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INVESTOR PRESENTATION – Resolute Energy Corp

Resolute Energy Corp · Aug 18, 2014 · 50 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
    Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company Investor presentation focused on long-lived (NYSE: REN) domestic oil producing assets August 2014
  2. INVESTOR PRESENTATION – Resolute Energy Corp – slide 2
    Resolute overview Company history Market capitalization1 557.8 million SEC PV10 2 1.05 billion 2004 Resolute formed Long term debt 3 735.0 million Aneth Field: Assets acquired from Shares outstanding1 77.9 million 2005…
  3. INVESTOR PRESENTATION – Resolute Energy Corp – slide 3
    Our operating areas Proved reserves are 88% liquids Areas of operation Proved reserves by area1 Wyoming properties Aneth Field properties 2014 capital expenditures by area2 Permian properties 1. Per 2013 SEC…
  4. INVESTOR PRESENTATION – Resolute Energy Corp – slide 4
    Reserves and production overview Year-end 2013 SEC case: Proved reserves: 59.4 MMBoe PV10 1.05 billion R/P ratio of 13 years 1 2013 SEC reserve report 1. Includes sale of properties to NNOGC in Q1 2013 2013 proved reserve…
  5. INVESTOR PRESENTATION – Resolute Energy Corp – slide 5
    Company overview Drivers of production growth Permian Basin horizontal operations: Midland Basin three producing wells Delaware Basin one producing well, two wells flowing back, two wells scheduled for August frac, one well…
  6. INVESTOR PRESENTATION – Resolute Energy Corp – slide 6
    Financial transaction potential As discussed in earnings call on August 12, 2014 Talking with several sophisticated energy investors and anticipate closing in the next few months Provide capital to meaningfully accelerate Resolutes…
  7. INVESTOR PRESENTATION – Resolute Energy Corp – slide 7
    Horizontal drilling success Resolute-operated wells 24 hour IP 30 day IP Lateral Frac Percent Producing Boe per Boe per Length stages oil formation day 1 day 1 Midland Basin: Midkiff 1818H 775 565 4,440 20 83% Wolfcamp B Pearl…
  8. INVESTOR PRESENTATION – Resolute Energy Corp – slide 8
    LH Meeker C21 1501H vs. CUM type curve Cumulative Boe 9
  9. INVESTOR PRESENTATION – Resolute Energy Corp – slide 9
    Harrison State C20 1401H vs. type curve Cumulative Boe 10
  10. INVESTOR PRESENTATION – Resolute Energy Corp – slide 10
    Castle 3-21TH vs. type curve Cumulative Boe 11
  11. INVESTOR PRESENTATION – Resolute Energy Corp – slide 11
    Resolute potential Net upside from identified projects Total net reserves Proved Net resource and resource Area reserves potential potential (MMBoe) 1 (MMBoe) (MMBoe) Aneth Field 35 39 74 Permian Basin 20 80 220 100 240 Powder…
  12. INVESTOR PRESENTATION – Resolute Energy Corp – slide 12
    Permian Basin
  13. INVESTOR PRESENTATION – Resolute Energy Corp – slide 13
    Permian Basin introduction Resolutes Permian-based staff consists of 45 employees covering key technical and managerial skills Resolute has operated producing properties in: Gardendale project area in the Midland Basin Mustang and…
  14. INVESTOR PRESENTATION – Resolute Energy Corp – slide 14
    Permian Basin Year-end 2013 SEC case: Proved reserves: 19.8 MMBoe PV10 297 million Meaningful drilling opportunities 200 gross (95 net) potential horizontal locations, each with multiple potential pay zones Resolute operates 80%…
  15. INVESTOR PRESENTATION – Resolute Energy Corp – slide 15
    Permian Basin 40,400 gross (25,900 net) acres 1 Permian Basin map 60% oil, based on Q2 net Denton Yoakum Terry Lynn Garza Kent production of 4,351 Boe per day Northwest 49% proved developed Shelf Lea Scurry Borden Gaines…
  16. INVESTOR PRESENTATION – Resolute Energy Corp – slide 16
    Reeves County overview Horizontal development program Resolute-operated horizontal wells Producing well Mustang Appaloosa 24,300 gross (13,400 net) acres 1 Resolute acreage 65% average WI Great Divide 1402BH Harrison State C20…
  17. INVESTOR PRESENTATION – Resolute Energy Corp – slide 17
