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April 2017 Investor Update – Chaparral Energy, Inc

Chaparral Energy, Inc · Apr 28, 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.

Slides

  1. April 2017 Investor Update – Chaparral Energy, Inc – slide 1
    Investor Update April 28, 2017
  2. April 2017 Investor Update – Chaparral Energy, Inc – slide 2
    The New Chaparral Transforming into a premier pure-play STACK company Approximately 110,000 net acres Capitalize on strong pipeline of economic opportunities Deliver solid operating margins and returns, even in a volatile commodity…
  3. April 2017 Investor Update – Chaparral Energy, Inc – slide 3
    Recent Achievements Emerged from restructuring with a strong balance sheet Equitized 1.2 billion in debt and reduced annual interest expense by 110 million Enterprise Value: Approximately 1.2 billion Debt/Adjusted LTM EBITDA:…
  4. April 2017 Investor Update – Chaparral Energy, Inc – slide 4
    Year End 2016 SEC Proved Reserves 131.3 MMBoe of Reserves(1) 74% Oil, 83% Liquids Reserves by Area 9% 22% 23% 54.9, 17% 75.2, 57% 42% 74% 55% Of which, 60.5 1.1, MMBoe are NBU PUDs 1% PDP PDNP PUD OIL GAS NGL STACK EOR…
  5. April 2017 Investor Update – Chaparral Energy, Inc – slide 5
    Transformed Debt Structure Total Debt and Annual Interest Expense Estimated to Be Lowered by Approximately 80% MM 1,800 1,678 Debt Reconciliation (millions) 1,600 March 21, YE 2016 1,400 2017 Senior Notes 1,207 0 1,200 1,207…
  6. April 2017 Investor Update – Chaparral Energy, Inc – slide 6
    2017 Strategy STACK position provides significant growth potential Transition Chaparral to a Pursue strategic alternatives to monetize Enhanced Oil Recovery (EOR) assets Pure-Play STACK Company Retained CIBC Griffis & Small to market…
  7. April 2017 Investor Update – Chaparral Energy, Inc – slide 7
    EOR Assets Strategic Plan Monetize EOR assets as part of transition to pure-play STACK operator Data room: Approximately June Bids: Approximately July Ensure capital allocation to highest-return opportunities Provide ability to…
  8. April 2017 Investor Update – Chaparral Energy, Inc – slide 8
    2017 Oil & Gas Capital Budget Summary CAPEX Oil-weighted capital budget of 125 - 150 million Approximately 85 million allocated to STACK (1) Approximately 50% allocated to Kingfisher County and Other, 7% the Merge Approximately…
  9. April 2017 Investor Update – Chaparral Energy, Inc – slide 9
    Production Growth 30,000 Boe/d Total Company(1) 25,050 25,407 25,000 23,857 23,254 23.6 Guidance High 22,481 22.4 Guidance Low Total company production growth limited by constrained activity 20,000 due to restructuring (average…
  10. April 2017 Investor Update – Chaparral Energy, Inc – slide 10
    Asset Overview STACK Premier basin with industry-leading returns Large contiguous acreage position with exposure to all current economic reservoir targets Multi-year drilling inventory supporting significant future growth Play is…
  11. April 2017 Investor Update – Chaparral Energy, Inc – slide 11
    STACK Overview ALFAFA Asset Overview WOODS Approximately 110,000 acres GARFIELD 7.3 MBoe/d in Q4 2016 WOODWARD MAJOR Attributes/Characteristics Chaparral acreage is primarily located in the black oil, normal pressure window…
  12. April 2017 Investor Update – Chaparral Energy, Inc – slide 12
    One Petroleum System N REGIONAL STACK CROSS SECTION 60 MILES S STACK Attributes STACK MERGE Stacked reservoirs proximal to the world-class Woodford GARFIELD COUNTY KINGFISHER COUNTY CANADIAN COUNTY GRADY COUNTY source rock Efficient…
