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Credit Suisse – Chaparral Energy, Inc

Chaparral Energy, Inc · Sep 18, 2014 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Credit Suisse – Chaparral Energy, Inc – slide 1
    Credit Suisse September 2014
  2. Credit Suisse – Chaparral Energy, Inc – slide 2
    Company Representatives Mark Fischer Chief Executive Officer Joe Evans Chief Financial Officer 2
  3. Credit Suisse – Chaparral Energy, Inc – slide 3
    Chaparral: Overview
  4. Credit Suisse – Chaparral Energy, Inc – slide 4
    2014 Highlights Q2 production volume increase of 15% year over Q2 2014 Production by year to 31,418 Boe per day Product Record EBITDA of 121 million in Q2 14% Q2 capital expenditures of 195 million 53% 33% Exceptional operational…
  5. Credit Suisse – Chaparral Energy, Inc – slide 5
    Strong Track Record of Growth Overview EBITDA (mm) Core Operating Area Mid-Continent Region 389 450 337 Key Plays NOMP, Panhandle Marmaton, 400 Woodford and EOR 288 313 350 Oil Focused (Reserves 68% oil / liquids) 300 224…
  6. Credit Suisse – Chaparral Energy, Inc – slide 6
    Midcontinent Focus The Next Untold Story Our Position 532,000 net surface acres Portfolio poised to deliver double digit growth Oil-rich portfolio with focus on high return, oil leveraged plays Significant inventory of repeatable…
  7. Credit Suisse – Chaparral Energy, Inc – slide 7
    Why Mid-Continent The Next Untold Story Mid-Continent Advantages as Se w Prolific hydrocarbon o all Sh producing basin Numerous reservoirs with An ad a stacked pay potential for rko Ba s horizontal drilling…
  8. Credit Suisse – Chaparral Energy, Inc – slide 8
    Leader Among Mid-Continent Peers in Oil Production Percentage of 2Q 2014 Oil Production 300 60% 50% 40% 30% 53% 45% 20% 39% 38% 31% 30% 10% 0% Chap MPO NFX SD JONE XEC Sources: Company 2nd Quarter filings…
  9. Credit Suisse – Chaparral Energy, Inc – slide 9
    Core Plays NOMP Marmaton Net Surface Acres: 210,982 Net Surface Acres: 128,225 Gross Drilling Locations: 2,088 Gross Drilling Locations: 1,124 Gross Operated Drilling Locations: 1,123 Gross Operated Drilling Locations: 768…
  10. Credit Suisse – Chaparral Energy, Inc – slide 10
    Stacked High Quality Oil Plays NOMP & Woodford Much of Chaparrals Mid-Continent acreage is located within a stacked pay environment Total Stacked Net Acres 343,319 Acres (1) NOMP 119,224 Prospective Acres Woodford 118,095…
  11. Credit Suisse – Chaparral Energy, Inc – slide 11
    Multiple Pay Zones in the Mid-Continent Industry Horizontal Drilling Targets 12
  12. Credit Suisse – Chaparral Energy, Inc – slide 12
    Horizontal Drilling Inventory and Play Resource Potential Inventory Life (NOMP and Panhandle Marmaton) Number of Rigs 10 15 20 Inventory Life (Years) 23 15 11 Oil Rich (2) Gas Rich (2) Total (2) Play Net Gross Resource Net…
  13. Credit Suisse – Chaparral Energy, Inc – slide 13
    Capital Budget (mm) 2014 Capital Allocation Q2 2014 2014B Key Drilling Areas Capital (*) Wells YTD Revised Allocation Component 2011 2012 2013 2014 Budget % NOMP 156 43-47 Drilling 172 239 269 189 396 59% Panhandle Marmaton 134…
  14. Credit Suisse – Chaparral Energy, Inc – slide 14
    Expected Returns in our Core Areas Play IRRs (1) 80% 70% 60% 50% 40% 30% 20% 10% 0% (1) Selected data from Credit Suisse Research and Analytics using futures strip as of 9/24/2013 *Chaparrals Plays in red (2) Management Type…
  15. Credit Suisse – Chaparral Energy, Inc – slide 15
