDC 600% 500% 400% Equity or debt will fund this, neither is typically accretive for shareholders 300% 200% Ave 139% 100% FDC is all Future Development Capital (undiscounted) associated with proved and probable additional reserves Source: Company AIFs POU AAV BIR PMT TOU NGL BTE CR ARX PEYTO CPG PGF PBN PWT FEL BNP ERF VET ZAR TET 0% 15 8/20/2014 Debt Adjusted Cashflow Multiples Industry Comparison, NAV vs Market 20 18 16 14 12 10 8 6 4 2 0 DACFM = NAV (Ave 8.5) PMT TET PBN ERF NGL PWT PGF ZAR VET CR BTE CPG ARX BNP PEYTO TOU BIR FEL AAV Conventional Multiple Range Quarter End EV/CF DACFM – Enterprise value divided by annualized Qtrly CF DACFM =NAV- uses Dec 31, 2012 P+P NPV10 Debt Adjusted per unit, Dec 31, 2012 Enterprise Value/Q4 2012CF 16 8/20/2014 2012 Investor Recycle Ratio Industry Comparison 400% Ivestor Recycle Ratio 350% 300% 250% 200% 150% 100% 50% PGF ERF ZAR PWT PBN PEYTO NGL BNP AAV FEL BIR CPG ARX CR VET TET TOU PMT BTE POU 0% PDP P+P 17 Investor Recycle Ratio = Q4 2012 Netback/boe divided by Dec 31/12 Enterprise Value/PDP or P+P/boe (YE 2012) 8/20/2014 2012 PP Undiscounted NPV Industry Comparison $18,000 $16,000 NPV, Millions $ $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 PWT CPG PGF ARX ERF PEYTO BNP PBN VET TOU BTE TET BIR AAV CR ZAR POU NGL FEL PMT $0 EV PDP NPV0 Proved Producing NPV Undiscounted – Net present value of the future net cashflows estimated at year end 2012 by independent engineering firms using forecast prices, undiscounted (source: company AIFs) 18 8/20/2014
© Copyright 2024 ExpyDoc
