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EnerCom The Oil & Gas Conference – Resolute Energy Corp

Resolute Energy Corp · Aug 15, 2016 · 27 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. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 1
    Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company Investor Presentation focused on long-lived August 15, 2016 domestic oil producing assets (NYSE: REN)
  2. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 2
    Resolute Energy overview Delaware Basin 22,400 gross (12,900 net) acres in core of Reeves County Wolfcamp play Development program targeting long laterals in Wolfcamp A and B (7,500 to 10,000) Aneth Field 320+ Wolfcamp A and B…
  3. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 3
    Company highlights Continuing Delaware Basin development; 2016 drilling program extended to 14 Wolfcamp laterals Operational Type curves increased; Wolfcamp A long laterals expected to yield 2.3 million Boe; realized IPs of more…
  4. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 4
    Delaware Basin Reeves County Wolfcamp acreage position delivering Delaware Basin map superior results Recent IPs exceeded 3,000 Boe per day EURs more than 2 MMBoe per well F&D cost approximately 4.00 per Boe Highly concentrated…
  5. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 5
    Mustang and Appaloosa Outstanding well results Reeves County Cimarex Resolute Resolute Resolute Greathouse C21-6 1H North Goat 2201H North Elephant 1001H South Elephant 1004H IP30: 1,792 Boepd IP30: 2,116 Boepd Flowing back IP24:…
  6. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 6
    Wolfcamp A horizontal well results 2016 Wolfcamp A horizontal wells Well information Drilling and completion data Production data Lateral Proppant Peak day Peak 30 Frac Name Status length (million rate day rate % oil stages (feet)…
  7. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 7
    Superior well results IRR at June 30, 2016 strip vs. capex and EUR Consistently strong results First 5 gross (4.0 net) wells of 2016 drilling program added 14.5 MMBoe of reserves and 122 million of PV101 1. Full cycle evaluation…
  8. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 8
    Supplemental 2016 drilling program Five additional wells to be drilled Mustang and Appaloosa Resolute acreage Supplemental program 80 acre Wolfcamp A-B stack pilot Appaloosa Mustang 5,000 foot Wolfcamp A 80 acre…
  9. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 9
    Wolfcamp A B development Effective resource recovery Development model inventory growth 575 675 feet of reservoir section in Wolfcamp A and Wolfcamp B across acreage block Established 8 wells/sec Wolfcamp A Excellent…
  10. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 10
    Expanding asset inventory Significant potential beyond Wolfcamp A and B Wolfcamp horizontal target opportunities Wolfcamp X/Y sands are productive east of our Appaloosa Reeves County zones 1 mile acreage Wolfcamp A/X Matador,…
  11. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 11
    Concentrated acreage, longer laterals Standard section 90% Mustang locations 40% Appaloosa locations 5,000 foot laterals 7,500 foot laterals 10,000 foot laterals 1 mile 1.5 miles 80 acre 80 acre 2 miles 80 acre spacing…
  12. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 12
    Type curve economics 10,000 foot lateral Development type well Wolfcamp A IRR D&C cost, product price Peak 30-day (gross, Boe) 2,024 EUR (gross, MBoe)1 2,338 AFE ( million) 8.8 Peak 30-day rate (Boe per day) N. Goat 2 Unit 2201H…
  13. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 13
    Type curve economics 7,500 foot lateral Development type well Wolfcamp A IRR D&C cost, product price Peak 30-day (gross, Boe) 1,688 EUR (gross, MBoe)1 2,014 AFE ( million) 8.2 Peak 30-day rate (Boe per day) Jolly 1201BH (WCA)…
  14. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 14
    Organic production growth1 Total company production 30,000 1 rig 2017, 2 rigs 2018 2 rigs 2017, 2 rigs 2018 25,000 Boe per day 20,000 15,000 Midpoint of guidance 12,500 Boe per day 10,000 2016 2017 2018 In the…
  15. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 15
    Aneth Field overview Foundation asset Aneth Field 1.5 billion barrels OOIP Produced 442 MMBbl of oil through 2015 (30% recovery) Ongoing successful CO2 flood Aneth and McElmo Creek units predict an average recovery of 40% of OOIP…
  16. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 16
    Aneth Field performance Boe per day vs. LOE per Boe, net Aneth Field Production vs. LOE (net) Aneth Field production has remained essentially flat over the past two years despite lease operating expense per Boe declining an…
  17. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 17
    Aneth Field performance Boe per day vs. capital expenditures, net Aneth Field Production vs. capital expenditures (net) Similar to lease operating expense, total capital expenditures have also averaged a decline of more than 6%…
  18. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 18
    Capitalization and improving credit metrics Pro forma Capitalization table ( million) as of 6/30/16 Cash 4.6 Revolving credit facility - Secured term loan facililty 128.3 8.5% Senior unsecured notes due 2020 400.0 Total debt 528.3…
  19. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 19
    Revised guidance Original Updated 2016 Guidance update guidance August 2016 Projected production Annual MBoe 3,730 4,350 4,246 4,904 Boe per day 10,200 11,900 11,600 13,400 Midpoint (Boe per day) 11,050 12,500 Projected costs…
  20. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 20
    Investment highlights Core of the core Delaware Basin acreage position World class asset base More than 320 operated Wolfcamp A and B drilling locations on concentrated acreage Excellent Rates of return on 2016 10,000 foot…
  21. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 21
    Appendix
  22. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 22
    Pricing assumptions June 30, 2016 strip Year 2016 2017 2018 2019 2020 Thereafter Oil (/Bbl) 49.54 52.17 53.69 54.60 55.43 56.22 Gas (/MMBtu) 3.04 3.18 3.02 3.00 3.06 3.19 23
  23. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 23
    Current hedge positions Current oil derivative positions Bbl/day % Hedged utilizing Swap Collars Options Term hedged Swaps Collars Options strike Floor Cap Sold Call 2016 6,575 100% 0% 0% 80.11 - - - 2017 2,032 75% 25% 0% 51.10…
  24. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 24
    Margin and cost structure Non-GAAP reconciliation 2015 2016 ( in millions, except as noted) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Sales volumes Total MBoe 1,215 1,231 1,144 946 4,536 820 1,080 1,900 Revenue 41.1 48.4 36.6 28.5 154.6 19.0…
  25. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 25
    Margin and cost structure per Boe Non-GAAP reconciliation 2015 2016 ( per Boe) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Revenue 33.86 39.32 32.00 30.14 34.09 23.16 32.78 28.62 Realized derivative gains 19.91 14.61 21.31 28.11 20.54 33.82 19.03…
  26. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 26
    Adjusted EBITDA Non-GAAP reconciliation 2015 2016 ( in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Net income (loss) (208.2) (259.1) (182.8) (92.2) (742.3) (85.3) (36.9) (122.2) Adjustments: Interest 11.2 15.8 16.3 21.1 64.4 13.1 13.0…
  27. EnerCom The Oil & Gas Conference – Resolute Energy Corp – slide 27
    Quarterly prices and volumes 2015 2016 Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD Average prices: Oil ( per Bbl) 41.47 50.54 40.04 35.46 42.16 26.63 39.75 33.95 NGL ( per Bbl) 10.02 12.19 8.72 9.99 10.32 4.30 7.64 6.41 Gas ( per Mcf) 2.64 2.27…

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