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March 2018 Corporate Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Mar 1, 2018 · 29 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. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 1
    CORPORATE PRESENTATION / MARCH 2018 SUSTAINABLE PER SHARE GROWTH WITHIN FUNDS FLOW
  2. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 2
    Whitecaps 2018+ Outlook Strong production and funds flow / share growth (14% and 26%), generating significant free funds flow Internally funded growth and income with total payout ratio less than 100% (No DRIP) Focus on key…
  3. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 3
    Whitecap Profile TSX: WCP Shares outstanding (MM) Basic 417.3 Fully diluted (1.1% dilutives) 422.3 Market capitalization (B) 3.4 Enterprise value (B) 4.7 2018 production guidance (boe/d) 73,600 74,800 % oil + NGLs 86% 2018…
  4. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 4
    Excellent Low Cost Reserve Additions and Growth (MMboe) 2016 2017 % Change PDP 149.0 222.1 49% TP 251.8 347.0 38% TPP 355.8 482.9 36% NAV/share (BT10) 12.25 12.50 2% Increased reserves per share across all categories PDP:…
  5. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 5
    2.4 Billion Value Created (September 2009 December 2017) Net Total Total Acquisition Development Total Total Present Cash Flow Rate of Capital Capital Capital Cash Flow Value plus NPV Return Area (MM)(1) (MM)(2) (MM) (MM) (MM)(3)…
  6. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 6
    Per Share Growth: Production & Funds Flow 80,000 Production 72,000 64,000 56,000 Production (boe/d) 48,000 40,000 32,000 24,000 16,000 8,000 - 2010 2011 2012 2013 2014 2015 2016 2017 2018e 750 Funds Flow US WTI 79 95…
  7. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 7
    2P Reserves per Share Growth 2017 F&D Costs (incl. FDC) 600,000 PDP TP TPP 1,500 F&D: 11.25 13.37 12.66 Recycle Ratio: 2.4x 2.1x 2.2x 500,000 1,250 1,141 955 400,000 1,000 (Mboe / MM Shares FD) 300,000 750 (Mboe)…
  8. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 8
    Strong Corporate Growth in 2018 from 2017 2017 2018 Budget % Change Average production (boe/d) 57,451 73,600 74,800 29% per million shares 154 176 14% Funds flow (MM) 509 720 41% per share 1.36 1.71 26% Development capital (MM)…
  9. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 9
    Financial Strength Internally Funded Growth + Dividends - No DRIP Credit Capacity 1.7 Billion 100% 93% 90% 87% 79% 80% 36% 21% 70% 18% 605 MM 595 MM Term Notes Total Payout Ratio 60% Bank Debt (Avg Rate 3.63%)…
  10. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 10
    2018 Development Capital Capital by Type Capital by Area 3% 3% 3% 5% 14% 1% 22% Production growth 17% Cardium Enhanced Oil Recovery (EOR) Viking SE Sask Facilities 28% SW Sask 71% Recompletions/Workovers Deep Basin 19%…
  11. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 11
    Sustainable Growth Assets: Capital + Dividend < Funds Flow Organic Growth Within Funds Flow 200 186 181 180 164 160 66 137 140 Fund Flow (MM) 120 121 108 54 100 82 80 7 60 60 120 40 83 75 37 60 56 20 23 - Cardium…
  12. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 12
    Financial Prudence and Risk Management Mitigate price volatility and protect economic returns on capital deployed Predictability for WCP funds flow Capital reinvestment and Dividend payments Oil Hedges Oil Quality CAD 67.04 66.78…
  13. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 13
    2018 WTI Sensitivities Oil (USWTI) 55.00 60.00 65.00 FX (C/US) 0.78 0.80 0.82 Oil (Cdn/WTI) 70.51 75.00 79.27 Quality + Transport (C/bbl) (13.00) (13.00) (13.00) WCP realized price (C/bbl) 57.51 62.00 66.27 AECO (C/GJ) 1.50 1.50…
  14. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 14
    Optimize Funds Flow Allocation 1. Balance sheet strength target net debt to funds flow of 1.2 to 1.5x unutilized credit capacity for financial flexibility 2. Organic per share growth disciplined and return on capital focused…
  15. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 15
