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Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · Nov 6, 2014 · 30 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. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 1
    3Q 2014 Financial & Operational Results
  2. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 2
    Opera&onal Milestones THIRD QUARTER 2014 4
  3. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 3
    3Q 2014 Highlights 88.05 /boe Combined Realized price: 10% decrease vs. 3Q 2013 163,617 Sales Volume: 33% and 6% increase vs. 3Q 2013 Boe/d and 2Q 2014 respectively 1,330 Million Revenue: 20% higher vs. 3Q 2013 144,722…
  4. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 4
    Commercial Activity Oil & Gas Sales Trading Advantages Market Prices Realization Price /Bbl ICE BRENT WTI NYMEX WTI NYMEX (/bbl) BRENT ICE (/bbl) Combined Realized Price (/boe) (Excluding Trading) 130 150 - 7% 120 - 27% 109.65…
  5. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 5
    Oil Operating Costs (/bbl) (/bbl) Operating cost (lifting cost) Transportation Cost Diluent 36.84 35.24 34.43 33.89 3.83 32.77 30.41 5.46 2.90 2.19 2.30 2.32 15.73 15.02 14.99 14.13 14.54 13.29 17.28 16.51 16.71…
  6. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 6
    Operational Efficiency (/bbl) Robust Oil Netbacks /bbl Netback Total Operating Cost 120 103.00 100 99.05 98.44 99.76 95.54 92.14 Company enjoys high oil netbacks and 80 operating margins Robust Oil netback margin: 65% YTD…
  7. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 7
    Production Profile Net Production Growth Continues Mboe/d Rubiales Heavy Oil Other Heavy Oil Produc&on PAP L&M Oil Produc&on Gas Produc&on 350 307 310 311 316 325 320 308 12 11 11 12 11 12 11 300 29 28 29 39 61 59 58…
  8. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 8
    PRE Light-Medium Oil & Gas Growing Production Colombia Net Light-Medium Oil & Gas (boe/d) As Nov 2, 2014 2014 (Exit) TOTAL 55,000 59,000-60,000 Peru Net Production (bbl/d) Block As Nov 2, 2014 2014 (Exit) TOTAL* 3,200…
  9. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 9
    New Heavy Oil Field Developments Rubiales vs. CPE-6 Vertical Wells Behaviour Rubiales Wells CPE-6H-2 CPE6-1X Total of 16 appraisal wells drilled year to date; heavy crude oil production facilities driven Qo (bbl/d) CPE-6 Seven…
  10. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 10
    Rubiales Still an Option Mbbl/d Existing contract Proposed new contract 200 196 Wells + Infield drilling Diferential Enhanced Oil Recovery Investment (infraestructure) + Base production line Agrocascada Jan-14…
  11. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 11
    Mexico The Next Frontier Opportuni&es Summary Migration of existing service contracts Expected 2P Reserves Contracts Investment Fields Timing (Bboe) (B) Poza Rica - First Stage: 22 First Set 0.6 2.6 Altamira and Aug / Dec 14…
  12. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 12
    Caribbean Floating LNG Worlds First Floating LNG Facility Floating Liquefaction Barge (FLNG) Expected arrival Mid-year 2015 Capacity: 70 MMcf/d Owned by Exmar Tolling agreement with PRE Gas Pipeline (Pacific Midstream Projects)…
  13. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 13
    STAR (EOR) Technology Key to Increased Recovery Factors in Colombian Heavy Oil Fields Multiphase commercial development proposed to Ecopetrol Phase one: Small scale commercial project 6 Mbbl/d Employing facilities and…
  14. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 14
    Cost Reduction Initiatives Natural Gasoline Own Light Crude Heavy Oil Crude Diluent Cost Per Sold Barrel (/Boe) Diluent cost Distribution /bbl 100% 12% 6% 4% 2% 3% 3% 2% 10.0 Diluent Cost Reduction 8.6 10% 14% 19% 17% 19% Continued…
