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1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · May 8, 2019 · 21 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 – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION May 2019
  2. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Pure Play Wattenberg Operator Wattenberg Target Proved Reserves 12/31/18 Niobrara/Codell 116.8 MMBoe (42% PDP) Highly contiguous, oily leasehold in rural Wattenberg Acres Production 1Q19 Over 1,000 future economic…
  3. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 3
    Growth & Value Opportunity 28.0 30% Production Growth 2018 to 2019 24.0 Wattenberg Production (Mboe/d) Building a Track Record of Solid Growth in Wattenberg 73% Production Growth 4Q17 to 1Q19 24.0 20.0 - 73% production growth…
  4. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 4
    Building a Track Record of Execution Wattenberg Production Adjusted EBITDAX & EBITDAX Margin(1) 60.0 80.0% 24.0 68.9% 73% Growth 63.9% 70.0% 20.0 50.0 52.0% 60.0% 16.0 40.0 50.1% 47.4% 48.7% 43.3% 46.6% 50.0% 43.4% Mboe/d…
  5. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 5
    Rural and Oily Acreage SB-181 to have minimal impact to development No municipalities overlapping our acreage (100% unincorporated Weld County) Weld County 75% no vote on Proposition 112 Process started to officially designate…
  6. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 6
    Rocky Mountain Infrastructure Rocky Mountain Infrastructure Assets 140 miles of gas gathering lines 100 MMcf/d of gas gathering capacity 11 interconnects to 4 midstream gas processors 6 compressor sites, 30k total horsepower capacity…
  7. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 7
    RMI Provides Consistent and Low Wellhead Pressure and Flow Assurance BCEI/RMI vs Prevailing Field Pressures 500 Prevailing Field Pressure 400 300 200 BCEI/RMI Field Pressure 100 0 Mar-17 Mar-18 Mar-19…
  8. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 8
    2019 Capital Program Capex: 230MM - 255MM with primary focus in Legacy West & Central 2019 D&C Capex: 210MM - 220MM 55% SRL / 45% XRL gross development D&C: 3.5 - 4.0MM SRL / 5.6 - 6.1MM XRL Proppant: 2,000 - 2,250 lbs/ft vs avg.…
  9. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 9
    Higher-Intensity Completion Design Driving Value Creation 2018 Completion Design Cumulative Oil 2018 Tighter stage and 100,000 perforation architecture 38% + Cumulative Production (BO) Increased proppant 80,000 intensity 2017…
  10. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 10
    Enhanced Completions & Spacing Driving Resource Recovery Uplift(1) Downspaced wells at K-22 pad performing 40 in-line with lower-density type curve K-22 Pad (2Q 2018) Well Density: 16 wells /section I-21 Pad (1Q 2019) Well Density:…
  11. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 11
    Encouraging Results from Legacy East and French Lake Legacy East Performance (Pronghorn B-28 Pad) French Lake Performance (Initial 8 delineation wells) 1,000 25 Pronghorn B-28 Pad 3-Stream Cumulative Production (Mboe/1,000')…
  12. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 12
    High Intensity Stimulation Designs Driving Enhanced Well Performance(1) Legacy West Type Curves Legacy Central Type Curves 180,000 180,000 1,030 Mboe EUR 160,000 160,000 930 Mboe EUR 140,000 140,000 Cumulative Boe Cumulative…
  13. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 13
    Operational & Technical Capabilities Driving Competitive Advantage 25,000 DJ Basin DJ Basin Avg. Gross Revenues Per Lateral Foot(1) 9-month Cumulative Oil Production Per Lateral Foot(2) 9-month Cumulative Oil Production per…
  14. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 14
    Relative Peer Well Performance 50 45 BCEI 40 NBL 35 PDCE Oil EUR (Mbbl/1,000') APC 30 SRCI Great Western XOG Cub Creek 25 HPR 20 15 10 5 0 0 100 200 300 400 500 600 700 800 Average Horizontal…
  15. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 15
    2019 Guidance Focused on Profitable Growth & Operational Flexibility FY18 FY19 Current program provides for production growth Guidance(1)(2) Actuals Guidance in excess of 30% while maintaining ample Production (Mboe/d) 15.8 20.0 24.0…
  16. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 16
    Strong Financial Position COMMITTED TO MAINTAINING FINANCIAL STRENGTH AND FLEXIBILITY TO PARTICIPATE IN FULL-CYCLE VALUE CREATION Patient capital structure with low leverage 315 million of liquidity as of 3/31/19 Proactive hedging…
  17. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 18 18
  18. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 18
    Hedged Volumes* Protect cash flow and reduce price volatility Combination of swaps and collars above prices that provide line-of-sight to free cash flow positive Employ CIG fixed and basis hedges to help ensure realized natural gas…
  19. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 19
    12/31/18 PV-10 Reconciliation PV-10 values are non-GAAP financial measures as defined by the SEC. The Company believes that the presentation of PV-10 value is relevant and useful to its investors because it presents the discounted future…
  20. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 20
    Adjusted EBITDAX Reconciliation Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management to provide a metric of the Company's ability to internally generate funds for exploration and development of oil and…
  21. 1Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 21
    Cash G&A Reconciliation Cash G&A is a supplemental non-GAAP financial measure that is used by management and external users of the Companys consolidated financial statements, such as industry analysts, investors, lenders and rating…

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