Schachter Energy Conference. Garnet Amundson, President & CEO September 29, 2018
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1 Schachter Energy Conference Garnet Amundson, President & CEO September 29, 2018
2 Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements and forward-looking information regarding Essential Energy Services Ltd. (the Corporation or Essential ) within the meaning of applicable securities laws. In particular, this presentation contains forward-looking statements including expectations regarding 2018 capital spending and in-service timing; expectations regarding success of the Gen IV deep coil rig retrofit and the estimated cost of potential future retrofits in 2019/2020; expectations regarding Essential s businesses/service lines, areas of growth, opportunities, activity, pricing, cost structure and its adaptability to industry change, outlook, market share and the ability to increase market share, competition, competitive advantages, operations, services offered and the demand for those services, ability to meet customer inventory requirements; expectation the steel tariffs will not slow availability of coil tubing string supply; the advantages of low debt; expectation that low debt provides Essential with greater control over its future, provides growth potential and enables Essential to invest in people, equipment and working capital; free cash flow is expected to reduce debt in 2018; expectations regarding industry activity including that markets will improve in 2019 and 2020, demand for completion-related services, industry deep coil supply and returns, the ability for ECWS to grow the deep coil and pumping capacity and be ready if industry demand for deep coil grows; potential for an LNG facility in Canada; and expectations with regard to Essential s advantages. By their nature, forward-looking statements and information involve known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. Many of these factors and risks are described under the heading Risk Factors in the Corporation s Annual Information Form for the year ended December 31, 2017 and the Corporation s other filings on record with the securities regulatory authorities, which may be accessed through the SEDAR website ( Although the Corporation believes the expectations and assumptions on which such forward-looking statements and information are based are reasonable, the Corporation can not provide assurance these expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and are cautioned that the foregoing factors are not exhaustive. The forward-looking statements and information contained in this presentation are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This presentation contains an EV/2019 EBITDAS measure based on analyst consensus estimates for EBITDAS as of a particular point in time. The Corporation includes this measure for reference only and not for the purpose of endorsement. The estimates underlying the EBITDAS estimate reflect the views of the analysts and may not reflect the views of management ofthecorporationasatthepointintimewhentheapplicableestimatewasgivenorasofthedateofthispresentation. NON-IFRS MEASURES Throughout this presentation, certain terms used are not measures recognized by International Financial Reporting Standards ( IFRS ) and do not have standardized meanings prescribed by IFRS including: EBITDAS earnings before finance costs, income taxes, depreciation, amortization, transaction costs, losses or gains on disposal of equipment, writedown of assets, impairment loss, foreign exchange gains or losses and share-based compensation, which includes both equity-settled and cashsettled transactions. Calculated for continuing operations. Working capital current assets less current liabilities. These measures may not be consistent with the calculations of other companies. MSFS is a registered trademark of Essential Energy Services Ltd. 2
3 Essential Energy Services We deliver oil and gas services for E&P customers as they complete, work-over and abandon wells Completions: the process of preparing a well for production after it has been drilled Work-overs: the repair or stimulation of an existing producing well to restore, prolong or enhance production Abandonments: the process to permanently close off a well when it is no longer used for production 3
