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Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · May 9, 2013 · 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. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 1
  2. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 2
    Forward Looking Statements Resources Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class. Estimates of remaining…
  3. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 3
    Content 1 Operational Milestones 2 Business Environment and Strategic Positioning 3 Exploration 4 Financial Results Highlights 5
  4. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 4
    1Q OPERATIONAL MILESTONES 2013 6
  5. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 5
    1Q13 Operational and Financial Highlights* 127,889 1Q13 net production(1); 37% increase year-over-year Boe/d 1,259 Strong Revenue generation; 35% increase year-over-year Million 695 EBITDA 28% increased year-over-year,…
  6. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 6
    1Q BUSINESS ENVIRONMENT 2013 AND STRATEGIC POSITIONING 8
  7. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 7
    Commercial Activity: Oil Pricing Environment US/bbl ICE BRENT WTI NYMEX Market Prices 130 120 110 100 8.92 90 High volatility in oil prices continues 80 Increase in America and Western Africa heavy 70 crude oil production…
  8. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 8
    Oil & Gas Sales Trading Advantages 1Q 2013 Export Sales by Market 26% USA (GOM) 11.77 Europe 53% Latam/Caribbean 10% MMbbl During the first quarter of 2013, the Company Asia sold 13.13 MMboe (oil and gas) of which 11.77 11%…
  9. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 9
    Production Growth Profile Mboe/d Heavy Oil Production L&M Oil Production Gas Production 140 128 120 12 108 18 97 11 100 94 93 10 7 11 11 6 80 5 3 60 98 90 40 78 79 81 20 0 1Q 2012 2Q 2012 3Q 2012 4Q 2012…
  10. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 10
    Financial Performance* Revenues EBITDA Cash Flow From Operations Net Earnings Million 1,400 1,259 1,200 1,000 1,047 1,036 932 870 800 695 677 600 623 576 560 542 483 400 429…
  11. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 11
    Cash & Non Cash Cost* Million Revenues Cash Cost Non Cash Cost 1,400 1,259 1,200 1,036 1,047 1,000 932 870 800 68% 600 81% 400 32% 200 19% 0 1Q12 2Q12 3Q12 4Q12 1Q13 * All monetary amounts are…
  12. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 12
    Operational Oil Netbacks* /bbl Total Operating Cost PAP Netback Realization Price 120 110.96 101.26 101.61 99.83 102.06 100 32.03 34.90 36.91 38.72 80 43.01 60 9.21 40 78.93 66.36 64.70 63.34 47.61 20 0 1Q12…
  13. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 13
    Cost Reduction Initiatives PEL PEL - Power Transmission Line Project Power Transmission Line Project 260 km x 230 kV powerline from Chivor to Rubiales (534 transmission towers) Low cost and reliable electricity supply: 0.14/kWh 2…
  14. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 14
    Cost Reduction Initiatives ODL Pipeline (PRE: 35% equity interest) The pipeline transported a total of 21 MMbbl during the 1Q, 2013 Reduces diluent volumes at Rubiales/ODL intake Oil pumped from Rubiales at 16API Make-up diluents…
  15. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 15
    PACIFIC INFRASTRUCTURE A New Doorway to the Market PRE 56% equity interest OLECAR: 300 Mbbl/d capacity at 18API 130 km long x 30 inch pipeline links Coveas to Cartagena (Puerto Baha) Total capex: 340 million Comissioning: 3Q…
  16. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 16
    STAR - Beyond the Starting Gate Light Oil Heavy oil Heavy Oil With Heat Recovery factor Recovery factor Recovery factor Up to 90% Up to 15% 50 - 70% Proprietary technology based on in-situ Temp. (F) combustion & synchronization…
  17. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 17
    1Q EXPLORATION 2013 19
  18. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 18
    Value Creation Focus Resources Total gross Prospective Resources (prospects plus leads) MMboe Management Estimates Prospective & Contingent 1% 3% 8,000 9% 0% Colombia 7,000 Peru 6,000 4.3 46% Guatemala Brazil MMboe PNG…
  19. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 19
    1Q 2013 Exploration Activity - Wells 2013 1Q 2013 Exploration Well Results Block Wells 1Q 2Q 3Q 4Q Prospect-Well Net Pay Block Welll Type Result Quifa 6 5 1 Name (ft)* CPE-6 6 1 5 Copa D-1 Exploratory Successful 27 Cubiro CPO-1 1…
  20. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 20
