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Corporate Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Nov 10, 2015 · 33 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. Corporate Presentation – Crescent Point Energy Corp. – slide 1
    Crescent Point Energy is one of Canadas largest light and medium oil producers, focused on its significant resource base in the Bakken, Shaunavon, Flat Lake Torquay and Midale plays in Saskatchewan, Canada, as well as the Uinta Basin in…
  2. Corporate Presentation – Crescent Point Energy Corp. – slide 2
    Q3 2015 HIGHLIGHTS Achieved record production of 172,579 boe/d: 4% per share year-over-year growth Reduced capital costs in core plays by 30% since 2014 Maintained significant financial flexibility: 1.4 billion of unutilized…
  3. Corporate Presentation – Crescent Point Energy Corp. – slide 3
    HIGH-QUALITY, LOW-COST PRODUCER: CPG (TSX AND NYSE) Market Capitalization 9.1 billion (508.6 million shares fully diluted)(1) Net Debt* 4.2 billion (incl. hedged USD denominated debt) Enterprise Value 13.3 billion 2015 Average…
  4. Corporate Presentation – Crescent Point Energy Corp. – slide 4
    BUSINESS STRATEGY Develop and Enhance Increase recovery factors through step-out and infill drilling, waterflood optimization and improved technology Acquire Focus on high-quality, large resource-in-place pools with the potential…
  5. Corporate Presentation – Crescent Point Energy Corp. – slide 5
    COST-FOCUSED Viewfield Bakken Play: Drilling & Completion Cost Reductions Long-Term Operational Efficiencies: 1/3 of cost savings are a result of company- 2.0M specific efficiencies: Reduced drilling days due to improved drill…
  6. Corporate Presentation – Crescent Point Energy Corp. – slide 6
    HIGH-RETURN, QUICK-PAYOUT ASSET BASE Type Well Payouts by Play October 1st GLJ price deck 2016 WTI US50 and US/Cdn0.75 exchange Current capital costs 60 10% reduction 48 26% Rate Payout (Months) of Return 36 Payouts:…
  7. Corporate Presentation – Crescent Point Energy Corp. – slide 7
    EFFICIENT ALLOCATION OF CAPITAL % of 2015 Half-Cycle Capital Corporate 2015 Budget: 2015 Capital Efficiency Inventory Inventory Key Focus Areas Net Well Count Budget (/boe/d)(5) (net locations) In Years Viewfield 181 25% 16,000…
  8. Corporate Presentation – Crescent Point Energy Corp. – slide 8
    FLEXIBLE CAPITAL SCENARIOS US40/bbl WTI US60/bbl WTI US/Cdn0.74 exchange US/Cdn0.76 exchange 2016 Capital Expenditure Scenarios 1.05 Billion 1.20 Billion 1.20 Billion 1.35 Billion Average Production (boe/d) 165-167,000 169-171,000…
  9. Corporate Presentation – Crescent Point Energy Corp. – slide 9
    HEDGING STRATEGY Total Oil Hedges* 53% 70,000 60% 2015 average floor price CAD 88.00/bbl 60,000 2016 average: 2016 average floor price CAD 83.00/bbl 50% Oil volumes (bbl/d) Percent hedged 50,000 33% 2017 average floor price…
  10. Corporate Presentation – Crescent Point Energy Corp. – slide 10
    SUSTAINABLE ORGANIC GROWTH 4-Year CAGR 250,000 Production per share of 3% to 5% + Dividend Yield 210,000* 200,000 194,000** Estimated cumulative free 4-Year CAGR Production per share of cash flow, after dividends, of 7% +…
  11. Corporate Presentation – Crescent Point Energy Corp. – slide 11
    FOCUSED GROWTH: LARGE OIL IN PLACE Focused on large, high-quality light to medium oil resource pools Significant focus in Saskatchewan, including the Canadian Bakken, which has the strongest break-even economics of any large,…
  12. Corporate Presentation – Crescent Point Energy Corp. – slide 12
    VIEWFIELD BAKKEN Q3/15 production: 62,000 boe/d 1,400 net drilling locations 4.6 billion barrels of original oil in place with recovery to date of 3.5% 25-stage cemented liner completion technique has improved overall returns,…
  13. Corporate Presentation – Crescent Point Energy Corp. – slide 13
    WATERFLOOD SCALE AND STRATEGY Low Mobility Ratios* Enhance Waterflood Oil Recovery Total Affected Tight Oil Waterflood Light Oil Shaunavon Heavy Oil Unconventional E&P Production Pilot Resource Plays Province Companies (bbl/d)…
  14. Corporate Presentation – Crescent Point Energy Corp. – slide 14
    VIEWFIELD BAKKEN WATERFLOOD Viewfield Waterflood Offset Well Example of Per Section 160 EURs 3x greater versus Primary(6)(7) Bakken Recoveries and Economics 140 120 Estimated Cumulative NPV 10% (October 1st GLJ price deck…
  15. Corporate Presentation – Crescent Point Energy Corp. – slide 15
    SHAUNAVON Q3/15 production: 25,000 boe/d 1,800 net drilling locations 5.3 billion barrels of original oil in place with recovery to date of 1.0% Upper Shaunavon wells exceeding expectations Producing oil wells directly offsetting…
  16. Corporate Presentation – Crescent Point Energy Corp. – slide 16
    FLAT LAKE / MIDALE UNCONVENTIONAL Q3/15 area production: 16,000 boe/d Viewfield Bakken Flat Lake Three zones: Torquay (Three Forks), Bakken and Ratcliffe 460 net drilling locations 1 billion barrels of original oil in place with…
