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ENERCOMS THEOIL&GASCONFERENCE

August17,2015

FORWARDLOOKINGSTATEMENTS

Theinformationpresentedinthispresentationmaycontainforwardlookingstatementswithinthemeaningof
thePrivateSecuritiesLitigationReformActof1995.Allstatements,otherthanstatementsofhistoricalfacts,
includedinthispresentationthataddressactivities,eventsordevelopmentsthattheCompanyexpects,believesor
anticipateswillormayoccurinthefutureareforwardlookingstatements.Theseforwardlookingstatementsare
notguaranteesoffutureperformanceandaresubjecttorisksanduncertaintiesthatcouldcauseactualresultsto
differmateriallyfromtheresultscontemplatedbytheforwardlookingstatements.Factorsthatcouldcauseactual
resultstodiffermateriallyfromtheresultscontemplatedbytheforwardlookingstatementsinclude,butarenot
limitedto,therisksdiscussedintheCompanysannualreportonForm10KanditsotherfilingswiththeSecurities
andExchangeCommission.Theforwardlookingstatementsinthispresentationaremadeasofthedateofthis
presentation,andtheCompanyundertakesnoobligationtoupdateanyforwardlookingstatementasaresultof
newinformation,futuredevelopments,orotherwise.

OperationalOverview

FinancialOverview

16

Appendix

22

TABLE OF CONTENTS

BusinessOverview

BUSINESSOVERVIEW

TPCwhollyownedE&Psubsidiary
IndependentE&PcompanyoperatingintheWillistonBasin
Q1FY16productionof~13,775Boepd;currentproductionover~13,000Boepd
Provedreservesof58.9MMBoe asoftheendofFY2015(1)
~82,400netcoreacrespredominantlyinMcKenzie/WilliamsCounties(62%operated;84%HBP)
FY2016developmentcontemplates1.5operatedrigsonaverageanddelayingcompletions(2)
Focusedonprotectingthebalancesheet,maintainingadequateliquidityandmanagingreturnoncapital
TPCwhollyownedenergyservicessubsidiary

TPCowns50%ofG.P.and28%ofL.P.

Offersintegratedcompletionservicespackage

Gathering,transportation,treatingand

includingpressurepumping,wirelineand

processingservices

pumpdownandwellinterventionservices

JVwithFirstReserveEnergy

Maintainedhighutilizationwiththirdparties

InfrastructureFund(FREIF)

throughTUSAcompletiondeferralperiod
Increaseinmarketsharethroughdownturnpositions

Benefitsinclude:reducingcosts,eliminatingflaring,reducing
volumestransportedviatrucksandcrudestabilization

companywellforarecoveryscenarioalthoughvisibilityis
verylimitedandutilizationlevelsaresubjecttochange

Note:TrianglePetroleumCorporationsQ1FiscalYear2016(Q1FY2016)endedApril30,2015.
(1) BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmaydiffer
slightlyfromparentlevelreservesduetointercompanyeliminations,whichimproveswelleconomicsattheparentlevel.
(2) SubjecttocommoditypricesandgapsintheRockPilethirdpartycompletionschedule.

BUSINESS OVERVIEW

TRIANGLEPETROLEUMCORPORATIONOVERVIEW

SUBSTANTIAL GROWTH
IN OPERATED
PRODUCTION AND

RESERVES

OILFOCUSED
WILLISTON BASIN
OPERATOR

58.9MMBoe ofprovedreserves(89%liquids;61%proveddeveloped)(1)
ContiguousacreagepositionprospectiveforBakkenandThreeForks(TFS)formations
Extensivelowriskinventorycontinuestobeenhancedwiththesuccessofongoingdown
spacingtestsandprovides20+yearsofdevelopmentatcurrentpace

DISCIPLINED
MANAGERS AND
EXPERIENCED
OPERATORS

Disciplinedfinancialmanagementsupportedbyateamwithaprovenblendoftechnical,
operational,commercial,land,andregulatoryexperience
Keytechnicalandoperationsmembersofourteamaveragemorethan20yearsof
industryexperience

INTEGRATED
AND EFFICIENT
DEVELOPMENT MODEL

STRONG
FINANCIAL POSITION

(1)
6

(2)

Q1FY16productionincreased69%yearoveryear(YoY)
FY2015provedreservesincreased46%YoY(1)
IncreasedscaleduringFY2015andFY2014throughselectiveboltonacquisitionsand
tradesincorearea

Reducesrelianceonthirdpartyserviceproviders;relievesinfrastructureconstraints
Recoversvalueleakagetocriticalsupplychainservices
Increasingthenumberofwellsoneachlocationtoachievemaximumreservoirrecovery
Trianglereceived$95mmofdistributionsfromitsnonE&PsubsidiariesinFY2015
$500mmintotallendingfacilitycommitmentswith$305mminproformaliquidity(2)
Conservativefinancialapproachwithfocusonprotectingthebalancesheetandcashflow
FY16capexreduced~71%;TPC/TUSAreportedcashG&Atargeteddown~20%YoY
Repurchased11.4mmsharesandrepurchasedandretired$20.5mmfacevalueofour
outstanding6.75%seniornotesduring2HFY15
Toptierprivateequitypartners(NGP,FirstReserveandTIAAOil&GasInvestments)

BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmaydiffer
slightlyfromparentlevelreservesduetointercompanyeliminations,whichmayimprovewelleconomicsattheparentlevel.
AsofApril30,2015,proformaforTUSAs$350mmborrowingbase,whichbecameeffectiveApril30,2015followingthesemiannualredetermination.

