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INVESTOR PRESENTATION – Resolute Energy Corp

Resolute Energy Corp · Jun 24, 2013 · 44 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 focused on long-lived Investor presentation domestic oil producing assets June 2013
  2. INVESTOR PRESENTATION – Resolute Energy Corp – slide 2
    Resolute overview Company history Market capitalization1 599.1 million SEC PV102 1.26 billion 2004 Resolute formed Long term debt3 792 million Aneth Field: Assets Shares outstanding4 76.9 million acquired from Debt to…
  3. INVESTOR PRESENTATION – Resolute Energy Corp – slide 3
    Our operating areas Pro forma proved reserves are 89% liquids Areas of operation Proved reserves by area1 Bakken properties Wyoming properties Aneth Field Denver headquarters properties 2013 capital expenditures by…
  4. INVESTOR PRESENTATION – Resolute Energy Corp – slide 4
    Company overview In Aneth Field Resolute continues to increase production by expanding and optimizing water and CO2 floods In the Powder River Basin Resolute is targeting exploration plays in the Turner, Mowry and Minnelusa In the…
  5. INVESTOR PRESENTATION – Resolute Energy Corp – slide 5
    Resolute potential Reserve upside from identified projects Proved Resource Total Area reserves potential (MMBoe) (MMBoe)1 (MMBoe) Aneth Field 56 10 17 66 73 Permian Basin 24 46 204 70 228 Northern Rockies 7 7 12 15 19 Total…
  6. INVESTOR PRESENTATION – Resolute Energy Corp – slide 6
    Aneth Field
  7. INVESTOR PRESENTATION – Resolute Energy Corp – slide 7
    Aneth Field introduction Foundation asset Aneth Field gross oil production forecast Fields like Aneth are rare: 16,000 Excellent current economics 14,000 and cash flow Large OOIP, presenting 2013 12,000 ongoing opportunities to…
  8. INVESTOR PRESENTATION – Resolute Energy Corp – slide 8
    Aneth Field introduction Foundation asset Aneth Field 1.5 billion barrels OOIP 43,000 gross acres 719 wells 391 producers 328 injectors Produced 430 MMBbl of oil through 2012 Net proved reserves of 56.3 MMBoe1 Q1 2013 production…
  9. INVESTOR PRESENTATION – Resolute Energy Corp – slide 9
    Aneth Field cash flow Free cash flow from Aneth funds growth Aneth Field cash flow Expected 2013 net production (Boe/day) 6,400 6,700 2012 net operating margin (/Boe) 47.06 Operating cash flow ( million) 110 115 Forecast CO2…
  10. INVESTOR PRESENTATION – Resolute Energy Corp – slide 10
    Aneth Unit CO2 project area performance Production increase of 123% CO2 project area oil production (gross) 4,000 3,500 From inception of the CO2 project area flood, production has increased 123% 3,000 Oil production…
  11. INVESTOR PRESENTATION – Resolute Energy Corp – slide 11
    DC IIC project area waterflood Exceptional results from waterflood reinitiation DC IIC waterflood pair (gross) Total capital per well pair 1.8 million Initial incremental production 110 Bbl/day Total reserves 60.1 MBO Finding…
  12. INVESTOR PRESENTATION – Resolute Energy Corp – slide 12
    Ratherford CO2 flood development projects Two project areas sum of DC IIC and DC I PhiH Ratherford Unit DC IIC project area Resource potential is not currently included in our engineering Resource potential of 11 MMBbl net to…
  13. INVESTOR PRESENTATION – Resolute Energy Corp – slide 13
    Aneth Field other opportunity inventory High rate of return projects Infill laterals (gross) New drills (gross) Gross capital 0.8 1.2 million per project Gross capital 1.8 2.3 million per project 30 day IP 30 65 Bbl/day 30 day IP 65…
  14. INVESTOR PRESENTATION – Resolute Energy Corp – slide 14
    Aneth Field potential Reserve upside from identified projects Proved Area Resource potential reserves Inventory (Average WI% / NRI%) (MMBoe) (MMBoe)1 Aneth Unit (62% WI) Vertical wells and CO2 projects 29 - Horizontal wells 2 -…
