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July 2017 Investor Presentation – Harvest Operations Corp.

Harvest Operations Corp. · Jul 3, 2017 · 32 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 Investor Presentation – Harvest Operations Corp. – slide 1
    Harvest Operations Corporation July 2017
  2. July 2017 Investor Presentation – Harvest Operations Corp. – slide 2
    Agenda 1. Overview of KNOC 2. Overview of Harvest 2
  3. July 2017 Investor Presentation – Harvest Operations Corp. – slide 3
    Key Strengths Strong Government Support and Strategic Importance to Koreas Energy Security Well-diversified Portfolio Disciplined Financial Management Solid Access to Debt Capital Markets 3
  4. July 2017 Investor Presentation – Harvest Operations Corp. – slide 4
    KNOC is Koreas National Oil Company 100% Owned by Korean Government KNOC at a Glance: Special entity established under the Korea National Oil Corporation Act Description Engages primarily in E&P, Strategic Petroleum Reserve (SPR)…
  5. July 2017 Investor Presentation – Harvest Operations Corp. – slide 5
    Evolution of KNOC Key Milestones 1 2 3 4 Establish Build Reserves in Preparation for Secure Overseas Reserve and Enhance Efficiency / footprints Emergencies Resources Rationalize Assets 1980: Stockpiling Master Plan 2008: KNOC…
  6. July 2017 Investor Presentation – Harvest Operations Corp. – slide 6
    Strong Government Support Securing Stable Oil Supply as Koreas Top Priority Korea is one of the largest but is only ranked 145 in as a result, Korea is one of the consumers of oil in the world terms of oil production largest…
  7. July 2017 Investor Presentation – Harvest Operations Corp. – slide 7
    KNOCs Significant Role in Mitigating Oil Supply Risks SPR Storage E&P In preparation for: short-term supply disruption prolonged supply disruption KNOC is required to: stockpile crude oil and petroleum products for secure…
  8. July 2017 Investor Presentation – Harvest Operations Corp. – slide 8
    Legal Foundation for Government Support Special Accounts for Energy Lays key foundation for KNOCs overseas activities Oil stock piling business and Resources E&P business KNOCs policy role administration Petroleum and…
  9. July 2017 Investor Presentation – Harvest Operations Corp. – slide 9
    Best-in-Class Credit Quality Comparison with Peers Sovereign Rating Govt Publicly Rating Outlook Rating Outlook Nationality (Moodys/S&P) Ownership Listed AA Korean SOEs ROK Aa2 Stbl AA Stbl Aa2/AA Gov't 100% NO AA- ROK…
  10. July 2017 Investor Presentation – Harvest Operations Corp. – slide 10
    Evolution of Koreas and KNOCs Credit Ratings Strong Fundamentals of the Korean Economy: Nov 2016 FX Reserve Volume: (Unit: US tn) 3,141 1,291 751 5th Largest FX Reserve = 439 372 Korea Sovereign Rating KNOC Rating 189 138…
  11. July 2017 Investor Presentation – Harvest Operations Corp. – slide 11
    KNOCs Key Business Areas E&P, SPR Storage and Fuel Retailing Strategic Petroleum E&P Fuel Retailing Reserve Storage Secure Stable Oil and Gas Supply Maintain SPR to Mitigate Any Supply Promote Fair Competition and Stabilize…
  12. July 2017 Investor Presentation – Harvest Operations Corp. – slide 12
    Well Diversified E&P Portfolio KNOCs Global Footprint Production Development KNOC Caspian (85%) Exploration Production of 5.9 mboe/d Key operations Net 2P Reserves of 47.8 mmboe Altius (95%) Canada Harvest (100%) Production of…
  13. July 2017 Investor Presentation – Harvest Operations Corp. – slide 13
    Highly Efficient SPR Storage Operations KNOCs SPR Storage Facilities1 KNOCs SPR Storage Operations (Unit: mmboe) Flexibility Storage facilities in 9 locations across Guri Reserves Capacity Yong-in Reserves Capacity the country…
  14. July 2017 Investor Presentation – Harvest Operations Corp. – slide 14
    Economical Gas Station Stabilize Retail Gasoline Prices Economical Gas Station (EGS) Supplying Lower Gasoline Prices to the Korean Public 1 (Unit: KRW) EGS was launched in 2011 with the Governments goal of promoting fair…
  15. July 2017 Investor Presentation – Harvest Operations Corp. – slide 15
    KNOCs Countermeasures to Low Oil Price Attract investors to our core assets (e.g. securitization of Eagle Ford assets), while achieving deleverage Asset Realign portfolio by selling non-core E&P assets Rationalization Monetize…
  16. July 2017 Investor Presentation – Harvest Operations Corp. – slide 16
    Disciplined Financial Management KNOCs Supervision Framework Government Supervision & Control Close Integration with the Government Appointment Overall Financial of President Supervision Control and Directors Audit Ministry…