BUSINESS OVERVIEW

KEYINVESTMENTHIGHLIGHTS

NET SOLD PRODUCTION VOLUMES (BOEPD)


14,747

FY2016Avg.DailyProductionGuidance
11,500 13,500Boepd(1)

14,000
12,000

10
13,775

13,500

12,230

10,000
8,000

6,804

6,000

7,254

8,129

5,286

4,287

4,000

11,441

10,551

2,714

1,334

2,000
0

0
Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16

ActualProduction

GuidanceLowCase

PROVED RESERVES (MMBOE)

GuidanceHighCase

%ofTotalSoldVolumes

40.3
40
30
14.6

10
1.5

FY15A

FY16E

Avg.RigCount

80%

30%

35%

22%

20%

15%

14%

14%

15%

16%

78%

80%

85%

86%

86%

85%

84%

Q3
FY14

Q4
FY14

Q1
FY15

Q2
FY15

Q3
FY15

Q4
FY15

Q1
FY16

60%
40%

70%

65%

Q1
FY14

Q2
FY14

20%
0%

0
FY12

FY14A

100%

50

20

FY13A

OPERATED VS.NONOPERATED VOLUMES (%OF PRODUCTION)


58.9

60

FY13

PDPReserves

OperatedRigCount

NetSalesVolumes(Boepd)

16,000

FY14

PUDReserves

FY15

(1)

NonOperatedVolumes

OperatedVolumes

Note:FY2016productionguidanceincreasedJune8,2015frominitialrangeof11,00013,000BoepdissuedonFebruary5,2015.
(1) BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmay
differslightlyfromparentlevelreservesduetointercompanyeliminations,whichmayimprovewelleconomicsattheparentlevel.

BUSINESS OVERVIEW

SIGNIFICANTOPERATEDPRODUCTIONANDRESERVESGROWTH

OPERATIONALOVERVIEW

RECENT DEVELOPMENTS

CURRENT TRIANGLE LEASEHOLD AND ACTIVITY

127grossoperatedhorizontalwellscurrentlyproducingand
24wellsinprogressorwaitingoncompletion(1)
AveragePDPEURsincreasedto~532MboeinFY2015,which
represented~4%YoYgrowth
TargetingMiddleBakkenwellswith630MboeaverageEURs
inFY2016(2)
StrategicandtargeteddevelopmentofoperatedDSUs
tomaximizereturnsandoperationalefficienciesin
currentcommoditypriceenvironment
2LittleMuddyWells
Avg.EUR:~705Mboe

SuccessfullyprovedmiddleBakkendownspacingconcept
acrossTUSAcoreacreage,whichimplies8middleBakken
locationsperDSU
FurthertestingofThreeForksdownspacingongoing
Evaluatingconversionto25%from100%ceramicproppant

2Wisness Wells
Avg.EUR:~790Mboe

completionsbasedonhistoricalperformanceofearlytests
Electricalsubmersiblepumps(ESP)leadingtoexpedited
production;30%+increaseonaverageoverfirst6months
DETAILS
NetCoreAcreage

TPLMCORE
~82,400

PercentOperated(%)(3)

62%

PercentHeld ByProduction (%)

84%

OPERATED DSUS(4)

65

TOTAL OPERATED LOCATIONS REMAINING(3)

653

(1)
(2)
(3)
(4)

EckertThreeForks
Well
EUR:~530Mboe

TUSACoreAcreage

4Nygaard Wells
Avg.EUR:~550Mboe

4HagenWells
Avg.EUR:~640Mboe
TPLMAcreage

ESPInstallation
SlickWaterFrac
ThreeForksDownspace
WhiteSandProppant
TUSADSUs1/31/2015

TPLMOperatedDSU

AsofJune5,2015.
Seeslide23intheAppendixforadditionaldetailsonthebridgebetweenFY2015PDPEURsandtheFY2016averagedevelopmentprogramMiddleBakkentargetEUR.
TUSAsoperatorshipinNorthDakotahasbeenconfirmedthroughtitleandpermits.InMontana,operatorshiphasbeenconfirmedthroughtitleandpermitsorassumes30%or
greaterworkinginterest.
GrossOperatedLocationsRemainingassumeseightBakkenandfourThreeForkswellsperDSU.