4 Essential Energy Services We deliver oil and gas services for E&P customers as they complete, work-over and abandon wells What:our equipment and crews are hired by E&P companies to get their production out of the ground in an efficient and cost-effective manner Where: primarily western Canada; with tool operations in the U.S. Commodity exposure: oil, liquids-rich gas, natural gas - we service them all ECWS Coil Tubing Rigs Fluid Pumpers Nitrogen Pumpers Tryton Tools MSFS Tools Conventional Tools Rentals 4
5 Our Vision SAFE PRODUCTION Safe People and Service Delivery High Quality Equipment Customer Well Production 5
6 Where We Operate Canada:The key basins including the Montney, Duvernay, Bakken, Cardium and Viking U.S.: The Permian, Eagle Ford and Anadarko basins 6
7 Company History Builders Energy Services Trust IPO (BET.UN) Essential Energy Services Trust spun-out from Avenir Diversified (ESN.UN) Essential and Builders merger, continued as Essential (ESN.UN); industry downturn began Conversion to a Corporation (ESN); industry fundamentals improved Acquisition of Technicoil (TEC) expanded the coil tubing fleet Industry downturn began Asset swap with Precision Drilling (service rigs exchanged for coil tubing rigs and cash) First signs of industry recovery 7
8 The WCSB An Evolving Industry ,769wells drilled; primarily shallow; 26% oil/ 74% gas; 10% horizontal ,417wells drilled; 49% oil/ 51% gas; 29% horizontal ,068 wells drilled; 83% oil/ 17% gas; 70% horizontal ,100 wells drilled; 75% oil/ 25% gas; 85% horizontal ,900 forecast wells drilled (PSAC Jul 31/18) 8
9 A Track Record of M&A Success 3 public company events (IPO, ESN.UN/BET.UN merger, TEC acquisition) 21private company acquisitions and integrations primarily 2005 to 2008 as the former Builders Energy Services Trust 8 service line dispositions - to attain focus and adjust to industry evolution 9
10 The Essential Advantage Industry Leading Equipment/Services Customers and Targeted Work An optimal choice to service the Duvernay, Montney, Viking, Cardium and Bakken plays Largest deep coil tubing fleet in Canada ( ECWS ) An innovative tool business ( Tryton ) Long-term customer relationships; diversity Equipment and crews for deeper, longer horizontal wells Essential People Skilled workforce; success in recruiting 440 employees at Jun 30/18 Variable Cost Structure Lean organization cost efficient operations Cost structure adapts quickly to industry changes Low Debt Growth potential Free cash flow expected to reduce debt in
11 Segment Overview ECWS Completion, stimulation and workover services for a variety of well depths including deep, long-reach horizontal wells Coil tubing rigs Fluid and nitrogen pumpers Canadian operations Tryton Multi-stage frac system (MSFS ) tools completions work on horizontal wells Conventional downhole tools production and abandonment work Rentals including specialty drill pipe and BOP s Canadian and U.S. operations 11
12 Segment Overview - Data ECWS Tryton Jun 30/18 Employees 300 Jun 30/18 Employees 115 Fixed assets (NBV) $115 MM Fixed assets (NBV) $23 MM Working capital $22 MM Working capital $38 MM 12
13 Where Gross Margin is Generated H1/18 Revenue: $98 MM H1/18 Gross Margin: $17MM (1) ECWS $53 MM TRYTON $45 MM ECWS $8 MM TRYTON $10 MM GrossMargin as a % of Revenue H1/18 H1/17 ECWS 15% 16% Tryton 22% 24% (1) Chart excludes centralized operations overhead costs of $1 MM. 13
14 Financial and Operating Results H1/18 6 Months Annual ($ millions) H1/18 H1/ Essential Revenue $98 $84 $176 Gross margin $17 $16 $32 EBITDAS $11 $9 $19 Long-term debt $19 $13 $18 H1/18 H1/ ECWS Operating Hours Coil Tubing Rigs 25,481 23,459 48,425 Pumpers 33,675 28,182 60,857 25% 20% 15% 10% 5% Growth % H1/18 vs H1/17 Tryton Revenue Split MSFS 47% 53% 49% Conventional Tools & Rentals 53% 47% 51% 0% Total Revenue Improved results compared to H1/17 ECWS Hours ECWS Revenue Tryton Revenue 14
