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August 2015 Investor Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Aug 14, 2015 · 35 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. August 2015 Investor Presentation – Bonavista Energy Corp – slide 1
    INVESTOR PRESENTATION August 2015
  2. August 2015 Investor Presentation – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY
  3. August 2015 Investor Presentation – Bonavista Energy Corp – slide 3
    THIS IS BONAVISTA We are experienced and aligned: 17 years of 10 year average tenure 10% insider operational of our leadership team ownership presence 4
  4. August 2015 Investor Presentation – Bonavista Energy Corp – slide 4
    STRATEGY 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 100% of 2015…
  5. August 2015 Investor Presentation – Bonavista Energy Corp – slide 5
    THIS IS BONAVISTA Focused in our core areas: 11% 42% 2009 Production Q2 2015 Production Blueberry Blueberry 89% 58% In 2009, Core Non Core Core Non Core Today, 0.4 1.3 million Deep Basin Deep Basin million net acres net acres were…
  6. August 2015 Investor Presentation – Bonavista Energy Corp – slide 6
    TRACK RECORD
  7. August 2015 Investor Presentation – Bonavista Energy Corp – slide 7
    TRACK RECORD Production and reserves growth: 100,000 600 90,000 500 Quarterly Production (boe/d) Reserves (mmboe) 80,000 400 70,000 300 60,000 200 50,000 100 40,000 0 2014 Q2 2015** 2011 2012 2013 2014 2011 2012…
  8. August 2015 Investor Presentation – Bonavista Energy Corp – slide 8
    TRACK RECORD Finding and Development costs*: Bonavista (/boe) 2014 Peer Comparison** (/boe) 63.33 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…
  9. August 2015 Investor Presentation – Bonavista Energy Corp – slide 9
    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…
  10. August 2015 Investor Presentation – Bonavista Energy Corp – slide 10
    TRACK RECORD Recycle Ratio*: Bonavista (x:1) 2014 Peer FD&A Recycle Ratio (x:1) 3.0 3.5 2.5 3.0 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 Key Plays (2015E) Ansell Wilrich Hoadley…
  11. August 2015 Investor Presentation – Bonavista Energy Corp – slide 11
    TRACK RECORD Operating costs: Bonavista (/boe) 2014 Peer Comparison* (/boe) 10.00 20.00 18.00 9.00 1H 2015 16.00 7.02/boe 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 Key…
  12. August 2015 Investor Presentation – Bonavista Energy Corp – slide 12
    ASSET QUALITY
  13. August 2015 Investor Presentation – Bonavista Energy Corp – slide 13
    2015 E&D SPENDING ALLOCATION Concentrated spending on profitable plays: Wells Expenditures % of Value Gross Net ( millions) Expenditures West Central: Glauconite 49 37.7 128 48 Spirit River 9 9.0 31 12 Other 0 0 1 0 Deep Basin:…
  14. August 2015 Investor Presentation – Bonavista Energy Corp – slide 14
    GLAUCONITE Extensive, predictable resource: Hoadley Drilled 273 wells to end of Q2 2015 26 (20.0 net) wells drilled in 1H 2015 20 (14.7 net) wells planned for 2H 2015 Operating costs of 4.50/boe 326 locations in prospect…
  15. August 2015 Investor Presentation – Bonavista Energy Corp – slide 15
    GLAUCONITE Reliable production growth: 30,000 25,000 Quarterly Production (boe/d) 20,000 15,000 10,000 5,000 0 2008 Q4 2009 Q3 2009 Q4 2013 Q2 2009 Q1 2009 Q2 2013 Q1 2013 Q3 2013 Q4 2014 Q1…
  16. August 2015 Investor Presentation – Bonavista Energy Corp – slide 16
    HOADLEY GLAUCONITE Sensitivity to commodity pricing: 60% 50% Internal Rate of Return 40% 35% 30% 29% 26% 20% US60/bbl 10% US50/bbl US40/bbl 0% 2.00 3.00 4.00 AECO (/gj) 17
  17. August 2015 Investor Presentation – Bonavista Energy Corp – slide 17
    SPIRIT RIVER WILRICH Ansell Drilled 25 wells to end of Q2 2015 8 (8.0 net) wells drilled in 1H 2015 8 (8.0 net) wells planned for 2H 2015 Operating costs of 4.00/boe 25%-30% operating cost reduction with installation of processing…
  18. August 2015 Investor Presentation – Bonavista Energy Corp – slide 18
    SPIRIT RIVER WILRICH AT ANSELL Building land position: Identified the opportunity in 2012: Acquisition Net Sections Year Added 2012 0.5 2013 18.5 2014 36.5 2015 35.5 Total 91.0 Three years later, 175 locations in prospect…