OPERATIONAL OVERVIEW

TRIANGLEUSACOREAREA MCKENZIEANDWILLIAMSCOUNTIES

TUSAOPERATED WELLS COMPLETED (GROSS VS.NET)

HIGHLIGHTS

17.0

LeadingedgeAFEshavebeenreducedto$7.3mm,

15.0

Reactedquicklytodeclining
oilpriceenvironment

whichis28%belowtheFY2015average(1)

13.4
10.4

9.0

8.0
5.0

6.2

9.0
6.7

6.4

Drivenbyservicecompanypriceconcessions,

9.0

8.0

internalefficienciesandothercostreductions

6.2
4.5

4.3

5.0

FY2016spudtoTDtargetis~14days,whichisinline

3.3

with2HFY15andQ1FY16results
Evaluatingotherchangestodrillingandcompletion
Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16

GrossOperatedCompletions

savings

NetOperatedCompletions

AVERAGE COMPLETED WELL COST BY FISCAL YEAR (1)

AVERAGE SPUD TO TOTAL DEPTH DRILLED DAYS


30

proceduresanddesignsthatcouldyieldincremental

28
$12
$10

20

17

$8
14

15

10

$MM

Days

$10.2

24

25

$4

$2

$7.3

$7.8
$7.0

$6

10

$4.1

$3.2

$0

0
FY13

10

$11.9

(1)

FY14

FY15

BeforeRockPileandothereliminations.

Q1FY16

RecordWell

FY14

FY15

LeadingEdgeAFEs

OPERATIONAL OVERVIEW

DRILLINGANDPRODUCTIONPROFILE

ECONOMIC SENSITIVITY (WTI/HHPRICING)

FY2016TARGET MIDDLE BAKKEN WELL

$60.00/$3.00

60%

TUSAOperatedWell(1)
OffsetOperatorMcKenzieCountyWell(2)
TUSAOperatedFY16TargetMiddleBakkenEUR

$70.00/$3.00

$75.00/$3.50

40%
300

IRR%

CumulativeProduction(Mboe)

400

20%

200

0%
IRRD&C
(+10%D&C)

IRRBase

IRREUR
(+10%)

IRRD&C
(10%)

ASSUMPTIONS
100

10

20

30
Months

(1)
(2)
(3)
11
(4)

40

50

GrossEUR(Mboe)(3)

630

%Oil

83%

30DayIP(Boepd)

507

GrossWellCost($mm)(4)

$6.3

OilPriceRealization(%WTI)

90%

GasPriceRealization(%HH)

79%

NGLPriceRealization(%WTI)

24%

RepresentativeofcurrentTUSAoperatedcompletiondesignincluding31stages,acementedliner,ahybridslickwater frac and4mmpoundsofproppant.Welldataset


comprisedof40wells.
McKenzieCountyhistoricalproductionsourcedfromHPDI.Welldatasetcomprisedof214wells.
Seeslide23intheAppendixforadditionaldetailsonthebridgebetweenFY2015PDPEURsandtheFY2016averagedevelopmentprogramMiddleBakkentarget
EUR.
IncludesRockPile,Caliber,andotherservicesconsolidatedintercompanyeliminationsthatreducecapitalexpendituresattheTriangleParentCompanylevel.
Intercompanyeliminationssubjecttochangebasedonfuturewellcosts,TUSAworkinginterestineachwell,completiondesign andperwellserviceintensity.

OPERATIONAL OVERVIEW

TPCSTANDALONEWELLECONOMICSOVERVIEW

RockPileEnergyServices,LLCisfocusedonprovidingBestin
ClasspressurepumpingandancillaryservicesintheWillistonBasin
EXPANDING CAPACITY AND CAPABILITIES

GROSS WELLS COMPLETED


TriangleWells

BestinClassexecutiondrivingcriticalvolumeand

wellscompletedandthenumberofcompletedstages
up21%QoQ despitechallengingwinterconditions
However,intensecompetitivepressuredrove
significantrevenueandmargincompression
RevenueperstagedownfromQ3FY15peak

50
45
40
35
30
25
20
15
10
5
0

Horsepower

>90%ofworkperformedforthirdpartiesduring
FYQ116vs.~65%inFYQ115

26
19

1
5

4
6

5
5

10

19

16

17

15

37

50

17
8

100
90
80
70
60
50
40
30
20
10

Horsepower(000s)

Q1FY16wasarecordintermsofvolumewith55total

WellsCompleted

accesstonewclients

3rdPartyWells

Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
FY13 FY13 FY13 FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15 FY16

duetopriceconcessionsanddesignchanges
Costcutslaggedpriceconcessionsdueto
implementationhurdlesandworkingthrough
highcostlegacymaterialsinventory
TheneartermWillistonBasincompletionservices
marketoutlookremainschallengingbutleadingedge
indicatorswithclientshavebeguntoimprove

Simultaneousoperations 1)drillingoperations,2)Caliberpipingfreshwaterprovisions,
3)Workover rigsreturning2wellstoproductionand4)operationalproductionfacilities
12

OPERATIONAL OVERVIEW

ROCKPILEENERGYSERVICES

NORTH DAKOTA AVERAGE MONTHLY RIG COUNT (1)

COMPLETION SERVICES MARKET CHARACTERISTICS

250

WillistonBasinnRigCount

TheNorthDakotarigcountisdown~65%in10months
sincetheOctober2014peak

200

Comparesto62%dropover7monthsin08/09
150

Thebacklogofwellsinthebasinwaitingoncompletion
swelledasE&Pcompaniesdelayedcompletions

