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Annual General Meeting – Bonavista Energy Corp

Bonavista Energy Corp · May 3, 2018 · 40 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. Annual General Meeting – Bonavista Energy Corp – slide 1
    CONSISTENTLY ADAPTING TO THE ENVIRONMENT May 3, 2018 Annual General Meeting 1
  2. Annual General Meeting – Bonavista Energy Corp – slide 2
    Corporate Identity 2 All together better
  3. Annual General Meeting – Bonavista Energy Corp – slide 3
    Corporate Identity Core characteristics We are EFFICIENT: We are ALIGNED with our top quartile operating shareholders: costs and capital 9% insider ownership efficiency VALUE CREATION We have a FOCUSED asset base: 99% of…
  4. Annual General Meeting – Bonavista Energy Corp – slide 4
    Corporate Identity Two core areas in Alberta with unique strengths 2017 Deep Basin West Central (year ended December 31, 2017) Operate 92% of our Production 26,880 41,929 (boe/d) production Oil and Liquids 12% 42% (% of…
  5. Annual General Meeting – Bonavista Energy Corp – slide 5
    What We Said We Would Accomplish in 2017 Sustainable growth Improve financial flexibility Enhance asset quality 5
  6. Annual General Meeting – Bonavista Energy Corp – slide 6
    2017 Sustainable Growth Production growth within adjusted funds flow One of the few able to grow production while spending less than our total capital requirements, including the dividend 200% 100% 80% 2016 to 2017 Production…
  7. Annual General Meeting – Bonavista Energy Corp – slide 7
    2017 Sustainable Growth Growth in adjusted funds flow, reserves and production Adjusted Funds Flow 2P Reserves Production 325 450 75,000 300 70,000 275 425 ( millions) 65,000 (mmboe) (boe/d) 250 400 225…
  8. Annual General Meeting – Bonavista Energy Corp – slide 8
    Enhancing Asset Quality in 2017 Enhanced performance through innovation Corporate 2P FD&A Recycle Ratio Well Performance Improvement (3-year weighted average) 800 3.5 700 More wells with greater efficiency 3.0 600 IP12…
  9. Annual General Meeting – Bonavista Energy Corp – slide 9
    Improved Financial Flexibility in 2017 Significant strides in strengthening our financial position 1,500 4.0 470 million 1,350 net debt reduction1 3.5 2017 Net Debt to Adjusted Funds Flow2 1,200 3.0 Extended bank credit…
  10. Annual General Meeting – Bonavista Energy Corp – slide 10
    Sustainable Energy Future Sustainable growth includes reducing footprint 1.2 1,200 5.0 9,000 1.8 4.1 8,000 1.6 TOP TIER PIPELINE RECORD 1.1 1,160 4.0 7,000 1.4 3.0 6,000 1.2 C02e (MM Tonnes) 1.0 REDUCING…
  11. Annual General Meeting – Bonavista Energy Corp – slide 11
    2018 Priorities and Guidance 11 All together better
  12. Annual General Meeting – Bonavista Energy Corp – slide 12
    2018 Priorities financial position with excess adjusted funds flow STRENGTHEN adjusted funds flow by asset quality through allocating capital to innovation and liquids rich concentration development MAXIMIZE ENHANCE 12
  13. Annual General Meeting – Bonavista Energy Corp – slide 13
    Strengthen Financial Position 13
  14. Annual General Meeting – Bonavista Energy Corp – slide 14
    2018 Priorities Strengthen Financial Position At current natural gas prices, maintain production and strengthen financial position 2018E Capital Expenditures ( millions): Total Exploration and Development 135 155 Divestitures,…
  15. Annual General Meeting – Bonavista Energy Corp – slide 15
    2018 Priorities Strengthen Financial Position First quarter results Three months ended March 31, Financial: 2018 2017 % change ( millions except per share amounts) Production revenues 138 143 (3)% Excess Adjusted Funds Flow 69 71…
  16. Annual General Meeting – Bonavista Energy Corp – slide 16
    2018 Priorities Strengthen Financial Position Well positioned on sustainability relative to peers 250% +15% increase in commodity prices -15% decrease in commodity prices Sustaining Capital as a % of 2018E Cash Flow 200%…
  17. Annual General Meeting – Bonavista Energy Corp – slide 17
    2018 Priorities Strengthen Financial Position Hedging and market diversification supports sustainability 2018 Industry Natural Gas Hedging1 2018 Bonavista Natural Gas Diversification 90% 100% 9% 9% 80% 90% 18% 56% of 2018 70%…
  18. Annual General Meeting – Bonavista Energy Corp – slide 18
    Maximize Adjusted Funds Flow 18
  19. Annual General Meeting – Bonavista Energy Corp – slide 19
    2018 Priorities Maximize Adjusted Funds Flow Allocating capital towards liquids rich targets 25% C3+ Production Additions (% of Total Additions) 20% 15% 10% 5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018E 19
  20. Annual General Meeting – Bonavista Energy Corp – slide 20
    2018 Priorities Maximize Adjusted Funds Flow Enhancing revenue portfolio with liquids rich development NGL Revenue as a % of Total Revenue1 Conway Spot Propane2 2018E 80 70 2016 60 US Cents/Gallon 50 20% 30% 40% 50% 40…
  21. Annual General Meeting – Bonavista Energy Corp – slide 21
