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March 2017 Investor Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Mar 1, 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. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 1
    STRONG GROWTH WITHIN FUNDS FLOW CAPITAL = EFFICIENCY FOCUS STRONG+ FUNDS FLOW NETBACKS LOW DECLINE ASSETS + CONTINUING PROFITABLE GROWTH March 2017
  2. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 2
    Whitecap Profile TSX: WCP Shares outstanding (MM) Basic 368.9 Fully diluted (1.1% dilutives) 372.6 Market capitalization (Bn) 4.1 Enterprise value (Bn) 4.9 Net debt-to-funds flow* 1.7x Annual dividend (/share) 0.28 2017…
  3. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 3
    Excellent Low Cost Reserve Additions and Growth (MMboe) 2015 2016 % Change PDP 113.2 149.0 32% TP 200.0 251.8 26% TPP 278.9 355.8 28% NAV/share (BT10) 10.78 12.25 14% Increased 2016 reserves per share 4% with reduced capex…
  4. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 4
    1.9 Billion Value Created (September 2009 December 2016) Net Total Total Purchase Capital Total Total Present Cash Flow Rate of Price Spent Cost Cash Flow Value plus NPV Return Area (MM)(1) (MM)(2) (MM) (MM) (MM)(3) (MM) (%) NW…
  5. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 5
    Operational Focus Drives Economic Returns Pillars of Sustainability Shareholder Returns Low Decline Rate Profitable Long-Term Organic Growth 5-8% per share / year High Funds Flow Netback Return on Capital Employed Focus Strong…
  6. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 6
    Production per Share Growth 100,000 Capital Spending (MM) 200 2016 174 178 90,000 2017 300 180 165 2018 420 80,000 2019 470 153 160 143 139 70,000 134 140 Production/MM Shares (boe/d) 130 122 Production (boe/d)…
  7. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 7
    Funds Flow per Share Growth US WTI 1,000 79 95 94 98 93 49 43 55 60 65 2.50 2.24 900 2.06 800 1.83 2.00 1.77 1.68 700 1.63 Funds Flow per Share (/share) 1.46 Funds Flow (MM) 600 1.50 1.32 500 1.13 844 400…
  8. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 8
    2P Reserves per Share Growth F&D Costs (incl. FDC) 400,000 955 1,000 Recycle 915 TP TPP Ratio 848 350,000 2016 2.42 2.34 11.3x 2015 8.86 6.97 5.2x 746 300,000 750 643 250,000 (Mboe / MM Shares fd) 496 (Mboe) 200,000…
  9. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 9
    Predictable and Stable Production Base Base and new well production is predictable and repeatable High level of certainty of achieving forecasted volumes Areally consistent reservoirs Large resource in place, limited recovery to…
  10. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 10
    Internally Funded Growth + Dividend Model No DRIP 120% 102% 101% 100% 93% 80% 76% 74% Total Payout Ratio 69% 66% 49% 60% 46% 55% 40% 20% 44% 33% 35% 30% 19% 0% 2013 2014 2015 2016 2017e Cash Dividends…
  11. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 11
    Efficiency and Cost Focus Capital Efficiency Operational Efficiency 20.00 12.00 13% Reduction 2012 87% Reduction 18.00 2013 2014 10.00 16.00 2015 2016 14.00 8.00 12.00 /boe /boe 10.00 6.00 8.00 4.00 6.00…
  12. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 12
    Financial Prudence and Risk Management Mitigate price volatility and protect economic returns on capital deployed Predictability for WCP funds flow Capital reinvestment and Dividend payments Oil Hedges Gas Hedges C64.63 C63.33…
  13. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 13
    Exceptional Growth in 2017 2016 2017 Outlook % Change Average production (boe/d) 45,841 57,000 24% per million shares 134 153 14% Funds flow (MM) 385 544 41% per share 1.13 1.46 29% Development capital (MM) 174 300 72% Wells…
  14. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 14
    2017 Development Capital Capital by Category Capital by Play Type 4% 2% 5% 8% Production 22% Cardium 13% Viking Waterflood 21% SW Sask Facilities Deep Basin 78% 32% Boundary Lake HS&E 14% Elnora 2016 2017…