100

ErosionofsupplybaselikelytopositiontheBakkenfor
70

50

asignificantsnapbackinpricingwhenmarketturns
Thispointstoafavorableopportunityforplayersthat

0
Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15

canremainpositionedtogrowwhenthecycleturns

NORTH DAKOTA WAITING ON COMPLETION INVENTORY(2)

SPREADS OPERATING IN WILLISTON BASIN(3)


80

1000

848
Est.FracCrewsIntheWillistonBasin

900

#ofwellsinbacklog

800
700
600
500
400
300
200

72
1.7

70

55

60

3.1

50
40
70
30
52

26
4.0

20

9
22

10

100
0
Jan12 May12 Sep12

13

(1)
(2)
(3)

Jan13 May13 Sep13

Jan14 May14 Sep14

Jan15 May15

BakerHughesWeeklyRigCount
NorthDakotaIndustrialCommissionAugust2015MonthlyDirectorsCutReport
BasedonRockPileEstimates,publicfilingsandWallStreetresearchreports

2013
2014
NDFracCrewsexRPES

2015
RPESFracCrews

OPERATIONAL OVERVIEW

WILLISTONBASINCOMPLETIONSERVICESMARKETUPDATE

OPERATIONAL OVERVIEW

ROCKPILEMAINTAININGUTILIZATIONANDGAININGMARKETSHARETHROUGHDOWNTURN
ROCKPILE STAGES COMPLETED PER MONTH

HIGHLIGHTS

800

Completed730stagesinApril,40%morestagesthan

700

previoussinglemonthrecord

#ofStagesCompleted

600

RockPilesestimatedshareofcompletionactivityhas

500

increasedto~15%,upfrom~6%incalendaryear2014

400

Lookingatmarketsharefromanotherperspective,

300

RockPilehas~15%ofthecompletionspreadsthatare

200

currentlyactiveintheWillistonBasin(2)

100
0
Nov12 Mar13

Jul13

Nov13 Mar14

Jul14

Nov14 Mar15

SPREADS OPERATING IN WILLISTON BASIN(1)

ROCKPILES SHARE OF NORTH DAKOTA COMPLETIONS


300

20%

150

15%

100

10%

50

5%

RPESNDMarketShare

25%

200

(1)
14
(2)

Apr14
Jun14
Aug14
NDTotalCompletions

Oct14
Dec14
Feb15
RPESNDMarketShare

48

12%

50

41
40

10%
8%

29

30

6%

6%

4%

0%
Feb14

60

15%

14%

2%

RPESMktShare

16%

RPESShareofNDFrac Market

250
NDTotalCompletions

AvgWellsperSpread

30%

20

10

2%

0%

2013

2014

NorthDakotaIndustrialCommissionandRockPileEstimates.Averagewellsperspreadbasedonestimatedwellscompleted/estimatedspreads
workingintheWillistonBasin.
RockPileEstimates.

2015

NDAvgWellsCompletedPerSpread

Jul12

CaliberMidstreamPartners,LPisfocusedonproviding
gathering,transportationandprocessingintheWillistonBasin
$34mequityinfusionmadebyFREIFinearly2015tofundexecuted
3rd partyagreementsandforgeneralcorporatepurposes
FollowingFREIFsequityinfusion,Trianglehasa~28%ownership
stake,butcanstillearnupto50%subjecttotheperformanceofthe
business(1)
CumulativecashdistributionstodatetoTriangleequal~$10mm
Currentlygatheringanaverageof~7.5MMcfepd (2) ingassystemand
processingthroughputof~7.0MMcfpd (2)throughnaturalgasfacility
PhaseIandII,includingtheCartwrightfreshwatersystem,forTUSA
completeandfullyoperational
CrudeflowedthroughtheAlexanderOilCenterstartinginAugust
2014,providingstabilizationaswellasadditionaltakeaway
optionalityviapipelineandtrucktorail(bothinboundandoutbound
loadingservices)

40,000bblsofworkingstorageandinboundandoutboundtruck
loadingservicesforaccesstorailoption

SWDinjectionsaveraging~25,500Bpd(2)
Centralfacilitycrudegatheringaveraging~14,400Bopd (2)

15

(1)
(2)

AssumesallwarrantsexercisedintoClassAunits.ReflectsreceiptbyTriangleof3.6mmnewwarrantsinconjunctionwithFREIFsequityinfusion.
AsofJune2015.

