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Investor Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Nov 1, 2014 · 39 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 – Delphi Energy Corp. – slide 1
    DEE 2014 NOVEMBER 2014 CORPORATE PRESENTATION
  2. Investor Presentation – Delphi Energy Corp. – slide 2
    FOCUS ON CONDENSATE-RICH BIGSTONE MONTNEY 3 DEE Bigstone Montney the driver of significant growth Built a 7,700 boe/d asset 138 gross sections with Payout achieved on 3 wells with a current run-rate cash a drilling inventory of (6…
  3. Investor Presentation – Delphi Energy Corp. – slide 3
    BIGSTONE MONTNEY: PLAY EVOLUTION 4 DEE Drilled 3 HZ wells in 2012: ATH To KA Sour Two mile HZs with laterals of 2 wells 13-30 15-30 Plant 2,200 m to 3,000 m 16-30 DEI Fracd using conventional gelled 10-27 14-23 15-24 3 wells…
  4. Investor Presentation – Delphi Energy Corp. – slide 4
    BIGSTONE MONTNEY: PRODUCTION GROWTH 5 DEE 2014 YTD Production 10,050 boe/d Montney Production Ramps Up in 2014 Hythe Eleven fold increase in Montney production from 700 boe/d Bigstone Cretaceous in Feb 2013 to 7,700 boe/d in Sept…
  5. Investor Presentation – Delphi Energy Corp. – slide 5
    BIGSTONE MONTNEY: IMPROVING NETBACKS 6 DEE Liquids Yield (bbls/mmcf) Cash Netbacks Increasing with Montney Growth Field Condensate Plant Condensate Butane Propane Ethane 120 Montney average liquids yield in 2014 YTD of 98 Montney…
  6. Investor Presentation – Delphi Energy Corp. – slide 6
    BIGSTONE MONTNEY: RESERVES 7 DEE Montney Development Dec. 31, 2013 Categories 271% growth in PDP reserves over 2012 Increase in 2P value to 242.7 million and 2P Montney reserves to 33.1 mmboe 24% Delphi Capital Efficiencies…
  7. Investor Presentation – Delphi Energy Corp. – slide 7
    BIGSTONE MONTNEY: SELF SUSTAINING 8 DEE 250 ( millions) ACTUALS PROFORMA 200 Quick Payback period and High PI ratios. Expected end of 2015 run-rate annual production of 150 3.5 million boe, requiring 3-4 wells per annum to…
  8. Investor Presentation – Delphi Energy Corp. – slide 8
    9 BIGSTONE MONTNEY: ECONOMIC MODEL DEE Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Revised Type Well (1) Capital Total MM 9.2 Initial Production (day 1) Gas mmcf/d raw 7.0 Initial Field Condensate…
  9. Investor Presentation – Delphi Energy Corp. – slide 9
    BIGSTONE MONTNEY: WELL PAYOUTS 10 DEE Slickwater Wells Achieving Payout 3 wells to date Payout achieved on approximately 20% of well EUR Average production at payout of 500- 700 boe/d Cash operating income after payout funding…
  10. Investor Presentation – Delphi Energy Corp. – slide 10
    BIGSTONE MONTNEY: WELL PAYOUTS 11 DEE Slickwater Wells Achieving Payout 2-3 more wells to achieve payout by December 31, 2014 6 of the first 9 Slickwater 30 stage wells will have achieved payout in 6 to 18 months Leading to…
  11. Investor Presentation – Delphi Energy Corp. – slide 11
    BIGSTONE MONTNEY: PRODUCTION PERFORMANCE 12 DEE 3,000 12 Typecurve Total Sales (boe/d) Average 30 Stage HZ Total Sales Typecurve Field Condensate (boe/d) Average 30 Stage HZ Field Condensate 2,500 10 2,000 Production volumes…
  12. Investor Presentation – Delphi Energy Corp. – slide 12
    BIGSTONE MONTNEY: WELL PERFORMANCE 13 DEE Initial Production (IP) Rate Well Performance (1) Number IP30 IP30 IP30 IP90 IP180 Total Sales Payout Monthly HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales on…
  13. Investor Presentation – Delphi Energy Corp. – slide 13
