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March 2017 Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Mar 20, 2017 · 37 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.

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  1. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 1
    CORPORATE STRATEGY PRESENTATION March 2017
  2. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 2
    KEY VALUE HIGHLIGHTS Pure Play Montney E&P Company with WORLD CLASS ASSETS AND A TRACK RECORD OF SUCCESS WORLD CLASS Substantial drilling inventory on 147 sections of land; 8 sections fully developed MONTNEY GROWTH Bigstone Montney…
  3. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 3
    CORPORATE SNAPSHOT CORPORATE INFORMATION 2017 GUIDANCE Ticker Symbol TSX:DEE Average Annual Production (boe/d) 9,000 9,500 Basic Shares Outstanding (mm) 155.5 Q4/17 Production Rate (boe/d) 11,000 Market Capitalization (mm) 248.0…
  4. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 4
    DELIVERING EXCEPTIONAL MARGIN GROWTH 2016 Focus on Margin Growth Paid Off Condensate yields increasing and improving the cost structure 2017 condensate production forecast to more than double Condensate yields in recent wells have…
  5. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 5
    POSITIONED TO DELIVER EXCEPTIONAL PER SHARE GROWTH Successfully Managed Prolonged Commodity Price Downturn Since Q4 2014 Improved corporate position to grow production and funds from operations in 2017; Run rate funds to increase by…
  6. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 6
    MONTNEY GROWTH ACCELERATING IN 2017 Montney Production (boe/d) Q4/16 to Q4/17 Growth Comparison 12,000 Forecast Year Q4 2017 Q4 2016 Variance Growth accelerating through 2017 Production (boe/d) 11,000 11,500 7,127 58% 10,000…
  7. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 7
    BIGSTONE SOUTHERN END OF PROLIFIC LIQUIDS RICH MONTNEY TREND Producing Wells by Operator Elmworth 120 100 Top 10 in of Montney 80 Wells Drilled Wapiti 60 Karr 40 20 Kakwa 0 Simonette Bigstone IP180 (mcfd raw) 418…
  8. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 8
    DOMINANT LAND POSITION IN BIGSTONE MONTNEY Largest Land Position at Bigstone Delphi continues to identify and pursue additional land Current Montney land position grown consolidation opportunities from 4.0 to 147 gross (90 net)…
  9. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 9
    STRATEGIC INFRASTRUCTURE AT BIGSTONE Significant Infrastructure In Place DEE 11-03 DEE 7-11 Sour Montney Facility Sweet Gas Plant 55 mmcf/d Minimal infrastructure capital required for 15 mmcf/d growth plans to 25,000 boe/d (net…
  10. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 10
    MARKET ACCESS ADVANTAGE Exceptional Gas Marketing Future growth will utilize existing major infrastructure, with minimal capital required Secured firm service agreement to access larger Chicago gas market for better pricing; Pricing…
  11. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 11
    DELPHI / ALLIANCE FIRM TRANSPORTATION SERVICE 80.0 Delphi Transportation Capacity on Alliance / TCPL (mmcf/d) 70.0 Future TCPL Contract Capacity Low cost growth beyond 2018 60.0 2017 Forecast Annual Natural Gas Production Rate…
  12. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 12
    CONSISTENT AND PROVEN RISK MANAGEMENT PROGRAM Natural Gas Q2 - Q4/17 2018 2019 Consistent Hedge Performance Percent Hedged* 58% 39% 21% Majority of near term production is Hedge Price (Cdn /mmbtu) 4.21 3.83 3.89 hedged Crude Oil…
  13. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 13
    29 BIGSTONE MONTNEY WELLS DRILLED Progressive improvements in Drilling Results Drilled 5 horizontal wells in 2012; Average IP30: +1,200 boe/d (19% liquids) Conventional gelled oil frac designs Began extended reach laterals of 2,200…
  14. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 14
    HIGHER CONDENSATE YIELDS BOOSTING ECONOMICS Continuing Frac Innovation DEE 13-21 DEE 16-30 Refrac 2015 Drill IP30 Larger fracs IP30 CGR 252 bbl/mmcf CGR 101 bbl/mmcf Higher pump rates ATH 2015 Wells Higher sand concentrations IP30…
  15. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 15
    OUTSTANDING WELL PERFORMANCE 13-21 IP 270 Average Production Rate 773 boe/d IP90 (mcf/d) Condensate yield of 164 bbl/mmcf sales 527 Wells of 927 Wells Drilled Top Decile for 3-Month 16 51 Production Rates 5,000 25 114 35 4,000…
  16. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 16
    DELPHI WELL COST IMPROVEMENTS Montney Capital Efficiencies Delphi Delphi Well Well Costs Costs 12,000 Well costs 35% 600 Drilling & Completions: Average Completion Cost/Stage (000) 10,000 500 Average drilling & completion…
  17. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 17
    MONTNEY ECONOMIC MODEL Bigstone Montney Toe Up Two Section Horizontal DEE Type Well Hypothetical Type Wells 30+ stage Slickwater Completion Economics/Metrics - January 9, 2017 Strip Pricing(1) Type Well Rich Type Well Payout yrs…
  18. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 18
    2017 DRILLING PLANS Largest drilling program yet WEST EAST 6 8 wells to be drilled in 1H 2017 Approx. 5 to 6 wells funded under a joint program Two rigs active Remaining wells will be funded within cash flow Production growth…
