Peyto Exploration & Development Corp. · TSX:PEY
Peyto Exploration & Development — Investor Presentation (March 2022)
62 slides from Peyto Exploration & Development's investor presentation, March 2022
Slide 1: Slide 1
Slide 2: Advisory Regarding Forward-Looking Statements
Advisory Regarding Forward-Looking Statements PEYTO Exploration & Development Corp. This presentation presents certain non-GAAP measures to assist readers in understanding the Company's performance. These measures do not have any standardized meaning and therefore are unlikely to be comparable to si
Slide 3: New To Peyto? Who We Are
New To Peyto? Who We Are PEYTO Exploration & Development Corp. N 5th Largest Canadian Gas Producer ∼ 620 MMcfe/d N 11th Largest Canadian Gas Processor 970 MMcf/d capacity N Pure Play Alberta Deep Basin Multizone stacked resource, 5.4 TCFe 2P reserves N Long Reserve Life Asset 9yr PDP, 25yr 2P, sweet
Slide 4: PEY.TO Year Growth Per Share
PEY.TO 21 Year Growth Per Share PEYTO Exploration & Development Corp. Historical Per Share (or unit) and Shares (units) Outstanding numbers (end of period) have been adjusted to reflect the May 27, 2005 2:1 stock split BOE factor - 6 mcf = 1 bbl of oil equivalent 4 Non-GAAP measures and ratios do no
Slide 5: Total Shareholder Return Model
PEY.TO Total Shareholder Return Model PEYTO Exploration & Development Corp. Organic growth for LNG exports? Future Prospects Past Profits BOE factor - 6 mcf = 1 bbl of oil equivalent 5 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be comparable to
Slide 6: We Heat Your Homes
PEY.TO We Heat Your Homes PEYTO Exploration & Development Corp. Natural Gas X X Safe Reliable Affordable 6 https://www.efficiencyalberta.ca 3/18/2022 http://www12.Statcan.gc.ca
Slide 7: Environmental Leader
PEY.TO Environmental Leader PEYTO Exploration & Development Corp. Notes: Intensities are based on total subsector emissions and relevant production amounts. They represent overall averages, not facility intensities. *Calculated on a barrel of oil equivalent (boe) basis by converting production volum
Slide 8: Continuously Improving Emissions
PEY.TO Continuously Improving Emissions PEYTO Exploration & Development Corp. Peyto GHG Emissions Intensity 29.0 26.0 24.7 23.9 22.3 21.1 19.8 19.6 2013 2014 2015 2016 2017 2018 2019 2020 in GHG Emissions Intensity* KgCO2e/BOE (Scope 1,2,3) Peyto Flaring and Venting of Methane 9.3 8.3 8.2 8.1 7.0 5.
Slide 9: Less Impact on Land and Water
PEY.TO Less Impact on Land and Water PEYTO Exploration & Development Corp. Peyto Land Use Reduction 2.1 2.0 1.9 1.8 1.7 1.7 1.6 1.5 2013 2014 2015 2016 2017 2018 2019 2020 in Surface Land Use ha per well (cumulative… Freshwater Use and Flowback Recycling 100 0.08 74 0.07 0.07 80 bbls/BOE 0.05 0.05 6
Slide 10: The Peyto Strategy
The Peyto Strategy PEYTO Exploration & Development Corp. 10 3/18/2022
Slide 11: What We Continue To Believe
The Peyto’s Strategy What We Continue To Believe PEYTO Exploration & Development Corp. N “Nature’s gas is the fuel for the future.” N “Our gas and NGLs have some of the lowest emissions of any hydrocarbons produced in Canada.” N “Our business focus is to maximize the return on invested capital – you