OPERATIONAL OVERVIEW

CALIBERMIDSTREAM

FINANCIALOVERVIEW

CURRENT POSITION

SharePrice(asofAugust13,2015)
90day%Change

LIQUIDITY ($MM)

$3.85
24.7%

BasicSharesOutstanding(mm)(1)
MarketCapitalization($mm)

75.4
$290

ConvertibleNote($mm) (2)

$138

Debt($mm) (3)

$685

KEY HIGHLIGHTS

TotalCash
TUSACreditFacilityAvailability
RPESCreditFacilityAvailability

$50
$204
$51

Liquidity (3)

$305

TOTAL CURRENT AND POTENTIAL DILUTED OWNERSHIP

DebtmetricsremainconservativewithTUSAsenior
CommonStock
Public(4)
89%

debttotrailing12monthadjustedEBITDAof0.7x
andRockPiledebttotrailing12monthadjusted
EBITDAof1.2x(2)
InQ1FY16,proactivelyamendedTUSAsexisting
seniorcreditfacilityandmodifiedcertaincovenants
tofurtherenhanceTUSAsfinancialflexibility

(1)
(2)
(3)
(4)
(5)
17

Managementand
Board:Common
StockandOptions (5)
8%
EmployeeRSUs
3%

(5)

BasicsharesoutstandingasofJune2015.Doesnotinclude$137.6mm5%convertiblenote,whichisconvertibleintoTrianglestockat$8.00pershareandpotentially
dilutiveintoapproximately~17.2mmsharesofTrianglecommonstock.
CarryingvalueasofApril30,2015,whichincludes~$17.6mminaccruedinterest.
AsofApril30,2015.
Commonstockassumesconversionof$137.6mmconvertiblenoteasofApril30,2015.Potentiallydilutiveintoapproximately~17.2mmsharesofTrianglecommonstock.
CalculatedusingoutstandingmanagementandboardstockandoptionsandunvestedemployeeRSUs.Doesnotapplytreasurystockmethod.

FINANCIAL OVERVIEW

CURRENTPOSITION

$137.6mm5%ConvertibleNote(includes~$17.6mmofaccruedinterest)
ConvertsintoTPLMcommonstockat$8.00/sh
Interestpaidinkind
Nofinancialcovenants
Notexposedtocrossdefaultriskfromsubsidiaries

TrianglePetroleumUSA whollyownedE&Psubsidiary
$350mmSeniorCreditFacility

$150mmSeniorCreditFacility

~$146mmdrawn(1),~$204mmavailable(2)

NonrecoursetoTPC,nocrossdefaultrisk

Allowsforlimitedmovementofcashto/fromTPC

~$99mmdrawn,~$51mmavailable(2)

Keycovenants:

AllowsforfuturecashdistributionstoTPC,withsome

<2.75xseniorsecureddebt/TTMEBITDA
0.7xatendofQ1FY16
Interestcoverageratio2.5x
6.9xatendofQ1FY16
$429.5mm6.75%SeniorUnsecuredNotesdue2022
Repurchasedandretired$20.5mmfacevaluefor$13.9mm
duringFYQ415

TUSAdebtisnonrecoursetoTPC,nocrossdefaultrisk

18

RockPileEnergy whollyownedenergyservicessubsidiary

(1)
(2)

AsofApril30,2015.
BasedonApril30,2015amendmentandsemiannualredetermination.

restrictions
Keycovenants:
<2.75xtotaldebt/TTMEBITDA
~1.2xatendofQ1FY16
TTMFixedchargecoverageratio>1.25x

25xatendofQ1FY16

FINANCIAL OVERVIEW

TRIANGLEPETROLEUMCORPORATIONDEBTSTRUCTUREOVERVIEW

BUDGET DETAIL

(1)

CapitalExpenses
E&POperatedDrillingProgram
E&PNonOperatedDrillingProgram

$010

RockPile

$1520

Total

$165195

BUDGET ALLOCATION

E&P
Operated
Drilling
Program(2)
88%

(1)
(2)

19

(3)
(4)

FY2016ProposedBudget($mm)
$150165

FY2016BUDGET HIGHLIGHTS

E&PNonOp
Drilling
Program
3%
RockPile
10%

Representsa71%yearoveryearreduction
Primaryfocusonprotectingthebalancesheet,
maintainingadequateliquidity,returnoncapitaland
positioningforgrowthpostrecovery
Drillingplancontemplates1.5operatedrigson
averageforFY2016
Spud~2527grossoperatedwells(3)
Complete~2729grossoperatedwells(3)
Deferringcompletions(4)
Anticipatehaving2024wellswaitingon
completion,whichcouldrepresentasourceof
incrementalgrowthwithafurther
improvementincommodityprices

FY2016capitalbudgetissuedonFebruary5,2015.
E&POperatedDrillingProgramdoesnotincludetheRockPileandothereliminationsthatreducecapitalexpendituresattheTriangleParentCompany
level.ActualE&Poperatedincurredcapexwilllikelybereducedbyeliminations.
Grossspudandcompletioncountsmayvarydependingonactualworkinginterestsinoperatedwells
SubjecttocommoditypricesandgapsintheRockPilethirdpartycompletionschedule

FINANCIAL OVERVIEW

STANDALONECAPITALBUDGETFORFY2016(ENDINGJANUARY31,2016)

Guidancedetailsaresubjecttochangebasedonthedynamicnatureofthecommoditypriceenvironment

ROCKPILESPECIFIC FY2016(1) ITEMS:

TUSASPECIFIC FY2016ITEMS(1):
$6.507.10/boe inLOEexpenses

$2729mminexpectedcashG&Aexpense

$5.305.80/boe ingathering,transportationand

~1015%declinefromYE15levels(3)

processingexpenses
$1.301.40/boe

incashG&Aexpenses(2)

represents55%+yearoveryeardecline
1011%productiontaxrate

~25%+declineonperspreadbasisfrom
YE15(3)
Anticipate15%+reductiononkeycosts
(chemicals,proppant,labor,etc.)basedon
currentmarketconditions

