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February 2018 Corporate Presentation – Canbriam Energy

Canbriam Energy · Feb 12, 2018 · 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. February 2018 Corporate Presentation – Canbriam Energy – slide 1
    CANBRIAM ENERGY INC. CORPORATE PRESENTATION FEBRUARY 2018
  2. February 2018 Corporate Presentation – Canbriam Energy – slide 2
    Canbriam Energy An integrated, BC Montney natural gas growth company with differentiated resource quality Private company focused in the prolific Montney Birch formation in northeast BC 100% owned & operated processing…
  3. February 2018 Corporate Presentation – Canbriam Energy – slide 3
    Investing in Canbriam Energy Canbriams integrated approach supports low cost Montney development & full cycle value creation Prolific BC Montney asset Large, low risk, high return drilling inventory Integrated strategy…
  4. February 2018 Corporate Presentation – Canbriam Energy – slide 4
    Canbriams Altares is located in the northern extension of the Montney The prolific BC Montney has significant well density and peer activity Canbriam Energy Williston Lake 15 km 4 Canbriam Energy Corporate presentation
  5. February 2018 Corporate Presentation – Canbriam Energy – slide 5
    Consolidating a premier BC Montney land position Transformational land transaction(1) announced February 8; expected to close in Q1 2018 Birch Benefits of transaction include: 1. Combined acreage supports scalable, low cost growth…
  6. February 2018 Corporate Presentation – Canbriam Energy – slide 6
    Canbriam wells amongst highest deliverability in Northern BC Montney extension 12 & 24 month rates vs. cumulative production highlight over-pressured nature of resource 12 month rate vs. cumulative production (Q3 2017) 8,000 Northern…
  7. February 2018 Corporate Presentation – Canbriam Energy – slide 7
    Stable production history with strong liquids content Canbriams production growth reflects addition of phases 1 & 2 of the Altares Processing Facility in 2015 Altares Sales Production history (Mboe/d) 45 Oct 2015: Phase 2 of Altares…
  8. February 2018 Corporate Presentation – Canbriam Energy – slide 8
    Increased drilling & completion efficiency in over-pressured Montney Canbriams Altares drilling requires underbalanced drilling with mud weights exceeding 1,800 kg/m3 Unique challenges in over-pressured Doig & Montney formations (18…
  9. February 2018 Corporate Presentation – Canbriam Energy – slide 9
    Positioned within the liquids rich fairway of the BC Montney Large, contiguous land position in Altares & Kobes supports liquids rich natural gas development Dry gas Rich gas Oil window 0-10 bbl/MM 10 -100 bbl/MM 100+ bbl/MM Strong…
  10. February 2018 Corporate Presentation – Canbriam Energy – slide 10
    Infrastructure strategy supports large scale development Canbriam owns & operates all processing infrastructure Altares & Kobes infrastructure & pad locations 100% owned & operated infrastructure: Altares Processing Facility…
  11. February 2018 Corporate Presentation – Canbriam Energy – slide 11
    Altares Processing Facility: scalable to 400 MMcf/d Canbriam owns & operates all processing infrastructure Water treatment & recycling hub Commissioned March 2015 Phase 4: 120 MMcf/d Sanctioning to be determined Phase 3: 120…
  12. February 2018 Corporate Presentation – Canbriam Energy – slide 12
    Competitively advantaged in water sourcing, handling & disposal Integrated water strategy eliminates need to truck water Sourcing & distribution 80% 20 year permit (2011) to access 10,000 m3/day of fresh water from Williston Lake…
  13. February 2018 Corporate Presentation – Canbriam Energy – slide 13
    Marketing & transportation plan supports long term development Sufficient takeaway capacity to support near term requirements Enbridge T North: 228 MMcf/d firm capacity Enbridge T North Actively mitigating unused firm capacity…
  14. February 2018 Corporate Presentation – Canbriam Energy – slide 14
    Northern B.C. Natural gas pipeline and takeaway capacity Growing egress solutions expected to support B.C. Montney development Current Potential Expected Pipeline capacity expansion Jedney timing(1) (Bcf/d) (Bcf/d) Birley…
  15. February 2018 Corporate Presentation – Canbriam Energy – slide 15
    Key elements to Canbriams financial strategy Disciplined approach to financial management Priority to prudently manage Capital spending funded through cash spending with a continued focus on flow and bank lines infrastructure…
  16. February 2018 Corporate Presentation – Canbriam Energy – slide 16
    Managing Station 2 pricing Active hedging, physical sales basis contracts & high heat content have optimized natural gas pricing Natural gas hedges (at January 31, 2018) M Gj/d High heat content natural gas(1) 120 3.50 100 3.00…
  17. February 2018 Corporate Presentation – Canbriam Energy – slide 17
    Managing Station 2 pricing Disciplined approach to risk management has helped optimize natural gas pricing Physical delivery sales contracts (Gj/d) Regional price exposure 2018E Physical contracts(1) Hub 2018 expiry 2019 expiry…
  18. February 2018 Corporate Presentation – Canbriam Energy – slide 18
    Low cost structure supports full cycle profitability Canbriams low cost structure drives strong play economics despite low commodity prices 40 36.51 Canbriam cost structure and profitability (2014 Q3 2017) 35 35.88 Q2 road bans…
  19. February 2018 Corporate Presentation – Canbriam Energy – slide 19
    Canbriam has demonstrated full cycle value Canbriams low cost structure & prudent risk management have supported full cycle returns Low cost business model supports value creation Return on capital employed(1) Operational…
