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INVESTOR PRESENTATION – Resolute Energy Corp

Resolute Energy Corp · Apr 12, 2012 · 40 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. INVESTOR PRESENTATION – Resolute Energy Corp – slide 1
    Investor presentation April 2012 NYSE: REN
  2. INVESTOR PRESENTATION – Resolute Energy Corp – slide 2
    Resolute overview Market capitalization1 650.4 million Picture goes here SEC PV10 2 1.14 billion Long term debt3 225 million Shares outstanding 60.9 million Debt to total market cap 25.7% SEC case proved reserves2 65 MMBoe Oil…
  3. INVESTOR PRESENTATION – Resolute Energy Corp – slide 3
    Why invest in Resolute Oil weighted assets with organic growth potential 90% liquids Producing properties generate strong cash Williston Basin flow 33,000 net acres Shallow decline Big Horn Basin Internally funded capital program…
  4. INVESTOR PRESENTATION – Resolute Energy Corp – slide 4
    Property overview Year-end 2011 SEC case1 Proved reserves: 65 MMBoe PV10 1,143 million Reserves to production ratio 22 years (1) See appendix A 2011 proved reserve and production characteristics SEC proved PV10: 1.1 billion…
  5. INVESTOR PRESENTATION – Resolute Energy Corp – slide 5
    Aneth
  6. INVESTOR PRESENTATION – Resolute Energy Corp – slide 6
    Aneth Field overview Year-end 2011 SEC case1 Proved reserves: 56 MMBoe PV10 1,011 million Reserves to production ratio 26 years (1) See appendix A 2011 proved reserve and production characteristics Note: 12/31/11 SEC proved…
  7. INVESTOR PRESENTATION – Resolute Energy Corp – slide 7
    Aneth Field overview Mature, long-lived oil producing field in San Juan County, UT Discovered by Texaco in 1956 Giant oil field - 1.5 BBbl OOIP Quarter ended December 31,2011 average gross production was 10,700 Boe per day…
  8. INVESTOR PRESENTATION – Resolute Energy Corp – slide 8
    25 years of CO2 response at McElmo Creek Unit McElmo Creek Unit CO2 response 1,000,000 1,000,000.00 100,000 100,000.00 BeganCO Began CO22 Injection injection Jan-85 Jan85 10,000 10,000.00 9
  9. INVESTOR PRESENTATION – Resolute Energy Corp – slide 9
    Existing and new CO2 flood projects Resolute CO2 expansions Aneth Unit Phases 1, 2 and 3, started in 2008, showing unit- wide response Future CO2 injection Aneth Unit Phase 4 injection started McElmo Creek Unit DC IIC - ongoing…
  10. INVESTOR PRESENTATION – Resolute Energy Corp – slide 10
    Aneth Unit Phases 1, 2 and 3 69 of 86 producing wells in the project area have 2 shown CO2 production response 2 2 2 Three producing wells in Phase 4 are experiencing a production increase 2 resulting from CO2 injected in…
  11. INVESTOR PRESENTATION – Resolute Energy Corp – slide 11
    McElmo Creek Unit Desert Creek IIC McElmo Creek Unit locator map The Desert Creek IIC is a high porosity, high permeability lower subzone of the Desert Creek formation The prolific reservoir was shut-off beginning in the 1970s…
  12. INVESTOR PRESENTATION – Resolute Energy Corp – slide 12
    Additional low-risk development Targeting undrilled 40-acre locations and redrill of certain older wells Infill drilling Aneth Unit 3D seismic is available to identify currently unswept areas Three locations on current drilling…
  13. INVESTOR PRESENTATION – Resolute Energy Corp – slide 13