  15. INVESTOR PRESENTATION – Resolute Energy Corp – slide 15
    Permian Basin
  16. INVESTOR PRESENTATION – Resolute Energy Corp – slide 16
    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…
  17. INVESTOR PRESENTATION – Resolute Energy Corp – slide 17
    Permian Basin Transformational asset base 41,100 gross (20,300 net) acres 67% HBP; 90% operated Permian Basin map 70% oil (based on Q1 production) Denton 55% proved developed Northwest Midland Q1 pro forma net production 5,030…
  18. INVESTOR PRESENTATION – Resolute Energy Corp – slide 18
    Gardendale overview Assumed operating control on April 1st Gardendale 4,600 gross and net acres Q1 pro forma net production was 3,140 Boe/day1 2013 drilling objectives: Resolute Three horizontal wells targeting horizontal the…
  19. INVESTOR PRESENTATION – Resolute Energy Corp – slide 19
    Gardendale well activity Wolfcamp B horizontal results Gardendale Nearby Wolfcamp B activity1 24 hr IP rate 30 day IP rate Resolute (Boe/day) (Boe/day) horizontal locations 1 Diamondback ST NW 2501H 1,054 655 2 Diamondback ST…
  20. INVESTOR PRESENTATION – Resolute Energy Corp – slide 20
    Gardendale horizontal Type curve and economics1 Gardendale horizontal wells Gross capital 7.1 million per well 30 day IP 400 1,000 Boe/day EUR (gross) 300 600 MBoe Btu per Mcf 1,300 Rate of return 25% 45% Locations 22…
  21. INVESTOR PRESENTATION – Resolute Energy Corp – slide 21
    Reeves County overview Potential horizontal development Reeves County Acreage acquired in 2011 and 2012 24,000 gross (8,200 net) acres Appaloosa Vertical drilling program commenced in Q2 2011 21 gross (10.6 net) wells Two…
  22. INVESTOR PRESENTATION – Resolute Energy Corp – slide 22
    Reeves County horizontal activity Resolute potential horizontal locations Delaware Basin Horizontal location Apache permit 11/12 Cimarex BHP spud 1/13 Mustang spud 4/13 Apache spud 2/13 Cimarex 6 spud 3/13…
  23. INVESTOR PRESENTATION – Resolute Energy Corp – slide 23
    Nearby horizontal activity Offset results1 Well name Zone Reported production rates Lateral length One day IP: 1 EOG Oil: 635 Bbl/day Wolfcamp A HR 56-1001H NGL: 480 Bbl/day 4,100 Gas: 3,100 Mcf/day One day IP: EOG Oil: 377…
  24. INVESTOR PRESENTATION – Resolute Energy Corp – slide 24
    Delaware Basin horizontal wells Type curve and economics1 Delaware Basin horizontal wells Gross capital 7.0 8.0 million per well 30 day IP 250 700 Boe/day EUR (gross) 500 1,000 MBoe Btu per Mcf 1,230 Rate of return 20% 40%…
  25. INVESTOR PRESENTATION – Resolute Energy Corp – slide 25
    OTB and Big Spring Area overview OTB and Big Spring 4,400 gross (2,200 net) acres Howard More than 90% HBP OTB Vertical Wolfberry asset Martin Big Spring 42 gross (25.4 net) producing wells Q1 pro forma production 800…
  26. INVESTOR PRESENTATION – Resolute Energy Corp – slide 26
    Denton Field overview Acquired producing asset in 2012 Denton Field Siluro-Devonian carbonate field discovered in 1949 Highly faulted and fractured anticline Cumulative production through December 2012: 110 MMBbl of oil 100 Bcf…
  27. INVESTOR PRESENTATION – Resolute Energy Corp – slide 27
    Permian Basin potential Significant growth from horizontal activity Proved Resource Area reserves Inventory potential (Average WI% / NRI%) (MMBoe)1 (MMBoe) Gardendale (100% WI) Vertical 14 40 locations 2.3 3.8 Horizontal - 22…
  28. INVESTOR PRESENTATION – Resolute Energy Corp – slide 28
    Wyoming 29
  29. INVESTOR PRESENTATION – Resolute Energy Corp – slide 29
    Hilight Field Excellent cash flow and exploration upside T47N-R72W Hilight Field 49,600 gross (45,400 net) acres 100% HBP T46N-R72W T46N-R71W T46N-R70W RESOLUTE JAYSON UNIT T46N-R69W 100% operated RESOLUTE GRADY UNIT…
  30. INVESTOR PRESENTATION – Resolute Energy Corp – slide 30
