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JOHNSON RICE AND COMPANY – Resolute Energy Corp

Resolute Energy Corp · Oct 1, 2012 · 35 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. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 1
    Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company focused on long-lived Investor Presentation domestic oilEnergy producing assets Corporation Johnson Rice & Company 2012
  2. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 2
    Resolute overview Market capitalization1 565.1 million SEC PV10 2 1.14 billion Long term debt 277 million Shares outstanding 61.9 million Debt to EBITDA3 2.7x Interest coverage4 6.9x SEC case proved reserves2 65 MMBoe Oil 82%…
  3. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 3
    Competitive strengths Bakken Williston Basin Oil weighted portfolio 91% liquids Big Horn Basin Strong technical staff Hilight Field Visible 15% production growth Powder River Basin Aneth and Hilight fields provide…
  4. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 4
    Reserves and production overview Quarterly net production and percent liquids 950 80% 78% 82% 81% 81% 83% 100% 90% Year-end 2011 SEC case 850 80% Proved reserves: 65 MMBoe 750 70% PV10 1.14 billion MBoe 60% 650 R/P…
  5. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 5
    Sources and uses of funds internally generated Aneth 62 - 66 million1 35 million2 Corporate Development and Acquisition cash flow Maintenance growth from Denbury and/or debt Bakken 54 - 56 million1 Development and…
  6. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 6
    Aneth Field
  7. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 7
    Aneth Field overview Mature, long-lived oil producing field in San Juan County, Utah ANETH UNIT Giant oil field - 1.5 BBbl OOIP Production through 2011 was 426 MMBbl (29% recovery) Ultimate recovery is calculated to be 35% MCELMO…
  8. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 8
    Aneth Field overview Aneth quarterly net production Year-end 2011 SEC case: 7,000 Proved reserves: 56 MMBoe 6,500 PV10 1.01 billion Boe per day 6,000 R/P ratio of 26 years 5,500 Production growth since acquisition 5,000…
  9. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 9
    Existing and new CO2 flood projects Timeline Continuous CO2 development Highly economic with average future PUD and PDNP development costs of 2008 2012 15.29/Boe Demonstrated long-term organic growth Future development costs per…
  10. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 10
    Aneth Field 56 years young Aneth cumulative CO2 injection Successful 1992 pilot Aneth Unit Phases 1, project 2 and 3: Injection Aneth Unit Phase 4: initiated in 2008; injection initiated in demonstrated CO2 2011; seeing CO2 at…
  11. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 11
    McElmo Creek Unit Desert Creek IIC McElmo Creek Unit DC IIC DC IIC is a subzone of the Desert Creek formation Because of excellent reservoir properties the zone processed the early waterflood very quickly and was subsequently shut…
  12. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 12
    Historical Aneth Field daily gross oil production Aneth Field - Aneth, McElmo Creek and Ratherford units Six month rolling average of gross daily oil production 1 12,000 11,000 10,000 Gross oil production (Bbl per day) Phase…
  13. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 13
    Aneth Field summary Growth projects Summary highlights Aneth Unit Self funding development with substantial free cash flow over time Phase 4 response Low risk development projects using industry Continue high angle recompletion…
  14. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 14
    Bakken
  15. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 15
    Williston Basin Bakken trend 31,900 net acres located in the Bakken Thermally mature Bakken trend in Williams and McKenzie counties, North Dakota NEW HOME New Home: 23,500 net acres (outside operated); should be held by…
  16. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 16
    Bakken trend overview Bakken quarterly net production Year-end 2011 SEC case: 1,000 Proved reserves: 1.3 MMBoe PV10 18.1 million 800 143 potential net well locations Boe per day 600 330 - 400 MBoe EUR1 400 Continuous two…
  17. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 17
    Permian Basin
  18. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 18
