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April 2019 Corporate Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Apr 17, 2019 · 32 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. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 1
    www.bonavistaenergy.com TSX: BNP 1
  2. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 2
    Corporate Strategy World Global demand for energy will increase by more than 25% by 2040 Energy Outlook Low-carbon technologies and natural gas can meet more than 80% of the increasing demand Global energy demand Global demand…
  3. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 3
    Corporate Strategy Liquified Natural Gas (LNG), the fuel of choice around the world Global LNG Supply-Demand Balance North American LNG Export Forecast It takes 10 days to move LNG from the west coast of Canada to Asia. mmtpa bcf/d…
  4. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 4
    Corporate Strategy A low-emission leader in environmental regulation and compliance Global CO2 Emissions - 2017 How comprehensive are the environmental laws Shifting from coal to LNG Australia (from Canada) for power…
  5. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 5
    Corporate Identity A CANADIAN COMPANY, PROUDLY AND EXPERIENCED RESPONSIBLY DEVELOPING CANADIAN NATURAL RESOURCES FOR 21 YEARS. STRATEGICALLY OPERATING IN TWO UNIQUE CORE AREAS OFFERING EFFICIENT INVESTMENT FLEXIBILITY AND…
  6. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 6
    Corporate Identity More than a pure play - two core areas add capital allocation flexibility ALBERTA Deep West 2018 Basin Central Production (boe/d) 27,496 38,563 Liquids and Oil (% of total production) 12% 41% Edmonton Net…
  7. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 7
    2018 Performance 2018 Reserve growth in quality and quantity, notwithstanding moderate spending Natural Reserve Natural Percent 2P BT Oil Gas Total Category* Gas Gas NPV10 Liquids REPLACED of 2018 (Bcf) 184 total (Mbbls)…
  8. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 8
    2018 Performance Sustainable asset base supports strengthening our financial position 50% of AFF Invested Stable Production Enhanced Financial Flexibility 80,000 40,000 75,000 75,000 70,000 35,000 70,000 70,000 60,000 65,000…
  9. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 9
    2018 Performance Strategic A&D activity enhanced quality of asset portfolio Edmonton West Central Net property acquisitions and dispositions of 6.0 million Material assets acquired in West Central: +402 boe/d production 3…
  10. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 10
    2018 Performance Continuous improvements in reserve addition costs has enhanced net asset value 2P FD&A* 3-year 2P FD&A Recycle Ratio weighted costs (/boe) 3-year weighted* (X:1) Net Asset Value 12.00 3.50 12.00 3.00 54% 10.00…
  11. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 11
    Enhancing Asset Quality in West Central Large, liquids rich resource in the Glauconite Predictable, reliable results with ten years of experience, drilling over 350 horizontal wells. R9 R8 R7 R6 R5 R4 R3W5 Expanding opportunity in…
  12. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 12
    Enhancing Asset Quality in West Central Strachan strength in production, margins and operating netback Old process Optimized process 10,000 80% 9,000 75% 8,000 70% 7,000 65% New infrastructure in July, 2018 000s, boe/d…
  13. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 13
    Enhancing Asset Quality in Deep Basin Execution excellence enhances sustainability R21 R19 R17 R15 Owned and operated infrastructure in place, capable of T57 processing 275 mmcf/d Ansell Operating Area 2015 2018 % Average AECO…
  14. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 14
    Enhancing Asset Quality in Deep Basin Profitable development in the Deep Basin notwithstanding natural gas price erosion Production Efficiency*: 80% Prod. Efficiency* 7,000 2016 11,300 boepd 70% 6,000 2017 9,400 boepd IP12 Raw…
  15. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 15
    Enhancing Asset Quality NGL represents 40% of 2019E production revenues 55 bbls/mmcf 103 bbls/mmcf 103 bbls/mmcf 18 bbls/mmcf 1 0 3 21 17 C2 C3 25 19 13 3 C4 11 47 43 C5+ 12 10 23 30 3.50 Production Revenue…
  16. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 16