Slide 12: Growing North American Gas Market
The Peyto’s Strategy Growing North American Gas Market PEYTO Exploration & Development Corp. North America Gas Consumption (BCF/d) (BP Statistical Review of World Energy 2019) 140 140 120 120 100 100 32% growth 80 2008-2018 80 60 99 BCF/d 60 75 BCF/d 69 BCF/d 40 55 BFD/d 40 20 20 0 0 1970 1972 1974
Slide 13: Bolster Alberta's Shrinking Gas Reserves
The Peyto Strategy Bolster Alberta’s Shrinking Gas Reserves PEYTO Exploration & Development Corp. https://www.aer.ca/providing-information/data-and-reports/statistical-reports/st98/statistics-and-data 13 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may n
Slide 14: Canadian Gas Egress Is Expanding
The Peyto’s Strategy Canadian Gas Egress Is Expanding PEYTO Exploration & Development Corp. Dry Natural Gas Production - Canada 25 (EIA) $9 LNG Export $8 2.0 Bcf/d $7 LNG Canada 20 $6 NGTL Expansion $5+40% BCF/D $4 15 $3 15.384 $2 $1 3.2 Bcf/d NGTL Expansion – 2019 to 2022 1.9 Bcf/d LNG Canada (trai
Slide 15: Fund Growth From Cashflow
The Peyto Strategy Fund Growth From Cashflow PEYTO Exploration & Development Corp. Peyto FCF $8,000 6,766 120,000 6,940 $7,000 100,000 $6,000 80,000 $5,000 Peyto FFO $4,000 60,000 CTD Q4/21 $3,000 40,000 $2,000 20,000 $1,000 $0 Q4 1999 Q2 2000 - Q4 2000 Q2 2001 Q4 2001 Q2 2002 Q4 2002 Q2 2003 Q4 200
Slide 16: Invest For Profit Not Growth
The Peyto Strategy Invest For Profit Not Growth PEYTO Exploration & Development Corp. $800 $700 $600 $500 Peyto Capital $400 CTD Q4/21 $300 $200 $100 Covid $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $(100) CAPEX ($MM) Earnings ($'
Slide 17: Dividend Sustainability
The Peyto Strategy Dividend Sustainability PEYTO Exploration & Development Corp. $3,000 $2,500 $2,000 Peyto Ctd. Earnings (MM$) $1,500 Q4/21 $1,000 $500 $0 Q4 1999 Q4 2000 Q4 2001 Q4 2002 Q4 2003 Q4 2004 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016
Slide 18: Year Cycle of Value Creation
The Peyto Strategy 23 Year Cycle of Value Creation PEYTO Exploration & Development Corp. $6.77B Capital Investment 60% retained FFO YE 2021 24% equity 16% debt 2P NPV5 $2.70B $13.1B Value Earnings $10.19B $2.49B in div/dist $0.40B to employees $10.19B remaining asset value $2.49B Shareholder ($1.1B)
Slide 19: Profitable Business
Peyto’s Profitable Business PEYTO Exploration & Development Corp. 19 3/18/2022
Slide 20: Build it for less than we sell it
Peyto’s Profitable Business “Build it for less than we sell it” PEYTO Exploration & Development Corp. 2021 2014 2015 2016 2017 2018 2019 2020 2021 Land/Acq/Disp Seismic Drilling PDP FD&A $/mcfe ($2.25) ($1.64) ($1.44) ($1.36) ($1.18) ($1.55) ($1.06)($0.97) Compl. Wellsite Facilities Cash Costs $365M
Slide 21: Lowering The Bar
Peyto’s Profitable Business Lowering The Bar PEYTO Exploration & Development Corp. AECO $10 Monthly $/GJ Peyto Realized Gas Price ($/mcfe) 35% Avg. $8 "Profit“ CTD Lowest realized price ever, but $6 also lowest total supply cost ever Bonus $4 PDP FD&A Supply cost down 45% $2 since 2010 Cash Costs 43
Slide 22: Peyto's Moat is a Low-Cost Advantage
