Skip to main content INVESTOR PRESENTATION – Resolute Energy Corp | Shale Experts
Loading...
Pm

INVESTOR PRESENTATION – Resolute Energy Corp

Resolute Energy Corp · Mar 11, 2014 · 47 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 March 2014
  2. INVESTOR PRESENTATION – Resolute Energy Corp – slide 2
    Resolute overview Company history Market capitalization1 696.7 million SEC PV102 1.05 billion 2004 Resolute formed Long term debt3 735.0 million Aneth Field: Assets acquired from Shares outstanding1 78.1 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 2014 capital expenditures by area2 properties 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 1 2013 SEC reserve report 1. Includes sale of properties to NNOGC in both Q3 2012 and Q1 2013…
  5. INVESTOR PRESENTATION – Resolute Energy Corp – slide 5
    Company overview In the Permian Basin Resolute completed meaningful acquisitions at year- end 2013 and in March 2014 We assumed operating responsibilities on most of the acquired properties in the second quarter of 2013, began…
  6. INVESTOR PRESENTATION – Resolute Energy Corp – slide 6
    Horizontal drilling success Resolute-operated wells Demonstrated horizontal drilling success in three distinct basins Significant additional horizontal drilling inventory 24 hour IP 30 day IP Lateral Frac Percent Producing Boe…
  7. INVESTOR PRESENTATION – Resolute Energy Corp – slide 7
    Resolute potential Net upside from identified projects Total net Net resource reserves and Proved reserves Area potential resource (MMBoe)1 (MMBoe) potential (MMBoe) Aneth Field 35 39 74 Permian Basin 20 80 220 100 240…
  8. INVESTOR PRESENTATION – Resolute Energy Corp – slide 8
    Future development of previously proved reserves 23 MMBbl in Aneth Field reserves Resolute removed 23 MMBoe of PUD reserves at YE 2014 Reserves had been booked and reviewed by NSAI for five years The reserves can be added back when…
  9. INVESTOR PRESENTATION – Resolute Energy Corp – slide 9
    Permian Basin
  10. INVESTOR PRESENTATION – Resolute Energy Corp – slide 10
    Permian Basin introduction In Q2 2011 Resolute acquired acreage and began drilling in Reeves County in the Delaware Basin (Reeves County) Resolute subsequently acquired a small producing asset in the Midland Basin (OTB) Resolute…
  11. INVESTOR PRESENTATION – Resolute Energy Corp – slide 11
    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 54% operated 1 2013 proved reserve characteristics…
  12. INVESTOR PRESENTATION – Resolute Energy Corp – slide 12
    Permian Basin Transformational asset base 44,100 gross (24,700 net) acres 1 Permian Basin map 70% oil (based on Q4 production) Denton Yoakum Terry Lynn Garza Kent Q4 net production 4,600 Boe per Northwest day Shelf Lea Borden…
  13. INVESTOR PRESENTATION – Resolute Energy Corp – slide 13
    Gardendale stratigraphic column Horizontal zones Midkiff 1818H Primary horizontal target is the Lower Clearfork Wolfcamp B Positive offset results 1st Spraberry Positive reservoir characteristics Middle Spraberry Secondary…
  14. INVESTOR PRESENTATION – Resolute Energy Corp – slide 14
    Gardendale overview Successful horizontal program Gardendale Midland Midkiff 1818H 4,700 gross and net acres 1 Refining petrophysical models and integrating seismic to refine development scenario Pearl Jam 2417H Wolfcamp B…
  15. INVESTOR PRESENTATION – Resolute Energy Corp – slide 15
    Gardendale well activity Nearby industry results Gardendale Nearby Wolfcamp B activity1 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…
  16. INVESTOR PRESENTATION – Resolute Energy Corp – slide 16
    Gardendale horizontal wells Type curve and economics, 4,500 lateral1 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%…
  17. INVESTOR PRESENTATION – Resolute Energy Corp – slide 17
    Reeves County overview Potential horizontal development Reeves County 28,200 gross (12,800 net) acres 1 Average WI 40% Resolute will operate 80% of net Appaloosa resource Transitioned from vertical program to horizontal in 2013…
  18. INVESTOR PRESENTATION – Resolute Energy Corp – slide 18
    Reeves stratigraphic column Horizontal and vertical potential 3rd Bone Spring 1,450 Wolfcamp reservoir interval Upper Wolfcamp Potential for multiple Wolfcamp target horizons LH Meeker C21 1501H completed in Wolfcamp A Wolfcamp…
  19. INVESTOR PRESENTATION – Resolute Energy Corp – slide 19
    Reeves County horizontal activity Resolute horizontal wells Delaware Basin Horizontal well Resolute acreage Resolute James 2 1401H Resolute Harrison State C20 1401H 6 2 Cimarex spud 7/13 Wolfcamp A Resolute LH Meeker…
  20. INVESTOR PRESENTATION – Resolute Energy Corp – slide 20
