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July 2017 Corporate Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Jul 24, 2017 · 38 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 – Bonavista Energy Corp – slide 1
    All together better.
  2. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 2
    Identity This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 9% insider ownership, 3x our Bonavista of 13 years peer group average We are EFFICIENT: We have a…
  3. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 3
    Identity Concentration Strategy Focused on two core areas: Deep Total Core Non-Core Basin Net operating income ( millions) 337 99% 1% Edmonton 2016 Production (boe/d) 68,550 93% 7% E&D capital expense ( millions) 154 99%…
  4. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 4
    Identity Performance Improvements with Focus Concentration strategy has led to a higher quality portfolio: 10.00 16.00 35,000 PRODUCTION ADDITION EFFECIENCY 14.00 FINDING & DEVELOPMENT COSTS 30,000 9.00 12.00 25,000…
  5. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 5
    Identity Sustainable Growth Includes Reducing Footprint Socially responsible: REDUCING AIR CONTAMINANTS 700 2,000 5.0 7,800 1.8 1,800 4.1 4.5 7,600 1.6 TOP TIER PIPELINE RECORD 600 3.7 1,600 4.0 7,400 1.4 3.0 3.0 3.0…
  6. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 6
    8 1.3B Priorities: 2016 opening net debt 878 mm 2016 year end net debt 33% NET DEBT 2016 - Achieved our Goals 2016 entry rate 70,000 boe/d 2016 exit rate capital 0 SUSTAINABILITY 10.70/boe 2015 cash…
  7. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 7
    2017 - Visibility to Value Creation 2017 priorities: Sustainable growth in production and funds from operations Enhance asset quality through concentration and innovation Improve financial flexibility with continued debt…
  8. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 8
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  9. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 9
    2017 Sustainable Growth Guidance: 2017E 2016 Percent Change Capital Expenditures ( millions): Exploration and Development 290-310 154 95% Divestitures, net of Acquisitions (10) (168) Total 280-300 (14) Production (boe/d)…
  10. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 10
    2017 Sustainable Growth Meaningful production growth in 2017: 90,000 80,000 +19 %* 112%* Production (boe/d) 70,000 60,000 growth in Spirit River 50,000 production 40,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov…
  11. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 11
    2017 Sustainable Growth Strengthening NGL prices*: Ethane (C2) Propane (C3) Butane (C4) Condensate (C5+) Total 10 20 40 70 30 18 38 28 65 9 16 36 26 310% 14 34 24 60 27% 8 12 22 32 14% /bbl /bbl /bbl /bbl /bbl…
  12. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 12
    2017 Sustainable Growth NGL a growing component of revenue stream: 35% NGL Revenue as % of Total Revenue 30% 34% growth in 25% NGL 20% revenue in 2017* 15% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb…
  13. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 13
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  14. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 14
    2017 Enhance Asset Quality Self funded growth: providing excess net vehicle for growth operating income Deep Basin 30 Edmonton 25 Production (mboe/d) 20 38% West 15 Central WEST CENTRAL DEEP BASIN 10 5…
  15. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 15
    2017 Enhance Asset Quality 2017 E&D Capital Allocation: Remaining Wells Capital Inventory Development (net) ( millions) (net) (years) Spirit River 37 - 38 155 - 165 433 12 Glauconite 15 - 16 60 - 65 316 20 Other 5-6 25 207…
  16. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 16
    2017 Enhance Asset Quality 56% Production improvement at a similar cost per meter: 5,000 IP90 of 4,000 mcf/d 4,500 at 1,675/m * 4,000 from average horizontal 3,500 length of 2,050 m Raw Natural Gas (mcf/d) 3,000 2,500…
  17. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 17
    Spirit River - Ansell Wilrich Vehicle for growth - strong start to 2017 development program: R20 R18 R16 ERH (1.5 Mile) Ansell Wilrich Well Tests T53 20 80% 20,000 increase Raw Natural Gas Test Rate (MMcf/d) 15…
  18. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 18
    Spirit River - Ansell Wilrich Vehicle for growth - extended reach horizontals enhancing efficiencies: Year over Year Improvements (1.5 mile wells) Well Characteristics (1.5 mile wells) 7,000 Ansell Wilrich 6,000 2017Q1 2016 %…
  19. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 19
    Spirit River - Morningside Falher Piloting extending reach horizontal (ERH) wells in the Falher Channel at Morningside: R1W5 R28 R27 Initial ERH production performance 14,000 T44 12,000 Raw Natural Gas Rate (mcf/d) 10,000…