FY2016CONSOLIDATED FINANCIALS
Thefollowingitemsmustalsobeconsideredfortheconsolidatedfinancials:
ITEM

DESCRIPTION

ConsolidatedTriangleParentCompany(TPC)G&A

Incrementalcorporatelevel G&Aexpense

FY2016EffectiveTaxRate

20

*DescriptionofsegmentinformationandnonGAAPmeasuresarelocatedatthebackoftheAppendix
(1) FY2016guidanceissuedonFebruary5,2015.
(2) ReflectseffortstooptimizeinternalcashG&AandshiftingofsomeexpensestoTPCfromTUSA.
(3) ComparisonversusannualizedexpenseincurredoverOct14toDec14timeperiodduringwhichtimeRPESoperated4hydraulicfracturing spreads;RPES
anticipatespurchasingorleasinganadditionalspreadinFY2016.Excludesintercompanycharges.
(4) GiventheimpairmentrecordedinQ1FY16,theamountofaccumulatedNOLsforfederaltaxpurposesandthepossibilitythattheCompanycouldrecognize
additionalimpairmentsinfutureperiodsifcommoditypricesremainatcurrentlevelsordecline,wedonotanticipatehaving anyincometaxexpenseforFY2016.

$18 23mm(2)
0%(4)

FINANCIAL OVERVIEW

ADDITIONALBUSINESSSEGMENTGUIDANCE

FINANCIAL OVERVIEW

RISKMANAGEMENT
KEY HIGHLIGHTS

HEDGE POSITION (BOPD)


6,000

Marktomarketvalueofhedgebookwas

FY16Collars
~$98/Bbl Ceiling
~$87/Bbl Floor

Hedgingprogramconsistsofzerocostcollars
andswapstoprotectpresentandfuturecash
flows

BOPDHedged

~$25mmasofApril30th,2015
4,500

FY17Swaps
~$60/Bbl

3,000
~4,400

Abilitytohedgeupto85%ofexpected

FY16Swaps
~$60/Bbl

1,500

productionovernext36months

~2,750

~860

Monitoringmarketconditionsforopportunities

toadjusthedgepositionintoFY2017

FY2016

FY2017

CostlessCollarVolume

SwapVolume

CURRENT HEDGES (BOPDAND VOLUME WEIGHTED AVERAGE PRICE)


$100
$90

CostlessCollarVolume
$87.50

$87.50

SwapVolume

14,000

VWAPFloor

$82.47

12,000

$60.23

$60

$60.23

$60.23

$60.23
8,000

$50
6,000

$40
842
$30
$20

4,000
6,000

6,000
4,484

2,668

$10

2,000

3,000

3,000

3,000

1,989

Q1FY17

Q2FY17

Q3FY17

Q4FY17

995

$0
Q1FY16
21

10,000

$65.59

$70

Q2FY16

*Note:AsofApril16,2015.

Q3FY16

Q4FY16

BOPDHedged

WTIHedgePrice($/Bbl)

$80

APPENDIX

a) TUSAFY2016EURBridge
b) HistoricalFinancials
c) ReconciliationsandSegmentInformation

650
630
40
600

590
565
550

PerWellEUR(Mboe)

550

536

14
Upliftfor
Exclusionof
NonOp
Locations

500

15
Upliftfor
Exclusionof
ThreeForks
Locations

25
UpliftforCurrent
Completion
Design
Improvements

UpliftforTargeted
FY2016
Development
Program

112
630
450

GrossUpfor
Average~21%
TUSARoyalty

400

424
350

300
FY'15YENetPUD(1)

23

(1)
(2)

GrossUpforRoyalties

ExcludeNonOpLocations

ExcludeThreeForks

CurrentCompletionDesign
Improvement(2)

HighGradeFY'16Activity

PerwellPDPEURsbasedonreservereportasofJanuary31,2015,whichwasindependentlyauditedbyCawley,Gillespie&Associates.
Representativeofcurrentcompletiondesignincluding31stages,acementedliner,ahybridslickwater frac and4mmpoundsofproppant.Welldataset
comprisedof40wells.

FY'16TargetEUR

OPERATIONAL OVERVIEW

TUSAFY2015PUDEURTOFY2016DEVELOPMENTPROGRAMTARGETMIDDLEBAKKENEURBRIDGE

Quarter Ended April 30,


2014
2015
Revenues
Oil, natural gas and natural gas liquids sales

(a)

Oilfield services
Total revenues
Expenses
Lease operating expenses
Gathering, transportation and processing
Production taxes
(a)

Depreciation and amortization


Impairment of oil and natural gas properties
Accretion of asset retirement obligations
(a)

