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January 2018 Investor Presentation – Bellatrix Exploration Ltd.

Bellatrix Exploration Ltd. · Jan 16, 2018 · 33 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. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 1
    Corporate Presentation JANUARY 2018 1
  2. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 2
    Bellatrix Investment Highlights Dominant core acreage position in west central Alberta Top tier capital efficiencies and cost Spirit River represents one of North profile deliver full cycle profitability Americas lowest supply cost…
  3. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 3
    Corporate Profile MARKET SUMMARY Ticker Symbol TSX / NYSE: BXE Average Daily Volume1 Canada: 390,000/ U.S.: 130,000 Shares Outstanding2 49.4 million basic / 51.2 million diluted Market Capitalization3 110 million Bank Debt4 8…
  4. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 4
    Maintained Production Volumes While Achieving Significant Debt Reduction Average Average Production (boe/d) 40,000 30,000 Production Production Flat FlatQ1/16 Q1/16 20,000 totoQ2/17 Q3/17 10,000 0 Q1/16 Q2/16 Q3/16…
  5. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 5
    Diversified Balance Sheet & Financial Flexibility Effective capital resource management, balancing liquidity and flexibility BANK DEBT 8MM CREDIT FACILITY CONTAINS LONG TERM DEBT AT SEPTEMBER 30, 2017 ONE FINANCIAL COVENANT MATURITIES…
  6. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 6
    Commodity Price & Currency Risk Management NATURAL GAS HEDGING OIL HEDGING 60% 80% 3.13 % of total forecast 2018 oil & condi volumes 70% 70.14 70.14 70.14 70.14 50% % of total forecast 2018 gas volumes 60% 40% 50% 3.06…
  7. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 7
    Hedging & Market Diversification Physical Sales Contracts (Feb 2018 Oct 2020) 15 MMcf/d Chicago 15 MMcf/d Dawn AECO 15 MMcf/d Malin 15 MMcf/d Hedging & Market Diversification 15 MMcf/d 2018 Total Corporate Volumes Liquids…
  8. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 8
    2017 Performance Recap INITIAL PREVIOUS PREVIOUS PREVIOUS ESTIMATED CHANGE 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL 2017 ANNUAL FROM GUIDANCE GUIDANCE GUIDANCE GUIDANCE RESULTS INITIAL (JAN 5, 2017) (JUNE 26, 2017) (AUG 10,…
  9. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 9
    2018 Outlook & Guidance INITIAL 2018 BUDGET FOCUSED ON 2018 ANNUAL STRATEGIC OBJECTIVES GUIDANCE (DECEMBER 14, 2017) Completion of Phase 2 of the BXE Alder Flats Plant (Q2/18) Production (boe/d) Optimize forecast returns from…
  10. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 10
    Highly Concentrated Land Base DOMINANT ACREAGE POSITION WEST CENTRAL ALBERTA CORE AREA Highly focused land base in the prolific Deep Basin of FERRIER Alberta WILLESDEN GREEN 99% of total corporate GREATER PEMBINA production and…
  11. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 11
    North American Supply Cost Comparison 4.00 3.50 3.00 Henry Hub (US/MMbtu) 2.50 2.00 1.50 1.00 0.50 0.00 Economics assume 15% Before tax IRR, assumes US0.83 = CDN1.00, US0.75/MMbtu AECO basis, and a 20:1…
  12. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 12
    Bellatrixs Spirit River Play BXE Land Sections1 GREATER FERRIER AREA CORE SPIRIT RIVER PLAY 177 Gross Spirit River producing well 101 Net Horizontal well BXE Net Drilling Inventory2 86 proved 30 probable 265 unbooked 381 total…
  13. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 13
    Spirit River Geology Summary Broad, thick, extensive sand rich valleys in SPIRIT RIVER STACKED SANDS Notikewin, Falher and Wilrich members One square Tight sandstone: long life reserves with mile section long term hyperbolic decline…
  14. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 14
    Spirit River Type Curve Bellatrix Spirit River Economics SPIRIT RIVER 5.2 BCF TYPE CURVE Economic Assumptions 9 Gross CAPEX (DCE&T, MM) 4MM Gross Natural Gas IP30 (MMcf/d) 6.6 8 Liquids yield (bbl/MMcf) 47 EUR (mboe) 1,004…
  15. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 15
    Spirit River All-In Profitability Full Cycle F&D costs C1.50/GJ C2.50/GJ Drill 1.7MM Complete 1.6MM Full cycle F&D costs /Mcfe (0.82) (0.82) Equip & tie in 0.6MM Half cycle costs 3.9MM Land/seismic/facilities 1.0MM Full cycle…
  16. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 16
    Delivering on our 2017 Objectives 2017 RESULTS OUTPERFORMING TYPE CURVE EXPECTATIONS 20 18 16 Producing day volumes (MMcf/d) 14 12 10 8 6 4 2 - 0 30 60 90 120 150 180 210 240 270 300 330 360 Days 2017 Wells…
