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Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Crew Energy Inc., Valuation and Financial Data 9
Crew Energy Inc., Share Price Performance 9
Share Price Performance, Q2, 2015-Q2, 2016 9
Crew Energy Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Crew Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q2, 2015-Q2, 2016 11
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2015-Q2, 2016 12
Crew Energy Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Crew Energy Inc., Quarterly Production Trends 14
Crew Energy Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q2, 2015-Q2, 2016 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 15
Crew Energy Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q2, 2015-Q2, 2016 16
Crude Oil Production, By Country/Region, Q2, 2015-Q2, 2016 17
Crew Energy Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q2, 2015-Q2, 2016 18
Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 19
Crew Energy Inc., Valuation and Financial Data, 2011-2015 20
Crew Energy Inc., Share Price Performance, 2011-2015 20
Share Price Performance, 2011-2015 20
Key Valuation Metrics, 2011-2015 21
Crew Energy Inc., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27
Crude Oil Production and Reserves By Country/Region, 2011-2015 28
Crude Oil/Liquids Reserve Changes, 2011-2015 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2011-2015 31
Natural Gas Production and Reserves, By Country/Region, 2011-2015 32
Natural Gas Reserve Changes, 2011-2015 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36
Crew Energy Inc., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2011-2015 38
Acquisition Costs By Country/Region, 2011-2015 39
Exploration and Development Costs, By Country/Region, 2011-2015 41
Oil and Gas Cost Per boe, US$/boe 43
Oil and Gas Cost Per boe, US$/boe, 2011-2015 43
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45
Crew Energy Inc., Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2011-2015 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49
Crew Energy Inc., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2011-2015 53
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54
Oil and Gas Revenue and Expenses, Per boe 59
Oil and Gas Revenue and Expenses, By boe, 2011-2015 59
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60
Oil and Gas Performance Metrics 64
Crew Energy Inc., Land Holdings and Well Data 65
Developed and Undeveloped Acreage 65
Gross and Net Developed and Undeveloped Acreage, 2011-2015 65
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66
Well Statistics 69
Producible Oil and Gas Well, 2011-2015 69
Producible Oil and Gas Well, By Country/Region, 2011-2015 70
Exploration and Development Wells Drilled, 2011-2015 74
Recent Developments 75
Crew Energy Inc. - Recent Developments 75
Nov 03, 2016: Crew Energy Announces Third Quarter 2016 Financial And Operating Results And Increase To 2016 Capital Budget 75
Aug 04, 2016: Crew Energy Announces Second Quarter 2016 Financial And Operating Results 80
May 05, 2016: Crew Energy Announces First Quarter 2016 Financial And Operating Results And Updated Montney Resource Evaluation 84
Mar 03, 2016: Crew Energy Announces Fourth Quarter And Full Year 2015 Financial And Operating Results 89
Feb 17, 2016: Crew Energy Announces Strong 2015 Montney Reserves Growth With Record Capital Efficiencies 94
Jan 04, 2016: Crew Energy Announces 2016 Capital Budget Focused On Maintaining Balance Sheet Strength, Reducing Costs While Increasing Production By 28% 97
Nov 05, 2015: Crew Energy Announces Third Quarter 2015 Financial And Operating Results 99
Sep 09, 2015: Crew Energy Announces $50 Million Disposition And Provides Operations Update 105
Aug 07, 2015: Crew Energy Announces Alliance Pipeline Force Majeure Causes Temporary Suspension Of Montney Production 106
Aug 06, 2015: Crew Energy Announces Second Quarter 2015 Financial And Operating Results 106
Appendix 113
Methodology 113
Coverage 113
Secondary Research 113
Primary Research 113
Data Information Sources 114
Company Source 114
SEC/Other Regulatory Filings 114
Other Sources 114
Expert Panel Validation 114
Data Definition 114
Oil and Gas Reserves 114
Units of Measure 115
About GlobalData 115
Disclosure 115
Disclaimer 115
List of Tables
Table 1: Crew Energy Inc., Key Facts 8
Table 2: Crew Energy Inc., Share Price Performance, Q2, 2015-Q2, 2016 9
Table 3: Crew Energy Inc., Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Table 4: Crew Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Table 5: Crew Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2015-Q2, 2016 12
Table 6: Crew Energy Inc., Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Table 7: Crew Energy Inc., Total Crude Oil and Natural Gas, Production, Q2, 2015-Q2, 2016 14
Table 8: Crew Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Table 9: Crew Energy Inc., Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16
Table 10: Crew Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17
Table 11: Crew Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18
Table 12: Crew Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19
Table 13: Crew Energy Inc., Share Price Performance, 2011-2015 20
Table 14: Crew Energy Inc., Key Valuation Metrics, 2011-2015 21
Table 15: Crew Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23
Table 16: Crew Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25
Table 17: Crew Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26
Table 18: Crew Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Table 19: Crew Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29
Table 20: Crew Energy Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30
Table 21: Crew Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Table 22: Crew Energy Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33
Table 23: Crew Energy Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34
Table 24: Crew Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Table 25: Crew Energy Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37
Table 26: Crew Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Table 27: Crew Energy Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40
Table 28: Crew Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42
Table 29: Crew Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44
