Skip to main content Q1 2016 Operations Update – Bonanza Creek Energy, Inc. Investor Presentation | Shale Experts
Loading...
Pm

Q1 2016 Operations Update – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · May 5, 2016 · 19 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. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 1
    May 2016 Investor Presentation
  2. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Market Cap(1): 200 million Wattenberg Field(2) Arkansas 25,000 7,000 Enterprise Value(1): 1.3 billion Boe/d Boe/d 1Q16 Production: 24.3 Mboe/d Production Mix(3): 58% Oil 2015 Proved Reserves: 101…
  3. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 3
    Driving Efficiencies & Preserving the Balance Sheet Solid 1Q operational execution Assets continue to outperform expectations; third consecutive quarter exceeding guidance for production and costs Controlling costs to preserve…
  4. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 4
    First Quarter 2016 Highlights GAAP net loss of 47.2 million, or 0.96 per diluted share; Adjusted net loss of 22.4 million, or 0.46 per diluted share (1) Adjusted EBITDAX of 18.5 million.(1) Production Gas Plant and Midstream OPEX 3…
  5. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 5
    2016 BCEI Guidance 2Q16 Guidance FY16 Guidance Production (Mboe/d) 22.7 23.3 19.7 21.7 LOE (MM) 52 56 Midstream (1) (MM) 15 17 Cash G&A (2)(MM) 40 44 Production taxes 6% 7% (% of pre-derivative realization) CAPEX (MM) 35…
  6. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 6
    First Quarter Wattenberg Program Company connected 11.3 net wells into sales; exited the quarter with 6 DUCs Company achieved 2.4 2.5 million SRL well costs during the first quarter Drilling program focused on areas with existing…
  7. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 7
    Increased Sand Continues to Outperform Extended Production History Confirms Performance Improvement 25% 24% Uplift at Uplift at day 560 day 480 22% Uplift at day 300 Upsized Frac Job 1,500 lbs per lateral ft Standard Frac…
  8. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 8
    Plug-and-Perf Completions Plug-and-perf ideal for mono- bore well design Potential 25% EUR Uplift Expected cost similar to sliding sleeves on multi-well pads Provides 1,920 entry points into the reservoir vs. 40 with sliding…
  9. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 9
    Financial Position 2016 strategic focus on maintaining liquidity during downturn Debt Maturities at March 31, 2016 600 Simple capital structure 500 Long-dated unsecured debt with weighted average coupon rate of 6.38% 400…
  10. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 10
    Derivative Position In 1Q16, the Company restructured its 2016 derivatives Sold 5.5 Mboe/d of 3-way collars Used proceeds from 3-way collars to purchase in-the-money puts and swaps Settlement Period Volume (Bbls/d) Contract Type…
  11. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 11
    2016 Outlook Focus on optimizing base production and operating costs Continue marketing assets Rocky Mountain Infrastructure asset Mid-Continent Re-evaluate activity levels upon completion of the RMI sale or material changes to…
  12. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 12
    Adjusted Net Income (1) Reconciliation Three Months Ended March 31, 2016 Net Loss (47,237) Adjustments to net loss: Derivative gain 1,007 Derivative cash settlements 7,508 Income from termination fee (6,000) Impairment of proved…
  13. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 13
    Adjusted EBITDAX(1) Reconciliation Three Months Ended March 31, 2016 Net Loss (GAAP) (47,237) Exploration 266 Depreciation, depletion and amortization 26,379 Impairment of proved properties 10,000 Abandonment and impairment of…
  14. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 14
    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…
  15. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 15
    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…
  16. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 16
    Significant Multi-Year Growth in the Wattenberg 2012 2015 2012 Niobrara B productive across acreage 2013 Niobrara C productive across acreage; Codell productive across 15,000 net acres 2014 Niobrara B / C stacking confirmed;…
  17. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 17
    DJ Basin Predictability is Superior 8x 7x Ideally suited for full-field 1st 90 Day Production: Ratio of P10/P90 6x development 5x 4x 3x 2x 1x 0x Permian - Wolfcamp Marcellus Eagle Ford Utica Bakken DJ…
  18. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 18
    Increased Gas Infrastructure Enhances Productivity Sullivan CS 40 MMcf/d Lucerne II 200 MMcf/d Windmill Line DCP Lucerne II plant brings significant additional gas processing capacity to the basin, creating lower, more…
  19. Q1 2016 Operations Update – Bonanza Creek Energy, Inc. – slide 19
    Base Production Optimization Pronghorn Base Production Case 2015 initiatives enhance 6,000 Study Exceeds Plan base production SCADA system automates 5,000 field operations Infrastructure expansion 4,000 eliminates down time and…

From the store

Browse maps, data & reports in the Shale Experts store