  13. April 2017 Investor Update – Chaparral Energy, Inc – slide 13
    Recent STACK Transactions Significant A&D activity demonstrates value of Chaparrals acreage position Staghorn & Payrock transactions were primarily in the black oil, normal pressure window of the play 1 2 3 4 Sales Package/Seller…
  14. April 2017 Investor Update – Chaparral Energy, Inc – slide 14
    STACK Meramec Overview HOSKINS 5-19-12 1H THE DUDE 1UMH-12 CHARLENE 2305 1-29H (Chesapeake) (Chaparral) (Sandridge) INGLE 29-1H Meramec Overview Spud Date: 8/18/16 Spud Date: 2/15/16 Spud Date: 3/18/16 (Gastar) Peak IP-30: 1,208…
  15. April 2017 Investor Update – Chaparral Energy, Inc – slide 15
    STACK Osage Overview FARBER 2007 1MH-6 HEDGES 7-21-5W 1MH HEDGES 6-21-5W 1MH (Chaparral) (White Star) (White Star) REDWOOD 2105 1MH-3 Osage Overview Spud Date: 12/12/15 Spud Date: 10/4/14 Spud Date: 9/15/14 (Chaparral) Peak IP-30:…
  16. April 2017 Investor Update – Chaparral Energy, Inc – slide 16
    STACK Woodford Overview STILES 1407 1-4H SMITH D 34-21N-4W (Marathon) 1WH (White Star) REDHEAD 1H-9XX Spud Date: 2/17/14 Spud Date: 5/9/14 (Newfield) Peak IP-30: 713 Boe/d Peak IP-30: 704 Boe/d Woodford Overview Spud Date: 5/2/15…
  17. April 2017 Investor Update – Chaparral Energy, Inc – slide 17
    STACK Oswego Overview DU (TRIFECTA) 1807 DU (TRIFECTA) 1OH-14 DU OOID 1OH-24 2OH-14-11 (Chaparral) (Chaparral) (Chaparral) Spud Date: 3/10/14 Oswego Overview Spud Date: 10/14/14 Spud Date: 6/24/13 Peak IP-30: 788 Boe/d Peak IP-30:…
  18. April 2017 Investor Update – Chaparral Energy, Inc – slide 18
    Currently Identified Drilling Inventory by Play Extensive operated drilling inventory STACK Operated Drilling Inventory by Type 152-rig years 3,500 3 rigs 5 rigs 6 rigs STACK Operated Drilling Inventory 1.5 rigs 4 rigs…
  19. April 2017 Investor Update – Chaparral Energy, Inc – slide 19
    Operational Excellence Drilling and Completions Lowest-cost Meramec Operator Strong, Effective Focus on Cost Reduction/Control Best-in-class D&C cost per Meramec well on a like-for-like 1Q 13 - 1Q 15: 50% D&C cost reduction basis…
  20. April 2017 Investor Update – Chaparral Energy, Inc – slide 20
    Operational Excellence Lease Operating Costs An approximate 40% LOE reduction for new STACK drill wells from 2014 to 2016 Thousands Cumulative Early Time LOE(1) per New Well 200 150 100 50 - 2014 2015 2016 2014 2015…
  21. April 2017 Investor Update – Chaparral Energy, Inc – slide 21
    Non-Core Legacy Asset Overview Mature, lower decline legacy fields Low maintenance capital Provides free cash flow to fuel STACK growth Potential strategic alternatives Net Production(1) Gross Margin(1) Net Proved Reserves…
  22. April 2017 Investor Update – Chaparral Energy, Inc – slide 22
    Financial Overview
  23. April 2017 Investor Update – Chaparral Energy, Inc – slide 23
    Financial Strategy Maintain strong balance sheet Converted all long-term debt to equity At emergence, approximately 125 million liquidity, which includes approximately 105 million available on revolver Maintain capital discipline…
  24. April 2017 Investor Update – Chaparral Energy, Inc – slide 24
    Credit Facility Overview Common Equity Approximately 45 million shares issued and outstanding at emergence 150 million outstanding at emergence Matures March 2021 ABR Loans: ABR + 6.75% Term Loan LIBOR Loans: LIBOR + 7.75% (1%…
  25. April 2017 Investor Update – Chaparral Energy, Inc – slide 25