  20. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 20
    Spirit River - Morningside Falher Top tier economic performance: Year over Year Improvements Well Characteristics 7,000 Morningside Falher 6,000 Average of ERH wells 2016 % variance 5,000 2017 Drill & complete capital 2.8 2.0…
  21. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 21
    Spirit River - Morningside Falher Significant production growth forecasted in 2017: 9,000 8,000 7,000 138%* Production (boe/d) 6,000 5,000 4,000 3,000 2,000 1,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2…
  22. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 22
    Glauconite Enhancing Asset Quality Exceeding expectations on recently acquired swap assets: 3,500 Initial Production Performance R9 R7 R5 Raw Natural Gas Rate 3,000 2,500 (mcf/d) WILLESDEN 2,000 GREEN T41 1,500 15-31…
  23. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 23
    Glauconite Efficiency Improvements in Strachan Continuing to create value: Year over Year Improvements Land Growth Over the Past Year R10 R9 R8 R7W5 4,500 45 4,000 40 Added over T39 3,500 35 40 sections 3,000 30 Raw Gas…
  24. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 24
    Creating Value with Recently Acquired Assets Growing our acquired assets: 9,000 Current production of 9,200 boe/d 8,500 Optimization projects 8,000 have increased base production by Production (boe/d) 700 boe/d 7,500…
  25. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 25
    All together better.
  26. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 26
    2017 Improve Financial Flexibility Net debt and net debt to funds from operations: 1,500 433 million 6.0 15 2.00 net debt reduction Net debt to funds flow from operations in 2016 14 1.90 Funds from operations (/boe) 13…
  27. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 27
    2017 Improve Financial Flexibility Protected in a low natural gas price environment: 2017E AECO 3.00/gj 2017E AECO 2.00/gj At 2.00/gj AECO, FFO April 25, 2017 forward strip (2017E AECO 2.68/gj) remains above 300 million 2.50…
  28. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 28
    2017 Improve Financial Flexibility Production and funds from operations growth while deleveraging 2017E sustainability and leverage 2017E production growth and valuation 200% 10.0 16.0x 100% 180% 8.0 14.0x 80% 160% 6.0 12.0x 60%…
  29. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 29
    2017 Improve Financial Flexibility Hedging and diversifying to protect future funds from operations: Natural Gas Oil* Propane 11% 10% 5% 26% 2017 44% 56% 74% 235 mmcf/d at 74% 4,748 bbl/d at 3,000 bbl/d at C3.30/mcf…
  30. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 30
    2017 Improve Financial Flexibility Total & senior debt*: Bank credit facility - 600 million Senior Notes (CDN) 11 banks in credit facility 20 Unsecured, financial covenants Matures September 10, 2019 Currently undrawn Senior…
  31. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 31
    All together better.
  32. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 32
    On Course to Value Creation in 2017 Focused on what we can control: Sustainable growth: 7-10% production growth within funds from operations Enhance asset quality: 20-30% improvement in key play capital efficiencies Improve…
  33. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 33
    All together better.
  34. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 34
    2017 Sustainable Growth Supportive local natural gas fundamentals: ATCO Sheerness generating station ATCO Battle River generating station Oil sands demand grows to 4 bcf/d by 2020 Recently announced coal to natural gas…
  35. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 35
    2017 Sustainable Growth Supportive International natural gas fundamentals: The U.S. is becoming a net natural gas exporter through the development of LNG export terminals and pipeline shipments to Mexico 37 Source: EIA,…
  36. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 36
    2017 First Quarter Performance Strong start to the year: Three months ended March 31, Financial: 2017 2016 % change ( millions except per share amounts) Production revenues 143 104 37% Funds from operations 71 59 19% - per share…
  37. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 37
    2017 First Quarter Performance Continued cost improvements in rising cost environment: 25% 25% Q117-Q416 change in Q117-Q416 change in 20% operating costs / boe 20% cash costs / boe 15% 15% 10% 10% 5% 5% 0% 0% -5%…
  38. July 2017 Corporate Presentation – Bonavista Energy Corp – slide 38
    1500, 525-8th Avenue S.W. Calgary, Alberta T2P 1G1 bonavistaenergy.com Investor_relationsbonavistaenergy.com All together better.

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