  15. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 15
    Pacific Midstream / Infrastructure Monetization of Infrastructure Assets Pacific Midstream Assets: PEL (100%), ODL (35%), BIC (41.5%), La Creciente gas pipeline (100%) IFC acquisition (43%) of Pacific Midstream approved by World…
  16. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 16
    Explora&on Highlights THIRD QUARTER 2014 18
  17. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 17
    3Q 2014 Exploration Activity Highlights 14 wells drilled in Colombia (7 exploration, 5 appraisal and 2 stratigraphic); 79% success rate 3Q 2014, 72% success rate YTD Canaguaro: Tapiti-1X well currently producing 1,346 bbl/d; 26.7…
  18. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 18
    3Q 2014 Exploration Activity - Wells 2014 3Q 2014 ExploraKon Wells Results Block Wells Block Well Name Well Type Result Net Pay (T)* 1Q 2Q 3Q 4Q Canaguaro TapiY Exploratory Successful 24 Arrendajo 2 2 Mapache Erizo-1 Exploratory…
  19. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 19
    Exploration Assets Portfolio Llanos Stratigraphic Play Analysis 21
  20. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 20
    Raptor-1 Well Location, Map & Seismic Profile PPL475 22
  21. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 21
    Raptor-1 Well Master Log/Electric Log & Limestone and 200+ meters Hydrocarbons Shows Gas Peaks GR RES. 3,800 3,800 m 3,820 3,840 Open hole test 3,860 200+ m 3,880 3,900 3,920 3,940 3,960…
  22. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 22
    Financial Results THIRD QUARTER 2014 24
  23. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 23
    2014 Financial Highlights 3Q Financial Results 9M Financial Results Million Earnings from Million Earnings from Revenues Adjusted EBITDA FFO Operations Revenues Adjusted EBITDA FFO Operations 1,400 4,500 1,330 3,959 4,000 1,200…
  24. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 24
    2014 Operational Highlights 3Q Operating Netbacks 9M Operating Netbacks /boe /boe Oil Netback Gas Netback Combined Netback Oil Netback Gas Netback Combined Netback 70 70 65.73 64.09 62.52 63.08 61.28 60.44 60 60 57.11 55.08 50…
  25. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 25
    Solid Debt Profile Current Debt Maturity Profile (1) Debt/Adjusted EBITDA 1,284.4 Banks 12% 544 Exchange 2.1x Exchange 363.7 321.7 (3) 990.6 1.7x 1.7x 4,522 Bonds 3,978 88% 735.8 645.6 0.8x Bonds Banks 0.8x 0.6x 0.6x…
  26. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 26
    3Q 2014 Financial Results Breakdown Million 1,330 598 Cash Non-cash 97 635 61 40 6 606 172 8 30 407 3 Revenues Operating G&A EBITDA Finance Cash Taxes Other Cash Funds Flow Other Non- Non-cash Unrealized DD&A Net…
  27. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 27
    2014 YTD Financial Results Breakdown Million 3,959 1,632 Cash Non-cash 262 2,065 188 268 2 1,611 3 100 9 1,166 351 Revenues Operating G&A EBITDA Finance Cash Taxes Other Cash Funds Flow Other Non- Non-cash Foreign…
  28. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 28
    Strong Balance Sheet, Liquidity Ratios and Production Growth Millions (except amount per share) 2014 2013 3Q 2Q 1Q FY 4Q 3Q 2Q 1Q DEBT / ADJUSTED EBITDA-ANNUALIZED 1.68 1.60 1.61 1.73 1.73 0.91 0.90 0.90 ADJUSTED EBITDA /…
  29. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 29
    Positioned For a Low Price Environment Low Cost Producer Sustainable cash operating costs of 30-32/boe Reduced diluent purchases, field electricity costs (PEL), transportation costs, Agrocascada driven down costs Approximately half…
  30. Q3 2014 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 30

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