    BIGSTONE MONTNEY: PRODUCTION TRENDS 14 DEE 2,500 2,000 Value creation remains robust Production (boe/d) 1,500 Type Well NPV = 18.5 million IRR = 140% 1,000 PI = 3.0 Payouts = 6 to 16 months 500 0 IP30…
  14. Investor Presentation – Delphi Energy Corp. – slide 14
    15 PRODUCTION: CUMULATIVE REVENUE DEE Cumulative Revenue 24,000 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 02-07-60-22W5 08-21-60-22W5 16-15-60-23W5 22,000 12-17-59-22W5…
  15. Investor Presentation – Delphi Energy Corp. – slide 15
    16 BIGSTONE MONTNEY: ASSEMBLED 138 SECTIONS DEE East Bigstone: 78 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production 26.3 sections of Cretaceous added Sept/14 Added 12…
  16. Investor Presentation – Delphi Energy Corp. – slide 16
    17 BIGSTONE MONTNEY: DEVELOPMENT DEE East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 20 producing wells West Bigstone Upper Montney +100 Locations Area of Focus Fir 10 producing wells West…
  17. Investor Presentation – Delphi Energy Corp. – slide 17
    BIGSTONE MONTNEY: A GREAT PIECE OF REAL ESTATE 18 DEE Montney land position has grown to 138 gross (116.5 net) sections since 2010 Delphi one of the largest Montney landowners on map sheet Delphi is a leader in the technical…
  18. Investor Presentation – Delphi Energy Corp. – slide 18
    19 BIGSTONE MONTNEY: 2015 DRILLING PROGRAM DEE Area of 5 year / 70 well Development plan 17 10 8 East Bigstone 9 16 6 7 13 5 1 2015 Drilling Plans Include: 14 3 8 HZ wells at East Bigstone 4 wells drilled in first…
  19. Investor Presentation – Delphi Energy Corp. – slide 19
    20 BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE DEE Rge25W5 Rge24 Rge23 Rge22 Rge19 Rge18 Delphi owns significant existing infrastructure in the Bigstone area KA SemCAMS Sour processing capacity at SemCAMS K3 Lower fee…
  20. Investor Presentation – Delphi Energy Corp. – slide 20
    21 WEST BIGSTONE MONTNEY: DE-RISKING DEE West Bigstone Montney: 27 sections (100% WI) Upper and middle Montney thicken Delphi 9-4 Well Conventional Natural gas is sweet to marginally sour Gelled Oil Frac Condensate and NGL…
  21. Investor Presentation – Delphi Energy Corp. – slide 21
    22 LOOKING AT THE FUTURE: 5 YEAR OUTLOOK DEE Bigstone Montney will be the driver of significant future growth Major Themes: Maximize value creation for the shareholder Focus on per share growth Efficient use of incremental…
  22. Investor Presentation – Delphi Energy Corp. – slide 22
    23 5 YEAR OUTLOOK: FINANCIAL FLEXIBILITY DEE ( millions) (Net Debt/FFO) 300 3.0 Total Debt Net Debt/FFO 250 2.5 200 2.0 Target Net Debt/FFO 1.5X 150 1.5 100 1.0 Net Debt/FFO Target of 1.5 times 50 0.5 achieved in…
  23. Investor Presentation – Delphi Energy Corp. – slide 23
    24 5 YEAR OUTLOOK: 70 WELL MONTNEY PROGRAM DEE Corporate Maintenance Montney Wells ( millions) ( Wells) 250 25 17 Drilled 24 Surveyed or Licensed 770 million (70 well) Montney 68 Future Locations capital expenditure program…
  24. Investor Presentation – Delphi Energy Corp. – slide 24
    25 5 YEAR OUTLOOK: FUNDING THE GROWTH DEE ( millions) 300 2014 to 2018 Forecast Cumulative Cash Flow: 796 million 250 Cumulative Capital: 770 million Near term source of funding: cash flow, credit capacity, 200 JV partnership…
  25. Investor Presentation – Delphi Energy Corp. – slide 25
    26 5 YEAR OUTLOOK: PRODUCTION VOLUMES DEE (boe/d) (boe/d per million shares) 30,000 240 Other Hythe Wapiti Bigstone Cretaceous Bigstone Montney Boe/d per million shares 25,000 200 2014 to 2018 Forecast Growth Boe/d per…
