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2Q 2017 Earnings Update – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Aug 9, 2017 · 24 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. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 1
    SECOND QUARTER INVESTOR PRESENTATION August 9, 2017 1
  2. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Overview Target Proved Reserves YE16 Niobrara/Codell 78 MMBoe (49% PD) Market Cap(1): 595 million Acres Production 2Q17 67,000 Net 10.7 MBoe/d (58% oil) 2Q17 Production: 15.9 Mboe/d TTM Production…
  3. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 3
    Restarting Bonanza Creek After Restructuring QUICKLY INITIATED OPERATING PROGRAM AND STRATEGIC OBJECTIVES Chapter 11 Emergence Operating Program Initiated Looking Ahead Emerged with debt-free balance sheet Company completes first…
  4. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 4
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  5. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 5
    Creating a Culture of Rapid Improvement Apply rigorous returns-based criteria to allocate development The Board of program capital Directors is focused on securing a strong Utilize proven cutting edge technologies to maximize well…
  6. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 6
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  7. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 7
    Rocky Mountain Region: Wattenberg 67,000 Contiguous net acres o Oily multi-stack pay o Concentrated position suited for long-lateral development and field-level infrastructure North Acreage o Acreage is in rural portion of the…
  8. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 8
    Rocky Mountain Infrastructure STRATEGIC ADVANTAGES OF RMI Allows for lower wellhead line pressures and more consistent production rates Infrastructure Asset Field-level infrastructure systems result in includes: better operating,…
  9. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 9
    Mid-Continent Cash flow positive asset with 3.2 Mboe/d of production (55% oil) in 2Q17 Currently operating a recompletion program; recompletions provide low cost high IRR investment opportunities Drilling opportunities include…
  10. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 10
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  11. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 11
    Wattenberg Focused Capital Program Company expects to drill 19 gross (13 net) and complete 19 gross (14 net) wells in 2017 Non-operated program assumes 18 gross (4 net) completions 2017 Program Objectives Targeting 3.25 million per…
  12. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 12
    2017 Program Testing Increased Completion Intensity 1 4 SRL DUCs Proppant: 2,000 lbs/lateral foot Program contemplates a Stage Spacing: 100 foot total of 25 operated and 18 First Production: July 2, 2017 non-operated completions…
  13. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 13
    Wattenberg Completion Design Evolution 2017 COMPLETIONS ARE 2X MORE INTENSIVE THAN PREVIOUS BCEI PROGRAMS Completion design metrics for typical 4,100 well 2013 2014 2015 2017 8MM Lbs. 4MM 4MM 4MM Lbs. Lbs. Lbs. 18 28 25…
  14. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 14
    French Lake Program Illustrative Joint Development Plan(1) PROVIDES OPPORTUNITY TO ADD XRL LOCATIONS TO INVENTORY Working with offset operator to develop French Lake, utilizing an integrated upstream and midstream development…
  15. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 15
    2017 Guidance Focused on Reducing Cost Structure Production 4Q weighted completions have minimal impact on 2017 production. 3Q17 (Mboe/d) 15.8 16.2 4Q17 16.2 16.6 The Company has significantly reduced all line FY17 16.3 16.7 items of…
  16. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 16
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  17. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 17
    Strong Financial Position NO TERM DEBT, UNDRAWN REVOLVER, LIQUIDITY OF 245 MILLION Credit Facility 192 million borrowing base Currently undrawn Committed to maintaining financial Next borrowing base redetermination Spring 2018…
  18. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 18
    Second Quarter Earnings 35 Production: 15.9 Mboe/d Recurring Cash Operating Expenses (MM) Cash Used In Operations: 39.4 MM 30 EBITDAX: 18.9 MM 25 10.7 Decreased recurring cash operating expenses 20 9.4 by 15% from 2Q16 3.5 15…
  19. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 19
    Summary PROGRESSING TOWARD STRATEGIC GOALS Strategic Goal Progress Utilize proven cutting-edge technologies to Testing and assessing leading edge completion maximize well performance designs to maximize well performance Streamline…
  20. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 20
    Legacy Acreage Performance Legacy acreage: 34,000 net acres HISTORICAL TYPE CURVES* FOR LEGACY ACREAGE East Central West Upon appraisal of West Legacy Central Legacy 2017 program, East Legacy Company expects to 200 200 200…
  21. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 21
    Hedged Volumes Crude Oil Natural Gas (NYMEX WTI) (NYMEX Henry Hub) Weighted Avg. Weighted Avg. Bbls/day Price per Bbl MMBtu/day Price per MMBTU 4Q17 Cashless Collar 2,000 41.50/51.00 2,600 3.00/3.30 1Q18 Swap 3,000 3.35 Cashless…
  22. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 22
    Restructured Oil Purchasing Contract New Contract with NGL Energy Partners on the Grand Mesa Pipeline 7-year term (1/1/17 12/31/23) Differential to WTI Cushing Years 1-3: 4.25 + 10% of WTI over 50 (capped at 7.00) Years 4-7: 5.25 +…
  23. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 23
    Reconciliation to Adjusted EBITDAX The following table presents a reconciliation of the GAAP financial measure of net loss to the non-GAAP financial measure of Adjusted EBITDAX. Three Months Ended June 30, Six Months Ended June 30,…
  24. 2Q 2017 Earnings Update – Bonanza Creek Energy, Inc. – slide 24
    Reconciliation to Recurring G&A Expense The following table presents a reconciliation of the GAAP financial measure General and Administrative expense to the non-GAAP financial measure of Recurring Cash G&A. Three Months Ended June…

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