15 Corporate Snapshot Sep 4/18 Trading Price 52 Week Range Market Capitalization Long-term Debt (Jun 30/18) Enterprise Value (1) $0.49 $ $0.82 $70 million $19 million $89 million EV/2019 EBITDAS (2) 3.1x Price/Book (3) 0.4x (1) Based on Sep 4/18 market capitalization and Jun 30/18 debt. (2) Based on Sep 4/18 market capitalization, Jun 30/18 debt and Sep 4/18 analyst consensus. (3) Based on Sep 4/18 share price and Jun 30/18 book value of shareholders equity less intangible assets. 15
16 Ownership Institutional and Geographic Reported Institutional Ownership (1) : Sep 4/18 Edgepoint Investment Group 11% Franklin Bissett Investment Management 6% Mackenzie Investments 5% I.G. Investment Management 3% Geographic Ownership: May/18 Canada 83% U.S. 16% Other 1% Total 100% Other 4% Total 29% (1) Source: TSX InfoSuite. 16
17 Management Team and Ownership Garnet Amundson (1) Title President,CEO, Board Member, Found of Builders Years of Service Key Areas of Responsibility 14 CEO and COO duties Allan Mowbray VP, Finance & CFO 7 Financial disclosure and controls, banking, tax Jeff Newman Eldon Heck Karen Perasalo Senior VP,Business Development VP, Downhole Tools & Rentals VP, InvestorRelations & Corporate Secretary (1) Mr. Amundson owns 875K shares; he has never sold a share. Management and Board of Director ownership: 2% 11 Corporate M&A, litigation, insurance, IT 13 Downhole Tools & Rentals, sales 12 IR, corporate secretary,capital markets, banking 17
18 Essential s Top 10 Customers Top 10 represents 60 65% of our revenue (H1/18 and 2017 full year) Proud to include names like: Tourmaline Seven Generations ARC Resources Kelt Exploration Velvet Energy Murphy Oil NuVista Energy Yangarra Resources Crescent Point Energy Husky Energy Customers are looking for: o The right technology for the task o Crew competency and continuity o Stable pricing o Efficiencies (e.g. wiperless milling) o Strong safety record (e.g. low TRIF) Diverse group of customers 18
19 Customer Diversification % of Revenue by Customer 15% 10% 5% 0% H1/ A B C D E F G H I J H1/18 Essential worked for 460 customers; 485 in 2017 (full year) Top 10 customers H1/18 and 2017 (full year) represent 60 to 65% of revenue H1/18 and 2017 (full year) no single customer accounted for more than 15% of revenue Customer payment cycle is typically 70 to 90 days 19
20 The Businesses: ECWS and Tryton
21 ECWS Coil Tubing Rigs Masted Coil Tubing Rig 21
22 Coil Tubing - Completions & Work-Overs The number of long-reach horizontal wells increases the demand for Essential s coil tubing rigs In the well completion phase, coil tubing rigs are used for: Pre-Fracturing Fracturing Post-Fracturing Confirmation runs Frac-thru coil Confirmation runs Placement of tools to isolate a portion of the well during facturing Annular fracturing Convey and actuate sliding sleeve tools Plug-and-perf operations Cleanouts Mill-out/drill-out ball and seat systems In the post completion phase, coil tubing rigs are used for work-overs and abandonments 22
23 Coil Tubing Fleet - Deeper Dive At Jun 30/18 Total Fleet Active Fleet Reach/ Depth (m at 2 ⅜ ) Target Market Gen I 4 2 2,700 Cleanouts Gen II ,500 Bakken, Cardium, Montney, Viking Gen III 8 8 6,500 Montney, Duvernay Gen IV (1) 4 2 7,000+ Montney, Duvernay Total (1) Includes retrofit rig expected in-service Sep 30/18 Rigs will be activated as demand dictates through the CVIP process (Commercial Vehicle Inspection Program) and by adding crews The number of active rigs that are crewed and working varies with demand Masted and conventional rigs Gen III rigs experience the greatest demand Fleet menu to meet variety of customer requirements 23
24 Coil Tubing -Fleet and Size Gen I Gen II GenIII Gen IV Number of rigs at Jun 30/18: (Total: 30) Coil Diameter: 1 1/2 8,150 m /4 5,580 m ,500 m 5,500 m 8,400 m - 2 3/8 2,700 m 4,500 m 6,500 m 7,000 m+ 2 5/8-3,500 m 5,200 m 6,700 m 2 7/8-2,700 m 4,300 m 5,300 m Injector capacity 60,000 lbs, 80,000 lbs 100,000 lbs 130,000 lbs 130,000 lbs, 160,000 lbs 24
25 Coil Tubing Demand Currently the most active plays in the WCSB include the Duvernay and the Montney Many of these wells are deeper, horizontal, often high pressure and complex Gen III and Gen IV rigs are best-suited for these regions Require skilled, experienced crews with a focus on safety Record Depths: ECWS: coil completion 7,100 m with a Gen IV rig (2 ⅜ coil) Industry (WCSB): deepest well drilled 7,848 m Coil tubing sector (WCSB): deepest coil completion is under 7,500 m Demand for deep coil tubing rigs has been growing 25