    2019 Priorities SUSTAINABILITY LONG-TERM VALUE optimizing operating consistently elevating netback and adjusted asset quality with precise funds flow to improve execution and strategic financial flexibility and resource capture…
  17. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 17
    2019 Philosophy underspent cash flow from op. activities by 47% maintain production reduced net debt* by 475 million manage decline rate* continuously improve efficiencies* improved 3-year FD&A* by 54% to 4.84/boe allocate AFF* to…
  18. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 18
    2019 Philosophy Independent analysis on sustaining free cash flow across our peer group 35% 28% 30% 25% Free Cash Flow Yield (%) 20% 15% Average 10% 5% 0% -5% -10% -15% BNP -20% * Refer to Advisories…
  19. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 19
    2019 Protecting Adjusted Funds Flow 100% 3.00 90% % of Natural Gas Production 80% 2.50 Natural Gas Hedging & Diversification* 70% 60% 2.00 30% 2019 natural gas production /mcf 50% diversified beyond AECO 40%…
  20. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 20
    2019 Guidance production adjusted funds flow* 170 - 200 65,000 ( millions) 69,000 E&D spending (boe/d) 130 - 170 Drill ( millions) Net debt reduction* 24 32 20 - 40 70% natural gas gross wells 30% natural gas liquids…
  21. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 21
    APPENDIX www.bonavistaenergy.com TSX: BNP 21
  22. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 22
    2019 Price Sensitivities WTI -5.00 2019E AFF* +5.00 -2.5 million +1.8 million /bbl 170 - 200 million /bbl NYMEX -0.25 2019E AFF* +0.25 -13.4 million +13.7 million /mmbtu 170 - 200 million /mmbtu * Refer to Advisories…
  23. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 23
    Corporate Identity Q4 2018 operating and financial results Production total % oil & natural gas liquids Financial Highlights 68,011 31% boe/d 61.1 million adjusted funds flow* Operating Expenses 0.23 per share (260 million basic…
  24. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 24
    Strengthen Financial Position Debt structure maturity and F/X hedging profile 180 160 Next maturity November, 140 2020 Bank credit facility - 500 million CDN 120 Bank credit facility, matures September 10, 2021 100 8 Canadian…
  25. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 25
    2018 Performance Successfully allocated capital to liquid rich plays 100% 50% 20,000 95% 45% 90% 40% 18,000 16% growth in NGL NGL Production (bbl/d) 35% production % of Production 30% 16,000 25% 31 % oil & 20%…
  26. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 26
    Hoadley Glauconite Type Curve Type Curve* 2-mile 3,500 Value capital* ( millions) 4.0 IP12 (boe/d) 540 3,000 Production efficiency* (/boepd) 7,300 EUR* (mboe) 898 2,500 F&D costs* (/boe) 4.41 Raw Gas (mcf/d) Operating…
  27. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 27
    Strachan Glauconite Type Curve Type Curve* 1.5-mile 1.5-mile (high condensate) 6,000 Value capital* ( millions) 4.9 4.9 IP12 (boe/d) 575 610 5,000 Production efficiency* (/boepd) 8,500 8,000 EUR* (mboe) 736 782 4,000 F&D costs*…
  28. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 28
    Morningside Falher Type Curve Type Curve* 2-mile 7,000 Value capital* ( millions) 3.5 IP12 (boe/d) 600 6,000 Production efficiency* (/boepd) 5,800 EUR* (mboe) 755 5,000 F&D costs* (/boe) 4.66 Raw Gas (mcf/d) Operating…
  29. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 29
    Ansell Wilrich Type Curve Type Curve* 1.5-mile (diagonal) 8,000 Value capital* ( millions) 4.7 7,000 IP12 (boe/d) 790 Production efficiency* (/boepd) 5,950 6,000 EUR* (mboe) 889 F&D costs* (/boe) 5.27 Raw Gas (mcf/d)…
  30. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 30
    Sustainable Energy Future Sustainable growth includes reducing footprint TOP TIER PIPELINE RECORD 1.2 1,200 5.0 9,000 1.8 4.0 8,000 1.6 1.1 1,160 4.0 LESS ARO1 LIABILITIES 7,000 1.4 REDUCING EMISSIONS 3.0 C02e (MM…
  31. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 31
    ADVISORIES www.bonavistaenergy.com TSX: BNP 31
  32. April 2019 Corporate Presentation – Bonavista Energy Corp – slide 32
    CONTACT US Phone: (403) 213-4300 Email: investor.relationsbonavistaenergy.com ADDRESS 1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 REGISTRAR AND TRANSFER AGENT Computershare Trust Company of Canada Calgary, Alberta STOCK EXCHANGE…

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