    Over 1 BBOE - Reserve and Inventory Upside Potential 1200 145 1,019 1000 193 800 81 MMboe 241 600 400 223 200 158 (22) 0 2013 Proved Planned NOMP/ Woodford Marmaton EOR Other Total Reserves…
  16. Credit Suisse – Chaparral Energy, Inc – slide 16
    NOMP Resource Potential
  17. Credit Suisse – Chaparral Energy, Inc – slide 17
    Northern Oklahoma Mississippi Play (NOMP) Overview NOMP Asset Map 242,983 net acres including the Meramec shale Principally carbonate in north, and develops into carbonate/shale sequence as the play moves south Multiple benches with…
  18. Credit Suisse – Chaparral Energy, Inc – slide 18
    NOMP Carbonate Economics NOMP TYPE CURVES(1) EUR = 352 MBOE Type Curve Parameters 250 1400 % EUR per Yr Yr. 1 18% OIL BOPD EUR: 352 Mboe 1200 200 Yr. 2 9% Oil %: 40-50% GAS MCFD Yr. 3 6% 1000 D&C cost: 3.3 - 3.7 million Yr. 4…
  19. Credit Suisse – Chaparral Energy, Inc – slide 19
    NOMP Well Performance NOMP Well Performance 22 11 OPERATOR WELL 30 DAY IP 66 12 12 99 3 1 CHAPARRAL GLADYS 3H-25 1,292 BOEPD 2 CHAPARRAL KUDU 1H-21 513 BOEPD 4 5 10 10 3 CHAPARRAL CENTIPEDE 1H-15 876 BOEPD 7 88 4…
  20. Credit Suisse – Chaparral Energy, Inc – slide 20
    NOMP 2013 and 2014 YTD Results 30 Day IP Rate (BOEPD) 12 12 10 393 450 10 9 5 400 350 8 4 7 3 Number of Wells 300 30Day IP Rate (BOEPD) 5 1 6 250 Type 200 Curve: 241 4 2 7 150 6 6 6 100 2 3 50 0 0 <…
  21. Credit Suisse – Chaparral Energy, Inc – slide 21
    Improved NOMP Execution 79 80 70 59 60 39 49 49 49 50 42 26 40 41 38 Days 40 24 28 28 21 16 30 20 16 20 41 34 26 25 10 21 21 20 22 21 0 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2…
  22. Credit Suisse – Chaparral Energy, Inc – slide 22
    NOMP Growth Production (Boe) / Day Net Acres* 6,685 7,000 300 248 6,000 250 210 5,000 3,732 175 3,865 200 Boe/Day Net Acres (000) 4,000 150 3,000 1,715 100 2,000 1,363 2,953 576 50 2,150 1,000 787 - -…
  23. Credit Suisse – Chaparral Energy, Inc – slide 23
    Marmaton Resource Potential
  24. Credit Suisse – Chaparral Energy, Inc – slide 24
    Marmaton Play Overview Marmaton Asset Map The Marmaton Play is another key oil resource consisting of multiple carbonate benches with ongoing TEXAS development BEAVER Largest operator in play 128,225 net acres 1,124 (768 Operated)…
  25. Credit Suisse – Chaparral Energy, Inc – slide 25
    Marmaton Economics Panhandle Marmaton TYPE CURVES(1) Type Curve Parameters EUR = 143 MBOE 300 250 EUR: 143 Mboe % EUR per Yr OIL BOPD Liquids 93% / Oil %: 80% 250 Yr. 1 24% Yr. 2 12% GAS MCFD 200 D&C cost: 3.0 - 3.4 million 200…
  26. Credit Suisse – Chaparral Energy, Inc – slide 26
    Panhandle Marmaton Well Performance Panhandle Marmaton Well Performance OPERATOR WELL 30 DAY IP CHAPARRAL NORA 49-1H 427 BOEPD TEXAS 4 BEAVER CHAPARRAL THOMAS 1HX-35 922 BOEPD 3 7 CHAPARRAL 4 RED CATTLE 1-23H 622 BOEPD 8 9…
  27. Credit Suisse – Chaparral Energy, Inc – slide 27
    Woodford Shale Play
  28. Credit Suisse – Chaparral Energy, Inc – slide 28
    Woodford Shale Play Overview Woodford Asset Map The Woodford Shale Play is a material resource play and provides significant upside The Woodford Shale Play consists of well defined productive regions CENTRAL 164,945 net acres…
  29. Credit Suisse – Chaparral Energy, Inc – slide 29
    Central Woodford Economics Central Woodford TYPE CURVES(1) Type Curve Parameters EUR = 246 MBOE 200 700 EUR: 246 Mboe 180 OIL BOPD Oil %: 60-70% 600 160 GAS MCFD D&C cost: 3.2 - 3.7 million 140 500 120 Oil BOPD MCFD…
