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APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp

Bonavista Energy Corp · Apr 2, 2015 · 43 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. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 1
    INVESTOR PRESENTATION April 2015
  2. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY
  3. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 3
    THIS IS BONAVISTA We are experienced and aligned: 17 years of 12 year average tenure 11% insider operational of our leadership team ownership presence 4
  4. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 4
    THIS IS BONAVISTA VALUE CREATION 90% of +10% total Adding production production at 17,000/boed return target in 2014 90% of reserves FOCUSED EFFICIENT in our core areas in our execution FD&A of 9.94/boe in 2014 QUALITY…
  5. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 5
    THIS IS BONAVISTA Focused in our core areas: Blueberry Blueberry In 2009, Today, 0.4 Deep Basin Deep Basin 1.3 million million net acres net acres were in are in our core our core areas West Central West Central areas…
  6. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 6
    TRACK RECORD
  7. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 7
    TRACK RECORD Production Growth: 90,000 14% Growth 2013Q4 to 85,000 2014Q4 80,000 Average Daily Production (boe/d) 75,000 70,000 65,000 60,000 55,000 50,000 45,000 40,000 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3…
  8. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 8
    TRACK RECORD Reserves Growth: 40% PDP/P+P in 2014 450 400 350 300 Reserves (mmboe) 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 Proved Developed Producing Total Proved Proved plus Probable 9
  9. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 9
    TRACK RECORD Finding and Development Costs*: Bonavista (/boe) 2014 Peer Comparison** (/boe) 16.00 24.00 15.00 22.00 14.00 20.00 13.00 18.00 12.00 16.00 11.00 14.00 10.00 12.00 9.00 10.00 8.00 8.00 7.00 6.00 6.00 4.00 2011…
  10. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 10
    TRACK RECORD Production Addition Costs: Bonavista* (/boed) 2014 Peer Comparison** (/boed) 45,000 45,000 40,000 40,000 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 0 0 2011 2012 2013…
  11. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 11
    TRACK RECORD Recycle Ratio*: Bonavista (x:1) 2014 Peer FD&A Recycle Ratio (x:1) 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 BNP 2011 2012 2013 2014 2015F 2015 forecasted range * Operating netback per…
  12. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 12
    TRACK RECORD Operating Costs: Bonavista (/boe) 2014 Peer Comparison* (/boe) 10.00 20.00 18.00 9.00 16.00 14.00 8.00 12.00 10.00 7.00 8.00 6.00 6.00 4.00 2.00 5.00 0.00 2011 2012 2013 2014 2015F BNP 2015 forecasted…
  13. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 13
    ASSET QUALITY
  14. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 14
    2015 E&D SPENDING ALLOCATION Concentrated spending on profitable plays: Wells Expenditures % of Value Gross Net ( millions) Expenditures West Central: Glauconite 44 33.8 122 47 Spirit River 8 8.0 28 11 Other 2 2.0 7 3 Deep…
  15. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 15
    GLAUCONITE Reliable, predictable resource: Drilled 264 horizontal wells to year-end 2014 Drilled 12 extended reach wells to year-end 2014 showing a 13-15% improvement in efficiencies 44 (33.8 net) wells planned for 2015 2014…
  16. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 16
    GLAUCONITE Building inventory to create value: 800 2014 booked locations 700 NPV10 = 3.7 million/well 600 Wells/Locations () 500 400 300 200 100 0 2010 2011 2012 2013 2014 Cumulative Wells Drilled Booked…
  17. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 17
    18 Production (boe/d) 10,000 12,000 20,000 22,000 14,000 18,000 16,000 24,000 26,000 28,000 30,000 2013 - 01 Q1 2013 - 02 2013 - 03 2013 - 04 2013 - 05 Q2 GLAUCONITE 2013 - 06 2013 2013 -…
  18. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 18
    GLAUCONITE Economic sensitivity to commodity pricing and costs: 80% 70% 60% Internal Rate of Return 50% 40% 41% 30% 32% 25% 20% 2014 Costs 10% 10% Cost Reduction 20% Cost Reduction 0% 2.00 2.66* 3.00 4.00 AECO…
  19. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 19
    SPIRIT RIVER WILRICH Marlboro Drilled 14 wells to year-end 2014 Ansell Drilled 18 wells to year-end 2014 900% production growth in 2014 Currently producing 8,000 boe/d 16 (16.0 net) wells planned in 2015 2014 Marlboro and…
  20. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 20
    SPIRIT RIVER Wilrich, Falher and Notikewin inventory growth: 350 300 2014 booked locations NPV10 = 5.0 million/well 250 Wells/Locations () 200 150 100 50 0 2010 2011 2012 2013 2014 Cumulative Wells Drilled…
  21. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 21
    22 Production (boe/d) 10,000 12,000 4,000 6,000 8,000 14,000 2,000 2013 - 01 Q1 2013 - 02 2013 - 03 2013 - 04 2013 - 05 Q2 2013 - 06 2013 2013 - 07 2013 - 08 Q3 2013 - 09 2013 - 10 2013 -…
  22. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 22
    SPIRIT RIVER - WILRICH Improving our performance: 1,500 43% increase in 1,250 production 1,000 Production (boe/d) 750 500 250 Average 2014H1 Average 2014H2 0 Day 1 Day 4 Day 7 Day 10 Day 13 Day 16 Day 19 Day 22 Day…