    2018 Priorities Maximize Adjusted Funds Flow Allocating capital to liquids rich development Redirecting Value Capital: 2017 2018E 2018E Drill Program Zone ( millions)1 Oil 5-8 Cardium 81% Glauconite, West Central 40…
  22. Annual General Meeting – Bonavista Energy Corp – slide 22
    Enhance Asset Quality 22
  23. Annual General Meeting – Bonavista Energy Corp – slide 23
    2018 Priorities Enhance Asset Quality Targeting liquids rich Glauconite development in Strachan R10 Bonavista Lands R9 R8 R7 Lands Acquired in past 12-months Bonavista Wells Build Land Position and Develop Bonavista Compressor…
  24. Annual General Meeting – Bonavista Energy Corp – slide 24
    2018 Priorities Enhance Asset Quality Building on success at Strachan with well performance and enhanced NGL content Improved Well Performance Enhanced NGL Recovery 6,000 70 60 5,000 NGL Recovery (bbls/mmcf) Raw Natural…
  25. Annual General Meeting – Bonavista Energy Corp – slide 25
    2018 Priorities Enhance Asset Quality Morningside Spirit River Falher R1W5 R28 R27 Added 27 sections of land in 2017 Over 300% increase in available meters in inventory Alberta T43 13 wells drilled in 2017 with 6 planned in…
  26. Annual General Meeting – Bonavista Energy Corp – slide 26
    2018 Priorities Enhance Asset Quality Industry leading performance enhancements with ERH drilling at Morningside Falher Drilling Performance with ERH Well Performance with ERH 0 1,000 500 900 1,000 800 1,500 Raw Natural…
  27. Annual General Meeting – Bonavista Energy Corp – slide 27
    2018 Priorities Enhance Asset Quality Continued success at Ansell Build and Fill Facility R21 R20 R19 R18 R17 R16 R15 R14 120,000 Raw Natural Gas (mcf/d) T53 Alberta 100,000 80,000 T52 60,000 40,000 T51 20,000 Ansell…
  28. Annual General Meeting – Bonavista Energy Corp – slide 28
    2018 Priorities Enhance Asset Quality Continued well performance enhancements with winter drilling program Improved Wilrich Performance Successful Derisking Stepouts 7,000 12,000 Restricted production at 12 mPA FCP1 6,000 10,000…
  29. Annual General Meeting – Bonavista Energy Corp – slide 29
    2018 Priorities financial position with excess adjusted funds flow STRENGTHEN adjusted funds flow by asset quality through allocating capital to innovation and liquids rich concentration development MAXIMIZE ENHANCE We…
  30. Annual General Meeting – Bonavista Energy Corp – slide 30
    Appendix 30 All together better
  31. Annual General Meeting – Bonavista Energy Corp – slide 31
    Financial Flexibility Total and senior debt Senior notes (CDN) 20 Bank credit facility - 500 million CDN Recently renewed bank credit facility, matures September 10, 2021 565 444 8 Canadian banks in credit facility…
  32. Annual General Meeting – Bonavista Energy Corp – slide 32
    Financial Flexibility Senior unsecured debt maturities Next maturity 250 not until 2020 200 Senior notes - 565 million USD, 20 million CDN 150 Average annual interest rate of 4.1% MM Remaining average term of…
  33. Annual General Meeting – Bonavista Energy Corp – slide 33
    Mannville Strachan Glauconite Targeting 40-60 bbls/mmcf Production Performance 6,000 ERH Type Curve Capital ( mm)1 5.1 5,000 IP12 (boe/d)2 604 Well Characteristics Raw Natural Gas (mcf/d) /boepd 8,485 4,000 EUR…
  34. Annual General Meeting – Bonavista Energy Corp – slide 34
    Spirit River Morningside Falher Enhanced performance with extended reach drilling (ERH) Production Performance 6,000 ERH ERH Type Type Curve Curve Capital ( mm)1 3.4 5,000 IP12 (boe/d)2 525 Well Characteristics Raw…
  35. Annual General Meeting – Bonavista Energy Corp – slide 35
    Spirit River Ansell Wilrich Production Performance 7,000 ERH ERH Type Type Curve Curve Restricted production Capital ( mm)1 4.7 6,000 IP12 (boe/d)2 821 Well Characteristics 7 wells Raw Natural Gas (mcf/d) 5,000 /boepd…
  36. Annual General Meeting – Bonavista Energy Corp – slide 36
    2017 Reserves F&D costs of 7.60/boe: Reserves Weighting Natural Reserve Category Oil Natural Gas Total Gas Liquids (Mbbls) (Bcf) (Mbbls) (Mboe) Oil and Proved Developed Producing 4,489 642.4 43,267 154,819 Natural Gas…
  37. Annual General Meeting – Bonavista Energy Corp – slide 37
    2018 Capital Program Allocating capital to liquids rich development Capital Drills Completions 2018E ( millions) (net) (net) Oil 8 2.5 3.0 40 bbls/mmcf 70 17.3 18.8 < 40 bbls/mmcf 31 3.7 6.3 Support Capital 35 Total 144 23.5…
  38. Annual General Meeting – Bonavista Energy Corp – slide 38
    Bonavista Producers1 Our Strengths Optimized capital efficiencies and low costs 2017 Capital Efficiencies (/boepd)2 3-Year Average 2P FD&A Costs (/boe)2 20,000 37,000 12.00 20.53 10.00 15,000 8.00 12,500 10,000 6.00 4.00…
  39. Annual General Meeting – Bonavista Energy Corp – slide 39
    Financial Flexibility Protecting 2018 adjusted funds flow Natural Gas 250 4.00 3.60 200 3.20 Hedged Volume (mmcf/d) 2.80 Price (/mcf) 150 2.40 2.00 100 1.60 1.20 50 0.80 0.40 0 0.00 Q2'18 Q3'18 Q4'18…
  40. Annual General Meeting – Bonavista Energy Corp – slide 40
    1500, 525-8th Ave SW Calgary, AB T2P 1G1 403.213.4300 investor_relationsbonavistaenergy.com 43

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