Skip to main content Annual General Meeting – Bonavista Energy Corp Investor Presentation | Shale Experts
Loading...
Pm

Annual General Meeting – Bonavista Energy Corp

Bonavista Energy Corp · May 5, 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. Annual General Meeting – Bonavista Energy Corp – slide 1
    ANNUAL GENERAL MEETING MAY 5, 2016 1
  2. Annual General Meeting – Bonavista Energy Corp – slide 2
    IDENTITY CORE BUSINESS PRINCIPLE Our people provide the foundation for value creation 4
  3. Annual General Meeting – Bonavista Energy Corp – slide 3
    IDENTITY SOCIALLY RESPONSIBLE Developing our assets responsibly: In the past four years, we have decreased our total flared and vented natural gas volumes by 44% Converting our corporate vehicles to propane, reducing our…
  4. Annual General Meeting – Bonavista Energy Corp – slide 4
    IDENTITY - 2015 ACCOMPLISHMENTS* Reduced F&D costs to 7.26/boe 33% improvement Operating costs of 6.60/boe 20% improvement Cash costs of 10.70/boe 12% improvement Production of 79,288 boe/d 3% increase Total payout ratio…
  5. Annual General Meeting – Bonavista Energy Corp – slide 5
    IDENTITY - Q1 2016 ACCOMPLISHMENTS Capital Expenditures of 46 million 10% below budget Operating costs of 5.75/boe* 18% improvement Cash costs of 9.45/boe* 14% improvement Total payout ratio of 88%* 39% improvement…
  6. Annual General Meeting – Bonavista Energy Corp – slide 6
    IDENTITY CORE OPERATING AREAS Focused: Deep Basin Q1 2016 19,809 boe/d production 90% natural gas 4.03/boe operating costs Key plays: Wilrich, Bluesky, Falher, Notikewin West Central Q1 2016 46,659 boe/d production 59%…
  7. Annual General Meeting – Bonavista Energy Corp – slide 7
    2016 PRIORITIES 1. Improve financial flexibility 2. Maintain sustainability 3. Protect funds from operations 4. Enhance efficiencies 10
  8. Annual General Meeting – Bonavista Energy Corp – slide 8
    2016 PRIORITIES IMPROVING FINANCIAL FLEXIBILITY Guidance: 2016 Budget Capital expenditures: Total ( millions) 140 - 145 Production (boe/d): Entrance 72,000 Annual ** 67,500 Exit ** 67,500 Funds from operations ( millions)…
  9. Annual General Meeting – Bonavista Energy Corp – slide 9
    2016 PRIORITIES SUSTAINABILITY Maintaining our funds from operations 75,000 245 Funds from operations ( millions) 70,000 240 Production (boe/d) 65,000 235 60,000 1.63/gj AECO 230 US42.39 WTI 2.00/gj AECO 55,000…
  10. Annual General Meeting – Bonavista Energy Corp – slide 10
    2016 PRIORITIES SUSTAINABILITY 2016E Total payout ratio*: 400% 350% 300% 250% 200% 150% 100% 50% 0% BNP * E&D capital expenditures + dividends / funds from operations 13 Source: Peters & Co., intermediate…
  11. Annual General Meeting – Bonavista Energy Corp – slide 11
    2016 PRIORITIES - PROTECTED Natural gas hedging: Average 29% BNP 14 Source: RBC Capital markets, producer companies, April 2016
  12. Annual General Meeting – Bonavista Energy Corp – slide 12
    2016 PRIORITIES ENHANCED EFFICIENCIES 2016E operating costs: 18.00 16.00 14.00 12.00 10.00 (/boe) 8.00 6.00 4.00 2.00 0.00 BNP 15 * Source: Peters & Co., May 2016 Intermediate coverage universe
  13. Annual General Meeting – Bonavista Energy Corp – slide 13
    2016 PRIORITIES ENHANCED EFFICIENCIES Top tier production addition costs: Production replacement costs by producer (2015/2014) BNP 16 Source: BMO Capital Markets, Canadian oil and gas exploration and production group, April…
  14. Annual General Meeting – Bonavista Energy Corp – slide 14
    ASSET QUALITY KEY PLAYS Many years of high quality development: Locations (gross) in our key play inventory*: 1,105 Locations Other Key Plays Glauconite WEST CENTRAL 387 locations 346 locations Hoadley Glauconite 288 Strachan…
  15. Annual General Meeting – Bonavista Energy Corp – slide 15
    CAPITAL ALLOCATION Base E&D spending of 135MM: Wells Expenditures % of Value Gross Net ( millions) Expenditures Spirit River: 16 15.9 65 54 Wilrich 10 10.0 52 43 Falher/Notikewin 6 5.9 13 11 Glauconite: 19 16.2 54 43 Hoadley 17…
  16. Annual General Meeting – Bonavista Energy Corp – slide 16
    SPIRIT RIVER Growing our presence in the Wilrich, Falher and Notikewin trends: Production 2016E Production 16% 16,000 14,000 12,000 22% Production (boe/d) 10,000 8,000 6,000 4,000 2,000 0 2013 2014 2015…
