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1Q 2019 Earnings Presentation – Bonavista Energy Corp

Bonavista Energy Corp · May 3, 2019 · 41 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. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 1
    www.bonavistaenergy.com TSX: BNP 1
  2. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 2
    The World Refuses to Stand Still World Global demand for energy will increase by more than 25% by 2040 Energy Outlook Natural gas demand is projected to increase by more than 40% over 2018 levels in 16 years Global demand growth…
  3. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 3
    Why Natural Gas www.bonavistaenergy.com TSX: BNP 3
  4. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 4
    The Fuel of the Developed Economy A Multipurpose Fuel Methane Ethane Propane Condensate www.bonavistaenergy.com TSX: BNP 4
  5. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 5
    Its About Air Quality Share of Natural Gas in Total Energy-related Emissions of Major Air Pollutants and CO2 Particulate matter (PM) 31Mt Sulphur dioxide 79Mt Nitrogen oxides 108Mt Carbon dioxide 32Mt 0% 10% 20% 30% 40%…
  6. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 6
    Particulate Matter is an Extreme Health Risk Natural Gas Does Not Produce Toxic PM Emissions PM emissions is one of four leading causes of premature deaths in the world Household 4.3 million Outdoor 3.0 million China Africa China…
  7. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 7
    50% Global PM Emissions in Residential Sector Nearly Half of the Worlds Population Relies on Solid Fuels for Cooking & Heat Clean Energy Europe No Access South 41% East Asia Americas Eastern Mediterranean Access Western…
  8. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 8
    Heating Fuels Natural Gas, Clean and Efficient Sox Emissions Rate (g/MJ) PM10 Emissions Rate (g/MJ) 250,000 50,000 200,000 40,000 150,000 30,000 100,000 20,000 50,000 10,000 0 0 Natural Gas Woodchip Propane Oil Propane Natural…
  9. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 9
    Cooking Fuels Cooking Fuel Choices in Southeast Asia Comparison of Air Emissions from Cooking Fuel in China (g/MJ of delivered heat) 5 PM SO2 4 3.72 3.40 3 2 1.81 1.49 0.87 1 0.68 0.29 0.30 0.39 0.23 0.21 0.20 0.06 0.17…
  10. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 10
    China and Southeast Asia in Action The harmonization of Chinese society and the natural environment is billed as one of the countrys top national priorities. CHINA - LNG Total Imports South Korean taxes to favour gas over coal…
  11. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 11
    Much More Global Demand to Come Liquified Natural Gas (LNG), the Fuel of Choice Around the World LNG Demand Growth 2018 2035 Global LNG Supply-Demand Balance mmtpa mmtpa 650 South Asia 600 550 New LNG supply needed from…
  12. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 12
    Canada Should be Part of the Solution Ample Resource Available at Shorter Distances Emitting Less GHGs. 1,220 tcf 10 days marketable natural gas Canadas resources can 8 days 24 days provide natural gas to 16 days…
  13. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 13
    Canada Should be Part of the Solution A Leader in Lower Emissions Upstream Oil & Natural Gas Global CO2 Emissions - 2017 GHG Emissions in Canada (mtCO2e) 90 Canadian oil & natural gas 85 accounts for 80 0.16% of global…
  14. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 14
    Canada Should be Part of the Solution Leader in Environmental Regulation and Compliance How comprehensive are the environmental laws Australia Canada(Alberta) Canada (Alberta) USA (North Dakota) USA (Gulf Coast) Brazil UK…
  15. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 15
    for every additional bcf/d to serve LNG export 10,000 jobs are created As Canadians, we 340 million revenues are generated have the opportunity to reduce global for provincial and federal governments emissions 2.4…
  16. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 16
    Company Highlights www.bonavistaenergy.com TSX: BNP 16
  17. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 17
    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…
  18. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 18
    Corporate Identity More than a pure play - two core areas add capital allocation flexibility ALBERTA Deep West 2019 Q1 Basin Central Production (boe/d) 24,097 40,741 Liquids and Oil (% of total production) 13% 41% Edmonton Net…
  19. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 19
    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)…
  20. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 20
    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…
  21. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 21
    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…
  22. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 22
    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…
  23. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 23
    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…
  24. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 24
    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…
  25. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 25
    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…
  26. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 26
    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…
  27. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 27
    Enhancing Asset Quality in Duvernay Growth in this Emerging Resource Play Duvernay Total Production (boe/d) 120,000 100,000 Production has doubled in the last three years 80,000 60,000 40,000 20,000 Industry…
  28. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 28
    Enhancing Asset Quality in Duvernay Bonavista has over 121,000 acres of prospective Duvernay lands BNP H2 2019 location Industry wells drilled, not completed Initial plans in West Central area adjacent recent successful…
  29. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 29
    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…
  30. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 30
    2019 Philosophy Proven Sustainability 1,500 80,000 70,000 underspent cash flow from op. activities by 47% 2015 -18 1,200 60,000 reduced net debt* by 475 million Production (boe/d) improved 3-year FD&A* by 54% to…
  31. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 31
    2019 Q1 Results Q1 2019 operating and financial results Production total % oil & natural gas liquids Financial Highlights 66,937 30% boe/d 58.2 million adjusted funds flow* Expenses 0.22 per share (260 million basic shares…
  32. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 32
    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…
  33. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 33
    APPENDIX www.bonavistaenergy.com TSX: BNP 33
  34. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 34
    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…
  35. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 35
    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…
  36. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 36
    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*…
  37. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 37
    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…
  38. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 38
    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)…
  39. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 39
    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…
  40. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 40
    ADVISORIES www.bonavistaenergy.com TSX: BNP 40
  41. 1Q 2019 Earnings Presentation – Bonavista Energy Corp – slide 41
    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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