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Q3 2017 Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Nov 9, 2017 · 25 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. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 1
    THIRD QUARTER INVESTOR PRESENTATION November 9, 2017 1
  2. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Overview Target Proved Reserves YE16 Niobrara/Codell 78 MMBoe (49% PD) Market Cap(1): 700 million Acres Production 3Q17 67,000 Net 12.5 MBoe/d (51% oil) 3Q17 Production: 15.8 Mboe/d TTM Production…
  3. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 3
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  4. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 4
    Creating a Culture of Rapid Improvement Apply rigorous returns-based criteria to allocate development program capital Utilize proven cutting edge technologies to maximize well performance and project economics Streamline cost…
  5. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 5
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  6. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 6
    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…
  7. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 7
    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,…
  8. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 8
    Mid-Continent Cash flow positive asset with 3.3 Mboe/d of production (55% oil) in 3Q17 Currently operating a recompletion program; recompletions provide low cost high IRR investment opportunities Drilling opportunities include…
  9. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 9
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  10. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 10
    Wattenberg Focused Capital Program Company expects to drill 19 gross (13 net) and complete 18 gross (13 net) wells in 2017 Non-operated program assumes 18 gross (4 net) completions 2017 Program Objectives Targeting 3.25 million per…
  11. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 11
    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 North Acreage non-operated…
  12. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 12
    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…
  13. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 13
    Enhanced Completion Results Outperforming Offset Wells North Platte F-13 Pad (5 wells standard completion) North Platte 44-13 Pad (4 wells enhanced completion) Legacy Acreage Cumulative Production (3-stream) MBOE Cumulative Oil…
  14. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 14
    Encouraging Results from Enhanced Completions 600 Daily Production and Tubing Pressure 1400 Daily Production (3-Stream BOE/D) 1200 500 1000 Tubing Pressure (psi) 400 Avg. 415 BOE/d 800 300 600 200 Avg. 215 BOE/d…
  15. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 15
    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…
  16. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 16
    2017 Guidance Focused on Reducing Cost Structure Production Increased line pressures and unexpected plant downtime have weighed on expected 4Q 4Q17 (Mboe/d) 13.8 14.2 production volumes, reducing 4Q and FY FY17 (Mboe/d) 15.7 15.9…
  17. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 17
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  18. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 18
    Strong Financial Position NO TERM DEBT, UNDRAWN REVOLVER, LIQUIDITY OF 225 MILLION Credit Facility 192 million borrowing base Currently undrawn Committed to maintaining financial Next borrowing base redetermination Spring 2018…
  19. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 19
    Third Quarter Earnings 30 Recurring Cash Operating Expenses (MM) Production: 15.8 Mboe/d Cash Provided from Operations: 15.3 MM 25 EBITDAX: 21.3 MM 9.9 20 9.6 Decreased recurring cash operating expenses 2.9 by 14% from 3Q16 15…
  20. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 20
    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…
  21. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 21
    Thank you Company Contact James Edwards Director Investor Relations jedwardsbonanzacrk.com 720-440-6136 22
  22. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 22
    Appendix 23
  23. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 23
    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 Swap 2,000 51.86 Collar 2,000 41.50/51.00 2,600 3.00/3.30 1Q18 Swap 2,000…
  24. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 24
    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 Nine Months Ended September 30,…
  25. Q3 2017 Presentation – Bonanza Creek Energy, Inc. – slide 25
    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…

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