Table 30: Crew Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46
Table 31: Crew Energy Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 48
Table 32: Crew Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52
Table 33: Crew Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 53
Table 34: Crew Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58
Table 35: Crew Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59
Table 36: Crew Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63
Table 37: Crew Energy Inc., Oil and Gas Performance Metrics, 2011-2015 64
Table 38: Crew Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65
Table 39: Crew Energy Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68
Table 40: Crew Energy Inc., Producible Oil and Gas Wells, 2011-2015 69
Table 41: Crew Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73
Table 42: Crew Energy Inc., Exploratory and Developed Wells, 2011-2015 74
List of Figures
Figure 1: Crew Energy Inc., Share Price Performance, CAD/Share, Q2, 2015-Q2, 2016 9
Figure 2: Crew Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2015-Q2, 2016 10
Figure 3: Crew Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Figure 4: Crew Energy Inc., Upstream Capital Expenditure, US$ mil, Q2, 2015-Q2, 2016 13
Figure 5: Crew Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q2, 2015-Q2, 2016 14
Figure 6: Crew Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Figure 7: Crew Energy Inc., Total Crude Oil Production, mmbbl, Q2, 2015-Q2, 2016 16
Figure 8: Crew Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2015-Q2, 2016 17
Figure 9: Crew Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 18
Figure 10: Crew Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 19
Figure 11: Crew Energy Inc., Share Price Performance, CAD/Share, 2011-2015 20
Figure 12: Crew Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21
Figure 13: Crew Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Figure 14: Crew Energy Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24
Figure 15: Crew Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24
Figure 16: Crew Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26
Figure 17: Crew Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Figure 18: Crew Energy Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28
Figure 19: Crew Energy Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28
Figure 20: Crew Energy Inc., Crude Oil Reserve Changes, mmbbl, 2015 30
Figure 21: Crew Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Figure 22: Crew Energy Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32
Figure 23: Crew Energy Inc., Gas Production, By Country/Region, bcf, 2011-2015 32
Figure 24: Crew Energy Inc., Natural Gas Reserve Changes, bcf, 2015 34
Figure 25: Crew Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Figure 26: Crew Energy Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 27: Crew Energy Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 28: Crew Energy Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37
Figure 29: Crew Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Figure 30: Crew Energy Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 31: Crew Energy Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 32: Crew Energy Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 41
Figure 33: Crew Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41
Figure 34: Crew Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43
Figure 35: Crew Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 36: Crew Energy Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 37: Crew Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46
Figure 38: Crew Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47
Figure 39: Crew Energy Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 40: Crew Energy Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 41: Crew Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50
Figure 42: Crew Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50
Figure 43: Crew Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51
Figure 44: Crew Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51
Figure 45: Crew Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 53
Figure 46: Crew Energy Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 47: Crew Energy Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 48: Crew Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55
Figure 49: Crew Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55
Figure 50: Crew Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56
Figure 51: Crew Energy Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 56
Figure 52: Crew Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57
Figure 53: Crew Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59
Figure 54: Crew Energy Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 55: Crew Energy Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 56: Crew Energy Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 57: Crew Energy Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 58: Crew Energy Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62
Figure 59: Crew Energy Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62
Figure 60: Crew Energy Inc., Oil and Gas Performance Metrics, 2011-2015 64
Figure 61: Crew Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65
Figure 62: Crew Energy Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66
Figure 63: Crew Energy Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66
Figure 64: Crew Energy Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67
Figure 65: Crew Energy Inc., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67
Figure 66: Crew Energy Inc., Producible Oil and Gas Wells, 2011-2015 69
Figure 67: Crew Energy Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 68: Crew Energy Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70
Figure 69: Crew Energy Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71
Figure 70: Crew Energy Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71
Figure 71: Crew Energy Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72
Figure 72: Crew Energy Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72
Figure 73: Crew Energy Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73
Figure 74: Crew Energy Inc., Exploratory and Developed Wells, 2011-2015 74