Oilfield services
Corporate and other stock-based compensation
E&P stock-based compensation
RockPile stock-based compensation
Corporate and other cash G&A expenses
E&P cash G&A expenses
RockPile cash G&A expenses
Total operating expenses
Operating Income (Loss)
Interest expense, net
Amortization of deferred loan costs
Realized commodity derivative gains (losses)
Unrealized commodity derivative gains (losses)
Equity investment income (loss)
Gain (loss) on equity investment derivatives
Gain on Caliber capital transactions
(a)

Other income
Total other income (expense)
Income (Loss) Before Income Taxes
(b)

Income tax provision (benefit)


Net Income (Loss) Attributable to Common Stockholders
Net Income (Loss) per Common Share
Basic
Diluted

(c)

Adjusted Net Income (Loss) per Common Share


Basic
Diluted

(c)

Weighted Average Common Shares


Basic
Diluted

24

60,834
38,948
99,782

47,778
70,510
118,288

4,726
3,802
6,348
21,287
25
27,710
1,523
395
90
3,518
2,778
5,097
77,299

10,909
6,348
4,787
37,806
192,000
57
65,464
2,136
321
51
4,977
748
6,626
332,230

22,483

(213,942)

(2,672)
(192)
(818)
(4,638)
(126)
10,454
62
2,070

(9,106)
(616)
19,468
(33,442)
188
2,880
930
(19,698)

24,553

(233,640)

10,011
14,542

(53,441)
(180,199)

$
$

0.17
0.15

$
$

(2.39)
(2.39)

$
$

0.13
0.12

$
$

(0.09)
(0.09)

(d)

85,952
103,314

75,256
75,256

(a)Includesintercompanyeliminations;referenceNote3 SegmentReportinginthefiscalyear2015Form10Kforadditionaldetails.
(b)ThetaxbenefitforthequarterendedApril30,2015isassociatedwiththeestablishmentofafullvaluationallowanceagainstournetdeferredtaxassets.Theeffectivetaxrateforthe
quarterendedApril30,2014wasapproximately40.8%.Incometaxprovisionisanoncashexpense.
(c)Includesinterestexpenseaddbackof$0.9millionnetofincometaxesandamountscapitalizedQ1fiscal2015relatedtooutstandingconvertiblenote.
(d)SeeUseofSegmentInformationandNonGAAPMeasuresandAdjustedNetIncomeReconciliationintheAppendixforadditionaldetails.

APPENDIX

Q1FY16CONSOLIDATEDINCOMESTATEMENT

Quarter Ended April 30,


2014
2015
14,542
$
(180,199)
192,000
4,638
33,442
(10,454)
(2,880)
(53,441)
2,373
4,210

Net income (Loss) Attributable to Common Stockholders


Impairment of oil and natural gas properties
Unrealized (gain) loss on commodity derivatives
(Gain) loss on equity investment derivatives
Gain on Caliber capital transactions
Tax benefit associated with reversal of deferred tax liability
(a)
Tax adjustment

Adjusted Net Income (Loss)

11,099

(6,868)

$
$

0.13
0.12

$
$

(0.09)
(0.09)

Adjusted Net Income (Loss) Per Common Share


Basic
Diluted

(b)

Weighted Average Common Shares


Basic
Diluted

85,952
103,314

75,256
75,256

STANDALONEBUSINESSSEGMENTADJUSTEDEBITDARECONCILIATION
Net Income (Loss) Before Income Taxes
Depreciation and amortization
Impairment of oil and natural gas properties
Net interest expense
Stock-based compensation
Accretion of asset retirement obligations
Other
Unrealized commodity derivative losses (gains)
Adjusted-EBITDA

Net Income (Loss) Before Income Taxes


Depreciation and amortization
Stock-based compensation
Net interest expense
Other
(c)

Adjusted-EBITDA

25

Quarter Ended April 30,


2014
2015
16,040
$
(217,693)
20,153
29,299
192,000
942
6,521
395
321
25
57
169
507
33,442
4,638
42,362

44,454

Quarter Ended April 30,


2014
2015
8,437
$
(7,033)
3,590
9,489
90
51
507
787
219
1,176
13,800

3,513

(a)TaxadjustmentiscalculatedbyapplyingCompanyseffectivetaxrateof40.8%forQ1fiscal2015topretaxeffectedadjusting itemsandexpectedQ1fiscal2016statutorytaxrateof38.0%to
adjustedpretaxloss.
(b)Includesinterestexpenseaddbackof$0.9millionnetofincometaxesandamountscapitalizedforQ1fiscal2015relatedtooutstandingconvertiblenote.
(c)RockPileAdjustedEBITDAcalculatedasperRockPilecreditfacility.