26 ECWS Job Types H1/18 Cleanout 12% Stage Tool/Debris Sub Milling 8% Other 6% Milling Frac Seats/Bridge Plugs 44% Fracturing with Coil 30% Fracturing with Coil: third party fracturing equipment working in conjunction with an Essential coil tubing rig. This includes fracturing through coil or annular coil fracturing with a sliding sleeve system. Other: includes logging and camera work, fishing, cementing and other work. 26
27 Gen IV Retrofit Program First retrofit expected in-service Sep 30/18 Suitable for Montney and Duvernay deep wells Features include: o Conventional rig with 15 foot or 16 foot reels using a 130K or 160K injector o NOV quick change reel system for efficiency and safety o 7,200 m of 2 ⅜ coil tubing -transported on the rig o 9,400 m of 2 ⅜ coil tubing -trucked separately on a support trailer o Industry leading programmable, Siemens-based, electric over hydraulic controls for safety, efficiency and data capture If industry demand for deep coil grows in 2019 and 2020, ECWS will be ready 27
28 Fluid Pumpers Maintain downhole circulation Provide ancillary acid or solvent treatments Inject friction reducers or chemicals into the wellbore Often paired with our coil tubing fleet Stand alone pump down work, pre-fracture testing and frac support work Quintuplex Fluid Pumper 28
29 Fluid Pumping Fleet Single Triplex Single Triplex Twin Triplex Twin Quintuplex Number of rigs at Jun 30/18 (Total: 20) Horsepower (hp) 1 x x x x x 1,000 2 x 1,500 Pumping pressure (psi) 10,000 15,000 10,000 15,000 Demand has been increasing for the quintuplex fluid pumpers as wells are getting deeper and higher pressure ECWS added two new quintuplex pumpers in H1/18 29
30 Nitrogen Pumpers Pump inert nitrogen gas into the wellbore for stimulation or work-over operations Purge the coil tubing of fluids once the coil tubing work has been completed ECWS has 7 nitrogen pumpers Nitrogen Pumper 30
31 ECWS - Replacement Cost of Assets Coil Tubing Rigs: $ million per rig (1) Gen II 3.0 Gen III 4.5 Gen IV (2) 6.0 Fluid Pumpers: Twin 1.5 Quintuplex 2.5 (1) Replace with new assets with similar capacity. (2) Prior to the Gen IV retrofit cost. 31
32 Tryton Downhole Tools and Rentals MSFS : Composite Bridge Plug MSFS : Ball & Seat balls MSFS : Ball & Seat cut-away 32
33 Tryton Services Offered MSFS Tools Completions-focused Tools that allow producers to isolate and fracture intervals of horizontal sections of a well separately and continuously Primarily provided in Canada Conventional Tools Completion, production and abandonment operations Includes conventional packers, tubing anchors, bridge plugs, cement retainers and related accessories Canadian and U.S. operations Tryton Rentals Drilling focused Offers a broad range of oilfield equipment including specialty drill pipe, blowout preventers, specialty equipment for steam-assisted gravity drainage wells Canadian operations 33
34 Tryton Inventory Inventory is Critical to Success Tryton inventory value at Jun 30/18: $29 million Ability to meet customer requirements on a timely basis with long lead time specialty items Conventional tools: diverse well histories, locations and pressures require a diverse inventory Evolving market requires careful product management Tryton has a broad base of tool manufacturers in Canada and the U.S. 34
35 Tryton Tool Diversity for Growth MSFS Tools Growing the Number of Choices Ball & Seat o Continues to be the most common method V-sleeve o Unlimited number of stages; coil actuated o Q1/18: completed a 53-stage job in a single tool run in the Cardium Composite bridge plug o Unlimited number of stages; quick to mill-out Hybrid MSFS ball & seat plus composite bridge plug o Q1/18: completed two 90-stage MSFS jobs in the Montney including the deepest well drilled to-date in western Canada at 7,848 m 35
36 Tryton Markets Key Stations and Markets Whitecourt and Grande Prairie: MSFS and conventional tools; Montney and Duvernay Lloydminster: Conventional tools for abandonments, heavy oil High Level: Conventional tools; sole supplier Red Deer: MSFS and conventional tools Drayton Valley: MSFS and conventional tools; Cardium International exports 36