  30. Credit Suisse – Chaparral Energy, Inc – slide 30
    Woodford Well Performance Woodford Well Performance 10 10 1111 OPERATOR WELL BEST 30 DAY IP 8 8 9 1 DEVON ROTHER 1-24H 1,404 BOEPD 9 12 2 4 2 DEVON BESSIE 6-2H 863 BOEPD 7 3 CENTRAL 7 3 21 4 CANA 1 3 CIMAREX DRAPER 1-25H…
  31. Credit Suisse – Chaparral Energy, Inc – slide 31
    CO2 EOR is a Major Part of Chaparrals Growth Story
  32. Credit Suisse – Chaparral Energy, Inc – slide 32
    Leader in the CO2 EOR Industry Chaparral is the third-most active CO2-EOR operator in the U.S. of Active Producer CO2-EOR Projects 33 25 8 7 6 5 4 4 3 3 3 3 Others 32 Total 136 Source: Modified after Apr14 Oil &…
  33. Credit Suisse – Chaparral Energy, Inc – slide 33
    CO2 EOR Focused Areas Overview Panhandle Area Burbank CO2 Project Inventory Area 10 units with proved reserves 40 units with 1P, 2P & 3P EOR reserves CO2 Infrastructure 473 Miles 85 MMscf/D of existing CO2 supply 2014…
  34. Credit Suisse – Chaparral Energy, Inc – slide 34
    Proven Track Record of CO2 EOR Performance Field CO2 Net Production July 2014 Net Gross Uplift Initiation prior to Production (Bopd) Estimated Injection (Bopd) Ultimate Recovery (Mmboe) Panhandle Area Camrick 2001 103 1,683 8.0…
  35. Credit Suisse – Chaparral Energy, Inc – slide 35
    Total EOR Uplift Growth 4,000 3,298 2,961 3,000 2,560 1,994 BOE/Day 2,000 1,217 1,000 - 2011 2012 2013 Q1 2014 Q2 2014 36
  36. Credit Suisse – Chaparral Energy, Inc – slide 36
    North Burbank CO2 EOR Development
  37. Credit Suisse – Chaparral Energy, Inc – slide 37
    Burbank Area Overview North Burbank Overview Burbank Area Asset Map Chaparrals North Burbank unit is its largest EOR field CO2 injection started in June 2013 Oklahomas largest unit with over 820 Mmbo OOIP and 320Mmbo cumulative…
  38. Credit Suisse – Chaparral Energy, Inc – slide 38
    North Burbank CO2-EOR Flood 1,000,000 1,000,000 Primary Development 100,000 100,000 Secondary Development Tertiary Development Gross Boe/D 10,000 10,000 Waterflood CO2 EOR +14000 1,000 1,000 100 100 1920…
  39. Credit Suisse – Chaparral Energy, Inc – slide 39
    North Burbank Unit Gross Production CO2 EOR +1400 40
  40. Credit Suisse – Chaparral Energy, Inc – slide 40
    Financial Overview
  41. Credit Suisse – Chaparral Energy, Inc – slide 41
    Financial Metrics per BOE Production (Boe) / Day LOE / Boe 35,000 30,110 29,500 24,914 26,691 16.00 30,000 23,713 3,911 3,570 14.00 25,000 3,729 12.00 2,129 3,415 Boe/day 9,940 8,499 20,000 10.00 /BOE 9,247 9,882…
  42. Credit Suisse – Chaparral Energy, Inc – slide 42
    Hedge Portfolio % of Total Proved Reserves Hedged (as of Aug 4, 2014) Percentage of 2Q 4Q14E Production Hedged 100% 90% 80% 70% 60% 50% 96% 40% 73% 68% 64% 64% 30% 20% 10% 25% 0% CHAP NFX SD JONE MPO XEC Approximate…
  43. Credit Suisse – Chaparral Energy, Inc – slide 43
    Financial Flexibility to Execute Strategy Current Maturity Profile (mm) 600 No senior note maturities before 2020 325 400 500 300 Hedge positions in place to secure cash flow 400 in near term 300 550 200 400 300 100 232…
  44. Credit Suisse – Chaparral Energy, Inc – slide 44
    2014 Guidance Operating Statistics 2014 Guidance Capital Expenditures (MM) 656 - 683 Production (MMBoe) 10.6 11.0 General and Administrative 5.00 - 5.50/Boe Lease Operating Expense 12.75 -13.25/Boe 45
  45. Credit Suisse – Chaparral Energy, Inc – slide 45
    Thank you 2014 Chaparral Energy

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