  26. Investor Presentation – Delphi Energy Corp. – slide 26
    27 5 YEAR OUTLOOK: CASH FLOW GROWTH DEE ( millions) (/share) 300 2.40 Funds from Operations FFOPS 250 2.00 2014 to 2018 Forecast Growth Cash netbacks: 116% 200 CAGR: 17% 1.60 Cash flow per share: 619% 290 million CAGR: 48%…
  27. Investor Presentation – Delphi Energy Corp. – slide 27
    HEDGING PROGRAM: PROTECTING CASH FLOW 28 DEE Natural Gas Jul - Dec 2014 2015 2016 2017 Volume (mmcf/d) 24.1 24.6 10.9 2.4 % Hedged * 57 59 26 6 Fixed Price (/mcf) 3.62 3.73 3.68 3.96 Crude Oil Jul 2014 Jul Dec 2014 2015 Volume…
  28. Investor Presentation – Delphi Energy Corp. – slide 28
    29 2014 MARKET GUIDANCE DEE 2013 2014 Forecast Change Average Production (boe/d) 8,241 10,000 10,500 24% Exit Production (boe/d) 9,638 11,500 12,000 22% Percentage NGL/light oil 27% 29% 7% Natural gas price (AECO /mcf) 3.17…
  29. Investor Presentation – Delphi Energy Corp. – slide 29
    30 DELPHI SUMMARY DEE Current inventory of scalable development opportunities: Montney land base has grown to 138 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations…
  30. Investor Presentation – Delphi Energy Corp. – slide 30
    31 DEE APPENDIX
  31. Investor Presentation – Delphi Energy Corp. – slide 31
    32 BIGSTONE MONTNEY: PRODUCTION DEE Total Sales 10,000 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 02-07-60-22W5 08-21-60-22W5 16-15-60-23W5 12-17-59-22W5 Revised Type Well…
  32. Investor Presentation – Delphi Energy Corp. – slide 32
    33 BIGSTONE MONTNEY: PRODUCTION DEE Field Condensate to Gas Ratio 1,000 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 02-07-60-22W5 08-21-60-22W5 16-15-60-23W5 12-17-59-22W5…
  33. Investor Presentation – Delphi Energy Corp. – slide 33
    BIGSTONE MONTNEY: CUMULATIVE PRODUCTION 34 DEE 550 10-27-60-23W5 15-21-60-23W5 16-23-60-23W5 13-30-60-22W5 15-24-60-23W5 02-01-60-23W5 15-30-60-22W5 02-07-60-22W5 15-21-60-23W5 08-21-60-22W5 13-30-60-22W5 02-01-60-23W5 Pre…
  34. Investor Presentation – Delphi Energy Corp. – slide 34
    35 BIGSTONE MONTNEY: WELL DESIGN DEE Extended Reach Evolution of Montney Drilling Depths 6000 HZ Drilling Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single…
  35. Investor Presentation – Delphi Energy Corp. – slide 35
    36 BIGSTONE MONTNEY: EVOLUTION OF FRAC DESIGN DEE 150 m Slickwater Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Evolution of Montney Completions 200 40 Ave tonnes/frac Average tonnes per frac…
  36. Investor Presentation – Delphi Energy Corp. – slide 36
    37 BIGSTONE MONTNEY: COMPLETION OPTIMIZATION DEE Completions 100,000 bbl water cell Have now completed 11 Slickwater Hybrid Fracs Significantly greater stimulated rock volume Pumped 5X fluid and 2X sand Water handling in place…
  37. Investor Presentation – Delphi Energy Corp. – slide 37
    38 FURTHER FOCUSING THE DEEP BASIN ASSET BASE DEE Cash Generating Capability by Play Type Concentrated land base of over 340 sections Percent of Capital Recovered Bigstone Montney HZ Significant HZ drilling inventory on…
  38. Investor Presentation – Delphi Energy Corp. – slide 38
    39 THE DEEP BASIN: INFRASTRUCTURE IS CRITICAL DEE Sexsmith Gas Plant 210 mmcf/d Hythe Knopcik Gas Plant 71 mmcf/d Goodfare Gas Plant 24 mmcf/d Wapiti Deep Cut Plant 355 mmcf/d Wapiti Shallow Cut Plant 125 mmcf/d…
  39. Investor Presentation – Delphi Energy Corp. – slide 39
    40 DEE 300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca

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