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Q4 2015 Results – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Feb 29, 2016 · 22 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. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 1
    4Q15 Earnings and Operational Update
  2. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Market Cap(1): 0.1 billion Wattenberg Field(2) Arkansas 25,000 7,000 Enterprise Value(1): 0.9 billion Boe/d Boe/d 4Q15 Production: 28.6 Mboe/d Production Mix(3): 57% Oil 2015 Proved Reserves: 101…
  3. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 3
    Driving Efficiencies & Preserving the Balance Sheet Solid 4Q and full-year operational execution Second consecutive quarter of guidance beats for production and costs Attention to detail results in increased efficiency and pristine…
  4. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 4
    4Q15 Highlights GAAP net loss of 573.7 million, or 12.08 per diluted share; Adjusted net loss of 8.4 million, or 0.17 per diluted share (1) Adjusted EBITDAX of 67.1 million for 4Q15.(1) Production CAPEX 30 200 164 Annual CAPEX:…
  5. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 5
    2015 Proved Reserves 160 37.2 140 2015 Proved Reserves by Region 120 1.5 101.3 12.0 28.8 100 Rocky Mountain 89.5 10.1 MMBOE 79% 80 49.2 Mid- 43.2 8.6 Continent 2 to 3-stream conversion 60 21% 10.8 Performance 40…
  6. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 6
    Operational Update 7
  7. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 7
    Base Production Optimization 2015 initiatives enhance 2015 Pronghorn Base Production Case Study Exceeds Plan base production 6,000 SCADA system automates field operations 5,000 Infrastructure expansion 4,000 eliminates down…
  8. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 8
    2015/2016 Well Design Enhancements Potential Well Cost Performance Design Enhancement Impact Effect Sand Loading Increase to 1,500lbs/lateral foot Additional sand creates more complex fracture + 150,000 + up to 25% network…
  9. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 9
    Increased Sand Continues to Outperform 24% uplift at day 480 22% uplift at day 300 Upsized Frac Job 1,500 lbs per lateral ft Standard Frac Job 1,000 lbs per lateral ft 10
  10. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 10
    Plug-and-Perf Completions Plug-and-perf ideal for mono- Potential 25% Uplift bore well design Expected cost similar to sliding sleeves on multi-well pads Provides 1,920 entry points into the reservoir vs. 40 with sliding…
  11. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 11
    Further Well Cost Reductions Cost reductions from 3Q15 resulted from eliminated field level infrastructure, well design enhancements, and service cost reductions. 2016 drilling program will focus on areas with existing infrastructure…
  12. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 12
    Financial Position 2016 strategic focus on maintaining liquidity during downturn Debt Maturities at December 31, 2015 405 million in liquidity(1) at 4Q15 600 Long-dated, low coupon unsecured debt 500 issuances 400 millions…
  13. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 13
    2016 Outlook Company plans to operate one rig in its Wattenberg asset and complete 12 gross wells in the first quarter Shift activity from D&C to base production optimization Focus on asset sales Re-market Rocky Mountain…
  14. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 14
    Investment Recap World- Class Asset Company Headquarters Base 410 17th Street, Suite 1400 Denver, Colorado 80202 (720) 440-6100 Optimizing Contiguous Base Acreage in Production rural area Investor Relations James R. Edwards…
  15. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 15
    Appendix 16
  16. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 16
    Adjusted Net Income (1) Reconciliation Three Months Ended December 31, 2015 Net Loss (573,663) Adjustments to net loss: Derivative gain (5,286) Derivative cash settlements 42,624 Impairment of proved properties 573,698…
  17. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 17
    Adjusted EBITDAX(1) Reconciliation Three Months Ended December 31, 2015 Net Loss (GAAP) (573,663) Exploration 2,602 Depreciation, depletion and amortization 57,357 Impairment of proved properties 573,698 Abandonment and impairment…
  18. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 18
    Strict Focus on Cash Operating Costs Unit Cash Operating Costs (/Boe) Unit Revenue & Cash Margins (/Boe) 26% 18 Reduction 60 From 4Q14 16 1.63 3.15 2.62 14 0.91 45 48.01 12 6.76 2.12 5.88 5.43 5.50 10 35.44 30 65% 8 3.97…
  19. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 19
    Reconciliation to Cash Margin We define unhedged cash margin per Boe as oil and natural gas revenues, less (1) lease operating expense, (2) oil and natural gas taxes, and (3) cash G&A expense (excludes stock-based compensation), divided…
  20. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 20
    Stacked Pay in High-Margin Oil Window 70,000 net acres in delineated oil window Zero exposure to urban population eliminates regulatory setback risk Blocky acreage accommodates long laterals Established field level and regional…
  21. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 21
    Contiguous Position Enables Efficient Development Contiguous Leasehold Position Advantage on 97,000 Gross (70,000 Net) Acres Minimize rig movement time from pad to pad Leverage efficient batch drilling approach on multi-well pads…
  22. Q4 2015 Results – Bonanza Creek Energy, Inc. – slide 22
    Consistent Geology Throughout Acreage Position Niobrara A Bench 3 Thinner and resistivity less developed vs B & C Benches 22 Niobrara B Bench 1 4 Consistent thickness and resistivity across BCEI leasehold 5 Niobrara C Bench 6 7…

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