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March 2018 Corporate Update – Athabasca Oil Corp

Athabasca Oil Corp · Mar 14, 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 Update – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING MARCH 2018 CORPORATE UPDATE
  2. March 2018 Corporate Update – Athabasca Oil Corp – slide 2
    ATHABASCA PREMIER RESOURCE EXPOSURE INTERMEDIATE OIL WEIGHTED PRODUCER LIGHT OIL THERMAL OIL o 40,000 boe/d (90% liquids) Montney Rights Hangingstone o 10% corporate decline ASSETS IN CANADAS TOP PLAYS Greater Placid o…
  3. March 2018 Corporate Update – Athabasca Oil Corp – slide 3
    ATHABASCA A COMPELLING INVESTMENT 60 Leismer PRODUCTION LIGHT OIL: DEFINED & MATERIAL GROWTH Hangingstone 50 Montney o Scalable Montney position 40 Duvernay mboe/d 30 o Funded Duvernay development 20 10 0 THERMAL OIL:…
  4. March 2018 Corporate Update – Athabasca Oil Corp – slide 4
    CORPORATE SNAPSHOT CAPITALIZATION OVERVIEW (ATHTSX) Basic Shares Outstanding 510 MM Market Capitalization 535 MM Q4/17 Net Debt 275 MM Total Enterprise Value 810 MM Funding Capacity 390 MM Tax Pools 2,900 MM Net debt…
  5. March 2018 Corporate Update – Athabasca Oil Corp – slide 5
    MARKET ACCESS AND RISK MANAGEMENT LIQUIDS DIVERSIFIED PRODUCT MIX 2018 LIQUIDS SPLIT OPERATING INCOME o Light Oil 55% Oil, 30% C5+ 15% NGLs Light Oil o Transport on Pembina Peace system 6,000 bbl/d o High quality product; strong…
  6. March 2018 Corporate Update – Athabasca Oil Corp – slide 6
    ATHABASCA UNPARALLELED TORQUE TO OIL 2018 SENSITIVITY (CASH FLOW VS. LEVERAGE) 140% Circle size proportional to valuation High valuations (small) Low Valuation (large) 120% ATH 2018 EV/DACF 70 WTI % Change in CFPS (70 vs. 60…
  7. March 2018 Corporate Update – Athabasca Oil Corp – slide 7
    LIGHT OIL MONTNEY & DUVERNAY
  8. March 2018 Corporate Update – Athabasca Oil Corp – slide 8
    MONTNEY REGIONAL OVERVIEW HIGHLIGHTS AOC OPERATED 70%WI o 80,000 gross prospective acres o Operated strategic regional infrastructure; secured egress through Pembina, Alliance and TCPL GREATER PLACID MAP PLACID PRODUCTION (NET)…
  9. March 2018 Corporate Update – Athabasca Oil Corp – slide 9
    MONTNEY PLACID DEVELOPMENT ASSET HIGHLIGHTS ACTIVITY HISTORY o 48,000 development acres (36,000 net) o 20142016: 5 wells o 200 well inventory1 (mgmt est.); prospectivity in two intervals o 2016/17 Winter: 20 wells (5 pads) o…
  10. March 2018 Corporate Update – Athabasca Oil Corp – slide 10
    MONTNEY STRONG ECONOMICS PRODUCTION PLOT INTERNAL TYPE WELL PARAMETERS 1,400 Generation 1 34 pad Generation 2 Sales Gas C5+ Liquids 1,200 Generation 3 Average mmcf/d bbl/d % Internal Updated Type Curve Updated 1,000 733 pad…
  11. March 2018 Corporate Update – Athabasca Oil Corp – slide 11
    MONTNEY OUTLOOK 20 PRODUCTION (NET) Base Case 1 rig DEVELOPMENT OVERVIEW 2nd Rig o Scalable asset 15 mboe/d 200 well inventory1 (mgmt est) 10 o Flexible program (1 3 rigs) 5 13,000 boe/d capital efficiencies 0 2017 2018…
  12. March 2018 Corporate Update – Athabasca Oil Corp – slide 12
    DUVERNAY KAYBOB REGIONAL OVERVIEW DUVERNAY HIGHLIGHTS (30% WI) INDUSTRY STATS o 200,000 gross acres o Shell and Chevron are the most active majors o 1,000 potential locations1 (mgmt est) o Industry activity 115 spuds in 2017 (450+…
  13. March 2018 Corporate Update – Athabasca Oil Corp – slide 13
    DUVERNAY JOINT VENTURE JOINT VENTURE HIGHLIGHTS o Partnered with Murphy Oil in May 2016 o JDA designed to delineate the extensive land base o Cash/carry structure minimizes financial exposure Annual scope and capital commitments…
  14. March 2018 Corporate Update – Athabasca Oil Corp – slide 14