    Core Areas of Operations Drilling Inventory Light Oil Drilling Inventory 2,897 BRITISH COLUMBIA ALBERTA Drilling Wells SASKATCHEWAN Boundary Inventory 2017 2018 Lake Cardium 668 32 20 Viking 910 125 122 Deep SE Sask 189 - 16…
  16. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 16
    Whitecap Strong Asset Portfolio Growth Deep Basin, WC Alta Cardium and WC Sask Growth to Low Decline East Pembina, Garrington, Elnora Original Low Decline Boundary Lake, Valhalla, SW Sask New Low Decline Weyburn (SE Sask) Growth…
  17. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 17
    Weyburn Acquisition Rationale Successful world class CO2 EOR project Adds 14,800 bpd net (100% oil) Enhances Whitecap sustainability characteristics Base decline of 3.5%, reduces WCP to 19% decline Asset operating netback of…
  18. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 18
    Stable Production Base with Excellent Infrastructure Weyburn WI Oil Production KEY CHARACTERISTICS Base - 3.5% Decline 100% operated 62.11% working interest 100% under enhanced oil recovery (Waterflood & CO2) CO2 flood is 86% of…
  19. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 19
    Successful CO2 Flood with Development Potential Cenovus was operator of the Weyburn Unit since its Phase 1 has 14 years of CO2 flood performance history inception in 1963, waterflood commenced in 1964 Phase 2 and Phase 3 booked at…
  20. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 20
    Cardium Resource Play repeatable low risk growth Industry leading capital efficiencies Continuing capital efficiency improvement: West Pembina East Pembina ERH drilling with improved drill technology Advancing frac designs and…
  21. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 21
    Exceptional Type Curve Economics West Pembina Cardium West Pembina Type Well Economics Standard 1.0 Cardium ERH 1.5 Drill, Complete, Equip, Tie-in (MM) 2.23 2.54 Production, IP30 (boe/d) 317 476 Production, IP365 (boe/d) 159 239…
  22. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 22
    Saskatchewan Viking Oil top decile resource play Top tier inventory for sustainable growth 10 years high quality inventory, 36 API light oil Long-term growth, increasing ERH drilling Viking Resource Type Well Economics Standard 1.0…
  23. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 23
    Southwest Saskatchewan stable production, multi-zone Key characteristics SASKATCHEWAN Stable production base historical 2.3% decline 92% of production under EOR Multi-zone potential for growth (6 zones) Southwest SK Fosterton…
  24. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 24
    Strong Repeatable Economics U. Shaun Hz Atlas Hz 1.0 Unconventional Unconventional Stable Production Driven by Enhanced Oil Recovery Floods Type Well Economics Plays Plays Historical Decline 2.3% Drill, Complete, Equip, Tie-in…
  25. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 25
    Deep Basin Light Oil Dunvegan and Cardium Oil Strong play characteristics, large growth potential Dunvegan Wapiti Cardium 39 to 42 API oil Type Well Economics Standard 1.0 Standard 1.0 Large OOIP of 6 to 15.5 MMboe/section No…
  26. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 26
    Boundary Lake large low decline resource with growth potential Boundary Lake WI Production Long-term, low decline asset Operated, 35 API light oil, 91% oil + NGLs 5% decline Avg 96% WI in 3 operated units Legacy oil pool under a…
  27. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 27
    The Whitecap Investment Opportunity Organic Per Share Growth Within Funds Flow Capital + Dividend < Funds Flow Sustainable and growing dividend, NO DRIP Long-Term Value Growth Orientation Executing on rolling 3 year business…
  28. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 28
    Research Coverage AltaCorp Capital Haywood Securities Barclays Capital Canada Laurentian Bank Securities BMO Capital Markets Macquarie Securities Group Canaccord Genuity National Bank Financial CIBC World Markets Peters & Co. Clarus…
  29. March 2018 Corporate Presentation – Whitecap Resources Inc. – slide 29
    TSX:WCP www.wcap.ca March 1, 2018 29

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