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March 2016 Investor Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Mar 3, 2016 · 31 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. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 1
    Crescent Point Energy Corporate Presentation March 2016 1
  2. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 2
    HIGH-QUALITY, LOW-COST PRODUCER: CPG (TSX AND NYSE) Market Capitalization 9.2 billion (508.9 million shares fully diluted)(1) Net Debt* 4.3 billion (incl. hedged US denominated debt) Enterprise Value 13.5 billion 2016 Average…
  3. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 3
    Q4 2015 AND 2015 YEAR-END HIGHLIGHTS Record Q4 production greater than 176,000 boe/d; up 14% year-over-year Well positioned in 2016 with current Q1 2015 production greater than 177,000 boe/d Q4 2015 funds flow per share of 0.98; 2%…
  4. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 4
    2015 RESERVES HIGHLIGHTS Replaced 315% of 2015 production and increased Proved plus Probable (2P) Reserves by 16% to 935.7 mmboe 14th consecutive year of strong organic reserve additions Added more than 65 mmboe of 2P reserves…
  5. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 5
    ORGANIC RESERVES GROWTH Cumulative Technical and Development 700 2P Reserve Additions (mmboe)(5) 600 578 mmboe 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012…
  6. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 6
    BUSINESS STRATEGY Develop and Enhance Assets Increase recovery factors through step-out and infill drilling, waterflood optimization and improved technology Maintain high netbacks with low operating, royalty and transportation…
  7. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 7
    BALANCE SHEET STRENGTH Debt Composition (CAD) as of Dec 31, 2015 Net Debt to Funds Flow from Operations 4.0x 1.4B 3.0x 1.8B Unutilized Senior Credit 2.0x Guaranteed Capacity Notes* 1.0x 2.2B Drawn on Bank 0.0x Credit…
  8. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 8
    COMMODITY HEDGING STRATEGY Current Oil Hedges 2016 Average: 60,000 2016 average floor price CAD 80.00/bbl 50% 39% 2017 average floor price CAD 76.00/bbl 50,000 2018 average floor price CAD 80.00/bbl 40% 40,000 % hedged…
  9. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 9
    FULLY-FUNDED MODEL 2016 US 35 WTI 2017 US 45 WTI Total Payout Ratio: 97% Total Payout Ratio: 96% 21% Cash 16% Cash of FFO Dividends of FFO Dividends Funds Flow Funds Flow Capital Capital 76% 80% Expenditures of FFO…
  10. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 10
    FOCUSED GROWTH Large Oil in Place with significant running room Only 3.0% recovered to date with significant growth potential 14 years of drilling inventory Viewfield Bakken Shaunavon Flat Lake / Midale Viking Conventional…
  11. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 11
    SIGNIFICANT ECONOMIC INVENTORY Key Focus Areas Total Net locations(4) 2016 Net Drills Years of Inventory Recovery to Date Shaunavon 1,850 102 18 1.2% Conventional 1,225 80 15 8.3% Viewfield Bakken 1,200 124 10 3.4% Uinta…
  12. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 12
    2016 GUIDANCE 2016 Capital Budget Break-Down 2016 Guidance US35/bbl WTI 75 million Long-Term Capital Production (boe/d) 165,000 Waterflood Injection Well Conversions Step-Out Drilling Capital Expenditures 950 million New…
  13. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 13
    REDUCING DRILLING & DEVELOPMENT COSTS Viewfield Bakken Shaunavon Drilling and Development Cost Drilling and Development Cost 2.5 3.0 Cost per well (Millions) Cost per well (Millions) 2.0 2.0 1.5 1.0 1.0 2008 2009 2010…
  14. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 14
    INDUSTRY-LEADING CASH NETBACKS Cash Netbacks US30 WTI (Excluding Hedging Gains) 15.00 CPG Canadian Peers Cash Netbacks /boe 10.00 USA Peers Saskatchewan Focused 5.00 - Source: Macquarie Capital Markets Canada Ltd.…
  15. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 15
    2016 CAPITAL PROGRAM SUPPORTED BY QUICK PAYOUTS Type Well Payouts by Play (Excluding Upside from Waterflood and New Technology) 60 48 36 Months 24 12 US 35 WTI US 45 WTI 0 Viewfield Bakken Flat Lake SE SK Midale…
