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April 2016 Corporate Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Apr 11, 2016 · 23 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. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 1
    RELIABLE & SUSTAINABLE RETURNS CAPITAL = EFFICIENCY FOCUS STRONG+ CASH NETBACKS LOW DECLINE ASSETS + PROFITABLE GROWTH IN THE CURRENT PRICE ENVIRONMENT April 2016
  2. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 2
    Whitecap Profile TSX: WCP Shares outstanding (MM) Basic 314.4 Fully diluted 318.6 Market capitalization (B) 2.5 Annual dividend (/share) 0.28 2016 average production (boe/d) 39,500 % oil + NGLs 76% 2016 cash netback (/boe)…
  3. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 3
    Profitable Growth in the Current Environment Priorities Balance sheet strength and flexibility Continue to reduce cash costs (op cost, transportation, G&A, interest, royalties) Lowest cost light oil producer Reduce decline rates…
  4. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 4
    2016 Guidance Setting up for Strong 2017 Previous Revised % Change Average production (boe/d) 38,800 39,500 2% % oil + NGLs 75% 76% 1% Exit production 35,000 40,000 14% % oil + NGLs 75% 77% 2% Cash netbacks (/boe) 17.40 19.40 10%…
  5. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 5
    Sustainable Asset Base: Funds Flow Capital + Dividend 2016 Free Cash Flow by Area 100 90 80 70 60 40 80 80 50 56 40 39 30 62 56 56 20 40 24 23 10 0 Saskatchewan SW AB Pembina NW AB/BC Viking Cardium Cardium…
  6. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 6
    2016 Development Capital 2016 Capex by Area (%) 2016 Well Count (gross) Saskatchewan SW AB 50 43 27% 16% 40 3% Other 30 16% 20 11 10 38% 7 10 Pembina NW AB/BC 0 Saskatchewan NW AB/BC Pembina SW AB 2015 2H/16 FY/2016…
  7. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 7
    Building Flexibility into 2016 Plan Oil (USWTI) 35.00 45.00 55.00 65.00 FX (C/US) 0.74 0.78 0.80 0.82 Oil (Cdn/WTI) 41.89 52.56 63.75 74.39 AECO (C/GJ) 1.75 1.75 1.75 1.75 Funds flow netback (/boe) 15.75 20.85 24.80 28.10 Average…
  8. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 8
    Core Areas of Operations Light Oil Drilling Inventory 3,158 62% Low Risk Type A 38% Low Risk Type B BRITISH COLUMBIA Boundary ALBERTA Drilling 2015 / 16 Lake Inventory wells Valhalla NW AB/BC SASKATCHEWAN North NW AB/BC 563…
  9. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 9
    Operational Excellence Whitecap - Capital Efficiency Improvements 20,000 19,000 18,000 17,000 16,000 DCE&T Capital per boe/d IP(30) 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 East…
  10. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 10
    Predictable and Stable Production Base Base and new well production is predictable and repeatable High level of certainty of achieving forecasted volumes Key characteristics: Areally consistent reservoirs Large resource in place,…
  11. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 11
    Economic Sensitivities to WTI US/bbl 2.5 Profit to Investment Ratio 400% Rate of Return 350% 2.0 300% 250% 1.5 200% 1.0 150% 100% 0.5 50% 0.0 0% 35 40 45 50 55 60 65 35 40 45 50 55 60 65 3.0 Payout (yrs) 6,000 NPV / Well…
  12. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 12
    Financial Prudence and Risk Management Mitigate price volatility and optimize prices Provide predictability for WCP funds flow 2016 hedges: 33% crude oil at 76.38/bbl CAD WTI 57% natural gas at 2.63/GJ AECO Historical Realized…
  13. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 13
    2015 Year End Reserve Summary PDP TP TPP W.I. Reserves - MMboe 113.2 200.0 278.9 - BT10 Value MM 1,947 3,003 4,134 Reserve Life Index - Years 7.6 13.4 18.7 2015 F&D - /boe 12.57 8.86 6.97 - Recycle Ratio 2.9x 4.1x 5.2X 2015…
  14. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 14
    Results and Track Record Production/Share Growth 2P Reserves/Share Growth 45,000 180 300,000 2015 F&D Costs 1,100 143 TP TPP 915 1,000 40,000 160 Incl. FDC 8.86 6.97 139 250,000 848 900 35,000 130 140 TPP Recycle Ratio = 5.2x…
  15. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 15
    Results and Track Record Funds Flow/Share Growth 600.0 2.50 2.08 500.0 1.68 1.84 2.00 1.68 400.0 (Funds Flow / share fd) 1.34 1.50 300.0 (MM) 486.8 482.7 1.00 200.0 0.48 278.8 0.50 100.0 193.9 87.2 0.0 11.3…
  16. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 16
    Upside Potential WCP Oil Resource Plays Avg Recovery To Date (Gross) 2P Oil Ultimate Reserves Upside Oil Recovery Locations (Gross) WI OOIP Cum Recovery OOIP Booked Recovery Possible Recovery Total Booked Unbooked Formations % Oil %…
  17. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 17
    Saskatchewan Viking Oil concentrated land base, superior economics Light oil (36 API) Viking resource play WCP Lands Gas Kerrobert High netback and short payout Conventional Oil Halo Oil Kerrobert Industry-leading capital…
  18. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 18
    Cardium Resource Play repeatable and expandable Cardium horizontal oil resource play Edmonton Light sweet oil (39 API), strong cash netbacks West Pembina East Pembina 7 low decline legacy waterfloods with growth potential…
  19. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 19
    Exceptional Type Curve Economics West Pembina West Pembina Type Well Economics Cardium Cardium (ERH) Drill, Complete, Equip, Tie-in (MM) 2.33 3.34 Production, IP30 (boe/d) 317 476 Production, IP365 (boe/d) 160 239 P+PA Reserves…
  20. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 20
    Deep Basin Dunvegan and Cardium Oil Strong play characteristics Elmworth Wapiti Type Well Economics Dunvegan Cardium ERH 39 to 42 API oil Large OOIP of 6 to 15.5 MMboe/section Drill, Complete, Equip, Tie-in (MM) 2.83 3.57 No…
  21. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 21
    Elnora Nisku Oil stable and predictable 100% operated, 35o API light sweet oil Elnora Free Funds Flow Largest Nisku oil discovery in the past 20 years Production (boe/d) Waterflood - aquifer provides significant support 4,624 5,100…
  22. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 22
    Boundary Lake large shallow decline resource with growth potential Boundary Lake WI Production Consistent low decline asset Operated, 35 API light oil, 91% oil & NGLs Avg 90% WI in 3 operated units 5% decline Legacy oil pool…
  23. April 2016 Corporate Presentation – Whitecap Resources Inc. – slide 23
    The Whitecap Investment Opportunity Long Term Value Growth Orientation Return on capital discipline Per share growth focus Growth within Cash Flow Capital + Dividend < Cash Flow Sustainable dividend, NO DRIP Maintaining…

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