    Aneth Field summary Aneth Field refrigeration plant Summary highlights Low risk development projects using industry standard tertiary recovery methods Long-lived asset with shallow 7% decline Potential for 65%+ production growth…
  14. INVESTOR PRESENTATION – Resolute Energy Corp – slide 14
    Wyoming
  15. INVESTOR PRESENTATION – Resolute Energy Corp – slide 15
    Hilight Field Year-end 2011 SEC case1 Proved reserves: 4 MMBoe PV10 62 million 2011 reflects: Asset sales Shut in uneconomic CBM production (1) See appendix A 2011 proved reserve and production characteristics Note:…
  16. INVESTOR PRESENTATION – Resolute Energy Corp – slide 16
    Hilight Field data and opportunity Legacy Muddy formation field with 150 T47N MMBoe original oil inR74W place T47N T47N R73W T47N R72W T47N R71W T47N R70W T47N R69W T47N R68W R67W 45,000 acres HBP 161 well logs T46N…
  17. INVESTOR PRESENTATION – Resolute Energy Corp – slide 17
    Hilight Field development opportunities 3-D seismic survey 3D seismic REN Hilight Field 110-square mile 3-D seismic survey over Mowry Hilight production Well control over all prospective formations Industry activity includes Devon,…
  18. INVESTOR PRESENTATION – Resolute Energy Corp – slide 18
    Hilight Field - Turner potential Nearby production (gross volumes)1: IP30: 250 - 400 Bopd Estimated EUR range: 200 400 MBbll (260 530 MBoe) Forward look on development: Preliminary view: 12,000 gross acres (11,000 net) Number of…
  19. INVESTOR PRESENTATION – Resolute Energy Corp – slide 19
    Mowry oil play areas in Wyoming Big Horn and Big Horn Powder River Basins Basin Mowry play Mowry oil play areas (green) ** and Resolute acreage (yellow) Cirque and Plains *** activity ** Powder River Hilight Basin Unit *…
  20. INVESTOR PRESENTATION – Resolute Energy Corp – slide 20
    Big Horn Basin Mowry activity and Resolute acreage Resolute Mowry activity 73,000 net acres Big Horn Basin One well recompleted Mowry play Fourteen Mile prospect drilled and Mowry oil play area completed and currently flowing back…
  21. INVESTOR PRESENTATION – Resolute Energy Corp – slide 21
    Bakken
  22. INVESTOR PRESENTATION – Resolute Energy Corp – slide 22
    Williston Basin Bakken trend 33,000 net acres located in the Bakken trend in Williams and McKenzie counties, North Dakota New Home: 23,500 net acres (operated by GeoResources) should be held by production by year-end 2013 Paris:…
  23. INVESTOR PRESENTATION – Resolute Energy Corp – slide 23
    Permian Basin
  24. INVESTOR PRESENTATION – Resolute Energy Corp – slide 24
    Permian Basin overview 24,000 gross (9,000 net) acres in the Delaware and Midland Basins Proved reserves: 3.5 MMBoe (75% liquid) Wolfberry OTB 12 gross (10 net) producing wells asset 2012 capex: 61 million Plan to drill 25 gross…
  25. INVESTOR PRESENTATION – Resolute Energy Corp – slide 25
    Permian Delaware Basin overview 7,885 net acres in Reeves County Type Log GR RES focused on the oil-prone Wolfbone play New Mexico 3rd Bone Spring and Wolfcamp Bone Spring Plan to run two rigs and drill 10.7 9,000 net wells…
  26. INVESTOR PRESENTATION – Resolute Energy Corp – slide 26
    Reeves County area potential 22,820 gross acres and 7,885 net acres Offset production IP: 140 280 gross Boepd Gas is very rich, 1,300 Btu Future development: Gross well cost 4.1 million Number of drill sites and potential…
  27. INVESTOR PRESENTATION – Resolute Energy Corp – slide 27
    Financial Overview
  28. INVESTOR PRESENTATION – Resolute Energy Corp – slide 28