    Reeves County horizontal activity Resolute and industry horizontal wells Delaware Basin Horizontal well Resolute acreage Resolute James 2 1401H Resolute Harrison State C20 1401H 6 Resolute Renegade 0302BH 2 Resolute 7…
  18. INVESTOR PRESENTATION – Resolute Energy Corp – slide 18
    Nearby horizontal activity Offset results1 Well name Zone Reported production rates Lateral length EOG 1 Wolfcamp A One day IP: 2,056 Boe per day 4,500 Phillips State 56 301H Cimarex 2 Wolfcamp B IP 30: 1,816 Boe per day 9,400…
  19. INVESTOR PRESENTATION – Resolute Energy Corp – slide 19
    Meeker and Harrison type curve Cumulative Boe 20
  20. INVESTOR PRESENTATION – Resolute Energy Corp – slide 20
    Gardendale overview Successful horizontal program in Wolfcamp B Gardendale Midland Midkiff 1818H 4,700 gross (4,600 net) acres 1 Evaluating other prospective formations Plan to continue horizontal development in 2015 Pearl Jam…
  21. INVESTOR PRESENTATION – Resolute Energy Corp – slide 21
    Gardendale well activity Nearby industry results Gardendale Nearby Wolfcamp B activity 1 24 hr IP rate 30 day IP rate (Boe per day) (Boe per day) Midkiff 1818H 1 Parks Bell 3304H (B. Spraberry) 539 N/A 2 Diamondback ST NW 2501H…
  22. INVESTOR PRESENTATION – Resolute Energy Corp – slide 22
    OTB and Big Spring Area overview OTB and Big Spring 1 mile 4,300 gross (2,200 net) acres1 Howard Howard More than 90% HBP OTB OTB Vertical Wolfberry asset Martin Martin 47 gross (28.6 net) producing wells1 Big Spring…
  23. INVESTOR PRESENTATION – Resolute Energy Corp – slide 23
    Denton Field overview Acquired producing asset in 2013 Denton Field Siluro-Devonian carbonate field discovered in 1949 Highly faulted and fractured anticline Cumulative production through December 2013 120 MMBoe Some individual…
  24. INVESTOR PRESENTATION – Resolute Energy Corp – slide 24
    Permian Basin potential Significant growth from horizontal activity Total Net Area proved resource Net inventory (Average WI%) reserves potential (MMBoe)1 (MMBoe) Gardendale (93% WI) Vertical 10.1 40 locations Horizontal 2.9 28…
  25. INVESTOR PRESENTATION – Resolute Energy Corp – slide 25
    Wyoming
  26. INVESTOR PRESENTATION – Resolute Energy Corp – slide 26
    Powder River Basin Year-end 2013 SEC case: Proved reserves: 4.5 MMBoe PV10 65 million 1,699 Boe per day Q2 net production First Turner horizontal well is producing above type curve The second and third horizontal wells are being…
  27. INVESTOR PRESENTATION – Resolute Energy Corp – slide 27
    Hilight Field Legacy Muddy production and exploration upside Hilight Field 49,600 gross (45,400 net) acres1 100% HBP RESOLUTE 100% operated JASON UNIT Horizontal potential RESOLUTE GRADY UNIT Turner being developed Evaluating…
  28. INVESTOR PRESENTATION – Resolute Energy Corp – slide 28
    Powder River Basin activity Bill Barrett 6 miles Resolute Federal 21-10-4978SH Castle 3-21TH (Turner) 2,017 Boepd 885 Boepd Bill Barrett Tear Drop Fed 34-15E-4978SH Devon 1,231 Boepd State Cosner 164372-1PH 1,519 Boepd…
  29. INVESTOR PRESENTATION – Resolute Energy Corp – slide 29
    Nearby Turner well activity First horizontal well producing Turner prospect area Castle 3-21TH had a 24 hour Castle 3-21TH Grand 7-14TH peak production of 1,134 Boe per day1 1 Eight month cumulative production of 123,000 Bbl…
  30. INVESTOR PRESENTATION – Resolute Energy Corp – slide 30
    Castle 3-21TH vs. type curve Cumulative Boe 31
  31. INVESTOR PRESENTATION – Resolute Energy Corp – slide 31
    Aneth Field
  32. INVESTOR PRESENTATION – Resolute Energy Corp – slide 32
    Aneth Field introduction Foundation asset Aneth Field Aneth Unit 1.5 billion barrels OOIP Phase 2 Pilot 44,400 gross (28,300 net) acres1 Phase 1 40S 25E 725 wells1 Phase 3 Phase 4 391 producers 334 injectors McElmo Creek…
  33. INVESTOR PRESENTATION – Resolute Energy Corp – slide 33
    Aneth Field overview Year-end 2013 SEC case: Proved reserves: 35 MMBoe PV10 689 million R/P ratio of 16 years Gross production since acquisition Oil production (Bbl/day)2 Percent Unit Acquisition Dec 2013 change Aneth 2,939…
  34. INVESTOR PRESENTATION – Resolute Energy Corp – slide 34