    Hedging Hedging Strategy Ensures Revenue to Execute Capital Plan Oil Positions Natural Gas Positions 12,000 30,000 26,655 9,947 10,000 25,000 8,000 Volumes (MMBtu/d) 20,000 Volumes (bbl/d) 50.00 - 60.50 6,298…
  26. April 2017 Investor Update – Chaparral Energy, Inc – slide 26
    Appendix
  27. April 2017 Investor Update – Chaparral Energy, Inc – slide 27
    STACK Meramec Single Well Economics Type Curve Parameters EUR: 578 MBoe Oil %IP-30: 59% D&C Cost(1): 3.5 million Oil EUR: 233 MBbls Oil %EUR: 40% IP (30-day): 442 Bo/d Initial Decline: 85% b Factor: 1.2 Well Head Gas EUR:…
  28. April 2017 Investor Update – Chaparral Energy, Inc – slide 28
    STACK Osage Kingfisher Single Well Economics Type Curve Parameters EUR: 540 MBoe Oil % IP-30 : 67% D&C Cost(1): 3.3 million Oil EUR: 235 MBbls Oil %EUR: 44% IP (30-day): 403 Bo/d Initial Decline: 80.7% b Factor: 1.1 Well…
  29. April 2017 Investor Update – Chaparral Energy, Inc – slide 29
    STACK Osage Garfield Single Well Economics Type Curve Parameters EUR : 599 MBoe Oil % IP-30 : 46% D&C Cost(1): 3.3 million Oil EUR: 174 MBbls Oil %EUR: 29% IP (30-day): 259 Bo/d Initial Decline: 83.6% b Factor: 1.4 Well Head…
  30. April 2017 Investor Update – Chaparral Energy, Inc – slide 30
    STACK Woodford Black Oil Single Well Economics Type Curve Parameters EUR: 575 MBoe Oil % IP-30 : 55% D&C Cost(1): 4 million Oil EUR:233 MBbls Oil %EUR: 41% IP (30-day):298 Bo/d Initial Decline:73% b Factor: 1.1 Well Head…
  31. April 2017 Investor Update – Chaparral Energy, Inc – slide 31
    STACK Oswego Single Well Economics Type Curve Parameters EUR: 290 MBoe Oil % IP-30 : 81% D&C Cost(1): 2.7 million Oil EUR: 231 MBbls Oil %EUR: 80% IP (30-day): 483 Bo/d Initial Decline: 85% b Factor: 1.1 Well Head Gas EUR:…
  32. April 2017 Investor Update – Chaparral Energy, Inc – slide 32
    2017 Guidance Company Production: 8.2 - 8.6 MMBoe Oil and Natural Gas Capital: 135 - 160 million Lease operating expense(LOE): 10.50 - 11.00 per Boe General and Administrative(G&A)(1): 3.40 - 4.20 per Boe Chaparral will…
  33. April 2017 Investor Update – Chaparral Energy, Inc – slide 33
    Contact Information Investors Joe Evans Chief Financial Officer joe.evanschaparralenergy.com 405-428-4590 Media Brandi Wessel Manager Communications brandi.wesselchaparralenergy.com 405-426-6657 Chaparral Energy, Inc. 701…
  34. April 2017 Investor Update – Chaparral Energy, Inc – slide 34
    Executive Team K. Earl Reynolds, Chief Executive Officer and Director Mr. Reynolds joined Chaparral in 2011 as an executive vice president and chief operating officer before being named president in 2014 and chief executive officer in…
  35. April 2017 Investor Update – Chaparral Energy, Inc – slide 35
    Board of Directors Robert F. Heinemann, Chairman Mr. Heinemann was named to the board in 2017. During his career, Mr. Heinemann worked for Berry Petroleum Company, as a director and as its president and chief executive officer, as…
  36. April 2017 Investor Update – Chaparral Energy, Inc – slide 36
    Board of Directors Samuel Langford, Director Mr. Langford was named to Chaparrals board in 2017. He continues to serve as the principal for Langford Upstream Advisory, L.L.C., a position he has held since 2013. Prior to that time, he…
  37. April 2017 Investor Update – Chaparral Energy, Inc – slide 37
    Reconciliations (in thousands) 2016 2015 2014 Net (loss) income (415,720) (1,333,844) 209,293 Interest expense 64,242 112,400 104,241 Income tax (benefit) expense (102) (177,219) 124,443 Depreciation, depletion and amortization…

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