37 Essential: Capital Spending and Low Debt
38 Essential - Capital Spending Overview Annual ($ millions) Forecast Actual Actual Growth $7 $11 $8 Maintenance Total $18 $20 $11 Focus of 2018 Growth Spending: Gen IV coil tubing rig retrofit Two quintuplex fluid pumpers One N2 pumper A set of high pressure (15K) BOP s 38
39 Advantages of Low Debt $60 $50 Greater control over our financial future $ millions $40 $30 $20 $10 Q2/18 Working Capital Working capital financing Ability to grow by reinvesting operating cash flow Able to grow deep coil and pumping in 2019 and 2020 as markets improve $0 Q4/14 Q4/15 Q4/16 Q4/17 Q2/18 (1) Debt (1) Working capital at Jun 30/18 ($54 million) was well in excess of debt ($19 million). 39
40 Looking Forward Strategic Considerations
41 Outlook Industry and Essential Industry: Oil prices (WTI) have improved E&P cash flows; the impact on spending budgets in H2/18 and 2019 is uncertain some industry analysts forecast increased activity Continued demand for completion-related services longer laterals and increased frac stages per well; deeper coil tubing, higher pressure pumping and downhole tool solutions The industry continues to be hindered by political and regulatory concerns/uncertainty and market access constraints Potential LNG facility in Canada J. Schachter scenario: U.S. $100/barrel oil (WTI) and $4/mcf AECO natural gas Essential: Focus on increasing market share with new/better offerings to meet customer demand for deeper and more complex wells Service price increases not anticipated in the near term stronger industry activity required 41
42 Canada - Deep Coil Market Considerations Industry fleet: number of relevant deep/large diameter coil tubing rigs is small relative to the number of drilling rigs and services rigs Pricing has been flat (and still below 2014), which discourages investment in new rigs We are watching the impact of rising costs (e.g. fuel and coil tubing strings) customer dialogue Pad work and steady work allows pricing and cost efficiencies Steel tariffs on U.S. coil tubing strings (primary supplier) will increase costs; hopefully will not slow availability of supply 42
43 Canada - Coil and Pumping Competition Fraccers in Canada (Trican, Calfrac, STEP) often, but not always, supply their own coil tubing rigs in the current slow market International fraccers (Haliburton, BJ-Baker and Schlumberger) typically do not have coil tubing rigs in Canada Coil tubing companies (public and private) are struggling as we are to make a proper return in Canada given weak pricing Some of the competition s equipment is leaving Canada or shutting down this could create future tightness in deep coil supply if industry spending increases 43
44 Essential Upside in 2019 and 2020 ECWS: First Gen IV retrofit proves the design and engineering Four additional Gen IV retrofits and a reel trailer retrofit can be added Estimated cost of potential 2019/2020 retrofits is $7 million similar to the cost of one new deep coil tubing rig build Reel trailer can operate with Gen II s to deepen their capacity Opportunity to add new quintuplex fluid pumpers and nitrogen pumpers to pair with deep coil rigs Tryton: Expand market share with innovative/incremental MSFS tools; customers can choose the tool best suited for wellbore characteristics and preference Low debt allows re-investment in our business with free cash flow 44
45 Why Invest in Essential? Industry Leading Coil/Pump Division Innovative Tool Business Variable Cost Structure Low Debt Valuation Suitable for complex, long-reach horizontal wells Fleet capacity can be increased and deepened if market demand warrants New MSFS tools provide customers a choice Low capital intensity; historically high margins Highly variable cost structure; margin compression due to limited price increases Enables investment in people, equipment, working capital Credit facility renewed to June 2021 Low multiple compared to the sector: EV/EBITDAS and Price/Book 45
46 Essential on site near Grande Prairie Questions / Discussion
47 TSX:ESN Garnet Amundson President, Chief Executive Officer & Director Karen Perasalo Investor Relations , 250 2nd Street SW Calgary, Alberta T2P 0C1 (403)
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