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INVESTOR PRESENTATION – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · Oct 1, 2014 · 48 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. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 1
    Investor Presentation October 2014
  2. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 2
    The Company and Assets Production Mix 7% Heavy Oil 27% 2014 L&M Oil Base Natural Gas 67% Leading Latin American focused E&P 95 E&P blocks in seven countries (32 million gross (21 million net) acres Diversified across…
  3. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 3
    Long-term Strategic Vision Targeting Material Resource Capture Focus on prospective Latin American basins with potential to provide material resource capture Active in countries with right balance of above and below ground risks…
  4. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 4
    Industry Leading Production, Reserves and Financial Growth Net Production Net Reserves Mboe/d Net Production MMboe P1 P2 2P 160 700 613 140 600 514 120 59% 36% 500 CAGR 224 100 CAGR* 407 400 183 80 281 103 149 269 129 300 60…
  5. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 5
    Reserves Growth Feeds Future Production Net 2P Reserves Peru PMG Light Oil Colombia Light Oil Rio Ariari RESERVES AND NETBACK COMPARISON(1) CPE-6 Quifa* La Creciente & Guama Rubiales 2P RLI P1/2P Ratio Oil Netback(1) MMboe 2007…
  6. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 6
    2P Reserves Growth Underlines Robustness and Diversification Net 2P Reserves MMboe Rubiales Other Fields 700 600 500 400 300 200 100 56% 100% 60% 50% 28% 19% 11% 0 2007 2008 2009 2010 2011 2012 2013 13 year RLI, approx.…
  7. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 7
    Rubiales / Quifa SW Fields An Oil Giant Discovered by Super Major in 1981. Today, holds three large producing oil fields: Rubiales, Quifa SW and Caja Very large Original Oil In Place: Rubiales: 4.6 Billion barrels Quifa: 2.8…
  8. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 8
    Replacement of the Rubiales Field (Base Case Forecast) Net 2P Reserves Net Production Rubiales Other Fields Rubiales Other Heavy oil (low case) Other Heavy oil (high case) Light/Medium oil MMboe Mboe/d Natural Gas Exploration 700…
  9. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 9
    CPE-6 Development Moving Along the Trend PRE 50% WI and operator (Talisman 50% WI partner) 23 wells in plan for 2014 (16 development, 7 exploratory) 63 MMbbl certified net 2P reserves on drilled portion of Hamaca prospect…
  10. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 10
    Rio Ariari Development Moving Along the Trend PRE 100% WI and operator Mochelo Prospect Progressing with development of Mochelo prospect 46 MMbbl certified net 2P reserves + early low case resources support 50 - 60 Mbbl/d…
  11. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 11
    Light Oil Field Development Net Production Colombia Mboe/d Light / Medium oil Risked Exploration 80 Light Colombia oil provides secure lower 70 cost diluent source 60 50 40 86 MMbbl Net 2P reserves light / medium 30 20 La…
  12. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 12
    Strategic M&A Provides Elements Unavailable Organically COLOMBIA M&A ACQUISITIONS Net 2P Net Cost Acquisition Reserves Production /2Pbbl M/bbl/d (B) (MMbbl) (Mbbl/d) PetroMagdalena (Mid 2012) 0.2 16.6 3 14 71 C&C (Late…
  13. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 13
    Light Oil from M&A Provides Less Expensive Diluent 1 2 IMPORTED OWN LIGHT DISTILLATE OIL PRODUCTION (PRE-2013) (2013 Forward) Blending ratio: Blending ratio: 1 1.5 bbl / 10 bbl oil 2 3 bbl / 10 bbl oil production production…
  14. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 14
    PRE Light-Medium Oil & Gas Colombia Net Production (boe/d) 2014 Exit 2015 Exit Pacific Stratus 34,000-36,000 38,000-40,000 Petrominerales 27,000-29,000 31,000-33,000 TOTAL 61,000-65,000 69,000-73,000 Peru Net Production (bbl/d)…
  15. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 15
    Adding Additional Value Through Early Infrastructure Investment Company makes early first mover investments in infrastructure to control the pace and timing of critical oilfield developments Major Midstream Assets: ODL (35% WI)…
  16. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 16
