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July 2017 Corporate Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · Jul 20, 2017 · 41 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. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 1
    Corporate Presentation Corporate Presentation July 2017 Crescent Point Energy Crescent Point Energy is one of Canadas largest light and medium oil producers, based in Calgary, Alberta. The Company is focused on growing its…
  2. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 2
    Capital Markets Summary & 2017 Guidance Corporate Presentation 2017 Guidance Exit Production (boe/d) 183,000 Production Oil and NGLs (bbl/d) 154,000 Market Summary: CPG (TSX and NYSE) Natural Gas (mcf/d) 108,000 Total…
  3. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 3
    Business Strategy and 2017 Priorities Corporate Presentation 2017 Priorities Execute organic exit production growth of 10% Develop & Enhance Advance resource plays including new play development in Williston Increase recovery…
  4. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 4
    Focused Growth: High-Quality, Low Cost Producer Corporate Presentation AB SK High-Quality Reservoir SW Saskatchewan Top-quartile netbacks supported by low well costs and quick payouts Williston Basin Scale 23 billion barrels…
  5. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 5
    Range of 5-Year Organic Growth Plan from Cash Flow Corporate Presentation 5-Year Plan 13% Return (11% CAGR + Yield) Crescent Point forecasts 4% to 11% annual 11% Return organic growth plus dividend yield under 300,000 (9% CAGR +…
  6. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 6
    5-Year Organic Growth Plan: 55 Scenario Corporate Presentation Average Production 250,000 Key Stats 2017 2018 2019 2020 2021 200,000 Production (boe/d) 172,000 183,846 197,867 212,887 228,403 boe/d Natural Gas Weight…
  7. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 7
    Uinta Basin Corporate Presentation Uinta 2017 Exit Production (boe/d) 19,000 (50%) Net Acres 190,000 Randlett OOIP (barrels) 5.2 billion Recovery to Date 0.7% Risked Horizontal Inventory 200 (Booked + Unbooked) 2017…
  8. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 8
    Horizontal Success in the Castle Peak Zone Corporate Presentation Horizontal Results and 2017 Budgeted Type Well Current Castle Peak 1-Mile Horizontal Well Costs 70,000 5,200 and Development Phase Cost Reductions 5,000 60,000…
  9. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 9
    Evolution of Utah Well Designs Corporate Presentation 10,000 9,000 ROR = 126% Capital reduction 8,000 7,000 NPV 10% per well (000s) 6,000 5,000 4,000 Capital ROR = 83% 3,000 reduction 2,000…
  10. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 10
    Stacked Pay Comparison Major North American Shale Plays Corporate Presentation Midland Uinta Montney Eagle Ford Niobrara Bakken Garden Gulch Niobrara A Bakken Upper Niobrara B Three Forks Upper Niobrara C Douglas Creek Lower…
  11. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 11
    Strong Industry Well Results: Uteland Butte and Wasatch Zones Corporate Presentation Uteland Butte 2-Mile Horizontal Well Results (Industry) Crescent Points horizontal development 120,000 to date has primarily been focused on…
  12. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 12
    Uinta Basin 5-Year Plan Corporate Presentation Uinta Basin Risked 45,000 152% exit-to-exit production growth planned from 2016-2021 at 55 WTI Production (boe/d) 5-year plan does not assume additional locations 25,000…
  13. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 13
    Downspacing Potential / Monitoring Microseismic Data Corporate Presentation Data indicates 300 feet length and 150 feet height growth Wells per Section Recovery Factor 4 15% Potential to increase horizontal down-spacing to 8…
  14. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 14
    Improving Marketing Differentials Corporate Presentation Uinta Basin Production 120,000 Previous refinery Refining capacity has the ability to expansion plans increase (scheduled expansions planned prior to downturn) December…
  15. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 15
    Summary Corporate Presentation Growth in high-netback production within each core area 42% exit growth by 2021 at 55 WTI 66% exit growth by 2021 at 65 WTI Significant undeveloped resource base (23 billion barrels OOIP with…
  16. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 16
    Appendix 18 Crescent Point Energy Corporate Presentation
  17. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 17
    Williston Basin Corporate Presentation Bakken Largest and longest producing resource play within the company Generates significant cash flow in excess of its capital expenditures Focused on infill development, secondary…
  18. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 18
    ICD: Newest Waterflood Technology to Improve Sweep Efficiency Corporate Presentation Well Response from 132 Direct Offsets Average Production (bbl/d) 70 700 Average Injection (bwpd) 60 600 50 Injection 500 Offset…
  19. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 19
    Viewfield Bakken Primary Infill Economics Hold Strong Corporate Presentation Bakken Drills (Rate vs. Time) Bakken Drills (Count vs. Time) 140 100% Well Count Percentage Calendar Daily Rate (bbl/d) 120 80% 100 80…
  20. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 20
    SW Saskatchewan Corporate Presentation Shaunavon Companys second largest producing resource play Approaching free cash flow stage of its life-cycle Benefits from the transfer of knowledge from Viewfield Bakken SK Viking (i.e.…
  21. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 21
