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October 2016 Investor Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Oct 10, 2016 · 30 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. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 1
    Crescent Point Energy Corporate Presentation October 2016 1
  2. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 2
    HIGH-QUALITY, LOW-COST PRODUCER: CPG (TSX AND NYSE) Market Capitalization 10.5 billion (545.4 million shares fully diluted)(1) Net Debt 3.4 billion (incl. hedged US denominated debt) Enterprise Value 13.9 billion 2016 Average…
  3. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 3
    BUSINESS STRATEGY AND 2016 PRIORITIES 2016 Priorities Meet or exceed current 2016 production guidance Develop and Enhance Focused on reducing capital and operating costs Continue to advance core resource plays Increase recovery…
  4. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 4
    IMPROVING CAPITAL AND OPERATING COSTS Viewfield Bakken Flat Lake 12 440 18 Capital cost per Metre Capital cost per Metre 500 Drilling Days Drilling Days 9 360 14 400 6 280 10 300 200 3 200 6 2011 2012 2013…
  5. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 5
    COMMODITY HEDGING STRATEGY Current Oil Hedges 2016 H2 Average: 2017 H1 Average: 2017 H2 Average: 45% 29% 10% 60,000 90.00 50,000 80.00 40,000 CAD 30,000 70.00 bbl/d 20,000 60.00 10,000 0 50.00 Q3 16 Q4 16 Q1 17…
  6. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 6
    FOCUSED GROWTH Large Original Oil-in-Place Significant growth potential with only 3.0% recovered to date Viewfield Bakken Shaunavon 13 years of drilling inventory Flat Lake / Midale Viking Conventional High-return asset base…
  7. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 7
    SIGNIFICANT GROWTH POTENTIAL Total Net Years of Recovery to Key Focus Areas locations(4) Inventory OOIP (mmbbls) Date Shaunavon 1,850 21 5,500 1.2% Conventional 1,225 12 2,900 14.4% Viewfield Bakken 1,200 11 4,600 3.4% Uinta…
  8. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 8
    2016 CAPITAL PROGRAM SUPPORTED BY QUICK PAYOUTS 36 Type Well Payouts by Play (Excluding Upside from Waterflood and New Technology) 24 Months 12 0 Viewfield Bakken Flat Lake Flat Lake Flat Lake SE SK Shaunavon Swan…
  9. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 9
    VIEWFIELD BAKKEN AND SHAUNAVON RESOURCE PLAYS VALUE DRIVERS 160 Viewfield Waterflood Offset Well EURs 3x greater versus Primary(5)(6) 140 Waterflood (secondary recovery) is reducing decline rates and increasing estimated ultimate…
  10. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 10
    EMERGING-GROWTH RESOURCE PLAYS VALUE DRIVERS Mahogany Garden Gulch Douglas Creek Black Shale Ratcliffe Conventional Midale Castle Peak Bakken Bakken Uteland Butte Torquay/Three Forks Torquay/Three Forks Wasatch Flat Lake Flat…
  11. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 11
    FLAT LAKE Q2 2016 production of 18,300 boe/d (up from 1,500 boe/d in 2012) Viewfield Bakken 1,300 net drilling locations (up from 385 in 2012) 825 unconventional and 160 conventional(8) Recently acquired an additional 300 net…
  12. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 12
    FLAT LAKE EXPANDING THE PLAY DURING 2016 Materially expanded drilling inventory: Viewfield Bakken 2016 Step-out drilling = 60 new internally identified locations Q3 Acquisition = 300 new locations (37 net sections in Flat Lake)…
  13. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 13
    UINTA BASIN 5.2 billion barrels of Original Oil-In-Place (recovery to date 0.6%) Ouray Valley Continuing to increase geological knowledge of the basin Gusher (seismic, core samples, well logs, etc.) Horseshoe Blacktail…
  14. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 14
    2017 PRELIMINARY BUDGET Preliminary 2017 Budget - 1.4 billion Funds Flow at US 55 WTI Exit production of 175,000 to 177,000 boe/d Organic Growth Capital 5% to 8% annual growth versus 2016 exit 450 Million Opportunity for…
  15. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 15
