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Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · Aug 10, 2011 · 29 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. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 1
    TSX: PRE BVC: PREC Financial and Operational Results SECOND QUARTER 2011 August 10th 2011
  2. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 2
    SECOND QUARTER 2011 BUSINESS ENVIRONMENT 3
  3. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 3
    Prices Continue to Increase, Differentials Heavy/Light Have Increased and New Markets are Being Opened During the quarter the price variations WTI (USD / Barrel) BRENT (USD/Barrel) reflected market sentiment about tight 130…
  4. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 4
    An Exceptional Quarter for the Company Production Average gross production increased 60% to 221,896 boed in relation to the same period in 2010 Net production averaged 88,092 boed versus 55,102 boed for the Q2 2010 Revenues…
  5. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 5
    Strong financial position has been rewarded The Financial Post Magazine ranked No. 1 PRE amongst the top 50 companies with the highest profit growth in 5 years, an increase of 904 times. This result was published in the 500…
  6. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 6
    Total Production Continues Reaching New Heights Production continues to grow. Average gross production in the second quarter of 2011 was 221,896 boe/d, 60% higher than in the same period of 2010. 260.000 240.000 Production Record…
  7. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 7
    Projects continue leveraging production growth PIPELINES - ODL Pipeline On July 24, 2011, a pumping record of 255,290 bbl/d was achieved. The pipeline will reach a transport capacity of 340,000 bbl/d by November 2011 as the…
  8. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 8
    STAR is on the Starting Gate Equipment in Place Numerical Simulations Completed Drilling will begin during August Environmental licenses ready 9
  9. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 9
    A New Piece in Our Portfolio: Maurel et Prom The acquisition of 49.99% participation on Maurel et Prom Colombia adds significant resources and exploratory potential to PREs current resource base. The new 5 blocks fit synergistically…
  10. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 10
    SECOND QUARTER 2011 EXPLORATION CAMPAIGN 11
  11. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 11
    EXPLORATION CAMPAIGN Continued focus on exploratory activities with a success rate of 92% Rubiales - Pirir As part of the appraisal campaign in the block, the Company drilled four (4) appraisal wells in the so- called eastern and…
  12. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 12
    EXPLORATION CAMPAIGN CPE-6 On April 1st, 2011, and as part of the planned strategy for the CPE-6 Block, the Company submitted to the ANH the request for an E&P Contract in the northern part of the Block, which is expected to be…
  13. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 13
    EXPLORATION CAMPAIGN SABANERO, MUISCA AND CORDILLERA-15 BLOCKS During the second quarter of 2011, The Company started evaluating the technical information from the Sabanero, Muisca and Cordillera-15 Blocks and, together with Maurel &…
  14. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 14
    EXPLORATION CAMPAIGN PERU Block 138 PERU 135 During the period, the Company finished the acquisition of 560 km of the planned 138 2D seismic program in Block 138. Block 135 The Company received the approval of the Environmental…
  15. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 15
    Summary of 2011 Exploration Drilling Campaign QUIFA & RUBIALES BLOCKS 2011 BLOCK WELL TYPE JULY AUGUST SEPTEM OCTOBER NOVEM DECEM OPALO-2 A OPALO-6 A OPALO-3 A OPALO-7 A OPALO-4 A OPALO-1 E AMBAR-4 A NORTH QUIFA AMBAR-8 A…
