TSX: CR

The best views come after the hardest climbs

Corporate Presentation

December 2022

TSX: CR

WHY INVEST IN CREW?

ABOUT CREW (TSX: CR)

"A Team Working Together to Achieve a Common Goal"

Building Momentum in a Strong Natural Gas Market

  • Significant Growth
    Estimated Production~24% per share from 2021 to 2022 Adjusted Funds Flow1~134% per share from 2021 to 2022
  • 2023 plan to reduce debt in H1 and ramp up production to 35,000 to 37,000 boe/d by December 2023
  • Recently announced plan to increase production to >60,000 boe/d in 2026
  • Conservative Balance Sheet
    Net debt to LTM EBITDA1 = 0.5x at September 30, 2022
  • Robust Liquidity Profile

Undrawn on $200 million line of credit

    • Low F&D Costs and Long Reserve Life Indices
      7-year PDP, 17-year IP and 34-year 2P reserve life index5.
  2. See 'Reader Advisories - Non-IFRS and Other Financial Measures. Certain additional disclosures for these specified financial me Certain additional disclosures for these specified financial measures or ratios have been incorporated by reference herein and can be found in the "Advisories -
    Non-IFRS and other Financial measures" section of the Company's MD&A for the year ended 2021, available on SEDAR at www.sedar.com and on the Company's website under the Investors section.
  3. Supplementary financial measure that does not have any standardized meaning as prescribed by International Financial Reporting and therefore, may not be comparable with the calculations of similar measures for other entities. See "Advisories - Non-IFRS and Other Financial Measures" contained within this corporate presentation.
  4. See "Advisories - Information on Reserves & Operational Information".
  5. As at April 18, 2022; Source: Proxy Statement, © 2022 Factset Research Systems, Inc.
  6. Detailed calculations provided in 'Exceptional Value' section of this corporate presentation.
  • Improved Margins
    Optimized operations have reduced cash costs per boe by 26% YTD in 2022 compared to 2021
  • Ample Current Processing and Transportation Capacity Capacity of 40,000 boe/d (240 mmcfe/d)
  • World Class Montney Resource >340 net sections3
  • Shareholder and Bondholder Alignment
    6 of top 10 shareholders are insiders (60%)4
  • Distant Tax Horizon
    >$1.2 billion in tax pools available to shelter expected future earnings from current income tax as at December 31, 2021

CAPITAL STRUCTURE SNAPSHOT

millions

Shares issued & outstanding

156.6

Market capitalization2 @ $5.60/share (Dec 12, 2022)

$877

Debt Summary as at Sept 30, 2022:

Senior unsecured notes due 20246

$172

Bank loan

$0

Working Capital Surplus1

($18.5)

Net Debt as at Sept 30, 20221

$152.6

6) Amount is net of $0.9 MM of deferred financing charges.

  • All guidance contained herein is based on our 2022 guidance and underlying assumptions detailed in the slide titled "Guidance Assumptions" in the Appendix, which are subject to change and, accordingly, should not be unduly relied upon.

Q3 2022 HIGHLIGHTS

Production Growth Leads to Margin Expansion

Successful execution of the two-year plan

AVERAGE PRODUCTION

34%

31,792 boe/d

vs Q3/21

vs Q3/21

19%

NET OPERATING COSTS2

$4.12/boe

AFF1 ($MM / per share)

162% $69.4 MM/ $0.43

vs Q3/21

FREE AFF1

$15.9 MM

CAPEX ($MM)

($76.4)

($130 million disposition)

WELLS

5 wells drilled

5 wells completed

ADJUSTED FUNDS FLOW1 (Millions $)

NET OPERATING COSTS1 ($ per BOE)

115.3

77.7

69.4

34.0

46.8

25.5

26.5

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

5.11

4.65

4.79

4.12

3.49

3.50

3.52

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

4

Crew Energy Inc. Corporate Presentation

  1. See 'Reader Advisories - Non-IFRS and Other Financial Measures. Certain additional disclosures for these specified financial me Certain additional disclosures for these specified financial measures or ratios have been incorporated by reference herein and can be found in the "Advisories - Non-IFRS and other Financial measures" section of the Company's MD&A for the year ended 2021, available on SEDAR at www.sedar.com and on the Company's website under the Investors section.
  2. Represents per unit costs, including operating, transportation, general and administrative and interest expenses in aggregate.

TSX: CR

MULTI YEAR STRATEGIC

GROWTH PLANS

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Crew Energy Inc. published this content on 20 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 16:08:04 UTC.