Peyto’s Profitable Business Peyto’s “Moat” is a Low-Cost Advantage PEYTO Exploration & Development Corp. $2.30 $4.77 ($0.24) $1.36 BOE factor - 6 mcf = 1 bbl of oil equivalent 22 Data from Peter’s & Co. Gas producers include: AAV,ARX,BIR,CR,KEL,NVA,PIPE,PMT,PNE,POU,SDE,SRX,TOU Non-GAAP measures and
Slide 23: High Operating Margins
Peyto’s Profitable Business High Operating Margins PEYTO Exploration & Development Corp. 90% $9.00 80% $8.00 70% $7.00 60% $6.00 50% $5.00 40% $4.00 30% $3.00 20% $2.00 Peyto Operating Margin 10% $1.00 Last 20 Year Avg. 0% 2000 $0.00 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 FFO/Revenue Inte
Slide 24: Unique Assets
Peyto’s Unique Assets PEYTO Exploration & Development Corp. 24 3/18/2022
Slide 25: Geographically Focused Core Areas
Peyto’s Assets Geographically Focused Core Areas PEYTO Exploration & Development Corp. • 608,580 net acres (Q421) • 12 operated gas plants - Cutbank --(970 mmcf/d net capacity) • 2,000+ km pipelines • ∼1,700+ producing zones Kakwa • ∼103,000 boe/d Chicken Leland Pine Creek Of Production: Greater Pro
Slide 26: Deep Basin Permeability Segregation
Peyto’s Assets PEYTO Deep Basin Permeability Segregation Exploration & Development Corp. FOOTHILLS STRUCTURES GAS AS ING INCRE BILITY EA PERM WATER TRANSITION ZONE WATER GAS ASE INCRE AREA OF GAS DEPTH MATURATION 26 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and the
Slide 27: Multi Zone Stacked Sandstone Reservoirs
Peyto’s Assets Multi Zone Stacked Sandstone Reservoirs PEYTO Exploration & Development Corp. *NGL recoveries can increase by 15+ bbl/mmcf with deeper cutting processing facilities Reserves are 2P recoverable in a section at 85% RF Up to per section* 27 Non-GAAP measures and ratios do not have any st
Slide 28: Cecilia Acquisitions
Peyto’s Assets Cecilia Acquisitions $35MM – Effective Jan 1/21 PEYTO Exploration & Development Corp. • YE21 Rates: • Base: 2,750 boe/d Cecilia Gas Plant 12-34-56-22W5 Ownership: 100% WI • New: 12,650 boe/d (20 new wells Original Throughput: ∼16mmcf/d sales and online, 3 reactivations) 10 bbl/mmcf •
Slide 29: Chambers Area Success and New Gas Plant
Peyto’s Assets Chambers Area Success and New Gas Plant PEYTO Exploration & Development Corp. Existing Brazeau Gas Plant. Chambers Development Gross Capacity 150 mmcfd gas 80,000 T4 Peyto Net H H 70,000 H H H H H H H H 1 6 1 H H 6 D H 1 6 60,000 1 6 1 6 H H D H D H H Field Gas (mcfd) H 36 31 36 31 36
Slide 30: Private Co. Acquisition and New Chambers Gas Plant
Peyto’s Assets Private Co. Acquisition and New Chambers Gas Plant PEYTO Exploration & Development Corp. Corporate Acquisition • $22 million, effective Jan 1, 2022 • 100%, 45 MMcf/d Sweet Gas Plant ($26 million installed cost in 2018) • 81.8 Gross (73.0 Net) sections of land (expands to 352 net secti
Slide 31: Large Hz MSF Inventory
Peyto’s Assets PEYTO Large Hz MSF Inventory Exploration & Development Corp. Done1 To Do Total Total Total Total Hz(Vt) Hz Locations Vertical Hz Locations Unbooked3 Wells Wells Booked2 2 (2) 440 200 460(9) 424 5 1 5 4 1 2 23 90 197 192 73 7 75 51 21 117 147 103 2 39 15 409 297 135 4 44 54 34 12 2 87
Slide 32: Deep Basin Lands Go A Long Way