  16. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 16
    Summary of 2011 Exploration Drilling Campaign Other Blocks 2011 BASIN BLOCK WELL WELL TYPE JULY AUGUST SEPTEM OCTOB NOVEM DECEMB STRATIGRAPHIC (6) S CPE-6 E&P EXPLORATORY (1) E APPRAISAL (3) A LLANOS SABANERO STRATIGRAPHIC…
  17. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 17
    SECOND QUARTER 2011 FINANCIAL RESULTS HIGHLIGHTS 18
  18. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 18
    Sales on an Upward Trend to Diversified Markets Volumes Sold (MMBOE and Inventory Levels (MMBOE) Combined sales price Q2 2011: USD 96,54 /bbl 1,9 0,7 9,9 Export Sales 1,9 1,2 0,8 7,1 7,4 Europa 0,9 11% Asia 5,8 6,0 US Gulf…
  19. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 19
    HEALTHY GROWTH IN NETBACKS Key Financial Indicators USD/bbl OIL NETBACK GAS NETBACK COMBINED NETBACK 1.5x 1.6x 64 61 43 1.7x 39 27 16 2Q 2010 2Q 2011 2Q 2010 2Q 2011 2Q 2010 2Q 2011 20
  20. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 20
    FINANCIAL RESULTS Key Financial Indicators Millions of US Gross Revenue Net Income 1.541 349 2.1x 280 958 24x 3x 2.7x 736 357 91 14 2Q 2010 2Q 2011 1H 2010 1H 2011 2Q 2010 2Q 2011 1H 2010 1H 2011 21
  21. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 21
    Cash Generation Provides a Robust Launching Pad Key Financial Indicators Millions of US EBITDA FFO 921 2.2x 667 2.1x 558 2.7x 400 2.8x 431 298 148 199 2Q 2010 2Q 2011 1H 2010 1H 2011 2Q 2010 2Q 2011 1H 2010 1H…
  22. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 22
    Outstanding Results Per Share Key Financial Indicators US/ share EBITDA/Share Funds Flow from Operations/ Share 3.43 2.49 2.1x 2.2x 2.7x 1.49 2.08 2.7x 1.66 1.15 0.76 0.56 2Q 2010 2Q 2011 1H 2010 1H 2011 2Q 2010…
  23. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 23
    Outstanding Results Per Share Key Financial Indicators US/ share Net Income/Share Costs /boe Transport 1.3 10.88 1.04 Production 8.84 5.5 5.18 0.35 0.05 2Q 2010 2Q 2011 1H 2010 1H 2011 1Q 2011 2Q 2011 1Q/2011 2Q…
  24. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 24
    FINANCIAL RESULTS P&L Q2 2011 Millions of US 356 44 958 178 82 558 349 51 Net Sales Operating cost G&A Expense EBITDA DD&A Income Other TaxIncomeNet / Expenses Income After Tax 25
  25. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 25
    CONSOLIDATED STATEMENTS OF INCOME Financial Results 1Q 2011 vs. 1Q 2010 Millions of US Three months ended June Six months ended June Items 2011 2010 VAR% 2011 2010 Oil and Gas Sales 957,509 356,848 168% 1,541,058 736,279 Cost of…
  26. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 26
    Low Production Cost as a Lever for Value Creation Q2 2011 Q1 2011 Production Costs /boe Production costs 5.18 5.50 Transport (pipeline + tank truck) 8.84 10.88 Net Upgrading Cost Transport (see detail below) 3.00 3.90 G&A 4.38 4.20…
  27. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 27
    STRONG BALANCE SHEET AND LIQUIDITY RATIOS 2010 2011 2011 Q2 Q1 Q2 DEBT / EBITDA- ANNUALIZED 0.9 0.51 0.40 EBITDA / FINANCE COST-ANNUALIZED 13.3 24.2 30.7 NET WORKING CAPITAL, MM 458 137 316 CURRENT ASSETS/CURRENT LIABILITIES 2,2…
  28. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 28
    2011 Financial Projections Sensitivity analysis at WTI 80 /bbl for remaining of the year US MM 1Q E 2Q E 3Q E 4Q E 2011 E WTI 94.60 102.34 85 80 90.5 Realization price : US /bbl 89 103.10 90 89 92 REVENUES 584 958 811 844 3.197…
  29. Q2 2011 EARNINGS CALL – Pacific Rubiales Energy Corp. – slide 29
    WHERE TALENT AND KNOWLEDGE MEET OPPORTUNITY Canada Office Corporate Office Colombia Technical Office 333 Bay Street, Suite 1100 Carrera 11A No. 94 - 45 Calle 95 No. 13 - 35 Toronto, Canada Torre OXO - Piso 9 Bogot D.C., Colombia…

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