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April 2019 Corporate Presentation – Athabasca Oil Corp

Athabasca Oil Corp · Apr 22, 2019 · 25 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 – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING APRIL 2019 CORPORATE UPDATE
  2. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 2
    ATHABASCA PREMIER RESOURCE EXPOSURE INTERMEDIATE OIL WEIGHTED PRODUCER Hangingstone o 40,000 boe/d (90% liquids) 25% Light Oil & 75% Thermal Oil ASSETS IN CANADAS TOP RESOURCE PLAYS o Light Oil: high margin returns THERMAL OIL…
  3. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 3
    ATHABASCA THE TRANSFORMATION PRODUCTION 2P RESERVES COST STRUCTURE RESERVE VALUE (NPV10) NAVPS 2P 8.94 TP 4.50 -80% PDP 1.28 -40% -80% DAPPS debt adjusted production per share NAPVPS = (2P NPV10 before tax less…
  4. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 4
    ATHABASCA DRIVE TO FREE CASH FLOW PRODUCTION 6% CAGR SUSTAINABLE PRODUCTION o Thermal Oil underpins low corporate decline (10%) o Flexible operated liquids rich Montney o Funded development through Duvernay JV C CAPITAL…
  5. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 5
    ATHABASCA A RESILIENT BUSINESS PEER LEADING LIGHT OIL NETBACKS (2018) 26 COMPLEMENTARY ASSETS o Diversified operating income (40% LO & 60% TO) o Industry leading Light Oil netbacks (26/boe) o Competitive Leismer operating breakeven…
  6. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 6
    HEAVY OIL MACRO OUTLOOK IMPROVED SHORT TERM OUTLOOK WESTERN CANADIAN SELECT PRICING o Temporary government curtailments WCS Q119 56.62 WCS increased 123% between Q418 and Q119 o Crude-by-rail an important bridge Industry peaked…
  7. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 7
    2019 GUIDANCE CORPORATE 2019 OUTLOOK (60 WTI & 17.50 WCS DIFF) o Minimal capital: 95 110MM o Maintain production: 37,500 40,000 boe/d (88% liquids) Operating Income LIGHT OIL Funds Flow o Capital: 15 30MM net o Production:…
  8. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 8
    BEST IN CLASS FOR OIL EXPOSURE CASH FLOW & LEVERAGE SENSITIVITY STANDOUT TORQUE TO OIL PRICING o Run-rate annual unhedged funds flow sensitivity C80MM for US5 WTI C45MM for US2.50 WCS diff Source: National Bank Initiation…
  9. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 9
    LIGHT OIL MONTNEY & DUVERNAY
  10. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 10
    PLACID MONTNEY HIGHLIGHTS ATH OPERATED 70%WI PLACID DEVELOPMENT MAP 16-30 Pad o 80,000 gross prospective acres 7 DUCS 48,000 high graded acres Future Pad 200 well development inventory1 o 20/boe 2019 operating netback (US60…
  11. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 11
    PLACID MONTNEY STRONG ECONOMICS PRODUCTION PLOT INTERNAL TYPE WELL PARAMETERS Rate Sales Gas C5+ liquids boe/d mmcf/d bbl/d % IP30 1,000 2.6 501 57% IP90 875 2.4 421 55% IP365 600 1.8 262 49% mboe bcf mbbl % EUR 675 2.2 246…
  12. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 12
    KAYBOB DUVERNAY JOINT VENTURE HIGHLIGHTS (30% WI) o Partnered with Murphy Oil in May 2016 o 2019 activity o Cash/carry structure minimizes financial exposure 280MM gross (20MM net) 1B gross 4 yr program; 75MM net to retain 30%WI…
  13. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 13
    DUVERNAY COMPETITIVE SHALE PLAY WHAT MAKES THE DUVERNAY COMPETITIVE o High liquids yields 200 1,000 bbl/mmcf initial yields (C5+) 40 55 API condensate o Royalty advantage (5% for 3yr vs. 25% US Shale Plays) o 34/boe 2019…
  14. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 14
    THERMAL OIL LEISMER & HANGINGSTONE
  15. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 15
    THERMAL OIL ASSET OVERVIEW LEISMER TOP TIER OIL SANDS PROJECT REGIONAL MAP o 20,000 22,000 bbl/d; 3.5x SOR Hangingstone 2015 project start-up o 40,000 bbl/d AER approval o 675 mmbbl 2P reserves1; 90 year 2P RLI o US43 WTI…
  16. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 16
    THERMAL OIL LEISMER ACTIVITY PAD 7 SUSTAINING PAD (40MM CAPITAL) LEISMER DEVELOPMENT o Rig released 5 well-pairs in February Encountered excellent reservoir o Enhanced well-pair design 1,250m laterals (50% longer) & flow control…
  17. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 17
    THERMAL OIL OUTLOOK CONTROLLABLE COSTS OPTIMIZATION INITIATIVES o Significant cost savings across Hangingstone & Leismer 40MM in run-rate annual savings from 2017 (non-energy op. costs & Norlite diluent sourcing) o Technology to…
  18. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 18
    SUPPLEMENTAL INFORMATION
  19. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 19
    CORPORATE SNAPSHOT & HEDGING CAPITALIZATION OVERVIEW (ATH-TSX) Basic Shares Outstanding 516 MM Market Capitalization 516 MM Q4/18 Pro Forma Net Debt 292 MM Total Enterprise Value 808 MM Term Debt (9.875% due Feb 2022) US450…
  20. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 20
    LEISMER INFRASTRUCTURE TRANSACTION STRATEGIC TRANSACTION WITH ENBRIDGE Unlocking Value Bolstered Liquidity o 265MM cash consideration o 30 year term with an annual toll of 26MM o Priority service on pipelines & dilbit/diluent tanks…
  21. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 21
    THERMAL OIL INFRASTRUCTURE Illustrative map not to scale 8 Diluent Line HANGINGSTONE CHEECHAM Tank Farms LEISMER 12 Dilbit Line 150mbbl Dilbit 40mbbl Dilbit 150mbbl Diluent 100mbbl Dilbit 6mbbl Diluent 10mbbl Diluent…
  22. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 22
    DUVERNAY KAYBOB REGIONAL OVERVIEW DUVERNAY HIGHLIGHTS (30% WI) KAYBOB DUVERNAY PRODUCTION* 120 o 200,000 gross acres; 1,000 potential locations1 (mgmt est) 100 o Exposure to liquids rich & volatile oil fairways (200 1,000…
  23. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 23
    LIGHT OIL INFRASTRUCTURE Flexibility with takeaway options; Gas Pipeline (gross) scalable for future growth Up to Gas Capacity 180 MMcf/d Dually connected to regional gas plants Kaybob East ATH 91 km Pipeline Fort Kaybob…
  24. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 24
    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 Kim Anderson, CA Robert Broen, P.Eng. Chief…
  25. April 2019 Corporate Presentation – Athabasca Oil Corp – slide 25
    ENDNOTES & RISK MANAGEMENT Slide Endnotes Multi-year outlook price assumptions: 2018 Q1 2019 Q2-Q4 2019 2019e 2020e WTI US/bbl 65.50 54.90 60.00 58.73 60.00 FX C/US 0.77 0.75 0.75 0.75 0.75 Heavy Diff US/bbl -26.31 -12.29 -17.50…

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