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January 2016 Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Jan 25, 2016 · 32 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. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 1
    CORPORATE PRESENTATION JANUARY 2016
  2. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 2
    A MONTNEY FOCUSED SUSTAINABLE BUSINESS MODEL Delphis Bigstone Montney remains a Top Tier growth asset: Maintains favorable economics in the current commodity price environment Well payouts at 1.9 years on current strip Free cash…
  3. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 3
    DELPHI: CORPORATE DEEP BASIN NORTHWEST ALBERTA CORPORATE INFO Dawson Creek Trading Symbol TSX:DEE Hythe Basic Shares Outstanding 155.5 million Hythe and Wapiti Grande Prairie sold in 2015 Market Capitalization 106 million…
  4. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 4
    DELPHI: BIGSTONE A SINGULAR FOCUS 23 DEE Producing Montney Horizontals January 2016 5
  5. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 5
    BIGSTONE MONTNEY: DOMINANT LAND POSITION Montney land position has grown to 139 gross (117.1 net) sections since 2010 Delphi one of the largest Montney landowners on map sheet Continue to pursue additional Montney…
  6. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 6
    BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE Rge25W5 Delphi owns Rge24 significant infrastructure at Rge23 Rge22 Rge19 Rge18 SemCAMS KA TCPL Bigstone 100% owned 55 mmcf/d sour dehy and Alliance compression facilities 26% ownership…
  7. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 7
    BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE Delphi 100% owned Water Disposal Facility 3 million project Less than 1 year payout Targeted operating costs savings of: 2.0 to 2.5 million per year or 0.70 per Montney boe Targeted…
  8. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 8
    BIGSTONE MONTNEY: TCPL/ALLIANCE SERVICE 100.0 TCPL/Alliance Capacity (mmcf/d) 90.0 80.0 70.0 Q3 2015 Average Natural Gas Staged firm service capacity on Alliance to deliver natural 60.0 Production gas to the Chicago gas market…
  9. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 9
    DELPHI MONTNEY: OPEX AND NGL YIELDS Montney OPEX Costs (/boe) Montney Operating Costs 14.00 Operating costs being reduced as a result of 12.00 economies of scale, processing arrangements 10.00 and reduction in cost of services…
  10. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 10
    UNDERSTANDING THE TRANSFORMATION Strategic Events in 2015 Sale of Wapiti / Hythe / other minor non-core assets in 2015 Corp 13.50 Netback 2,600 boe/d (62 million gross proceeds) +45% 3.00 Low netback on current…
  11. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 11
    BIGSTONE MONTNEY: 21 WELLS DRILLED Drilled 3 HZ wells in 2012 To KA Sour Two mile HZs with laterals of 2,200 Plant m to 3,000 m ATH 16-30 DEI Fracd using conventional gelled oil 5 wells 3 wells frac designs 8-21 Drilled 7 HZ wells…
  12. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 12
    WEST BIGSTONE: ADDITIONAL MONTNEY UPSIDE Athabasca well producing West Bigstone Montney: 95 bbl/mmcf condensate 27 sections (100% WI) Athabasca well drilled and Upper and middle Montney thicken completed Natural gas is sweet to…
  13. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 13
    BIGSTONE MONTNEY: PRODUCTION GROWTH Montney Production (boe/d) 8,000 20% Growth in 2016 6,000 vs 2015 4,000 2,000 Montney Production Still Growing in 2016 0 Average Montney production for 2016 forecast to 2012 2013 2014 2015…
  14. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 14
    BIGSTONE MONTNEY: INDIVIDUAL WELL DATA Initial Production (IP) Rate Well Performance (1) Number IP30 IP30 IP30 IP90 IP180 IP270 IP365 IP 2yr HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales Total Sales Total…
  15. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 15
    BIGSTONE MONTNEY COMPARED TO A LARGER DATA SET Elmworth Large data set 488 Montney wells on production Wapiti Delphi Kakwa Bigstone Source of Data: geoSCOUT January 2016 16
  16. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 16
    EVOLUTION: WELL PRODUCTIVITY INCREASING IP90 (mcf/d) IP180 (mcf/d) 4,500 15 18 441 wells 4,500 17 362 wells 4,000 19 60 36 4,000 14 46 3,500 59 3,500 18 30 48 33 38 3,000 3,000 25 2,500 66 2,500 36 18 55 2,000 2,000 15 1,500…