Peyto’s Assets Deep Basin Lands Go A Long Way PEYTO Exploration & Development Corp. 1,000 Peyto Lands 900 800 700 Net Sections 600 Net Peyto Sections 500 400 300 200 100 - Net Sections of Cardium, Dunvegan, Notikewin, Falher, Wilrich, Bluesky, Cadomin, Montney & Duvernay Net Sections – Developed Are
Slide 33: Increased Facility Ownership And Control
Peyto’s Assets Increased Facility Ownership And Control PEYTO Exploration & Development Corp. Cutbank Kakwa Peyto Gas Plants Cecilia YE 2020 WI Oldman (with Deep Cut) W & Oldman North 1 Oldman 125 mmcf/d 100% Wildhay 2 Nosehill 125 mmcf/d 100% Nosehill 3 Wildhay 90 mmcf/d 100% 4 Galloway 60 mmcf/d 8
Slide 34: "Big Sunny" Natural Gas Storage Scheme
Peyto’s Assets “Big Sunny” Natural Gas Storage Scheme PEYTO Exploration & Development Corp. R.25 R.24 R.23 R.22 R.21 R.20 R.19 R.18 Nosehill Creek North Cecilia Meter Station 139 mmcfd Capacity T.56 T.56 Obed North Oldman Meter Station 227 mmcfd Capacity North Nosehill Edson Viking D Gas Storage Uni
Slide 35: Unique Infrastructure Location
Peyto’s Assets Unique Infrastructure Location PEYTO Exploration & Development Corp. Cecilia Alliance Oldman & Oldman North Nosehill Big Sunny Wildhay Galloway Swanson Highway 16 Greater Sundance Area Cascade Power Project Location Advantages: ISD mid-2023 • 900 MW Combined-Cycle • Nova/Alliance Supp
Slide 36: Successful Reserves Conversion, Again
Peyto’s Assets Successful Reserves Conversion, Again PEYTO Exploration & Development Corp. Actual/ Booked Forecast Actual Reserve Total Booked/ Forecast Locations Forecast Outcome Cost per Actual Outcome Cost per Year Drills Total Cost per Converted Unit Unit Unit gross Capex* Capex* gross wells BCF
Slide 37: PDP Reserve Additions
Peyto’s Assets PDP Reserve Additions PEYTO Exploration & Development Corp. PDP Additions [mboe] / FD&A [$/mcfe] 2020YE Evaluation 37,044 / 1.06 2021 YE Evaluation 62,488 / 0.97 % Change 69% / -8.5% http://www.peyto.com/Files/News/2022/2021ReservesPressRelease.pdf 37 Non-GAAP measures and ratios do n
Slide 38: Long Producing Reserve Life Maintained
Peyto’s Assets Long Producing Reserve Life Maintained PEYTO Exploration & Development Corp. Peyto Reserve Life Index 35 30 Years at Q4 Production 25 25 20 16 15 10 9 5 0 Peyto PDP RLI 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 PDP TP P+PA 2020 PDP RLI 1
Slide 39: Alberta's Gas Developer
Peyto’s Assets Alberta’s Gas Developer PEYTO Exploration & Development Corp. 9,000 8,000 7,000 6,000 1,993 26% (TCFe) 5,000 CAGR 1,571 4,000 7,655 15% 3,000 CAGR 1,823 2,000 TCFe of 1,000 2,234 Discovered Reserves 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 40: Reserve Value (NPV5/share)
Peyto’s Assets Reserve Value (NPV5 /share) PEYTO Exploration & Development Corp. http://www.peyto.com/Files/News/2022/2021ReservesPressRelease.pdf 40 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by othe
Slide 41: What Shareholders Currently Own
Peyto’s Assets What Shareholders Currently Own PEYTO Exploration & Development Corp. Tangible Infrastructure (Replacement Value as at Dec 31, 2021) 81 Compressors ($3.25MM each) $283 MM 18 Inlets ($1.9MM each) $35 MM 21 Refrigeration plants ($5.7MM each) $119 MM 12 Power Generation Sets ($1.6M each)
Slide 42: Incredible Returns
