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1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · May 10, 2018 · 26 slides

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Slides

  1. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 1
    MAY INVESTOR PRESENTATION May 2018 1
  2. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Wattenberg Overview Target Proved Reserves YE17 Niobrara/Codell 90 MMBoe (47% PD) Market Cap(1): 650 million Acres Production 1Q18 67,000 Net 13.8 MBoe/d (60% oil) 1Q18 Production: 16.8 Mboe/d 1Q18 Production…
  3. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 3
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  4. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 4
    Creating a Culture of Rapid Improvement Apply cutting edge technologies to maximize well performance Invest in technical and operational capability within the organization Utilize financial strength to participate in value-enhancing…
  5. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 5
    2018 Program Highlights 2018 Program contemplates a development program that drills 90 and turns online 55 gross wells Program focuses on testing various modern completion designs across the Companys acreage to optimize well…
  6. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 6
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  7. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 7
    Rocky Mountain Region: Wattenberg 67,000 Contiguous net acres o Oily multi-stack pay o Concentrated position suited for long-lateral development and field-level infrastructure North Acreage o Acreage is in rural portion of the…
  8. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 8
    Rocky Mountain Infrastructure STRATEGIC ADVANTAGES OF RMI Allows for lower wellhead line pressures and optimal production rates Infrastructure Asset Field-level infrastructure systems result in includes: better operating, capital,…
  9. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 9
    RMI Providing Low Line Pressure and Flow Assurance Line pressures on RMI system have BCEI/RMI vs Prevailing Field Pressures remained low at 75 PSI during a 450 period when regional field systems 400 have experienced significant…
  10. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 10
    Mid-Continent Cash flow positive asset with 3.0 Mboe/d of production (55% oil) in 1Q18 Currently operating a recompletion program; recompletions provide low cost, high IRR investment opportunities Drilling opportunities include…
  11. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 11
    2017 Year-End Proved Reserves 120 2017 year-end proved reserves increased by 13% to 102 MMBoe 5.4 5.7 102.0 after commencing drilling and 100 4.1 3.7 completion program in 2H17 90.7 3.8 11.5 598 million in year-end PV-10 80…
  12. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 12
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  13. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 13
    Wattenberg Focused Capital Program Company expects to drill 90 gross (68 net) and turn online 55 gross (38 net) wells in 2018 Non-operated program assumes 16 gross (3 net) wells turned-online in 2018 2018 Program Objectives…
  14. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 14
    Testing Enhanced Completions Throughout Acreage Rig 1 2017 program proved concept of 1 1 XRL enhanced completions; 2018 program Expected First Production: 2Q18 North Acreage 2 5 SRLs (Slick-water test) utilizes those enhanced…
  15. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 15
    Wattenberg Completion Design Evolution 2018 PROGRAM WILL CONTINUE TO TEST LARGER COMPLETIONS; 2X LARGER THAN PREVIOUS DESIGNS Completion design metrics for typical 4,100 well 2013 2014 2015 2017/18 8-10 MM Lbs. 4MM 4MM 4MM Lbs.…
  16. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 16
    Central Slick-Water Result Continues to Outperform 16 Slick-water completion in the 14 Day 159: 14.3 MBoe (67% oil) Companys central acreage is 3-Stream Cumulative Production (MBoe/1,000') outperforming the Companys 12…
  17. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 17
    Encouraging Results From First Enhanced Completion XRL Wells 9 Day 156: Company completed its first 8 8.6 MBoe (76% oil) enhanced completion XRL wells as 3-Stream Cumulative Production (MBoe/1,000') part of its J21 and T21…
  18. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 18
    Strong Results From F-26 Pad in Western Legacy Acreage 30 The Company turned-online its Day 285: eight-well SRL F-26 Pad in 1Q18 25 24.1 MBoe (60% oil) 3-Stream Cumulative Production (MBoe/1,000') Wells incorporated…
  19. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 19
    French Lake Program Illustrative Joint Development Plan(1) PROVIDES OPPORTUNITY TO ADD XRL LOCATIONS TO INVENTORY Working with offset operator to develop French Lake utilizing an integrated upstream and midstream development…
  20. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 20
    2018 Guidance Focused on Prudent Growth Production 2018 Program expected to be back-end weighted; forecasting 30% growth in December exit rate 2Q18 (Mboe/d) 18.0 18.6 from 17 to 18 and greater than 50% annual FY18 (Mboe/d) 17.7 18.7…
  21. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 21
    STRATEGIC OVERVIEW ASSET OVERVIEW OPERATIONAL OUTLOOK FINANCIAL OVERVIEW
  22. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 22
    Strong Financial Position 180 MILLION OF LIQUIDITY Credit Facility 192 million borrowing base 15 million drawn Committed to maintaining financial strength and flexibility to participate Hedging program utilizes cashless collars…
  23. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 23
    Summary PROGRESSING TOWARD STRATEGIC GOALS Strategic Goal Progress Apply cutting-edge technologies to Enhanced completions and recent slick-water test maximize well performance are outperforming legacy completion designs Rigorous…
  24. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 24
    Thank you Company Contact Scott Fenoglio - SVP Finance & Planning sfenogliobonanzacrk.com 720-225-6667 25
  25. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 25
    Hedged Volumes* Crude Oil Natural Gas (NYMEX WTI) (NYMEX Henry Hub) Weighted Avg Weighted Avg Barrels/day Price per Bbl MMBtu/day Price per MMBtu 2Q18 Swaps 3,835 55.03 -- -- Collar 2,000 42.00 / 52.50 6,259 2.75 / 3.38 3Q18…
  26. 1Q 2018 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 26
    PV-10 Reconciliation PV-10 is derived from the Standardized Measure, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized…

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