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Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp

Resolute Energy Corp · Mar 27, 2017 · 23 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. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 1
    Energy Corporation Investor March 27, presentation 2017
  2. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 2
    Page 3 Resolute Energy overview Delaware Basin focus Transforming towards a Delaware Basin pure-play 26,800 gross (21,000 net) acres1 Drilled 22 horizontal Wolfcamp A/B wells through 2016 470 gross operated Wolfcamp A/B…
  3. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 3
    Page 4 Recent Company developments Strong results from recent downspacing tests WCA mid-length Production data (Boe per day) downspaced pair 24 hour 30 day 60 day Uinta 2,481 2,128 2,061 Boucher 2,651 2,292 2,107 Increased…
  4. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 4
    Page 5 Delaware Basin production growth Up 489% since 1Q15 Quarterly production and percent of total company
  5. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 5
    Page 6 Reeves County drilling program 2017 activity 2017 program Resolute acreage Bronco Planned location Flowing back 20 Completing 16 TD/Waiting on completion 17 Drilling 13 14 21 8 9 18 22 19 10 1 11 3 15 Appaloosa 6…
  6. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 6
    Page 7 Recent operations timeline Nov Dec Jan Feb Mar Apr Renegade L02H Renegade U03H S. Elephant U04H Harpoon L05H N. Mitre L07H Drilling Pipeworks B05H Completing Pipeworks L06H Producing S. Goat U01H Q1 production growth…
  7. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 7
    Page 8 Wolfcamp A/B development Effective resource recovery 575 700 of Wolfcamp A and B reservoir Excellent results Inventory 24 wells/section throughout Wolfcamp A, opportunity to drill multiple zones per 470 wells location…
  8. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 8
    Page 9 Downspacing tests Mustang Three downspacing tests are in 3 2 1 various stages of operation Will further prove up inventory Resolute acreage Drilling Producing TD/Waiting on completion 1 Uinta/Boucher 2 Renegade pair 3…
  9. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 9
    Page 10 Expanding asset inventory Significant potential Wolfcamp Wells per zone Gross well Nearby successful tests zone Base Upside inventory1 X - 4 44 X/Y Y - 4 44 D Upper A 8 - 155 Development Lower A 8 - 155 X/Y Upper B…
  10. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 10
    Page 11 Completion design More proppant, tighter clusters All completions have used plug and perf with slickwater Increasing proppant, fluid levels and number of clusters while tightening the spacing 2015 2016 2017+ Sand 1,200…
  11. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 11
    Page 12 Delaware Basin type curve economics Long lateral IRR1 Mid-length lateral IRR1 Development type well Wolfcamp A Development type well Wolfcamp A Peak 30-day (gross Boe) 2,605 Peak 30-day (gross Boe) 1,499 EUR (gross…
  12. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 12
    Page 13 Average cum production vs type curve On a cum basis both long and mid-length laterals are performing above type curve Long lateral vs. type curve Mid-length lateral vs. type curve Long lateral Mid-length lateral Months…
  13. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 13
    Page 14 Acquisition overview Mustang, Appaloosa and Bronco 1 mile Appaloosa Bronco Mustang Resolute acreage Acquired acreage 2,187 net acres adjacent to Resolutes existing operating area in Reeves County Estimate 112 gross…
  14. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 14
    Page 15 Acquisition overview Bronco project area Bronco Legend/well list 1 2 5 6 1 mile 102 Upper Wolfcamp A Producing 101 1 2 3 4 Upper Wolfcamp A DUC 31 Upper Wolfcamp A Drilling 3 4 32 Wolfcamp B Producing 7 8 5 33…
  15. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 15
    Page 16 Acquisition overview Southwest Rim REEVES LOVING WINKLER Wink Southern Reeves County Southwest Rim project area CULBERSON 10 miles WARD Barstow Pecos Toyah 1 mile Balmorhea 0 FEET 45,589…
  16. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 16
    Page 17 Multi-year production growth Delaware Basin production growth Strong multi-year growth from existing acreage footprint
  17. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 17
    Page 18 Current hedge positions Current oil derivative positions Bbl/day Percent hedged utilizing Swap Collars Options Term hedged Swaps Collars Options strike Sold put Floor Cap sold call 2017 7,599 37% 63% 0% 53.41 40.00 47.55…
  18. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 18
    Page 20 Aneth Field overview Large, stable, cash-flowing asset 1.5 billion barrels OOIP Produced 446 MMBbl of oil through January 2017 (31% recovery) Ongoing successful CO2 flood CO2 flood opportunities remain across the field…
  19. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 19
    Page 21 Quarterly prices and volume 2016 Prices and volume Q1 Q2 Q3 Q4 YTD Average prices: Oil ( per Bbl) 26.63 39.75 39.55 44.15 38.83 NGL ( per Bbl) 4.30 7.64 8.61 12.61 9.80 Gas ( per Mcf) 1.64 1.38 2.49 2.57 2.22…
  20. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 20
    Page 22 Margin and cost structure Summary 2016 ( in millions, except as noted) Q1 Q2 Q3 Q4 YTD Revenue 19.0 35.4 47.4 62.6 164.4 Realized derivative gains 28 21 21 18 88 Adjusted revenue 46.8 55.9 68.7 81.0 252.5 Expenses 1…
  21. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 21
    Page 23 Margin and cost structure per Boe Margins 2016 ( per Boe) Q1 Q2 Q3 Q4 YTD Revenue 23.16 32.78 32.04 34.78 31.74 Realized derivative gains 33.82 19.03 14.43 10.19 16.99 Adjusted revenue 56.98 51.81 46.47 44.98 48.73 Expenses…
  22. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 22
    Page 24 Adjusted EBITDA reconciliation Adjusted EBITDA 2016 ( in millions) Q1 Q2 Q3 Q4 YTD Net income (loss) (85.3) (36.9) (18.9) (20.6) (161.7) Adjustments: Interest 13.1 13.0 13.2 11.4 50.7 Taxes - - - 0.1 0.1 Depletion,…
  23. Scotia Howard Weil 45th Annual Energy Conference – Resolute Energy Corp – slide 23
    Page 25 Pricing assumptions December 30, 2016 strip Year 2017 2018 2019 2020 2021 Thereafter Oil (/Bbl) 56.19 56.59 56.10 56.05 56.21 56.51 Gas (/MMBtu) 3.61 3.14 2.87 2.88 2.90 2.93 Alternate case pricing Flat price case…

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