  20. February 2018 Corporate Presentation – Canbriam Energy – slide 20
    Investing in Canbriam Energy A fully integrated, natural gas growth company with differentiated resource quality 1,100 of Montney vertical thickness on 187,000 (60% liquids rich) net acres 225.6 MMboe of gross 1P Reserves (pre-tax…
  21. February 2018 Corporate Presentation – Canbriam Energy – slide 21
    SUPPLEMENTAL INFORMATION 21 Canbriam Energy Corporate presentation
  22. February 2018 Corporate Presentation – Canbriam Energy – slide 22
    Canbriam has the foundation for long term value creation Our approach is defined by three key elements Resource Innovation Collaboration Montney is a world class reservoir Canbriams success is tied to early Team approach fosters…
  23. February 2018 Corporate Presentation – Canbriam Energy – slide 23
    Canbriam Energy leadership Team built specifically for exploration & development of unconventional gas resource Paul Myers Founder and CEO since company inception in 2008 President and Chief Diverse 30 year career in various…
  24. February 2018 Corporate Presentation – Canbriam Energy – slide 24
    Over-pressured Altares Montney supports high well deliverability Altares Montney demonstrates anomalous over-pressure Canbriam pressure gradient (kPa/meter) Up to 2 times over pressured within Altares Montney Downhole choke strategy…
  25. February 2018 Corporate Presentation – Canbriam Energy – slide 25
    Significant reserves growth with high liquids content Canbriams 2P bookings reflect consistent well performance 2P Reserve growth (MMboe) 2P F&D costs & recycle ratio (1) 25 3.2 3.5 63 61 2.9 2.8 2.7 3.0 20 2.3 2.5 55 F&D…
  26. February 2018 Corporate Presentation – Canbriam Energy – slide 26
    Illustrative type curve economics Main Fault Block Type well statistics represent the current planning basis for Canbriam Single well statistics Main Fault Block Upper Montney Lower Montney Well properties Raw gas type curve…
  27. February 2018 Corporate Presentation – Canbriam Energy – slide 27
    Improving decline rates through downhole choke management Sustaining capital requirement is 90 million annually to maintain 40,000 boe/d of production capacity Production by well vintage 35,000 27% H2 2017 H1 2017 Q217: Road…
  28. February 2018 Corporate Presentation – Canbriam Energy – slide 28
    Optimizing well performance through choke management strategy Canbriams use of downhole chokes optimizes its over-pressured reservoir Altares c-B27-H well - Upper Montney Advantages of downhole chokes: 15.0 30,000 Minimizes 1st…
  29. February 2018 Corporate Presentation – Canbriam Energy – slide 29
    Development plan includes five commercial intervals Three Upper Montney & two Lower Montney layers at 300 meter spacing 7 Tested zones C5 Commercial Upper Intervals1 & 2 C4 C2 Commercial Interval 3 T1 300 m…
  30. February 2018 Corporate Presentation – Canbriam Energy – slide 30
    Efficiency gains tied to improved drilling & completion performance Cost efficiency tied to sliding sleeve technology, less intense completions & improved drill times Drilling, completion & equipment / tie-in costs by well Current…
  31. February 2018 Corporate Presentation – Canbriam Energy – slide 31
    Evolution of completion optimization Completion efficiency improving through technology advancement & integrated technical approach Initial development Development phase Current design (2009 2012) (2013 2015) (2016 Q2 2017) Plug &…
  32. February 2018 Corporate Presentation – Canbriam Energy – slide 32
    Development plan focused in the prolific Main Fault Block Canbriams Main Fault Block is substantially de-risked and represents the majority of the next 5 years development Daily Raw Gas Production by Well Upper Montney Development…
  33. February 2018 Corporate Presentation – Canbriam Energy – slide 33
    Stable production history with strong liquids content Canbriams production growth reflects addition of phases 1 & 2 of the Altares Processing Facility in 2015 250 Inlet Sep Natural gas production 40,000 Boe/d nameplate capacity 200…
  34. February 2018 Corporate Presentation – Canbriam Energy – slide 34
    Historical financial summary Financial performance reflects improving cost structure and production growth Q2 road bans & Average production b-24-H outage Adjusted EBITDA(1) 144.0 29.9 (Mboe/d) 28.4 (C millions) 26.6 18.9 83.0…
  35. February 2018 Corporate Presentation – Canbriam Energy – slide 35
    Composition of revenue stream between natural gas & NGLs Disciplined risk management & active hedging program have supported realized prices Revenue by product: Q3 2015 Q3 2017 (/boe) 30.00 23.38 22.28 22.51 22.24 21.97 21.21…
  36. February 2018 Corporate Presentation – Canbriam Energy – slide 36
    Historical netbacks Canbriams low cash costs drive solid margins 2017 2016 2015 2014 Benchmark prices Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Henry Hub (US/MMbtu) 3.00 3.18 3.31 2.99 2.81 1.95 2.09 2.27 2.77 2.64 2.98 4.00 4.06…
  37. February 2018 Corporate Presentation – Canbriam Energy – slide 37
    Supplemental reserves information 2016 Independent reserves evaluation completed by McDaniel & Associates Reserves Reconciliation(1) Proved Probable Proved + Probable Natural Gas NGLs Total Natural Gas NGLs Total Natural Gas NGLs…
  38. February 2018 Corporate Presentation – Canbriam Energy – slide 38
    Canbriam Energy Inc. 2100, 215 2nd Street SW Calgary, AB Canada T2P 1M4 Tel: 403.269.2874 www.canbriam.com Paul Myers President & Chief Executive Officer 403.718.8550 pmyerscanbriam.com Rob Froese Chief Financial Officer 403.718.3601…

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