  17. Corporate Presentation – Crescent Point Energy Corp. – slide 17
    UINTA BASIN Multi-Zone Basin Ouray Valley Gusher Horseshoe Bend Rocky Point Randlett Aurora Blacktail Ridge Greater Monument Butte Lake Canyon Crescent Point Energy lands Zones tested horizontally since late…
  18. Corporate Presentation – Crescent Point Energy Corp. – slide 18
    SUMMARY Proven Management Team Proven track record of per share reserves, production and cash flow growth 5-year weighted average F&D of 19.33 per 2P boe of reserves (2.6 times recycle ratio)(9) Cost-focused producer with strong…
  19. Corporate Presentation – Crescent Point Energy Corp. – slide 19
    APPENDIX
  20. Corporate Presentation – Crescent Point Energy Corp. – slide 20
    CREATING LONG-TERM VALUE FOR SHAREHOLDERS Growth + Dividend Strategy CPG Waterflood Technology M&A Base Business Expansion Initiatives Large OOIP resources with low Lower decline rates and Increase recoveries and capital…
  21. Corporate Presentation – Crescent Point Energy Corp. – slide 21
    ORIGINAL OIL IN PLACE 22 BILLION BARRELS Independent Recovery Key Focus Areas OOIP (mmbbls) Recovery to Date* Factor (P+P) Shaunavon 5,300 1.0% 3.9% Uinta Basin 5,200 0.5% 3.5% Viewfield Bakken 4,600 3.5% 10.3% Viking 1,241…
  22. Corporate Presentation – Crescent Point Energy Corp. – slide 22
    PROVEN TRACK RECORD 200,000 Funds Flow (MM) Production Growth (boe/d) 3,000 160,000 2,500 2,000 120,000 1,500 80,000 1,000 40,000 500 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2004…
  23. Corporate Presentation – Crescent Point Energy Corp. – slide 23
    PER SHARE FOCUS Production per Share (fully diluted) 2P Reserves per Share (fully diluted) 2 360 CAGR 6.7% CAGR 6.1% + Dividend Yield + Dividend Yield 1.75 320 1.5 280 240 1.25 200 1 2010 2011 2012 2013 2014 2015E 2010…
  24. Corporate Presentation – Crescent Point Energy Corp. – slide 24
    STRATEGIC ASSET BASE WITH STRONG ECONOMICS Viewfield Bakken Infill Type Well (75 mbbls) Comparison Viewfield North Dakota 160 Land Majority crown Majority freehold 140 120 Production (boe/d) Crown holiday, No holiday,…
  25. Corporate Presentation – Crescent Point Energy Corp. – slide 25
    ORGANIC VERSUS ACQUISITION GROWTH 160 2007 to 2014 2P Reserve Additions 140 Organic: 491 Mmboe(10) Acquired: 447 Mmboe 120 Reserve additions (Mmboe) 100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 2014…
  26. Corporate Presentation – Crescent Point Energy Corp. – slide 26
    PIONEER IN ADVANCING NEW TECHNOLOGY 2008 - 2009 2010 - 2012 2013 - 2014 Completed first cemented liner in the Bakken Expanded waterflood area within the core of the Became the largest driller of horizontal wells in Canada oil…
  27. Corporate Presentation – Crescent Point Energy Corp. – slide 27
    VIEWFIELD BAKKEN TECHNOLOGY ADVANCEMENTS Viewfield Bakken Independent type well changes(11) Change in Ultimate Recoverable Reserves (MMboe) (Primary recovery 3 twp core) assigned by Independent Evaluators due to waterflood(12)…
  28. Corporate Presentation – Crescent Point Energy Corp. – slide 28
    IMPACT OF TECHNOLOGY IMPROVEMENTS Viewfield Bakken Fresh Water Usage Viewfield Bakken Drilling Progression Spud to Rig Release 900 16.00 800 700 12.00 600 Water (m3) 500 Days 8.00 400 300 Targeting to eliminate…
  29. Corporate Presentation – Crescent Point Energy Corp. – slide 29
    ACQUISITION HISTORY: RESERVES MORE THAN DOUBLED Initial 2P Estimated Current 2P Total 2P Increase in Reserves Production Reserves Reserves 2P Reserves % Increase Property (Mboe) (Mboe) (Mboe) (Mboe) (Mboe) in Reserves Sounding Lake…
  30. Corporate Presentation – Crescent Point Energy Corp. – slide 30
    BALANCE SHEET STRENGTH Debt Composition Senior Guaranteed Notes Maturity Schedule 250 200 1.8B 1.4B Senior Unutilized Million CAD Guaranteed Credit 150 Notes* Capacity 100 2.2B 50 Drawn from Bank Credit Facilities 0…
  31. Corporate Presentation – Crescent Point Energy Corp. – slide 31
    LARGE UNBOOKED INVENTORY Remaining Unbooked Internally Identified Key Focus Areas Total Net locations Proved Locations Probable Locations Locations Viewfield Bakken 1,400 703 152 545 Shaunavon 1,800 568 225 1,007 Flat Lake 460 61…
  32. Corporate Presentation – Crescent Point Energy Corp. – slide 32
    INDUSTRY LOW G&A CPG G&A History and 2014 Peer Comparison G&A as a % of operating netback 3.00 10% 2.50 8% G&A/boe 2.00 6% 1.50 4% 1.00 0.50 2% 0.00 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  33. Corporate Presentation – Crescent Point Energy Corp. – slide 33
    DRILLING DAY RATES AND WTI RELATIONSHIP Southeast Saskatchewan Drilling Day Rate versus WTI 120 21,000 21,000 110 19,000 18,205 100 17,000 90 WTI 69 80 15,000 70 13,000 13,440 60 11,000 10,992 50 9,000 WTI 40 42…

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