  17. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 17
    Enduring Efficiency Gains on Drill Times AVERAGE SPIRIT RIVER DRILLING CURVES DAYS SPUD TO RIG RELEASE BY YEAR 0 20 Days (Spud to Rig Release) 2014 Spirit River Average 500 15 2015 Spirit River Average 1,000 10 2016 Spirit…
  18. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 18
    Spirit River Well Costs & Capital Efficiencies FOCUSED CAPITAL COST REDUCTIONS 6.0 Long Reach Long Reach 5.0 4.0 Equip & Tie- Costs (millions) Long Reach in 3.0 Complete 2.0 Drill 1.0 0.0 2015 - 24 wells 2016…
  19. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 19
    Focused Spirit River Growth SPIRIT RIVER PRODUCTION GROWTH 80% 32,000 2010 70% 28,000 Spirit River Spirit River % of Total Company Volumes 60% 24,000 Average Monthly Production (boe/d) Other 50% 20,000 40% 16,000…
  20. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 20
    Improving Cost Structure PRODUCTION EXPENDITURES REDUCED; FURTHER IMPROVEMENT EXPECTED IN 2018 11.00 10.00 Production expense (/boe) 9.00 8.00 7.00 6.00 5.00 Q4/16 Q1/17 Q2/17 Q3/17 2018E Completion of Phase 2 of the…
  21. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 21
    Greater Ferrier Area Infrastructure Overview GREATER FERRIER EXISTING GREATER FERRIER AREA STRATEGIC INFRASTRUCTURE INFRASTRUCTURE ACCESS: Infrastructure gives Bellatrix control of production and growth Working interest or operatorship…
  22. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 22
    Drill Bit Focused PLANT INVESTMENT PLANT INVESTMENT & CONSTRUCTION & CONSTRUCTION COMPLETE COMPLETE Q2/18 Q2/18 Major compressor stations, pipelines and Bellatrix Alder Flats Plant capital investment nearing completion Proportion…
  23. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 23
    Ample Takeaway Capacity & Market Egress AMPLE FIRM TRANSPORTATION IN PLACE FOR ALBERTA NATURAL GAS MARKET EGRESS CURRENT & GROWTH VOLUMES Firm Transportation (FT) agreements in place ALBERTA representing 120% of current gross operated…
  24. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 24
    Ample Firm Takeaway Capacity FIRM TRANSPORTATION CAPACITY PROVIDES A STRATEGIC ADVANTAGE 350 Provides the opportunity to 300 enhance funds flow from operations through optimal Natural gas volumes (MMcf/d) 250 delivery of…
  25. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 25
    Compelling Investment Opportunity RETURN ON INVESTMENT SUSTAINABILITY PROFITABILITY 26
  26. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 26
    Supplemental Information 27
  27. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 27
    Concentrated Multi-Zone Acreage DEEP BASIN MULTI-ZONE ACREAGE Deep Basin is highly coveted for: Sweet, liquids rich natural gas 4,600 ft TVD Belly River 6,200 ft TVD Sweet, light gravity crude oil Cardium Multi-zone hydrocarbon…
  28. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 28
    Cardium Light Oil Resource Play BXE Land Sections1 144 Gross 84 Net BXE Net Drilling Inventory2 92 proved 29 probable 85 unbooked 206 total Cardium Resource Play Summary Largest WCSB light oil accumulation Approximately…
  29. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 29
    Strategic Land Position GREATER FERRIER/BRAZEAU/WILLESDEN GREEN AREAS OF WEST CENTRAL ALBERTA Pembina Brazeau Ferrier Willesden Green Bellatrix Peyto TAQA Cenovus Tourmaline Westbrick Source: Accumap, company…
  30. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 30
    Material Deleveraging & Strategic Repositioning SUCCESSFULLY RAISED OVER 450 MILLION IN THE PAST 18 MONTHS OVER MULTIPLE TRANSACTIONS WITH MINIMAL PRODUCTION DIVESTED Announcement Gross Proceeds Production sold Transaction Date MM…
  31. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 31
    Representative Spirit River Inventory Required to Maintain Production Volumes Approximately 16 net Spirit River wells1 per year maintains production in the high 30 mboe/d range through 2022 Represents scenario of drilling only 21% of…
  32. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 32
    Corporate Information BOARD OF DIRECTORS SENIOR OFFICERS BANKERS W.C. (Mickey) Dunn Brent A. Eshleman, P.Eng. National Bank of Canada Chairman President & CEO Alberta Treasury Branches The Bank of Nova Scotia Murray L. Cobbe Max Lof,…
  33. January 2018 Investor Presentation – Bellatrix Exploration Ltd. – slide 33
    Return on Investment Sustainability Profitability www.bxe.com 34

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