    STAR (EOR) Technology Key to Increased Recovery Factors in Colombian Heavy Oil Fields Current primary recovery methods leave 85% or more of oil behind in the ground Extending field life and increasing RF of heavy oil fields is a…
  17. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 17
    Bicentenario Pipeline Provides Additional Link to Export Markets Project Description Phase 1: 226 km long x 42 pipeline connecting Araguaney to Banadia (Cao Limn Pipeline) Capacity: up to 120 Mbbl/d Operational since November…
  18. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 18
    Cost Reduction Initiatives Heavy Oil Crude Own Light Crude Natural Gasoline Diluet Cost Per Sold Barrel (/bbl) Diluet Cost Distribution (/bbl) Diluent Cost Reduction 100% 12% 6% 4% 2% 3% 3% 10 Reducing expensive imported diluent…
  19. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 19
    Petroelctrica de los Llanos Strategic Asset for Llanos Development Project Description 260 Km, 230 kV powerline from Chivor to Rubiales 550 transmission towers Two substations to supply power to ODL pipeline boosters 192 MW…
  20. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 20
    Pacific Infrastructure A New Doorway to the Market Assets included: Puerto Baha (41.4% WI) Natural deep water port 3.3 MMbbl storage in two phases Total Capex: 570 MM; 70% project financed First operations by 4Q2014 OLECAR…
  21. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 21
    Pacific Midstream / Infrastructure Monetization of Infrastructure Assets Pacific Midstream Assets: PEL (100%), ODL (35%), BIC (41.5%), La Creciente gas pipeline (100%) IFC non-binding appraisal letter agreement for 40% of…
  22. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 22
    Caribbean Floating LNG Worlds First Floating LNG Facility Floating Liquefaction Barge (FLNG) Under construction in China Capacity: 70 MMcf/d Double configuration for exports: Small scale LNG and FOB standard cargoes Owned by Exmar…
  23. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 23
    Agrocascada Share Value with Communities Sustainable alternative for water disposal Provides a new source of water resource for agroindustrial projects Share value with communities Agricultural developments Local employment…
  24. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 24
    Exploration Opportunities Large and Diversified Resources Portfolio Feeds Future Exploration PRE Total Acres 33.4 MM Gross 24.5 MM Net 95 36 Assets 166 82 Prospects* 84 Leads* 6,240 MMboe E&P Exploration Total Prospective…
  25. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 25
    2Q 2014 Exploration Activity - Wells 2014 2Q 2014 Exploration Well Results Block Wells 1Q 2Q 3Q 4Q Prospect-Well Net Pay Block Welll Type Result Arrendajo 2 2 Name (ft)* CPE-6 7 6 1 CPE-6 Hamaca-7 Appraisal Testing 41.0 CPO-17 3 1…
  26. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 26
    Peru 131 Block Los Angeles Discovery Los Angeles discovery well stabilized at an average daily rate of 1,159 bbl/d with 0.6% watercut Cushabatay The well produced a total of 47,536 bbl of 45.3 API oil over a 40-day period Noi…
  27. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 27
    Pacific Rubiales Entry Into Mexico Strategically Aligned with Core Capabilities PRE footprint in Mexico PRE Mexico Incorporated PRE Mexico President appointed Secured office space Energy reform bylaws approved Round Zero…
  28. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 28
    Capital Expenditures 1H 2014 Net Capital Expenditures Historical Capex MM 2008 2009 2010 2011 2012 2013 2014E 7% 1,000 Production facilities 900 29% 800 700 Exploration activities 38% 992 600 500 MM Development drilling 400…
  29. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 29
    Corporate Social Responsibility and Sustainability The New Way of Doing Business Our goal is to generate economic growth under social and shared value We work towards the satisfaction of our stakeholder's expectation and beyond…
  30. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 30
    Pacific Rubiales Advantage 1 Sustainable Cash Flow and Strong Netbacks Cash flow to invest in large development and exploration portfolio Self funded growth from internally generated cash flow Production linked to international…
  31. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 31
    ADDITIONAL INFORMATION 31
  32. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 32
    Sub-Andean Basins in Latin America Massive Hydrocarbon Resources One of the great oil-rich hydrocarbon trends in the world. Sharing similar geologic and petroleum systems Runs from Trinidad through Venezuela, Colombia, Ecuador and…
