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February 2017 Corporate Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Feb 6, 2017 · 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. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 1
    Crescent Point Energy Corporate Presentation February 2017 Crescent Point Energy is one of Canadas largest light and medium oil producers, based in Calgary, Alberta. 15 YEARS OF SUCCESS The Company is focused on growing its…
  2. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 2
    HIGH-QUALITY, LOW-COST PRODUCER: CPG (TSX AND NYSE) 2017 Average Production 172,000 boe/d (89% liquids) Strategic Asset Base Largest Canadian producer in Williston Basin 2017 Exit Production 183,000 boe/d (89% liquids) (Top 5…
  3. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 3
    BUSINESS STRATEGY: PRINCIPALS OF SUCCESS Develop and Enhance Assets Increase recovery factors through step-out and infill drilling, waterflood optimization and improved technology Acquire Focus on high-quality, large…
  4. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 4
    FOCUSED GROWTH: 23 BILLION BARRELS OF OOIP Southwest Saskatchewan Williston Basin 940,000 net acres 2.3 million net acres 39,000 boe/d OOIP 102,500 boe/d OOIP 7.8 8.5 billion billion barrels barrels Southwest Saskatchewan…
  5. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 5
    COMMODITY HEDGING STRATEGY 41% 33% 7% H1 2017 H2 2017 H1 2018 60,000 90.00 Oil Hedge volume (bbl/d) 50,000 80.00 40,000 CAD 30,000 70.00 20,000 60.00 10,000 0 50.00 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18…
  6. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 6
    2016 EXECUTION AND 2017 FOCUS Strong production to end 2016. Expect 2017 exit production growth of 10% (183,000 boe/d) Production growth within each core area in 2017 Increased corporate drilling inventory in 2016 to 8,000…
  7. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 7
    2017 CAPITAL BUDGET AND PRODUCTION GROWTH 2017 Guidance 2017 Production Growth Capital Expenditures ( million)* 1,450 +10% Drilling and Development (%) 89% exit to exit Facilities and Seismic (%) 11% 183,000 172,000 +12% vs…
  8. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 8
    2017 CAPITAL ALLOCATION AND PRODUCTION GROWTH BY CORE AREA Williston Basin SW Saskatchewan Production (boe/d) Production (boe/d) 5% 10% 39,000 102,500 2016 Exit 2017 Exit 2016 Exit 2017 Exit 51% of 2017 total capital…
  9. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 9
    SIGNIFICANT GROWTH POTENTIAL SUPPORTED BY STRONG WELL ECONOMICS Large Drilling Inventory and Significant OOIP Drilling Program with Low Recovery to Date Supported by Quick Payouts Net Years of OOIP Recovery to Key Focus Areas…
  10. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 10
    WILLISTON BASIN: EXPANSION OF THE FLAT LAKE AREA 23% of 2017 capital expenditures budget (up from 19% in 2016) 150 net wells planned for 2017 (up from 105 in 2016) Viewfield Bakken Increased drilling locations and strategic land…
  11. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 11
    UINTA BASIN ADVANCING NEW HORIZONTAL PLAY 18% of 2017 capital expenditures budget (up from 8% in 2016) Ouray 25 horizontal wells planned for 2017 (up from 9 in 2016) Valley Gusher Most active horizontal driller during 2016 Horseshoe…
  12. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 12
    CASTLE PEAK ZONE: HORIZONTAL DEVELOPMENT AND ECONOMICS Horizontal Type Curve Information Early-stages of delineation Depth (ft) 6,000 to 9,000 (120 locations based on a Lateral Length Currently one-mile conservative 4…
  13. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 13
    NEW WATERFLOOD TECHNOLOGY: MULTIPLE-STAGE SEGMENTED STRINGS Previous Waterflood Technology New Multiple-Stage Segmented Strings Technology Response in 120 18 months 120 Response in 6 months 80 Response in 12-18 months 80 40 40…
  14. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 14
    SUMMARY Proven Management Team Proven track record of per share reserves, production and cash flow growth and have never missed a production target 5-year weighted average F&D of 20.39 per 2P boe of reserves (2.2 times recycle…
  15. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 15
    APPENDIX 16
  16. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 16
    STRONG FREE CASH FLOW GENERATION 2017 Free Cash Flow as a % of Enterprise Value 10.0% 9.4% 8.0% Free Cash Flow Yield 6.0% 4.0% 2.0% 0.0% CPG SU CVE VET VII ARX PEY TOU ECA Based on Scotiabank Global Banking and…
  17. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 17
    BALANCE SHEET STRENGTH Debt Composition (CAD) as of September 30, 2016 Net Debt to Funds Flow from Operations 4.0x 3.0x 1.7B 1.9B Senior Unutilized 2.0x Guaranteed Credit Notes* Capacity 1.0x 1.7B Drawn on Bank 0.0x Credit…
  18. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 18
    LONG-TERM STRATEGY OF DEVELOPING A RESOURCE PLAY: VIEWFIELD BAKKEN EXAMPLE Primary and Infill Development Initiated drilling program in 2007 with over 2,100 horizontal wells drilled to date in the play 1,200 net drilling locations…
  19. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 19
    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…
  20. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 20
    HISTORY OF SUCCESS Production Growth (boe/d) Production per Share 200,000 400 Resource capture phase 160,000 Production per Share 300 Boe/d 120,000 200 80,000 100 40,000 0 0 2007 2008 2009 2010 2011 2012 2013…
  21. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 21
    ECONOMICS BY PLAY Type Well Cost per NPV IRR Payout Area (mbbl EUR) well (M) 10% (M) (%) (months) Williston Basin (Viewfield) 75 - 125 1.3 1.4 to 3.4 113 to 433 6 to 12 Williston Basin (Flat Lake Torquay) 150 - 225 2.3 2.8 to 5.6…
  22. February 2017 Corporate 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. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 23
    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)…
  24. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 24
    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…
  25. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 25
    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…
  26. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 26
    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…
  27. February 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 27
    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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