    Llanos Basin Cubiro Cubiro Field Map The Copa D-1 was drilled and found a total net pay of 27 feet with initial production of 900 bbl/d of 40API oil Copa A Norte-1 was drilled and showed the presence of 25 feet of net pay with…
  21. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 21
    Llanos Basin Arrendajo Arrendajo Field Map Yaguazo-1 exploration well found 14 feet of net pay, with initial production of 400 bbl/d An appraisal drilling campaign is being prepared after testing of the Yaguazo-1 well 23
  22. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 22
    Lower Magdalena Basin Guama Block - Prospective Resources Guama Field Map Pedernalito NE West Pedernalito Guama Profundo Manamo-1X exploration well found 251 feet of net pay of 54 API condensate rich natural gas Drilling…
  23. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 23
    PERU Block 138 - Frontier Elephant Hunting; Yahuish Prospect Yahuish 1X exploratory well, already drilling (April 16th, 2013) The well targets Paleozoic: Copacabana and Ene Formations as primary objectives; Cretaceous: Agua…
  24. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 24
    Brazil Location of Prospects and Kangaroo Discovery At least five prospects and leads identified on seismic Kangaroo-1X well located at the S-M-1101 block, was drilled encountering 58 feet of net oil pay Second well (Emu-1X)…
  25. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 25
    Llanos Basin CPE-6 - Sabanero CPE-6 Acquisition of 366 km2 of 3D seismic survey in the northern part of the Block was finished Hamaca prospect drilling plan is planned for the 2H, 2013 PRE planning and engineering for…
  26. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 26
    1Q FINANCIAL RESULTS HIGHLIGHTS 2013 28
  27. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 27
    Financial Results P&L 1Q 2013 (Million of US) 1,259 492 72 695 345 36 14 47 160 121 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs…
  28. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 28
    Financial Results P&L 1Q 2013 (Million of US) 1,259 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs expense and Others 30
  29. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 29
    Revenues Three Months Ended March 31st (in thousands os US) 2013 2012 Net Crude Oil and Gas Sales 1,221,870 826,798 Trading Revenue 36,892 105,052 Total Revenue 1,258,762 931,850 per boe oil and gas 97.14 102.45 per boe trading…
  30. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 30
    Financial Results P&L 1Q 2013 (Million of US) 1,259 492 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs expense and Others 32
  31. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 31
    Operating Cost 1Q - 2013 4Q - 2012 1Q - 2012 Crude Oil Variation Crude Natural Crude Natural Crude Natural Q1/13 - Q1/13 Combined Combined Combined Oil Gas Oil Gas Oil Gas Q4/12 Q/12 Average daily volume sold 128,641 11,114…
  32. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 32
    Financial Results P&L 1Q 2013 (Million of US) 1,259 492 72 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs expense and Others 34
  33. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 33
    G&A Comparison G&A Comparison Thousands Dollars US 1Q13 4Q12 1Q12 Revenues 1,258.762 1,046.689 931.850 G&A 72,327 77,576 56,354 % 6% 7% 6% 35
  34. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 34
    Financial Results P&L 1Q 2013 (Million of US) 1,259 492 72 695 345 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs expense and Others 36
  35. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 35
    DD&A by Field 1Q13 4Q12 1Q12 15% 8% 5% 9% 21% 16% 53% 18% 65% 17% 74% Rubiales Quifa C&C + PMD Others DD&A by Field 1Q 13 4Q 12 1Q 12 Concept DD&A (USMM) % DD&A (USMM) % DD&A (USMM) % Rubiales 179.55 53% 150.41 65%…
  36. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 36
    Financial Results P&L 1Q 2013 (Million of US) 1,259 492 72 695 345 36 14 47 160 121 Revenues Operating G&A EBITDA DD&A Shared-based Foreign Finance Income tax NET INCOME Costs Expenses payments exchange costs…
  37. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 37
    Strong Balance Sheet, Liquidity Ratios and Production Growth Financial Results (Million of US, except amount per share) 2013 2012 1Q FY 4Q 3Q 2Q 1Q DEBT / EBITDA-ANNUALIZED 0.9 0.77 0.77 0.68 0.51 0.62 EBITDA / FINANCE…
  38. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 38
    PRE Value Creation Loop Capex Resources Capex Resources 604 Million 4.3 Bboe 267 Million 2.8 Bboe Revenues 1Q 2P Reserves Revenues 1Q 2P Reserves 2012 932 Million 407 MMboe 1,259 Million 2013 514 MMboe Average Net…
  39. Q1 2013 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 39

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