  17. July 2017 Investor Presentation – Harvest Operations Corp. – slide 17
    Summary Financial Statements (Unit: US mm) 20131 20141 20151 20161 Income Statement Revenue 4,808 4,138 3,034 2,094 EBITDA 2,548 2,104 1,071 745 EBITDA Margin (%) 53.0% 50.8% 35.3% 35.6% Operating Income 1,071 449 (393) (208)…
  18. July 2017 Investor Presentation – Harvest Operations Corp. – slide 18
    Solid Access to Debt Capital Markets Strong Track Record as the Representative Issuer in Korea International Bonds Issuance Volume Foreign Currency Debt Issuance Volume (2011-2016) (Unit: US mm) (Unit: US mm) 1,781 1,697 12,011…
  19. July 2017 Investor Presentation – Harvest Operations Corp. – slide 19
    Balanced Debt Portfolio Debt Maturity Profile in US Equivalent (Unit: US mm) KNOC Subsidiaries 3,000 2,500 1,029 1,201 2,000 1,500 196 1,000 1,629 1,606 500 1,287 1,050 1,150 964 835 120 245 115 167 340 0 2017 2018…
  20. July 2017 Investor Presentation – Harvest Operations Corp. – slide 20
    Agenda 1. Overview of KNOC 2. Overview of Harvest 20
  21. July 2017 Investor Presentation – Harvest Operations Corp. – slide 21
    Overview of Harvest 100% owned by Korea National Oil Corporation (KNOC) 2002: Formed as an energy royalty trust 2009: Acquired by KNOC in December 2010: Acquired Oil Sands project from KNOC 2014: Sold North Atlantic Refining Ltd. in…
  22. July 2017 Investor Presentation – Harvest Operations Corp. – slide 22
    Harvests Value to KNOC KNOC Harvest is the largest subsidiary of KNOC in terms of 2P Oil and Gas Production reserves and the third largest in terms of production KNOC 1 Harvest Harvest Production: 201 Mboe/d 18% 2P Reserves: 1,416…
  23. July 2017 Investor Presentation – Harvest Operations Corp. – slide 23
    Harvest Debt Profile 1000 900 800 700 425mm 600 M 500 US M 400 630mm 2 1/8% 300 500mm US 200 2.27% US 283mm 6 7/8% 196mm 100 2 1/3% 0 2017 2018 2019 2020 2021 2022 Senior Notes Term Loan Bank Debt Harvest has 2.4…
  24. July 2017 Investor Presentation – Harvest Operations Corp. – slide 24
    Summary Securing Stable Oil Supply as Koreas Top Priority Strong Government Support Agenda 1 and Strategic Importance to KNOCs Significant Role in Mitigating Oil Supply Risks Koreas Energy Security Governments On-going Financial…
  25. July 2017 Investor Presentation – Harvest Operations Corp. – slide 25
    Appendix 25
  26. July 2017 Investor Presentation – Harvest Operations Corp. – slide 26
    Royce/Cecil Area Summary Area Royce, Cecil North, Cecil South Triassic Charlie Lake, Reservoir Royce light gravity crude oil ALBERTA 2016 2P Reserves 4,428 Mboe 2016 Production 973 Boe/d Calgary Contingent Cecil 100 km…
  27. July 2017 Investor Presentation – Harvest Operations Corp. – slide 27
    Loon Area Summary Evi 1, Evi 3, Golden, Area Loon Lake, Red Earth Existing wells 2017 proposed locations Devonian Slave Point Carbonate Inventory Locations Reservoir light gravity crude oil 2016 2P Reserves 9,443 Mboe 2016…
  28. July 2017 Investor Presentation – Harvest Operations Corp. – slide 28
    Deep Basin Area Summary Deep Basin South, Area Deep Basin Partnership Cretaceous Falher (CGR 7-18 bbl/mmcf), Reservoir Triassic Montney (CGR 105 bbl/mmcf) 315 Bcf Gas 2016 2P Reserves 65 MMboe Deep Basin 12 MMbbl NGL ALBERTA…
  29. July 2017 Investor Presentation – Harvest Operations Corp. – slide 29
    Hay Area Summary K J 94-I-9 I R12W6 6 5 4 3 2 T112 Area Hay Kilometres Hay River Protected Area 0 1 2 3 4 5 6 Cretaceous Bluesky, 0 31 1 32 2 33 3 34 4 35 Reservoir Main Miles 240 gravity crude oil Pool 30 29 28 27 26…
  30. July 2017 Investor Presentation – Harvest Operations Corp. – slide 30
    BlackGold Oil Sands Project 100% ownership BlackGold 15 sections in 76-7-W4M ALBERTA Calgary 10 km southeast of Conklin 100 km Great neighbourhood CVE Christina Lake MEG Christina Lake Devon Jackfish 30,000 bbl/d SAGD…
  31. July 2017 Investor Presentation – Harvest Operations Corp. – slide 31
    Forward Looking Information Certain information set forth in this document, including managements assessment of Harvests future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are…
  32. July 2017 Investor Presentation – Harvest Operations Corp. – slide 32
    1500, 700-2nd Street SW Calgary, Alberta Canada T2P 2W1 T: 1-866-666-1178 F: 403-265-3490 E: investor.relationsharvestenergy.ca http://www.harvestoperations.com/ 32

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