    2012 Guidance 2012 Guidance Range Total production (MBoe) 3,250 3,450 Boepd 8,875 9,425 Lease operating expense ( millions) 60.0 65.0 G&A expense ( millions) 14.0 17.0 Production taxes 13.50% 14.50% Lease operating expense (/Boe)…
  29. INVESTOR PRESENTATION – Resolute Energy Corp – slide 29
    Strong Balance Sheet Substantial liquidity Four year bank revolver: 330 million reserve-based credit line 170 million drawn as of December 31, 2011 Low leverage Debt to EBITDA: 1.6x Debt to total market cap: 25.7% At December…
  30. INVESTOR PRESENTATION – Resolute Energy Corp – slide 30
    Hedging program Downside commodity price protection Oil derivatives in place for 2012 covering aggregate average daily oil volumes of 4,125 Bopd 2,750 Bopd are covered by swaps with an average strike price of 69.40 and the remaining…
  31. INVESTOR PRESENTATION – Resolute Energy Corp – slide 31
    Resolute Investor Contacts
  32. INVESTOR PRESENTATION – Resolute Energy Corp – slide 32
    Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Executive Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate Headquarters: 1675…
  33. INVESTOR PRESENTATION – Resolute Energy Corp – slide 33
    Financial Overview Appendix
  34. INVESTOR PRESENTATION – Resolute Energy Corp – slide 34
    Reconciliation of non-GAAP measures 2010 2011 ( in millions) 2008 2009 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net income (loss) (90.4) (52.9) 4.7 19.1 (7.1) (10.5) 6.2 (16.8) 25.7 37.6 (16.0) 30.5 Adjustments: Interest 33.1 4.3 1.1 1.3 1.3…
  35. INVESTOR PRESENTATION – Resolute Energy Corp – slide 35
    Quarterly prices and volumes 2010 2011 ( per Boe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Average prices: Crude oil ( per Bbl) 72.38 71.53 69.76 78.66 87.62 96.17 83.29 87.96 NGL ( per Bbl) 46.66 59.77 39.13 44.16 54.62 67.71 69.93 63.11 Gas (…
  36. INVESTOR PRESENTATION – Resolute Energy Corp – slide 36
    Pro forma summary financials 2010 2011 ( in millions, except as noted) 2008 2009 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Sales volumes Total MBoe 2,823 2,715 1 636 1 661 1 702 1 731 1 2,730 1 707 729 729 759 2,924 2 2 Revenue including…
  37. INVESTOR PRESENTATION – Resolute Energy Corp – slide 37
    Pro forma margins/cost structure 2010 2011 ( per Boe) 2008 2009 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Revenues 1 1 1 72.99 51.21 61.36 59.32 58.41 62.79 60.49 68.86 74.81 70.96 74.01 72.20 Expenses 2 Operating expenses 20.06 18.38 20.75…
  38. INVESTOR PRESENTATION – Resolute Energy Corp – slide 38
    Oil-weighted proved reserve base Proved reserve summary (as of 12/31/2011) Total SEC proved PV-10 Net Area (MMBoe) Oil PDP PDNP PUD (MM) % Operated Acres Aneth Field Properties 56.0 88% 42% 14% 44% 1,010.5 100% 28,000 Wyoming…
  39. INVESTOR PRESENTATION – Resolute Energy Corp – slide 39
    Future development cost by unit Total Estimated Future Year future reserves cost Projects Started capex (MMBoe) (/Boe) Aneth - Phase 1, 2 and 3 1985 54.7 7.4 7.41 Aneth - Phase 4 and Plant 2008 225.3 14.1 15.92 McElmo Creek - DC…
  40. INVESTOR PRESENTATION – Resolute Energy Corp – slide 40
    Historical Aneth Field daily gross oil production 18,000 16,000 Nov. 2004 Apr. 2004 Chevron ExxonMobil 14,000 Oil Production (Bbl per day) acquisition acquisition 12,000 10,000 8,000 6,000 4,000 2,000 0…

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