  17. Annual General Meeting – Bonavista Energy Corp – slide 17
    ANSELL WILRICH Controlling our infrastructure: 4.25 4.05 4.00 3.75 Operating Costs (/boe) 32% 3.50 3.25 3.00 60 mmcf/d compression and processing facility commissioned in Q3 2015 2.75 2.75 Expandable to…
  18. Annual General Meeting – Bonavista Energy Corp – slide 18
    ANSELL WILRICH Improving efficiencies through experience and technology: 5,000 Completion 11% 4,000 down /horizontal meter 3,000 19% 2,000 Drilling down 1,000 17,400 10,700 boe/d boe/d 0 2015 Q1…
  19. Annual General Meeting – Bonavista Energy Corp – slide 19
    MORNINGSIDE FALHER Improving efficiencies through capital cost reductions: 2,000 25% Complete down /horizontal meter 1,000 27% Drilling down 8,500 6,000 boe/d boe/d 0 2015 Q1 2016 Q1 * Costs per meter…
  20. Annual General Meeting – Bonavista Energy Corp – slide 20
    MORNINGSIDE FALHER Sustainable development through 2016: Annual production Capital expenditures Production growth of 4% while spending 70% of funds from 4,000 operations* 3,500 3,000 Production (boe/d) 2,500 2016E…
  21. Annual General Meeting – Bonavista Energy Corp – slide 21
    GLAUCONITE Solid production base established: Production 2016E Production 30,000 25,000 20,000 Production (boe/d) 35% 15,000 10,000 5,000 0 2013 2014 2015 Glauconite Spirit River Other 25
  22. Annual General Meeting – Bonavista Energy Corp – slide 22
    HOADLEY GLAUCONITE Continually more efficient: 3,000 26% Completion down /horizontal meter 2,000 25% Drilling 1,000 down 14,300 9,000 boe/d boe/d 0 2015 Q1 2016 Q1 * Costs per meter include actual…
  23. Annual General Meeting – Bonavista Energy Corp – slide 23
    GLAUCONITE Reliable and predictable production: Annual production Capital expenditures Maintaining production by spending only 39% of net 30,000 operating income* 25,000 Production (boe/d) 20,000 2016E 15,000…
  24. Annual General Meeting – Bonavista Energy Corp – slide 24
    KEY PLAY RETURNS Sensitivities: 70% All key plays compete average strip price for 2016/2017 equally for capital in 60% current price environment 50% Internal Rate of Return 40% 30% 20% Ansell Wilrich - 1.5 mile*…
  25. Annual General Meeting – Bonavista Energy Corp – slide 25
    SUMMARY 2016 Priorities: Improve financial flexibility Debt repayment of 76 million Maintain sustainability Total payout ratio of 67% with minimal production decline Protect funds from operations Hedged 82% of natural gas…
  26. Annual General Meeting – Bonavista Energy Corp – slide 26
    2016 STRATEGIES FINANCIAL FLEXIBILITY Total & senior debt*: Senior Notes (CDN) 20 Unutilized Bank Capacity 328 Bank credit facility - 600 million 11 banks in credit facility Unsecured, financial covenants Matures September 10,…
  27. Annual General Meeting – Bonavista Energy Corp – slide 27
    2016 STRATEGIES FINANCIAL FLEXIBILITY Senior debt maturities: 300 Senior notes average interest rate 4.1% Bank debt interest rate 3.3% Remaining term approximately 5.2 years at 3.9% 250 200 ( millions) 150 100 50…
  28. Annual General Meeting – Bonavista Energy Corp – slide 28
    2016 STRATEGIES FINANCIAL FLEXIBILITY Total and senior debt / EBITDA: Year ended December 31, 2016E ( millions) Revenues, net of royalties 357 * Realized gains on financial instrument contracts 146 503 Expenses: Operating…
  29. Annual General Meeting – Bonavista Energy Corp – slide 29
    2016 FIRST QUARTER PERFORMANCE Three months ended March 31, Financial: 2016 2015 % change ( millions except per share amounts) Production revenues 105 164 (36)% Funds from operations 59 97 (39)% - per share 0.27 0.45 (40)%…
  30. Annual General Meeting – Bonavista Energy Corp – slide 30
    2015 RESERVES F&D costs of 7.26/boe: Natural Before- Natural 10%NPV Total 2.4 billion Oil Gas Total Tax Gas Liquids 10%NPV Proved (Mbbls) (MMcf) (Mbbls) (Mboe) (Millions) Probable Developed 35% Producing Category:…
  31. Annual General Meeting – Bonavista Energy Corp – slide 31
    COMMODITY AND CURRENCY VOLATILITY 2016 Commodity composition By Volume By Value 2% 9% 6% 7% Ethane 13% Propane 4% Butane 5% Pentane 6% Oil 17% 61% 69% 37

From the store

Browse maps, data & reports in the Shale Experts store