    Lower Shaunavon: Strong Primary and Secondary Results Corporate Presentation Primary Production vs Capital Efficiency Waterflood Response vs Years of Primary Production 80,000 90 1000 70,000 80 Offset under primary production…
  22. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 22
    Commodity Hedging Strategy Corporate Presentation Oil Hedges 70,000 90.00 43% 40% 13% Q2 2017 H2 2017 H1 2018 60,000 80.00 Oil Hedge volume (bbl/d) 50,000 40,000 CAD 70.00 30,000 20,000 60.00 10,000 0…
  23. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 23
    Balance Sheet Strength Corporate Presentation Debt Composition (CAD) as of March 31, 2017 Net Debt to Funds Flow From Operations 4.0x 1.7B 1.5B Senior Unutilized 3.0x Guaranteed Credit Notes* Capacity 2.0x 2.1B Drawn on…
  24. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 24
    Significant Growth Potential Supported by Strong Well Economics Corporate Presentation Independent Ranking of North American Light/Medium Oil Plays 2017 Drilling Program (Based on Internal Rates of Return at US 50 WTI) Supported…
  25. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 25
    Economics by Play Corporate Presentation Crescent Point Well Economics Type Well (EUR) Cost per well NPV 10% IRR Payout Williston Basin (mbbl) (M) (M) (%) (months) Viewfield Bakken 75 125 1.3 1.4 to 3.4 86 to 268 8 to 14 Flat…
  26. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 26
    Portfolio Summary Increasing Free Cash Flow and Reserves Corporate Presentation Growth Phase Transitional Phase Free Cashflow Phase (50% of 2017 Budget) (25% of 2017 Budget) (25% of 2017 Budget) Exploit early stage, large OOIP…
  27. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 27
    Historical Production and Production Per Share Growth Corporate Presentation 77.99 WTI 84.76 WTI 50 - 65 WTI (2007-2009) (2010-2015) (2017+) 500 400 450 350 400 300 Production Per Share 350 250 Production…
  28. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 28
    Acquisition History: Significant Reserves Growth Corporate Presentation Estimated Acquired TPP Current TPP Total TPP Ult. Increase In TPP Increase In Production to Property Reserves Reserves Recovery Reserves Reserves Date…
  29. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 29
    Williston Basin 5-Year Plan Corporate Presentation Williston Basin 2,000 140,000 1,800 120,000 1,600 100,000 Production (boe/d) 2017 2018 2019 2020 2021 Total 1,400 Capex & NOI (M) % of Drilling Capex 1,200…
  30. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 30
    SW Saskatchewan 5-Year Plan Corporate Presentation SW Saskatchewan 700 60,000 600 50,000 500 Production (boe/d) Capex & NOI (M) % of Drilling Capex 2017 2018 2019 2020 2021 Total 40,000 400 Shaunavon 66 67 60 65 69…
  31. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 31
    Uinta Basin 5-Year Plan Corporate Presentation Uinta Basin 600 40,000 35,000 500 30,000 Production (boe/d) 2017 2018 2019 2020 2021 Total Capex & NOI (M) % of Drilling Capex 400 25,000 Operated Verticals 8 6 5 4…
  32. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 32
    Risked and Unrisked Inventory Summary Corporate Presentation 16,000 6,770 14,856 (670) (868) 14,000 (997) (1,086) 12,000 (1,076) Net Location Inventory 10,000 1,031 8,086 8,000 7,700 645 6,000 4,000…
  33. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 33
    Absolute Exit Production Growth Corporate Presentation 225,000 50 WTI Case: Absolute Growth 250,000 55 WTI Case: Absolute Growth 4,643 237,646 19,153 3,563 209,371 8,624 225,000 Production (boe/d) 200,000 7,528…
  34. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 34
    Relative Production Growth (2021 Exit / 2016 Exit) Corporate Presentation 50 WTI Case 55 WTI Case 80% 160% 152% 69% Production Growth 60% 120% Production Growth 40% 80% 28% 22% 44% 19% 37% 20% 40% 29% 0% 0%…
  35. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 35
    Generating a Waterflood Type Curve Corporate Presentation 120.00 Primary Current Response ICD Simulation 1st 2nd RF 1st 2nd RF 1st 2nd RF 1st 2nd RF Well Well (%) Well Well (%) Well Well (%) Well Well (%) 100.00 150 90 16 100…
  36. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 36
    Waterflood Improves Long-Term Cash Flow Corporate Presentation 30,000 Current Response ICD Adds 0.43 B of NPV 10 Adds 0.70 B of NPV 10 Adds 7.4 B of NPV 0 Adds 10.2 B of NPV 0 Capital Required = 0.2 B Capital Required = 0.2 B…
  37. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 37
    Financial Impact: 100 Annual Injection Well Conversions Corporate Presentation Case 1 Historical Response 2017 2018 2019 2020 2021 Impact to Corporate Decline Rate (100 Annual Conversions) Injectors (net) 100 100 100 100 100…
  38. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 38
    High Employee Engagement Contributes to Corporate Presentation Strong Corporate Governance 10th annual employee survey delivered to all field and office staff (82% or 823 responded in 2016) measures perception of management…
  39. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 39
    Committed and Ongoing Shareholder Engagement Corporate Presentation Following AGM Say-On-Pay voting results, we solicited shareholders and Actively engaged with investment Continuing governance engagement proxy advisory firms input…
  40. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 40
    Board Renewal Process Supported by Orientation Corporate Presentation 2013 2017 2019 Other key diversity enhancements: 6 new 2 new International experience independent independent Industry members members to be Gender since…
  41. July 2017 Corporate Presentation – Crescent Point Energy Corp. – slide 41
    Entrepreneurial Culture Drives Low G&A Corporate Presentation Cash and Share-Based G&A as a Percentage of Netback 10 Years of Consistently Low Cash G&A - 24% Under 1.65/boe Total G&A as a percentage of netback 2.50 20%…

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