  19. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 19
    2017 AND BEYOND MAINTAINING KEY VALUES World Class Montney Asset Continued new well innovation; significant infrastructure and processing capacity in place Substantial drilling inventory on 147 sections of land; 8 sections fully…
  20. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 20
    APPENDIX March 2017 21
  21. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 21
    BIGSTONE MONTNEY OVERVIEW Scalable and Repeatable Southeast corner of the unconventional Montney trend Developed with extended reach horizontal wells and slickwater-fracing Material capital cost advantage Continuous hydrocarbon…
  22. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 22
    50 MILLION PARTNER TRANSACTION OVERVIEW 20 Million Joint Drilling Program Delphi will contribute 15% of the drilling and completion costs (6 million) Delphi retains while retaining a 65% working interest in the wells; operatorship of…
  23. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 23
    INDIVIDUAL MONTNEY WELL DATA Initial Production (IP) Rate Well Performance (1) Number IP30 IP30 IP30 IP90 IP180 IP270 IP365 IP 2yr HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales Total Sales Total Sales…
  24. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 24
    COMMODITY PRICES: MANAGING VOLATILITY NYMEX NatGas vs. Crude Historical Settlement Pricing NYMEX Contract PricingVolatility creates hedging opportunities CDN/US FX GAS US/MMBTU CRUDE US/BBL Commodity price volatility…
  25. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 25
    CONSISTENT ECONOMIC RESERVE GROWTH Montney Development (2012 to Q4 2016) Montney Proved Producing Reserves (mboe) 11,626 29 wells drilled life-to-date (LTD) Economic Montney reserve 9,781 Produced 7.2 million boes in 4.5 years…
  26. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 26
    HEDGES PROTECTING CASH FLOW Natural Gas (Cdn) Apr Dec 2017 Volume (mmcf/d) 2.4 % Hedged (1) 7% Hedge Price (Cdn /mcf) (2) 3.96 Strip Price (Cdn /mcf) 2.78 Natural Gas (US) Apr Dec 2017 2018 2019 Volume (mmbtu/d) 17.0 13.0 7.0 %…
  27. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 27
    LIQUIDS-RICH MONTNEY STUDY ELMWORTH TO BIGSTONE Large Data Set Elmworth 527 Montney wells with IP90 of 937 wells drilled to YE2016 Wapiti Company 6 Delphi Company 7 Bigstone Delphi Company 3 Kakwa Company 4 Company…
  28. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 28
    LIQUIDS-RICH MONTNEY STUDY ELMWORTH TO BIGSTONE Producing Wells by Rig Release Date Total Wells (with IP90): 527 200 180 160 140 120 100 80 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 2015 Producing Wells by…
  29. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 29
    LIQUIDS-RICH MONTNEY STUDY PRODUCTION BY OPERATOR (GAS IPS ONLY) IP90 (mcfd raw) IP180 (mcfd raw) 527 wells 418 wells 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 16 51 25 114 35 30 57 99 74 26 527 15 76 21 41 56…
  30. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 30
    LIQUIDS-RICH MONTNEY STUDY EVOLUTION OF DEPTH & HORIZONTAL LENGTH Average Measured Depth (m) Average Horizontal Length (m) 6,000 3,000 Delphi Avg 5,500 2,500 Delphi Avg 5,000 61 177 101 2,000 61 4,500 42 61 177 20 101 4,000…
  31. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 31
    LIQUIDS-RICH MONTNEY STUDY EVOLUTION OF FRAC DENSITY Average Number of Stages per Well Average Frac Spacing (m) 200 30 Delphi Avg (29 stages) 180 6 25 160 59 176 140 2 39 20 120 100 16 Delphi Avg (97m) 60 100 51 15 40 85…
  32. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 32
    LIQUIDS-RICH MONTNEY STUDY EVOLUTION OF FRAC DENSITY Number of Wells IP90 (mcfd raw) 200 465 wells 180 5,000 160 140 4,000 28 79 120 149 90 21 3,000 80 100 80 18 2,000 60 40 1,000 20 0 0 0 - 10 11 - 15 16 - 20 21 - 25 26…
  33. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 33
    LIQUIDS-RICH MONTNEY STUDY EVOLUTION OF PROPPANT PLACED Proppant Placed 1.40 6,000 1.20 5,000 1.00 Delphi Avg (0.76 t/m) 4,000 0.80 3,000 0.60 2,000 0.40 1,000 0.20 2 8 19 42 61 100 175 59 0.00 0 2008 2009 2010 2011…
  34. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 34
    LIQUIDS-RICH MONTNEY STUDY EVOLUTION OF FLUID PUMPED Fluid Pumped 5.00 20,000 Delphi Avg (3.65 m3/m) 18,000 4.00 16,000 14,000 3.00 12,000 10,000 2.00 8,000 6,000 1.00 4,000 2 8 19 42 61 100 175 59 2,000 0.00 0 2008…
  35. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 35
    LIQUIDS-RICH MONTNEY STUDY FRAC TYPES Frac by Fluid Type Frac by Fluid Type 250 228 (mcfd raw) 5,000 200 176 4,000 150 107 100 3,000 45 2,000 50 0 1,000 0 IP-90 IP-180 IP-1YR IP-2YR IP-3YR slickwater water oil…
  36. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 36
    LIQUIDS-RICH MONTNEY STUDY DRILLING EFFICIENCY Average Drilling Days 60 Over a 6 year period, industry improved 50 overall drilling penetration rates by 40 almost 50%. The faster a well can be 30 drilled, the less it costs. 20…
  37. March 2017 Corporate Presentation – Delphi Energy Corp. – slide 37
    300, 500 4th Avenue SW Calgary, Alberta T2P 2V6 P (403) 265-6171 F (403) 265-6207 infodelphienergy.ca www.delphienergy.ca March 2017 38

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