    DUVERNAY COMPETITIVE ECONOMICS WHAT MAKES THE DUVERNAY COMPETITIVE KAYBOB WEST CUM PRODUCTION (2017 CURRENT) 160 Average o High liquids yields 140 RDS 513 McKinley 200 1,000 bbl/mmcf initial yields (C5+) 120 40 55 API…
  15. March 2018 Corporate Update – Athabasca Oil Corp – slide 15
    LIGHT OIL MONTNEY & DUVERNAY OUTLOOK 25 Montney 1 rig PRODUCTION DEVELOPMENT OVERVIEW Duvernay 20 o Operated Montney 15 mboe/d Maintain base production with 1 rig 10 13,000 boe/d capital efficiencies 5 o Nonoperated…
  16. March 2018 Corporate Update – Athabasca Oil Corp – slide 16
    THERMAL OIL LEISMER & HANGINGSTONE
  17. March 2018 Corporate Update – Athabasca Oil Corp – slide 17
    THERMAL OIL ASSET OVERVIEW LEISMER REGIONAL MAP o 21,000 bbl/d Q4/17 Hangingstone 2015 project startup o 660 mmbbl 2P reserves1; 85 year 2P RLI o Approval in place for expansion up to 40,000 bbl/d HANGINGSTONE 50km 16…
  18. March 2018 Corporate Update – Athabasca Oil Corp – slide 18
    THERMAL OIL OUTLOOK 40 PRODUCTION DEVELOPMENT OVERVIEW Leismer Hangingstone o Minimal sustaining capital 30 mbbl/d C5 10 / bbl annually (5 year range) 20 o Technology implementation (FCDs & NCG injection)* 10 0 2018…
  19. March 2018 Corporate Update – Athabasca Oil Corp – slide 19
    CONCLUSION
  20. March 2018 Corporate Update – Athabasca Oil Corp – slide 20
    ATHABASCA PREMIER RESOURCE EXPOSURE A DIFFERENTIATED INTERMEDIATE PRODUCER 40,000 boe/d (90% oil) Low Decline (10%) Montney, Duvernay and Oil Sands Funded Growth with Strategic Financial Flexibility ATHABASCA OIL…
  21. March 2018 Corporate Update – Athabasca Oil Corp – slide 21
    SUPPLEMENTAL INFORMATION
  22. March 2018 Corporate Update – Athabasca Oil Corp – slide 22
    SINGLE STREAM REPORTING OVERVIEW (MONTNEY & DUVERNAY) TOTAL PRODUCTION (PLACID 926 WELL) INTERPRETING PUBLIC DATA 2,000 geoSCOUT (single stream) Actual o Issue: for some operators public data does not capture liquids for 1,500…
  23. March 2018 Corporate Update – Athabasca Oil Corp – slide 23
    LIGHT OIL INFRASTRUCTURE Gas Pipeline (gross) Up to Gas Capacity 180 MMcf/d Kaybob East AOC 91 km Pipeline Fort Kaybob West McMurray Keyera Saxon Simonette SemCAMS KA Placid Total Battery Capacity (gross) Oil…
  24. March 2018 Corporate Update – Athabasca Oil Corp – slide 24
    THERMAL OIL INFRASTRUCTURE Illustrative map not to scale 150mbbl Dilbit 150mbbl Diluent Diluent supply Keyera Dilbit egress capability terminal HANGINGSTONE 16 Cheecham Enbridge Lateral Terminal 40mbbl Dilbit 6mbbl…
  25. March 2018 Corporate Update – Athabasca Oil Corp – slide 25
    THERMAL OIL TECHNOLOGY IMPLEMENTATION TECHNOLOGY RESULTS FUTURE APPLICATION Non compressible gas coinjection (NCG) NCG Pilot on Leismer Pad L4 NCG Opportunities Improves energy efficiency and steam iSOR reduced (1015%) while…
  26. March 2018 Corporate Update – Athabasca Oil Corp – slide 26
    HEDGING & LIGHT OIL EGRESS HEDGING SUMMARY Q1 2018 Q2 2018 Q3 2018 Q4 2018 mbbl/d /bbl mbbl/d /bbl mbbl/d /bbl mbbl/d /bbl WCS C 21,000 48.47 16,000 48.79 6,000 48.43 WTI (fixed & collars) C 3,000 76.25 8,000 68.61 1,000…
  27. March 2018 Corporate Update – Athabasca Oil Corp – slide 27
    MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM BOARD OF DIRECTORS Robert Broen, P.Eng. Ronald Eckhardt President & Chief Executive Officer Chair of the Board, member of the Reserves Committee, Audit Committee and Compensation &…
  28. March 2018 Corporate Update – Athabasca Oil Corp – slide 28
    ENDNOTES Slide Endnotes Multiyear outlook price assumptions: 2017 2018e 2019e 2020e WTI US/bbl 50.25 60.00 60.00 60.00 FX C/US 0.77 0.77 0.77 0.77 Heavy Diff US/bbl -12.00 -20.00 -15.00 -15.00 WCS C/bbl 49.75 52.25 58.75 58.75…
  29. March 2018 Corporate Update – Athabasca Oil Corp – slide 29
    NOTES ATHABASCA OIL (TSX:ATH) 29

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