Peyto’s Incredible Returns PEYTO Exploration & Development Corp. 42 3/18/2022
Slide 43: Production Performance by Vintage
Peyto’s Returns Production Performance by Vintage PEYTO Exploration & Development Corp. Year Over Year Performance - All Cardium Year Over Year Performance - All Wilrich 5,000 11/29 Paid Out! 7,000 2/23 Paid Out! Gross Recombined Gas Rate (mcf/d) Gross Recombined Gas Rate (mcf/d) 6,000 4,000 +60 bbl
Slide 44: Updated Template Economics At Strip
Peyto’s Returns Updated Template Economics At Strip PEYTO Exploration & Development Corp. Brazeau / Chambers Greater Sundance Type Curve Cardium Notikewin Wilrich ERH Notikewin Wilrich ERH Falher ERH Cardium Economics Gas [MMcf] 3,052 4,378 4,955 4,811 3,842 3,838 2,285 NGLs [Mbbl] 163 123 76 48 39
Slide 45: Best Year Ever
Peyto Returns Best Year Ever PEYTO Exploration & Development Corp. 2021 Wells Sorted by Species Price Deck: 2021 Actuals + Feb 8, 2022 Strip 500% 450% 2021 Capital Program IRR = 121% Included $750k/well for FLS 400% 350% 300% Full Cycle BTAX IRR [%] 250% 200% 150% 100% 50% 0% -50% 45 Non-GAAP measur
Slide 46: High Returns On Your Capital And Equity
Peyto’s Returns High Returns On Your Capital And Equity PEYTO Exploration & Development Corp. 60% $12 50% $10 40% $8 23 yr Avg ROE to 2021 30% $6 20% $4 10% $2 0% $0 Return On Capital Employed (%) Return On Equity (%) 23 yr Avg ROCE to 2021 Earnings/share Realized Price ($/mcfe) Return on Equity (RO
Slide 47: Future
Peyto’s Future PEYTO Exploration & Development Corp. 47 3/18/2022
Slide 48: 2022 Outlook
Peyto’s Future 2022 Outlook PEYTO Exploration & Development Corp. Drill ~90Hz Wells (Liquids Rich Natural Gas) vs 91 in 2021 Expand Infrastructure New Chambers Gas Plant (prepaid equipment) Increase Opportunities Expand Undeveloped Land Base Diversify Markets Continue to Evaluate New Pipe/Basis
Slide 49: Gas Price Stability Before Returning to Growth
Peyto’s Future Gas Price Stability Before Returning to Growth PEYTO Exploration & Development Corp. 14 bbl/mmcf 14 bbl/mmcf 17 bbl/mmcf 20 bbl/mmcf 26 bbl/mmcf 28 bbl/mmcf 26 bbl/mmcf 25 bbl/mmcf 24 bbl/mmcf $5 Holding investment flat at $350MM/yr could drive a measured 7- $4.19 $4 10% production 10
Slide 50: Lower Costs to Preserve Profit
Peyto’s Future Lower Costs to Preserve Profit PEYTO Exploration & Development Corp. PEY 2014 PEY 2019 PEY 2021 PEY 2022 Goals 87% Gas @$3.43/GJ*1.15 HC 13% NGLs@$53/bbl 88% Gas @$4.00/GJ*1.15 $5.04 $2.23 $3.61 ∼$5.45 12% NGLs@$70/bbl=(70%of Revenue $4.52/mcfe $0.91/mcfe hedge loss $100 CND WTI) $/mc
Slide 51: Balance Sheet Priority
Peyto’s Future Balance Sheet Priority PEYTO Exploration & Development Corp. $2,000 $250 $1,800 $1,600 $200 Q4 2014, $173 $1,400 Total Net Debt ($MM) Quarterly FFO ($MM) $1,200 $150 $1,000 $800 $100 $600 $400 $50 $200 $0 $0 Q4 1999 Q2 2000 Q4 2000 Q2 2001 Q4 2001 Q2 2002 Q4 2002 Q2 2003 Q4 2003 Q2 20
Slide 52: Back to Strong Earnings and Dividends
Peyto’s Future Back to Strong Earnings and Dividends PEYTO Exploration & Development Corp. Peyto Earnings per share $2.50 $2.00 $1.50 $1.00 $0.50 $- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F Earnings/sh Dividends/sh $(0.50) *