  15. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 15
    Sustainable Asset Base: Capital + Dividend < Funds Flow Organic Growth Within Funds Flow 200 186 180 170 160 140 76 120 120 110 (MM) 100 75 80 68 60 12 51 60 94 40 28 66 63 54 20 42 23 0 6 Cardium Viking SW…
  16. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 16
    2017 Sensitivities Oil (USWTI) 45.00 50.00 55.00 60.00 65.00 FX (C/US) 0.72 0.74 0.76 0.78 0.80 Oil (Cdn/WTI) 62.50 67.57 72.37 76.92 81.25 AECO (C/GJ) 2.50 2.50 2.50 2.50 2.50 Funds flow netback (/boe) 22.19 24.16 26.15 28.39…
  17. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 17
    Free Funds Flow Optionality Focused debt management target debt to cash flow of 1.2 to 1.5x Enhance per share growth metrics tuck-in acquisitions in core operating areas advance organic drilling in core areas Dividend…
  18. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 18
    Core Areas of Operations Light Oil Drilling Inventory 2,895 BRITISH COLUMBIA ALBERTA SASKATCHEWAN Current Drilling Wells Boundary Prodn Inventory 2016 2017 Lake Cardium 14,000 721 18 28 Deep Viking 10,000 980 57 113 Basin…
  19. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 19
    Cardium Resource Play repeatable low risk growth Industry leading capital efficiencies Edmonton Continuing capital efficiency improvement: West Pembina East Pembina ERH drilling Advancing frac designs and efficiencies Optimizing…
  20. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 20
    Exceptional Type Curve Economics West Pembina Cardium West Pembina Cardium Type Well Economics Standard 1.0 ERH 1.5 Drill, Complete, Equip, Tie-in (MM) 2.15 2.45 Production, IP30 (boe/d) 317 476 Production, IP365 (boe/d) 159 239…
  21. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 21
    Saskatchewan Viking Oil top decile resource play Top tier inventory for sustainable growth 10 years high quality inventory, 36 API light oil SASKATCHEWAN Viking Resource Long-term growth, increasing ERH drilling Type Well Economics…
  22. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 22
    Southwest Saskatchewan stable production, multi-zone Overview Sustainable oil growth region with 13,000 boe/d (98% oil) Stable production base historical decline 2.3% per year Increases WCP production impacted by waterflood / EOR…
  23. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 23
    Strong Repeatable Economics Key Characteristics Conventional Unconventional Multi-zone potential for growth (6 zones) Type Well Economics Plays Plays 92% production under enhanced oil recovery (EOR) ASP is 22% of current production,…
  24. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 24
    Deep Basin Light Oil Dunvegan and Cardium Oil Strong play characteristics, large growth potential Karr Dunvegan Wapiti Cardium 39 to 42 API oil Type Well Economics Standard 1.0 Standard 1.0 ERH 2.0 Large OOIP of 6 to 15.5…
  25. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 25
    Boundary Lake large low decline resource with growth potential Boundary Lake WI Production Long-term, low decline asset Operated, 35 API light oil, 91% oil + NGLs Avg 90% WI in 3 operated units 5% decline Legacy oil pool under a…
  26. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 26
    The Whitecap Growth Plan Long-Term Value Growth Orientation Executing on rolling 3 year business plan Return on capital discipline Provide superior shareholder returns Organic Per Share Growth Within Funds Flow Capital +…
  27. March 2017 Investor Presentation – Whitecap Resources Inc. – slide 27
    Research Coverage AltaCorp Capital Haywood Securities Barclays Capital Canada Macquarie Securities Group BMO Capital Markets National Bank Financial Canaccord Genuity Peters & Co. CIBC World Markets Raymond James Clarus Securities…

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