    Nearby horizontal activity Offset results1 Well name Zone Reported production rates Lateral length EOG 1 Phillips State 56 301H Wolfcamp A One day IP: 2,056 Boe per day 4,500 Cimarex 2 Ruby 1-39 1H Wolfcamp B IP 30: 1,816 Boe…
  21. INVESTOR PRESENTATION – Resolute Energy Corp – slide 21
    Delaware Basin horizontal wells Type curve and economics1 Delaware Basin horizontal wells Gross capital 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%…
  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 OTB Howard Howard More than 90% HBP OTB Vertical Wolfberry asset Martin Martin 42 gross (26.3 net) producing wells1 Big Spring…
  23. INVESTOR PRESENTATION – Resolute Energy Corp – slide 23
    OTB and Big Spring vertical Wolfberry Midland Basin Wolfberry development Targeting Mississippian at 10,500 feet through Wolfcamp at 8,500 feet Spraberry Typically a seven stage completion (not including Spraberry) Drill and…
  24. INVESTOR PRESENTATION – Resolute Energy Corp – slide 24
    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…
  25. INVESTOR PRESENTATION – Resolute Energy Corp – slide 25
    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…
  26. INVESTOR PRESENTATION – Resolute Energy Corp – slide 26
    Wyoming
  27. INVESTOR PRESENTATION – Resolute Energy Corp – slide 27
    Powder River Basin Year-end 2013 SEC case: Proved reserves: 4.5 MMBoe PV10 65 million 1,749 Boe per day Q4 net production Organic growth potential from horizontal Turner/Frontier drilling First Turner/Frontier horizontal well is…
  28. INVESTOR PRESENTATION – Resolute Energy Corp – slide 28
    Hilight Field Excellent cash flow and exploration upside Hilight Field 49,600 gross (45,400 net) acres1 100% HBP RESOLUTE JASON UNIT 100% operated RESOLUTE GRADY UNIT Current production from the Muddy formation at 9,000 feet…
  29. INVESTOR PRESENTATION – Resolute Energy Corp – slide 29
    Nearby Turner/Frontier well activity First horizontal well producing Turner prospect area The Castle well tested 24 hour peak production of 1,134 Castle 3-21TH Boe per day1 60 day average of 763 1 Boe per day 90 day average of…
  30. INVESTOR PRESENTATION – Resolute Energy Corp – slide 30
    Turner/Frontier horizontal Type curve and economics Turner/Frontier 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 48 gross (39…
  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 Phase 1 Pilot 43,200 gross acres Phase 3 40S 25E 725 wells1 Phase 4 391 producers 334 injectors McElmo Creek Produced 434…
  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 flow1 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 1. 2013 SEC…
  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 51.3% Substantial liquidity: Four year bank revolver 415 million reserve-based credit line 335 million drawn2 Downside commodity price protection Current oil…
  38. INVESTOR PRESENTATION – Resolute Energy Corp – slide 38
    Resolute potential Net upside from identified projects Total net Net resource reserves and Proved reserves Area potential resource (MMBoe)1 (MMBoe) potential (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 Portfolio of significant organic development opportunities Exploration projects poised to provide…
  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) 12.0%…
  44. INVESTOR PRESENTATION – Resolute Energy Corp – slide 44
    Margins/cost structure 2012 2013 Pro forma 1 ( in millions, except as noted) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD YTD 2013 Sales volumes Total MBoe 762 858 862 927 3,409 1,047 1,193 1,058 1,169 4,467 4,640 2 2 2 2 Revenue including…
  45. INVESTOR PRESENTATION – Resolute Energy Corp – slide 45
    Margins/cost structure per Boe 1 2012 2013 Pro forma ( per Boe) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD YTD 2013 3 3 3 3 3 Adjusted revenues 2 72.16 68.43 69.73 70.10 70.04 68.77 68.95 73.67 79.11 72.69 72.36 Expenses Operating expenses 4…
  46. INVESTOR PRESENTATION – Resolute Energy Corp – slide 46
    EBITDA 1 2012 2013 Pro forma ( in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD YTD 2013 Net income (loss) (0.7) 22.8 (2.5) (1.6) 18.0 (3.1) 9.0 (2.7) (117.1) (113.8) (111.2) Adjustments: Interest 1.2 3.7 4.6 6.0 15.5 8.1 7.2 6.8 7.3…
  47. INVESTOR PRESENTATION – Resolute Energy Corp – slide 47
    Quarterly prices and volumes 2012 2013 Pro forma 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YTD Q4 2013 Average prices: Oil ( per Bbl) 96.16 85.19 85.00 81.86 87.16 88.31 100.64 91.48 91.47 NGL ( per Bbl) - 44.38 31.06 41.43 35.31 30.42 33.18…

From the store

Browse maps, data & reports in the Shale Experts store