  19. August 2015 Investor Presentation – Bonavista Energy Corp – slide 19
    SPIRIT RIVER WILRICH Developing the opportunity: 14,000 12,000 Quarterly Production (boe/d) 10,000 8,000 6,000 4,000 2,000 0 2013 Q2 2013 Q1 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3…
  20. August 2015 Investor Presentation – Bonavista Energy Corp – slide 20
    SPIRIT RIVER WILRICH Sensitivity to commodity pricing: 80% 70% 60% Internal Rate of Return 50% 39% 40% 30% 36% US60/bbl 20% 34% US50/bbl US40/bbl 10% 0% 2.00 3.00 4.00 AECO (/gj) 21
  21. August 2015 Investor Presentation – Bonavista Energy Corp – slide 21
    SPIRIT RIVER FALHER/NOTIKEWIN Morningside Falher Drilled 12 (12.0 net) wells to end of Q2 2015 4 (4.0 net) wells drilled in 1H 2015 4 (4.0 net) wells planned for 2H 2015 44 locations in prospect inventory Strachan Falher First…
  22. August 2015 Investor Presentation – Bonavista Energy Corp – slide 22
    SPIRIT RIVER FALHER Prolific production performance at Morningside: 4,000 3,500 3,000 Production (boe/d) 2,500 2,000 1,500 1,000 500 0 2013 Q3 2013 Q2 2014 Q4 2013 Q4 2014 Q1 2014 Q2 2014…
  23. August 2015 Investor Presentation – Bonavista Energy Corp – slide 23
    SPIRIT RIVER MORNINGSIDE FALHER Sensitivity to commodity pricing: 90% 80% 70% Internal Rate of Return 60% 52% 50% 47% 40% 41% 30% US60/bbl 20% US50/bbl US40/bbl 10% 0% 2.00 3.00 4.00 AECO (/gj) 24
  24. August 2015 Investor Presentation – Bonavista Energy Corp – slide 24
    LOOKING FORWARD
  25. August 2015 Investor Presentation – Bonavista Energy Corp – slide 25
    LOOKING FORWARD 2015 guidance: Actual Forecast % 2014 2015 Change Capital expenditures ( millions): Exploration and development 640 315 335 (49) Divestitures, net of acquisitions (107) (15) (86) Total 533 300 320 (42) Production…
  26. August 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 70% 85% 0 2.00 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16…
  27. August 2015 Investor Presentation – Bonavista Energy Corp – slide 27
    FINANCIAL STRATEGY Oil hedging: 8 120.00 110.00 Hedged Volumes (mbbls/d) 6 100.00 90.00 CDN/bbl 4 80.00 70.00 2 60.00 50.00 66% 75% 0 40.00 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Collars (mbbls/d) Swap…
  28. August 2015 Investor Presentation – Bonavista Energy Corp – slide 28
    STRENGTHS OF BONAVISTA SUSTAINABLE BUSINESS PLAN Targeting 10% total return with 100% - 110% payout FOCUSED Maximizing efficiency with a concentrated asset base EFFICIENT Finding better ways to compete A DECADE OF INVENTORY…
  29. August 2015 Investor Presentation – Bonavista Energy Corp – slide 29
    APPENDIX
  30. August 2015 Investor Presentation – Bonavista Energy Corp – slide 30
    2015 SECOND QUARTER PERFORMANCE Three months ended June 30, Financial: 2015 2014 % change ( millions except per share amounts) Production revenues 150 288 (48%) Funds from operations 96 135 (29%) - per share 0.44 0.67 (34%)…
  31. August 2015 Investor Presentation – Bonavista Energy Corp – slide 31
    TOTAL & SENIOR DEBT (as at June 30, 2015): ( millions) Senior notes (CAD) 70 Unutilized bank capacity 350 Bank credit facility - 600 million 11 banks in Bonavista bank credit facility Unsecured, financial covenants Credit…
  32. August 2015 Investor Presentation – Bonavista Energy Corp – slide 32
    2015 REVENUE EXPOSURE By volume By value 6% 2% 1% 6% 7% 4% 11% 5% 7% 59% 21% 71% Ethane Propane Butane Pentane Oil Gas 33
  33. August 2015 Investor Presentation – Bonavista Energy Corp – slide 33
    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…
  34. August 2015 Investor Presentation – Bonavista Energy Corp – slide 34
    ESTIMATED TAX POOLS as at June 30, 2015 Category millions % of Total Canadian Oil & Gas Property Expense 732 28% Canadian Development Expense 851 32% Canadian Exploration Expense 314 12% Undepreciated Capital Cost 414 15%…
  35. August 2015 Investor Presentation – Bonavista Energy Corp – slide 35
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 36

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