  33. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 33
    PRE as the Main Engine in Colombias Production Growth Light/Medium Oil Fields (Other) Heavy Oil Fields (Other) Light/Medium Oil Fields (PRE) Heavy Oil Fields (PRE) Mbbl/d 1,200 Large Light Fiscal & 1,000 Oil Field Regulatory…
  34. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 34
    Organic Growth Through the Drill Bit Net 2P Reserves Exploration Net 2P Reserves Total Net 2P Reserves % Company is focused on organic reserves MMboe % Incorporated by Exploration Exploration and production growth 700 100% 94%…
  35. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 35
    CPE-6 Block Development Plans Facility Project Phases Phase 1: 8 Mbbl/d Phase 2: 10 Mbbl/d additional Phase 3: 15 - 25 Mbbl/d additional Phase 4: 15 - 25 Mbbl/d additional Total estimated Capex: 1.5 - 2.0 Billion Current…
  36. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 36
    Rio Ariari Block Development Plans Facility Project Phases Early production facilities Phase 1: 12 Mbbl/d Phase 2: 25 - 35 Mbbl/d additional Estimated total Capex: 1.2 - 1.7 Billion Mochelo South Current Project Status Early…
  37. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 37
    PRE Net Pipelines Capacities Pipeline Capacity* 1. Oleoducto de los Llanos (ODL): 119,000 bbl/d 2. OCENSA: 100,750 bbl/d (18 - 24API) BICENTENARIO: 47,334 bbl/d (24API) 3. Oleoducto Guaduas la Dorada (OGD): 38,000 bbl/d 4.…
  38. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 38
    Brazil Santos Basin Resource Diversification Kangaroo-1 and Bilby-1 exploration wells, drilled to a total depth of 10,004 ft. MD and 14,489 ft. MD, encountering an oil pay oil bearing column 58 ft. and 230 ft., respectively…
  39. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 39
    2013 Oil Exports 2013 2012 WTI Nymex 98.1 WTI Differential 94.2 WTI Differential ICE BRENT 108.7 -10.6 111.9 -17.7 Region Price /bbl Volume MMbbl Price /bbl Volume MMbbl USA 99.8 16.8 101.3 10.1 Europe / Asia / Africa 98.8 20.4…
  40. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 40
    2Q 2014 Highlights* 149,118 Boe/d Net Production: 17% higher vs. 2Q 2013 1,345 Million Revenue: 27% and 5% higher vs. 2Q 2013 and 1Q 2014 respectively 722 Million Adjusted EBITDA: 20% and 2% higher vs. 2Q 2013 and 1Q 2014…
  41. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 41
    Production Growth Profile Net Production Growth Continues Gas Production L&M Oil Production PAP Heavy Oil Production Rubiales Mboe/d 350 316 325 320* 310 311 12 12 11 300 12 11 28 29 39 61 59 3 7 6 250 5 200 149 149…
  42. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 42
    Operational Efficiency Robust Oil Netbacks /bbl Total Operating Cost Netback Realization Price 120 103.00 99.05 98.44 99.76 100 95.84 95.54 Strong and continued high oil netback 37.27 80 32.53 33.23 35.45 31.46 34.22 4%…
  43. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 43
    2Q 2014 Financial Highlights Financial Results Operating Netbacks Million Earnings from /boe Revenues Adjusted EBITDA FFO Operations Oil Netback Gas Netback Combined Netback 1,600 70 65.54 63.31 62.76 60.54 1,400 1,345 60…
  44. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 44
    2Q 2014 Financial Results Breakdown Million 1,345 533 90 722 65 39 383 532 14 20 229 Oil & Gas Sales Operating Cost G&A Expense EBITDA Finance cost Income tax DD&A ** Foreign Other Expenses Net Earnings for Funds…
  45. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 45
    Strong Balance Sheet, Liquidity Ratios and Production Growth Millions (except amount per share) 2014 2013 2Q 1Q FY 4Q 3Q 2Q 1Q DEBT / ADJUSTED EBITDA-ANNUALIZED 1.60 1.61 1.73 1.73 0.91 0.90 0.90 ADJUSTED EBITDA / FINANCE…
  46. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 46
    Debt Overview Current Debt Maturity Profile(1) Debt/Adjusted EBITDA Banks 1,284 2.1x 990 1.7x 967 Bonds 1.5x 436 0.8x 0.6x 0.6x 279 0.5x 98 86 74 37 2014 2015 2016 2017 2018 2019 2020 2021 2022…
  47. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 47
    Balance Growth with Returns Dividend Distribution MM Dividends paid % from CFO* 250 20% 18% 200 16% Dividend distribution 14% 150 12% 10% Discretionary 100 8% Consistently paid and increased dividend 6% 50 4% since 2010 2% 0…
  48. INVESTOR PRESENTATION – Pacific Rubiales Energy Corp. – slide 48

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