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INVESTOR PRESENTATION – Resolute Energy Corp

Resolute Energy Corp · Dec 3, 2012 · 38 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 oilEnergy producing assets Corporation December 2012
  2. INVESTOR PRESENTATION – Resolute Energy Corp – slide 2
    Resolute overview Market capitalization1 538.2 million SEC PV10 2 1.14 billion Long term debt 268 million Shares outstanding 62.0 million Debt to EBITDA3 2.7x Interest coverage4 6.9x SEC case proved reserves2 65 MMBoe Oil 82%…
  3. INVESTOR PRESENTATION – 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 growth…
  4. INVESTOR PRESENTATION – Resolute Energy Corp – slide 4
    Reserves and production overview Quarterly net production and percent liquids 950 82% 81% 81% 83% 83% 100% 90% Year-end 2011 SEC case 850 78% Proved reserves: 65 MMBoe 80% 750 70% PV10 1.14 billion 650 60% R/P ratio of 22…
  5. INVESTOR PRESENTATION – 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 growth…
  6. INVESTOR PRESENTATION – Resolute Energy Corp – slide 6
    Aneth Field
  7. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – Resolute Energy Corp – slide 14
    Bakken
  15. INVESTOR PRESENTATION – Resolute Energy Corp – slide 15
    Williston Basin Bakken trend 32,000 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. INVESTOR PRESENTATION – 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 per location 400…
  17. INVESTOR PRESENTATION – Resolute Energy Corp – slide 17
    Permian Basin
  18. INVESTOR PRESENTATION – Resolute Energy Corp – slide 18
    Permian Basin acquisition - overview PDP-weighted oil assets 3Q12 average production: 1,418 net Boe/d COCHRAN COCHRAN COCHRAN COCHRAN COCHRAN COCHRAN HOCKLEY HOCKLEY HOCKLEY HOCKLEY HOCKLEY LUBBOCK LUBBOCK LUBBOCK LUBBOCK…
  19. INVESTOR PRESENTATION – Resolute Energy Corp – slide 19
    Permian Basin acquisition - Denton Field 1950s vintage structural trap with strong natural water drive 40-acre spaced verticals with some 20-acre infills and horizontals Fractured carbonate reservoir 107 MMBoe cumulative…
  20. INVESTOR PRESENTATION – Resolute Energy Corp – slide 20
    Permian Basin acquisition - Howard County Wolfberry Lowrisk development opportunities 21
  21. INVESTOR PRESENTATION – Resolute Energy Corp – slide 21
    Permian Basin overview Before reflecting Permian Basin acquisition Permian Basin map Pre-acquisition, core area consists of two principal project areas NM TX 23,250 gross (9,000 net) acres Midland Basin in the Delaware and…
  22. INVESTOR PRESENTATION – Resolute Energy Corp – slide 22
    Permian Basin overview - pre-acquisition Before reflecting Permian Basin acquisition Permian Basin quarterly net production Year-end 2011 SEC case: Proved reserves: 3.5 MMBoe 600 PV10 52.1 million 500 Boe per day 90 net…
  23. INVESTOR PRESENTATION – Resolute Energy Corp – slide 23
    Permian Delaware Basin overview Before reflecting Permian Basin acquisition 8,100 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…
  24. INVESTOR PRESENTATION – Resolute Energy Corp – slide 24
    Permian Midland Basin overview Before reflecting Permian Basin acquisition Midland Basin map Type Log 750 gross acres (100% WI) in active GR RES area - foothold for future expansion Wolfberry Midland Resolute operated property…
  25. INVESTOR PRESENTATION – Resolute Energy Corp – slide 25
    Wyoming
  26. INVESTOR PRESENTATION – Resolute Energy Corp – slide 26
    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 800 Low reinvestment requirement…
  27. INVESTOR PRESENTATION – Resolute Energy Corp – slide 27
    Hilight Field data and opportunity Hilight Field map Legacy Muddy formation field 3D seismic Niobrara with 150 MMBoe OOIP Hilight Field Mowry 45,000 acres HBP production 8000 Stacked formations include: Niobrara Devon…
  28. INVESTOR PRESENTATION – Resolute Energy Corp – slide 28
    Strong balance sheet Market metrics Boe per share: 1.05 2011 SEC PV10, net of debt, per share1: 14.11 Strong capitalization Four year bank revolver (millions) Reserve-based credit line: 330 Drawn as of September 30, 2012: 18 8.5%…
  29. INVESTOR PRESENTATION – Resolute Energy Corp – slide 29
    Summary highlights Longlived, oil producing properties with strong margins Diversified Experienced inventory of low management and risk and lowcost operating team opportunities Strong financial Significant…
  30. INVESTOR PRESENTATION – Resolute Energy Corp – slide 30
    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…
  31. INVESTOR PRESENTATION – Resolute Energy Corp – slide 31
    Appendix
  32. INVESTOR PRESENTATION – Resolute Energy Corp – slide 32
    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…
  33. INVESTOR PRESENTATION – Resolute Energy Corp – slide 33
    Pro forma margins/cost structure 2011 2012 ( in millions, except as noted) 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 YTD Sales volumes Total MBoe 2,715 1 2,730 1 707 729 729 759 2,924 762 858 862 2,482 2 2 2 2 2 Revenue including hedging…
  34. INVESTOR PRESENTATION – Resolute Energy Corp – slide 34
    Pro forma margins/cost structure 2011 2012 ( per Boe) 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 YTD 1 2 2 2 2 2 Adjusted revenues 51.21 60.49 68.86 74.81 70.96 74.01 72.20 72.16 68.43 69.73 70.03 Expenses 3 Operating expenses 18.38…
  35. INVESTOR PRESENTATION – Resolute Energy Corp – slide 35
    EBITDA 2011 2012 ( in millions) 2009 2010 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 YTD Net income (loss) (52.9) 6.2 (16.8) 25.7 37.6 (16.0) 30.5 (0.7) 22.8 (2.5) 19.6 Adjustments: Interest 4.3 4.9 1.1 0.8 0.9 1.0 3.8 1.2 3.7 4.6 9.5 Taxes (31.7)…
  36. INVESTOR PRESENTATION – Resolute Energy Corp – slide 36
    Quarterly prices and volumes 2010 2011 2012 ( per Boe) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 85.00 NGL ( per Bbl) 46.66 59.77 39.13 44.16…
  37. INVESTOR PRESENTATION – Resolute Energy Corp – slide 37
    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…
  38. INVESTOR PRESENTATION – Resolute Energy Corp – slide 38
    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 39

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