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August 2011 Corporate Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Aug 10, 2011 · 33 slides

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Slides

  1. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 1
    AUGUST 2011 CORPORATE PRESENTATION CORPORATE PRESENTATION
  2. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 2
    Crescent Point Energy Corp. Founded in 2001 Listed on Toronto Stock Exchange (Symbol: CPG) Shares outstanding: 277 million(1) Avg. daily trading: g da y t ad g 9,000 s a es(2) 779,000 shares Market Cap: 12.2 billion(2)…
  3. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 3
    Crescent Point Advantage Proven management team Excellent balance sheet Excellent balance sheet Highquality reserve base 3 Corporate Presentation August 2011
  4. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 4
    Business Strategy Develop and exploit Increase recovery factors through infill drilling, water flood optimization and improved technology optimization and improved technology Acquire Focus on highquality, large resourceinplace…
  5. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 5
    Hedging Strategy Total Commodity Hedges Provide greater 35 000 35,000 55% 60% 30,000 49% 50% stability to 25,000 37% 40% dividends boe/day 20,000 19% 30% 15,000 20% Hedge up to 10 000 10,000 5,000 10% 65% net…
  6. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 6
    Focused Reserve Base Lowrisk, predictable production and reserve base Greater than 85% operated High working interests averaging more than 80% More than 6,500(1) locations of lowrisk development inventory More than 20…
  7. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 7
    Large Oil in Place: Potential to Double Reserves Possible Reserves (3) Independent Analog Pools (Net Incremental to Recovery Factor Recovery P+P Reserves Property Horizon OOIP (1) (Mmbbls) Recovery to Date P+P (2) Factor Mmbbls)…
  8. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 8
    12.4 Billion Development Inventory Total Total Capital (1) Reserves(2) Production Rate Risked F&D Risked per Area Net Wells (MM) (Mboe) (Boe/d) (/boe) Producing Boe Resource Plays (4 Wells Per Section) Bakken , 1,569 3,038 ,…
  9. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 9
    Second Quarter 2011 Highlights Generated record cash flow of 311.5 million (1.14/share) Exceeded first half 2011 production expectations and remain on track to meet annual average of 72 500 boe/d to meet annual average of 72,500…
  10. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 10
    Increased 2011 Capital Expenditures Budget With strong hedge position, balance sheet and extensive drilling inventory, increasing capital plans by 200 million to 1.0 billion Upwardly revising yearend 2011 exit rate to 76,500 boe/d…
  11. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 11
    Bakken Oil Resource Play: More than 4 billion barrels OOIP(1) 1,000 net sections(2) 3,800 net well drilling inventory(2)(3) 40% of total 2011 capital program (127 net wells) Ongoing implementation of water flood program with…
  12. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 12
    Shaunavon Oil Resource Play: More than 4 billion barrels OOIP(1) 600 net sections 1,700 net well drilling inventory(2)(3) 24% of total 2011 capital program p p g (86 net wells) Spending 45 million on facilities 3 pressure…
  13. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 13
    Beaverhill Lake Light Oil Resource Play Built position over past 18 months through joint ventures, farmins and Crown land sales 165 net sections 2011 Capital increased by 134 million to 152 million 15% of total 2011 capital…
  14. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 14
    2011 Production Guidance Production Growth 80,000 (boe/d) Oil & NGLs (bbls/d) 65,375 70,000 60,000 Gas (mcf/d) 42,750 50 000 50,000 40,000 TOTAL (boe/d 6:1) 72,500 30,000 20 000 20,000 Forecast exit 76,500 boe/d…
  15. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 15
    9 Years of Reserves Growth Reserves (1) (1) Proved P+P 400 (P+P MMboe) Oil & NGLs 350 230 5 230.5 350 1 350.1 (MMbbls) 300 Natural Gas 121.6 176.4 (bcf) 250 Boe ((MMboe)) 250.8 379.5 200 150 14.3 year P+P RLI(2) 100…
  16. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 16
    2011 Cash Flow Forecast Cash Flow Cash Flow Cash Flow: Cash Flo 18 Billion(1) (4.26/share) 1.18 Billion 1 (4 26/share) (MM) 1,200 Dividend: 760 MM (2.76/share) 1,000 Annual Yield: 6.3%(2) 800 2011 capital: 2011 it l 1 0…