    Aneth Field cash flow Free cash flow from Aneth funds growth Aneth Field cash flow 1 Expected 2014 net production (Boe per day) 6,100 2013 net operating margin (/Boe) 51.16 Operating cash flow ( million) 114 Forecast CO2…
  35. INVESTOR PRESENTATION – Resolute Energy Corp – slide 35
    Aneth Field potential Net upside from identified projects Proved Net resource Project type/area reserves potential (MMBoe)1 (MMBoe) Aneth Unit 23 18 McElmo Creek Unit 7 10 Ratherford Unit 4 11 Total 35 39 New project…
  36. INVESTOR PRESENTATION – Resolute Energy Corp – slide 36
    Financial overview
  37. INVESTOR PRESENTATION – Resolute Energy Corp – slide 37
    Financial data Leverage1: Debt to EBITDA 4.3x Debt to total capital 56.8% Substantial liquidity: Four year bank revolver 425 million reserve-based credit line 335 million drawn 2 Downside commodity price protection through…
  38. INVESTOR PRESENTATION – Resolute Energy Corp – slide 38
    Resolute potential Net upside from identified projects Total net reserves Net resource Proved reserves and resource Area potential (MMBoe) 1 potential (MMBoe) (MMBoe) Aneth Field 35 39 74 Permian Basin 20 80 220 100 240…
  39. INVESTOR PRESENTATION – Resolute Energy Corp – slide 39
    Key investment highlights Well-positioned to execute growth plan High quality base of long-lived oil producing properties Exploration projects poised to provide incremental value Strong project returns and improving cost…
  40. INVESTOR PRESENTATION – Resolute Energy Corp – slide 40
    Resolute investor contacts
  41. INVESTOR PRESENTATION – Resolute Energy Corp – slide 41
    Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Executive Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate headquarters:…
  42. INVESTOR PRESENTATION – Resolute Energy Corp – slide 42
    Appendix
  43. INVESTOR PRESENTATION – Resolute Energy Corp – slide 43
    2014 production and cost guidance 2014 guidance Range Projected total production (MBoe) 4,525 4,890 Boe per day 12,400 13,400 Projected costs: LOE ( million) 98 113 G&A ( million) 25 30 Production taxes (% of prod. revenue)…
  44. INVESTOR PRESENTATION – Resolute Energy Corp – slide 44
    Margins/cost structure 2013 Pro forma 1 2014 ( in millions, except as noted) Q1 Q2 Q3 Q4 YTD YTD 2013 Q1 Q2 YTD Sales volumes Total MBoe 1,047 1,193 1,058 1,169 4,467 4,640 1,134 1,120 2,254 2 2 Revenue including hedging 72.0 82.2…
  45. INVESTOR PRESENTATION – Resolute Energy Corp – slide 45
    Margins/cost structure per Boe 2013 Pro forma 1 2014 ( per Boe) Q1 Q2 Q3 Q4 YTD YTD 2013 Q1 Q2 YTD Adjusted revenues 2 3 3 3 68.77 68.95 73.67 79.11 72.69 72.36 75.96 72.44 74.21 Expenses 4 Operating expenses 23.97 21.15 23.52…
  46. INVESTOR PRESENTATION – Resolute Energy Corp – slide 46
    EBITDA 2013 Pro forma 1 2014 ( in millions) Q1 Q2 Q3 Q4 YTD YTD 2013 Q1 Q2 YTD Net income (loss) (3.1) 9.0 (2.7) (117.1) (113.8) (111.2) (3.5) (16.1) (19.7) Adjustments: Interest 8.1 7.2 6.8 7.3 29.3 30.8 7.8 7.6 15.4 Taxes (1.8)…
  47. INVESTOR PRESENTATION – Resolute Energy Corp – slide 47
    Quarterly prices and volumes 2013 Pro forma 1 2014 Q1 Q2 Q3 Q4 YTD 2013 Q1 Q2 YTD Average prices: Oil ( per Bbl) 87.16 88.31 100.64 91.48 91.47 92.31 95.34 93.80 NGL ( per Bbl) 35.31 30.42 33.18 42.61 35.41 34.01 28.06 30.70 Gas…
  48. INVESTOR PRESENTATION – Resolute Energy Corp – slide 48
    Delaware Basin horizontal wells Previously provided data1 Delaware Basin horizontal wells Gross capital1 8.0 9.0 million per well 30 day IP 750 1,250 Boe per day EUR (gross) 500 750 MBoe Btu per Mcf 1,300 Rate of return 2 20%…
  49. INVESTOR PRESENTATION – Resolute Energy Corp – slide 49
    Gardendale horizontal wells Previously provided data1 Gardendale horizontal wells Gross capital 7.0 8.0 million per well 30 day IP 450 700 Boe per day EUR (gross) 350 500 MBoe Btu per Mcf 1,300 Rate of return 2 20% 45%…
  50. INVESTOR PRESENTATION – Resolute Energy Corp – slide 50
    Turner horizontal Previously provided data Turner horizontal well Gross capital 6.5 7.5 million per well 30 day IP 580 885 Boe per day EUR (gross) 350 500 MBoe Rate of return1 55% 160% Locations 2 45 gross (37 net) Gross…

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