  17. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 17
    EVOLUTION: DELPHI WELL COST IMPROVEMENTS D&C Costs ( 000) DEE Well Costs Cost per Frac Stage (000) 12,000 Avg. Drill Costs Avg. Comp. Costs Avg. Comp. /Stage 700 10,000 600 Montney Capital Efficiencies 500 Average drilling and…
  18. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 18
    BIGSTONE MONTNEY: ECONOMIC MODEL Delphi Energy - Bigstone Montney Two Section Horizontal Type Well 30 to 40 stage Slickwater Completion Original Economics Jan. 13, 2016 GLJ Jan. 2014 GLJ Jan. 2016 Pricing(2) Strip Pricing(1)…
  19. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 19
    DELPHI: 2015 PRELIMINARY RESULTS 2015 2015 Guidance Preliminary Results Average Annual Production (boe/d) 9,400 9,600 9,475 Exit Production Rate (boe/d) (net of 2,600 boe/d of dispositions) 8,100 8,300 8,150 AECO Natural Gas…
  20. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 20
    DELPHI: A DIRECTIONAL LOOK AT 2016 2016 Priorities Through This Structural Reset: Maintain financial flexibility Capex in the context of cash flow Significant hedge position for 2016 volumes 75% of natural gas and 43% of field and…
  21. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 21
    DELPHI: 2017 AND BEYOND Levers Still to be Pulled in an Oil Lower for Much Longer Scenario: Operating efficiency gains will lift unhedged netbacks through 2016 and 2017 Reducing/eliminating the GORR funding through 2H 2016 adds:…
  22. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 22
    DELPHI: HEDGES PROTECTING CASH FLOW Natural Gas (Cdn) 2016 2017 Volume (mmcf/d) 2.8 2.4 % Hedged (1) 8% 7% Fixed Price (Cdn /mcf) 3.84 3.96 Strip Price (Cdn /mcf) 2.44 2.89 Natural Gas (US) 2016 2017 2018 2019 Volume (mmcf/d)…
  23. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 23
    DELPHI: 2016 GUIDANCE 2016 Guidance Average Annual Production (boe/d) 8,500 9,000 Exit Production Rate (boe/d) 8,500 9,500 AECO Natural Gas Price (Cdn per mcf) 2.50 WTI Oil Price (US per bbl) 38.00 Natural Gas Liquids Price…
  24. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 24
    DELPHI: SENSITIVITIES TO 2016 2016 CAPEX / CF MATRIX Number of 2016 Exit Rate US WTI / US2.50 NYMEX Gross Wells Production Growth 30.00 40.00 50.00 60.00 4 0% 113% 99% 89% 82% 5 15% 137% 119% 107% 98% 6 25% 146% 126% 114% 104%…
  25. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 25
    DELPHI: SUMMARY Bigstone Montney is a Top Tier growth asset: Large Montney land base of 139 sections Favorable economics and attractive capital efficiencies Remains economic in the trough of the commodity price cycle Hedges in place…
  26. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 26
    APPENDIX 27
  27. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 27
    EVOLUTION OF THE WORLD-CLASS MONTNEY PLAY Elmworth Large data set 488 Montney wells on production Wapiti Delphi Kakwa Bigstone Source of Data: geoSCOUT January 2016 28
  28. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 28
    EVOLUTION: PACE OF DRILLING ACCELERATING Producing Wells by Rig Release Date Drilling remains active with 106 Montney Total Wells: 488 wells rig released YTD 2015 200 Only 10 wells reporting Montney 150 production as of the date of…
  29. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 29
    EVOLUTION: WELL LENGTH INCREASING 180 Number of Wells 3,000 Average Horizontal Length (m) 160 Delphi Ave 2,500 140 120 2,000 100 1,500 80 60 1,000 40 500 20 0 0 0-1,000 1,001-1,500 1,501-2,000 2,001-2,500 2,501-3,000…
  30. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 30
    EVOLUTION: FRAC STAGES INCREASING Number of Wells Average Number of Frac Stages/Well 160 30 Delphi Ave 140 25 120 20 100 80 15 60 Evolution of frac design/recipe 10 40 has also had a significant 20 5 positive impact to…
  31. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 31
    EVOLUTION: WELL PRODUCTIVITY INCREASING IP90 (mcf/d) IP180 (mcf/d) 4,500 15 18 441 wells 4,500 17 362 wells 4,000 19 60 36 4,000 14 46 3,500 59 3,500 18 30 48 33 38 3,000 3,000 25 2,500 66 2,500 36 18 55 2,000 2,000 15 1,500…
  32. January 2016 Corporate Presentation – Delphi Energy Corp. – slide 32
    DELPHI: RESERVES GROWTH Growth in Montney Reserves 25% PDP 42% PDNP 2% PUD 31% PA 74,368 31,434 Probable (mboe) Proved (mboe) Montney Development 61,662 Reserves /1,000 shares 25,520 124% growth in PDP reserves over…

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