  17. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 17
    Summary Proven management team Proven track record of reserves, production, cash flow and NAV(1) growth 5year weighted average F&D of 12.34/boe Excellent balance sheet Excellent balance sheet 3year hedging program to provide…
  18. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 18
    Definitions 1. Original Oil In Place (OOIP) is equivalent to Discovered Petroleum InitiallyInPlace (DPIIP). DPIIP, as defined in the Canadian Oil and Gas Evaluations Handbook (COGEH), is that Canadian Oil and Gas Evaluations…
  19. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 19
    NonGAAP Financial Measures Throughout this presentation, the Company uses the terms cash flow, cash flow per share, netback, market capitalization, net debt and enterprise value. These terms do not have any standardized meaning as…
  20. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 20
    www.crescentpointenergy.com BANKER Bank of Nova Scotia AUDITOR PricewaterhouseCoopers LLP LEGAL COUNSEL Macleod Dixon LLP EVALUATION ENGINEERS GLJ Petroleum Consultants Ltd l l d Sproule Associates Ltd REGISTRAR & TRANSFER…
  21. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 21
    Appendix
  22. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 22
    Water Flood Implementation Increase ultimate recovery factor Increase production and reduce decline rates Optimize capital efficiency and maximize economic returns 23 Corporate Presentation August 2011
  23. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 23
    Viewfield Bakken: Primary Type Well Oil Production Profile Crescent Point Viewfield Bakken Type Well 1000 Initial Month Production 210 bbl/d ate (bopd) 35 bbl/d at 100 24 months 24 months Oil Ra 25 bbl/d at…
  24. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 24
    Bakken Water Flood: Section 10 Project 1 injection well 2 offset producing wells Injection began in Q1 2007 Injection well and producing wells Packer Plus fracd ll P k Pl f d in Q3 i Q3 2008 Nearly 3 years of promising…
  25. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 25
    Bakken Water Flood: Section 10 North Well (200m Spacing) 3-month average production rate: 95 bbl/d Cumulative production: 158.2 mbbl 26 Corporate Presentation August 2011
  26. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 26
    Bakken Water Flood: Section 10 South Well (200m Spacing) 3-month average production rate: 59 bbl/d Cumulative production: 141.3 mbbl 27 Corporate Presentation August 2011
  27. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 27
    Bakken Water Flood: Section 10 North Well (600m Spacing ) 3-month average production rate: 70 bbl/d Cumulative production: 128.9 mbbl 28 Corporate Presentation August 2011
  28. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 28
    Bakken Water Flood: Section 10 Cumulative Production Comparison South Well 225 (5-10) North Well 225 (12-10) Section 10 Pattern Waterflood Recovery 1000 2 - 225 Mbbbl Infill Injector - 90 1 - Infill at 90 Mbbl Based on 7.44 MMbbl…
  29. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 29
    Viewfield Bakken Water Flood Summary Injection into 5 separate projects within the Viewfield pool continue to demonstrate water flood is working 17 injection wells converted and 14 currently injecting water 17 injection wells…
  30. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 30
    10Year Capital Efficiency: 12.20 F&D Net Average Per Well Production Corporate Year End Reserves Per Well Total Cost 1st Month 1st Year 1st Month 1st Year P+P P+P of Drills Capital per Well Rate Rate Rate (1) Rate (1) Reserves F+D…
  31. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 31
    Large Oil in Place Acquisition Strategy: 234% Increase In Reserves Increase in Initial P+P Estimated P+P Total P+P P+P Possible Reserves(2) Date Reserves Production Reserves Reserves Reserves % Increase in (Net Incremental to…
  32. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 32
    Value Creation: Total Return of 159% Total Cash Net Present Flow Plus Total Purchase Price Capital Spent Total Cost Total Cash Value NPV Return Property (M) (M)(1) (M)(1) Flow (M)(1) (M)(1)(2) (M)(1)(2) (%) Sounding Lake 33,761…
  33. August 2011 Corporate Presentation – Crescent Point Energy Corp. – slide 33
    Crescent Point Total Return 600% 700% 600% 500% eturn 400% Total Re 300% 200% 100% 0% Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Crescent Point S&P/TSX Composite S&P/TSX Capped Energy Trust…

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