  16. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 16
    VIEWFIELD BAKKEN WATERFLOOD: TRIPLES VALUE OF BAKKEN INFILL WELLS Viewfield Waterflood Offset Well Example of Per Section 160 EURs 3x greater versus Primary(7)(8) Bakken Recoveries and Economics 140 Estimated Cumulative OOIP…
  17. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 17
    ADVANCING WATERFLOODS Water Injection Well Conversions and Viewfield Bakken Cumulative Oil Reserves Corporate Decline Rate due to Waterflood(10) 285 12 Cumulative Injection well count* 300 45% Corporate Decline Rate (%)…
  18. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 18
    ORIGINAL OIL IN PLACE 23 BILLION BARRELS Independent Recovery Factor Key Focus Areas OOIP (mmbbls)* Recovery to Date** (P+P)*** Shaunavon 5,500 1.2% 3.6% Uinta Basin 5,200 0.6% 3.4% Viewfield Bakken 4,600 3.4% 8.5% Flat Lake…
  19. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 19
    HIGH-RETURN, QUICK-PAYOUT ASSET BASE Top Light and Medium Oil Resource Plays in North America 25 (ranked by half-cycle payout) 20 19th CPG Eight of Crescent Points nine core resource 18th plays ranked in the top 20 across North…
  20. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 20
    VIEWFIELD BAKKEN Q4/15 production: 64,000 boe/d 1,200 net drilling locations 4.6 billion barrels of Original Oil in Place with recovery to date of 3.4% Continue to implement new completions technology resulting in improved…
  21. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 21
    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 Crown holiday, No holiday, Production (boe/d)…
  22. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 22
    SHAUNAVON Q4/15 production: 25,000 boe/d 1,850 net drilling locations 5.5 billion barrels of Original Oil in Place with recovery to date of 1.2% Upper Shaunavon wells exceeding expectations Producing oil wells directly…
  23. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 23
    SHAUNAVON WATERFLOOD ECONOMICS Example of Per Section Shaunavon Recoveries and Economics Cumulative Estimated Recovery Incremental EURs F&D costs OOIP (MMbbls) Factor(9) (mbbls) (per bbl) 4-well Spacing 13.5 6% 810 14…
  24. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 24
    FLAT LAKE UNCONVENTIONAL Q4/15 area production: 17,000 boe/d 825 net drilling locations Viewfield Bakken Flat Lake Torquay: (Torquay/Three Forks, Bakken and Ratcliffe) 1.8 billion barrels of Original Oil in Place with recovery to…
  25. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 25
    UINTA BASIN Multi-Zone Basin Ouray Valley Gusher Horseshoe Aurora Bend Rocky Point Blacktail Ridge Randlett North Monument Butte Lake Canyon Crescent Point Energy lands Zones tested horizontally since late 2014…
  26. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 26
    PROVEN TRACK RECORD 200,000 Production Growth (boe/d) 3,000 Funds Flow (millions) 160,000 2,500 120,000 2,000 1,500 80,000 1,000 40,000 500 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015…
  27. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 27
    PER SHARE FOCUS Production per Share Reserves per Share 400 CAGR: 6% 2 CAGR: 6% + Dividend Yield + Dividend Yield 300 1.75 200 1.5 100 1.25 0 1 (2) 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015…
  28. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 28
    FAVOURABLE WATERFLOOD RESERVOIRS Low Mobility Ratios* Enhance Waterflood Oil Recovery Horizontal Waterflood Comparison Tight Oil Total Affected Unconventional Waterflood Pilot Resource Plays Province E&P Companies Production (bbl/d)…
  29. March 2016 Investor 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. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 30
    VIEWFIELD BAKKEN TECHNOLOGY ADVANCEMENTS Viewfield Bakken Independent type well changes(11) (Primary recovery 3 twp core) 300 Technology has shown to be a significant value creator over time; net present value ( 10%) per- well…
  31. March 2016 Investor Presentation – Crescent Point Energy Corp. – slide 31
    IMPACT OF TECHNOLOGY IMPROVEMENTS Viewfield Bakken Fresh Water Usage Viewfield Bakken 900 Drilling Progression Spud to Rig Release 16.00 800 700 12.00 600 Water (m3) 500 Days 400 8.00 300 200 Targeting to eliminate…

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