APPENDIX

CONSOLIDATEDADJUSTEDNETINCOMERECONCILIATION

APPENDIX

Q1FY16INTERSEGMENTTABLE

Exploration and
Production

Corporate

Oilfield
Services

Eliminations
and Other

(a)

and Other

Consolidated
Total

Revenues
Oil, natural gas and natural gas liquids sales

Oilfield services for third parties

47,778

Intersegment revenues
Total Revenues

71,090

(580)

47,778
70,510

9,504

(9,504)

47,778

80,594

(10,084)

118,288

Expenses
LOE, GTP, Production Taxes and other expenses

22,101

Depreciation and amortization

29,299

9,489

325

192,000
-

70,586

1,238

Impairment of oil and natural gas properties


Cost of oilfield services
General and administrative
Total operating expenses
Operating Income
Other income (expense), net
Net Income (Loss) Before Income Taxes

26

22,101

(1,307)

37,806

192,000

(6,360)

65,464

1,069

6,677

7,113

244,469

86,752

8,676

(7,667)

332,230

(196,691)

(6,158)

(8,676)

(2,417)

(213,942)

(21,002)

(875)

2,686

(507)

(217,693)

(7,033)

(5,990)

(2,924)

14,859

(19,698)
(b)

(a)CorporateandOtherincludesTrianglescorporateofficeandseveralsubsidiariesthatmanagementdoesnotconsidertobepartoftheexplorationandproductionoroilfieldservices
segments.AlsoincludedareresultsfromTrianglesinvestmentinCaliber,includinganychangesinthefairvalueofequity investmentderivatives.OtherthanCaliber,thesesubsidiaries
havelimitedactivity.
(b)$2.9millionRockPile,Caliber,andotherservicesconsolidatedeliminationresultsina$2.9millionreductioninoilandnaturalgaspropertyexpenditures.
*ReferenceNote3 SegmentReportinginourfiscalyear2015Form10Kforadditionaldetails.

(233,640)

USEOFSEGMENTINFORMATIONANDNONGAAPMEASURES
1)TheCompanyoftenprovidesfinancialmetricsforTrianglessegmentsofoperation.Revenuesforeachsegmentaredisclosed
innotestothefinancialstatementscontainedintheCompanysForm10KandForm10Qfilings,butthesumofthosestand
alonerevenuesdifferfromTrianglesconsolidatedrevenuesforthecorrespondingreportingperiod.Trianglesconsolidated
revenueswouldreflectsegmentrevenuesreducedforintercompanysales(i.e.forRockPileservicestoTrianglesE&Psegment).
TrianglealsobelievesthatstandalonesegmentrevenueassistsinvestorsinmeasuringRockPilesperformanceasastand
alonecompanywithouteliminating,onaconsolidatedbasis,certainrevenuesattributabletoservicesforTriangleseconomic
interestsinwellsoperatedbyTrianglesE&Psegment.
2)AdjustedEBITDArepresentsincomebeforeinterestexpense,incometaxes,depreciationandamortization,othernoncash
items,andnonrecurringitems.AdjustedEBITDAisnotacalculationbasedupongenerallyacceptedaccountingprinciplesin
theU.S.(GAAP).TrianglehaspresentedAdjustedEBITDAbysegmentbecauseitregularlyreviewsAdjustedEBITDAby
segmentasameasureofthesegmentsoperatingperformance.TrianglealsobelievesAdjustedEBITDAassistsinvestorsin
comparingsegmentperformanceonaconsistentbasiswithoutregardtointerestexpense,incometaxes,depreciationand
amortization,othernoncashitems,andnonrecurringitemswhichcanvarysignificantlydependinguponmanyfactors.
ThetotalofAdjustedEBITDAbysegmentisnotindicativeofTrianglesconsolidatedAdjustedEBITDA,whichreflectsother
matterssuchas(i)additionalparentcompanyadministrativecosts,(ii)intercompanyeliminations,(iii)paidinkindinterest
expenseontheconvertiblenotes,and(iv)theuseoftheequitymethod,ratherthanconsolidation,forTrianglesinvestment in
Caliber.TheAdjustedEBITDAmeasurespresentedintheReconciliationTablesmaynotalwaysbecomparabletosimilarly
titledmeasuresreportedbyothercompaniesduetodifferencesinthecomponentsofthecalculation.
Trianglebelievesthatnetincomebeforeincometaxesistheperformancemeasurecalculatedandpresentedinaccordancewith
GAAPthatismostdirectlycomparabletoAdjustedEBITDA.Netincomebeforeincometaxeswillbesignificantlyaffectedby
consolidatedinterestexpenseandfullcostpoolamortization.Suchamortizationvarieswithchangesinprovedreserves,well
costsduringtheyear,andfutureplansindevelopingprovedundevelopedreserves
3)Adjustednetincome(loss)isdefinedasnetincome(loss)applicabletocommonstockholdersadjustedtoexcludecertain
chargesoramountsinordertoprovideusersofthisfinancialinformationwithadditionalmeaningfulcomparisonsbetween
currentresultsandtheresultsofpriorperiods.Trianglepresentsthismeasurebecause(i)itisconsistentwiththemannerin
whichtheCompanysperformanceismeasuredrelativetotheperformanceofitspeers,(ii)thismeasureismorecomparableto
earningsestimatesprovidedbysecuritiesanalysts,and(iii)chargesoramountsexcludedcannotbereasonablyestimatedand
guidanceprovidedbytheCompanyexcludesinformationregardingthesetypesofitems.Theseadjustedamountsarenota
measureoffinancialperformanceunderGAAP.Webelievethatnetincome(loss)istheperformancemeasurecalculatedand
presentedinaccordancewithGAAPthatismostdirectlycomparabletoadjustednetincome(loss).

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