Slide 53: Blue Hydrogen? We Have All the Right Ingredients
Peyto’s Future Blue Hydrogen? We Have All the Right Ingredients PEYTO Exploration & Development Corp. Cecilia Cascade Power Station H2 >4 TCF of 2P Interconnected gas Big Sunny Rail, Hwy, and natural gas pipeline and facility underground ultimately pipeline for reserves infrastructure storage cavern
Slide 54: Future Market Diversification and Gas Price Protection
Gas Marketing Future Market Diversification and Gas Price Protection PEYTO Exploration & Development Corp. 3-5 yr diversification program Our plan is to fill this up with Midwest US /Eastern CND exposure and more direct connect industrial *Average Heating Value of approximately 1.15 GJ/mcf for Peyto
Slide 55: Rising Realized Gas Prices
Gas Marketing Rising Realized Gas Prices PEYTO Exploration & Development Corp. $6.00 Peyto Realized ($/Mcf) - Avg $2.92 $5.00 Hedge loss as prices rapidly rise $4.00 $3.00 $2.00 Expensive Market Diversification Finished Q4 2021 $1.00 AECO 5a ($/Mcf) - Avg $2.96 $- Q4 2021E Q1 2022F Q2 2022F Q3 2022F
Slide 56: Fixed Price Swaps For Gas and Liquids
Gas Marketing Fixed Price Swaps For Gas and Liquids PEYTO Exploration & Development Corp. Peyto Marketing Summary 1.15 Heating Value GJ/mcf AECO 7A Fixed Price Swaps (CAD$/GJ) 1.255 cad/usd TOTAL TOTAL TOTAL TOTAL TOTAL Q4 2019 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 202
Slide 57: Successful Hedging Strategy Smoothes Volatility
Gas Marketing Successful Hedging Strategy Smoothes Volatility PEYTO Exploration & Development Corp. Gas Price ($/mcf) $10.00 $10.00 $9.00 Peyto has beat the AECO $9.00 $8.00 monthly price in 12 of the $8.00 last 16 years using a $7.00 methodical hedging strategy. $7.00 $6.00 $6.00 $5.00 $5.00 $4.00
Slide 58: LNG Consortium and Export Potential
Gas Marketing LNG Consortium and Export Potential PEYTO Exploration & Development Corp. 58 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled "Non-GAAP and Oth
Slide 59: Appendix
Appendix PEYTO Exploration & Development Corp. N Quarterly Track Record N Tax Pools N Leverage N Reserves Growth 59 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section e
Slide 60: Quarterly Track Record
Quarterly Track Record PEYTO Exploration & Development Corp. 2021 2020 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 Total Q4 Operations Production Oil & NGLs (bbl/d) 11,653 11,038 11,164 12,289 12,138 11,308 11,256 11,263 11,126 11,585 10,922 11,221 Natural gas (mcf/d) 476,387 517,606 473,008 458,696 455,593
Slide 61: Peyto's Tax Pools
Organic Business Model Peyto’s Tax Pools PEYTO Exploration & Development Corp. $1,800 $1,600 $1,400 $1,200 $1,000 $800 Federal Tax Pools Millions $600 $400 Q4/21 $200 $- 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CEC UCC (25%) C
Slide 62: Blend of fixed term and revolving debt
Peyto’s Debt Blend of fixed term and revolving debt PEYTO Exploration & Development Corp. $65 4.26% End of $0.95B Revolver Oct ‘23 $100 3.70% MM$ $100 3.95% $100 4.39% $40USD 3.98% Interest rates are in CND$ 62 Non-GAAP measures and ratios do not have any standardized meaning under IFRS and therefor
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