    SUMMARY Proven Management Team Proven track record of per share reserves, production and cash flow growth 5-year weighted average F&D of 20.39 per 2P boe of reserves (2.2 times recycle ratio)(10) 8% production per share CAGR since…
  16. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 16
    APPENDIX 17
  17. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 17
    BALANCE SHEET STRENGTH Debt Composition (CAD) as of June 30, 2016 Net Debt to Funds Flow from Operations 4.0x 3.0x 1.4B 1.7B Unutilized Senior Credit 2.0x Guaranteed Capacity Notes* 1.0x 2.2B Drawn on Bank Credit…
  18. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 18
    INDUSTRY-LEADING CASH NETBACKS Cash Netbacks US30 WTI (Excluding Hedging Gains) 15.00 CPG Canadian Peers Cash Netbacks /boe 10.00 USA Peers Saskatchewan Focused 5.00 - Source: Macquarie Capital Markets Canada Ltd.…
  19. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 19
    ECONOMICS BY PLAY Type Well Cost per NPV Rate of Return Payout Area (mbbl EUR) well (M) 10% (M) (%) (months) Viewfield 75 - 125 1.3 1.4 to 3.3 91 to 317 7 to 14 Shaunavon 84 - 150 1.4 1.0 to 2.2 40 to 101 13 to 28 Flat Lake…
  20. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 20
    VIEWFIELD BAKKEN 2016 capital allocation: 270 million (24% of total budget) 1,200 net drilling locations 4.6 billion barrels of Original Oil-In-Place with recovery to date of 3.4% Continue to implement new completions technology…
  21. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 21
    SHAUNAVON 2016 capital allocation: 185 million (16% of total budget) 1,850 net drilling locations 5.5 billion barrels of Original Oil-In-Place with recovery to date of 1.2% Expanding the resource play through increased drilling…
  22. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 22
    CREATING LONG-TERM VALUE FOR SHAREHOLDERS Growth + Dividend Strategy CPG Waterflood Technology M&A Base Business Expansion Initiatives Large OOIP resources with low Lower decline rates and Increase recoveries and capital…
  23. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 23
    PROVEN TRACK RECORD 200,000 Production Growth (boe/d) 3,000 Funds Flow (millions) 160,000 2,500 120,000 2,000 1,500 80,000 1,000 40,000 500 0 0 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015…
  24. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 24
    PER SHARE FOCUS Production per Share Reserves per Share 400 CAGR: 6% 2 CAGR: 6% + Dividend Yield + Dividend Yield 300 1.75 200 1.5 100 1.25 0 1 (2) 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015…
  25. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 25
    FAVOURABLE WATERFLOOD RESERVOIRS Low Mobility Ratios Enhance Waterflood Oil Recovery Horizontal Waterflood Comparison Tight Oil Total Affected Unconventional Waterflood Pilot Resource Plays Province E&P Companies Production (bbl/d)…
  26. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 26
    ACQUISITION HISTORY: RESERVES MORE THAN DOUBLED Initial 2P Estimated Current 2P Total 2P Increase in Reserves Production Reserves Reserves 2P Reserves % Increase Property (Mboe) (Mboe) (Mboe) (Mboe) (Mboe) in Reserves Sounding Lake…
  27. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 27
    ORGANIC RESERVES GROWTH Cumulative Technical and Development 700 2P Reserve Additions (mmboe)(11) 600 578 mmboe 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012…
  28. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 28
    IMPACT OF TECHNOLOGY IMPROVEMENTS Viewfield Bakken Fresh Water Usage Viewfield Bakken 900 Drilling Progression Spud to Rig Release 16.00 800 700 12.00 600 Water (m3) 500 Days 400 8.00 300 200 4.00 100 0 0.00 2009…
  29. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 29
    INDUSTRY-LOW G&A G&A as a % of Netback 20% 44% lower G&A G&A as a percentage of netback (as a percentage of netback) in comparison to peers 15% 10% 5% 0% 2015 CPG 2015 PEER AVG Crescent Point Energy G&A/boe…
  30. October 2016 Investor Presentation – Crescent Point Energy Corp. – slide 30
    COMPANY INFORMATION BANKER Bank of Nova Scotia AUDITOR PricewaterhouseCoopers LLP LEGAL COUNSEL Norton Rose Fulbright Canada LLP GLJ Petroleum Consultants Ltd EVALUATION ENGINEERS Sproule Associates Ltd REGISTRAR & TRANSFER…

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