    Nearby Turner well activity Commencing horizontal program in 2013 T45N-R72W Turner prospect area T45N-R71W T45N-R70W Prospects supported by 3D T45N-R69W seismic and subsurface well control RESOLUTE CENTRAL HILIGHT UNIT 46…
  31. INVESTOR PRESENTATION – Resolute Energy Corp – slide 31
    Turner well activity Porosity-thickness map correlates offset results Turner prospect area Distribution of offset well EUR with PhiH similar to southern Hilight acreage supports type curve projections Extended production results…
  32. INVESTOR PRESENTATION – Resolute Energy Corp – slide 32
    Turner horizontal Type curve and economics Turner horizontal well Gross capital 5.8 7.3 million per well 30 day IP 320 660 Boe/day EUR (gross) 230 350 MBoe Rate of return 14% 60% Locations 40 Resource potential (gross)1 9 14…
  33. INVESTOR PRESENTATION – Resolute Energy Corp – slide 33
    Mowry prospect area Plan completions in three existing vertical wells Mowry prospect area 9,600 gross acres within a seismically defined project area T47N-R71W T47N-R70W Arco T47N-R69W Bishop vertical well T47N-R68W 72W EUR -…
  34. INVESTOR PRESENTATION – Resolute Energy Corp – slide 34
    Resolute potential Reserve upside from identified projects Total proved Resource Total Area reserves potential (MMBoe) (MMBoe)1 (MMBoe) Aneth Field 56 10 17 66 73 Permian Basin 24 46 204 70 228 Northern Rockies 7 7 12 15 19…
  35. INVESTOR PRESENTATION – Resolute Energy Corp – slide 35
    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…
  36. INVESTOR PRESENTATION – Resolute Energy Corp – slide 36
    Financial overview 37
  37. INVESTOR PRESENTATION – Resolute Energy Corp – slide 37
    Financial data Low leverage1: Debt to EBITDA: 3.8x Debt to total market cap: 52.0% Substantial liquidity: Five year bank revolver: 445 million reserve-based credit line 390 million drawn2 Downside commodity price protection…
  38. INVESTOR PRESENTATION – Resolute Energy Corp – slide 38
    Resolute investor contacts 39
  39. INVESTOR PRESENTATION – Resolute Energy Corp – slide 39
    Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Executive Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate Headquarters:…
  40. INVESTOR PRESENTATION – Resolute Energy Corp – slide 40
    2013 production and cost guidance 50% production growth, improved cash margin Improvement 2012 actual 2013 range vs. 20121 Projected total production (MBoe) 3,409 4,750 5,500 50% Boe/day 9,313 13,000 15,000 50% Projected costs LOE (…
  41. INVESTOR PRESENTATION – Resolute Energy Corp – slide 41
    Margins/cost structure 2011 2012 2013 Pro forma 1 ( in millions, except as noted) Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q1 2013 Sales volumes Total MBoe 729 729 759 2,924 762 858 862 927 3,409 1,047 1,220 2 2 2 2 Revenue including hedging…
  42. INVESTOR PRESENTATION – Resolute Energy Corp – slide 42
    Margins/cost structure per Boe 2011 2012 2013 Pro forma 1 ( per Boe) Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q1 2013 Adjusted revenues 2 74.81 70.96 3 74.01 72.20 3 72.16 68.43 3 69.73 70.10 70.04 3 68.77 68.08 Expenses Operating…
  43. INVESTOR PRESENTATION – Resolute Energy Corp – slide 43
    EBITDA 1 2011 2012 2013 Pro forma ( in millions) Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Q1 Q1 2013 Net income (loss) 25.7 37.6 (16.0) 30.5 (0.7) 22.8 (2.5) (1.6) 18.0 (3.1) (0.5) Adjustments: Interest 0.8 0.9 1.0 3.8 1.2 3.7 4.6 6.0 15.5 8.1…
  44. INVESTOR PRESENTATION – Resolute Energy Corp – slide 44
    Quarterly prices and volumes 2010 2011 2012 2013 Pro forma 1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 2013 Average prices: Oil ( per Bbl) 71.53 69.76 78.66 87.62 96.17 83.29 87.96 96.16 85.19 85.00 81.86 87.16 86.66 NGL ( per Bbl)…

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