    Permian Basin overview Newest core area consists of two Permian Basin map principal project areas NM TX 24,000 gross (9,000 net) acres Midland Basin in the Delaware and Midland basins Delaware Basin focus is on the Wolfbone…
  19. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 19
    Permian Basin overview Permian Basin quarterly net production Year-end 2011 SEC case: 500 Proved reserves: 3.5 MMBoe 400 PV10 52.1 million Boe per day 100 net well locations 300 200 - 300 MBoe EUR 200 Ongoing drilling…
  20. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 20
    Permian Delaware Basin overview 7,885 net acres in Reeves County Delaware Basin map focused on the liquids-prone Type Log GR RES 9,000 Wolfbone play NM TX Bone Spring 3rd Bone Spring and Wolfcamp formations Delaware…
  21. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 21
    Permian Midland Basin overview Midland Basin map Type Log 750 gross acres (100% WI) in active GR RES area - foothold for future expansion Wolfberry Midland Resolute operated property with trend Basin 7,000 Spraberry…
  22. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 22
    Wyoming
  23. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 23
    Hilight Field Hilight quarterly net production Year-end 2011 SEC case: 2,000 Proved reserves: 4 MMBoe PV10 62 million 1,600 Free cash flow Boe per day 1,200 Attractive unit economics Low reinvestment requirement 800…
  24. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 24
    Hilight Field data and opportunity 49005564990000 RESOLUTE WYOMING INC CHU24-07 49005564990000 HILIGHT Hilight Field map 0.36 Legacy Muddy formation field 3D seismic NIOBRARA Niobrara with 150 MMBoe OOIP Hilight Field…
  25. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 25
    Strong balance sheet Market metrics Boe per share: 1.05 2011 SEC PV10, net of debt, per share1: 13.99 Strong capitalization Four year bank revolver (millions) Reserve-based credit line: 330 Drawn as of June 30, 2012: 27 8.5% senior…
  26. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 26
    Summary highlights Long-lived, oil producing properties with strong margins Diversified Experienced inventory of low- management and risk and low-cost operating team opportunities Strong financial Significant position…
  27. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 27
    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…
  28. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 28
    Appendix
  29. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 29
    2012 guidance 2012 guidance Range Total production (MBoe) 3,250 3,450 Boepd 8,880 9,426 Lease operating expense ( million) 60.0 65.0 G&A expense ( million) 14.0 17.0 Production taxes 13.5% 14.5% DD&A rate (/Boe) 20.00 21.00…
  30. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 30
    Pro forma margins/cost structure 2011 2012 ( in millions, except as noted) 2008 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Sales volumes Total MBoe 2,823 2,7151 2,7301 707 729 729 759 2,924 762 858 1,620 Revenue including hedging 206.0…
  31. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 31
    Pro forma margins/cost structure 2011 2012 ( per Boe) 2008 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Revenues 72.99 51.211 60.49 68.86 74.81 70.961 74.01 72.201 72.16 64.451 68.081 Expenses Operating expenses 2 20.06 18.38 18.80 20.26…
  32. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 32
    EBITDA 2011 2012 ( in millions) 2008 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Net income (loss) (90.4) (52.9) 6.2 (16.8) 25.7 37.6 (16.0) 30.5 (0.7) 22.8 22.1 Adjustments: Interest 33.1 4.3 4.9 1.1 0.8 0.9 1.0 3.8 1.2 3.7 4.9 Taxes…
  33. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 33
    Quarterly prices and volumes 2010 2011 2012 ( per Boe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Average prices: Crude oil ( per Bbl) 72.38 71.53 69.76 78.66 87.62 96.17 83.29 87.96 96.16 85.19 NGL ( per Bbl) 46.66 59.77 39.13 44.16 54.62…
  34. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 34
    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…
  35. JOHNSON RICE AND COMPANY – Resolute Energy Corp – slide 35
    25 years of CO2 response at McElmo Creek Unit McElmo Creek Unit CO2 response 1,000,000 Monthly volume (MBo/month) 100,000 Began CO2 injection Jan 1985 10,000 36

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