  23. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 23
    SPIRIT RIVER - WILRICH AT ANSELL Economic sensitivity to commodity pricing and costs: 90% 80% 70% Internal Rate of Return 60% 50% 40% 39% 30% 31% 20% 25% 2014 Costs 10% Cost Reduction 10% 20% Cost Reduction 0%…
  24. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 24
    SPIRIT RIVER - FALHER Economic sensitivity to commodity pricing and costs: 120% 100% Internal Rate of Return 80% 60% 60% 49% 40% 38% 2014 Actual Costs 20% 10% Cost Reduction 20% Cost Reduction 0% 2.00 2.66* 3.00…
  25. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 25
    LOOKING FORWARD 2015 guidance: Actual Forecast % 2014 2015 Change Capital expenditures ( millions): Exploration and development 640 300 320 (52) Divestitures, net of acquisitions (107) - - Total 533 300 320 (42) Production (boe/d)…
  26. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 26
    FINANCIAL STRATEGY Natural gas hedging: 300 4.00 3.80 Hedged Volumes (thousands gjs/d) 250 3.60 3.40 200 3.20 CDN/gj 150 3.00 2.80 100 2.60 2.40 50 2.20 85% 66% 87% 71% 0 2.00 Q1-15 Q2-15…
  27. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 27
    FINANCIAL STRATEGY Oil hedging: 8 120 110 6 100 Hedged Volumes (mbbls/d) 90 CDN/bbl 4 80 70 2 60 50 59% 55% 61% 71% 0 40 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Collars (mbbls/d) Average…
  28. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 28
    TOTAL & SENIOR DEBT (as at December 31, 2014): ( millions) Senior notes (CAD) 70 Unutilized bank capacity 446 Bank credit facility - 600 million 11 banks in Bonavista bank credit facility Unsecured, financial covenants Credit…
  29. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 29
    WHY INVEST IN BONAVISTA SUSTAINABLE BUSINESS PLAN Targeting a 10%+ Total Shareholder Return FOCUSED Maximizing efficiency with a concentrated asset base EFFICIENT Finding better ways in uncertain price environment A DECADE OF…
  30. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 30
    APPENDIX
  31. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 31
    2014 FOURTH QUARTER PERFORMANCE Three months ended December 31, Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 245 245 -% Funds from operations 136 124 9% - per share 0.63 0.62 2% Capital…
  32. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 32
    2014 YEAR END PERFORMANCE Years ended December 31, Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 1,107 964 15% Funds from operations 561 478 17% - per share 2.69 2.42 11% Capital…
  33. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 33
    2015 REVENUE EXPOSURE By volume By value 9% 3% 6% 7% 6% 4% 11% 5% 54% 8% 67% 20% Ethane Propane Butane Pentane Oil Gas 36
  34. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 34
    VALUE CREATION Building value with liquids rich natural gas plays: 90 100 bbls/mmcf 15 38 bbls/mmcf bbls/mmcf bbls/mmcf 0% 9% 3% C2 14% 14% 29% C3 48% 13% 33% 42% C4 47% 47% C5 29% 26% 17% 29% 5.00 Revenues*…
  35. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 35
    VALUE CREATION Key play metrics at 3.00/gj AECO and US60.00/bbl WTI*: Recycle Ratio** (x:1) Payout (months) Glauconite Glauconite Cardium Cardium Ellerslie Ellerslie Falher Falher Spirit River Spirit River Wilrich Wilrich…
  36. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 36
    GLAUCONITE Type curve: 700 Current Turbo Capex ( millions) 3.1 3.1 600 IP12 (boe/d) 252 280 /boed 12,285 10,959 500 EUR (mboe) 466 520 Production (boe/d) IRR (%) 29 30 400 F&D (/boe) 6.65 5.94 P/I 0.5 0.5 300 Recycle…
  37. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 37
    SPIRIT RIVER - WILRICH Ansell Wilrich type curve: Type Curve 900 Capex ( millions) 5.7 800 IP12 (boe/d) 425 /boed 13,373 700 EUR (mboe) 850 Production (boe/d) 600 IRR (%) 32 500 F&D (/boe) 6.71 P/I 0.6 400 Recycle Ratio…
  38. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 38
    SPIRIT RIVER - FALHER Morningside Falher type curve: Type Curve 1,200 Capex ( millions) 2.7 IP12 (boe/d) 302 1,000 /boed 8,735 EUR (mboe) 484 Production (boe/d) 800 IRR (%) 46 F&D (/boe) 5.48 600 P/I 0.8 Recycle Ratio…
  39. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 39
    DEEP BASIN BLUESKY Type curve: Type Curve 800 Capex ( millions) 5.0 700 IP12 (boe/d) 381 /boed 13,134 600 EUR (mboe) 545 Production (boe/d) IRR (%) 23 500 F&D (/boe) 9.17 400 P/I 0.3 Recycle Ratio 2.1 300 Payout…
  40. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 40
    MONTNEY Type curve: 900 Type Curve Capex ( millions) 7.2 800 IP12 (boe/d) 426 700 /boed 16,895 EUR (mboe) 671 Production (boe/d) 600 IRR (%) 9 500 F&D (/boe) 10.79 P/I 0.0 400 Recycle Ratio 1.9 300 Payout (years) 7.4…
  41. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 41
    2014 RESERVES SUMMARY Replaced 2014 annual production by 200%, adding 56 mmboe of 2P reserves Natural Gas Total Natural Gas Oil Liquids Reserves(2) Reserves:(1)(4) (mmcf) (mbbls) (mbbls) (mboe) Proved: Proved producing 661,960…
  42. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 42
    FINANCIAL STRATEGY Estimated tax pools (as at December 31, 2014): Category millions % of Total Canadian Oil & Gas Property Expense 817 30% Canadian Development Expense 802 30% Canadian Exploration Expense 295 11% Undepreciated…
  43. APRIL 2015 INVESTOR PRESENTATION – Bonavista Energy Corp – slide 43
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 46

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