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Annual General Meeting Presentation – Delphi Energy Corp.

Delphi Energy Corp. · May 14, 2019 · 31 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. Annual General Meeting Presentation – Delphi Energy Corp. – slide 1
    MAY 14 2019 AGM PRESENTATION
  2. Annual General Meeting Presentation – Delphi Energy Corp. – slide 2
    CORPORATE OVERVIEW ITS BEEN A ROUGH RIDE CORPORATE INFORMATION SHARE PRICE PERFORMANCE Ticker Symbol TSX:DEE Basic Shares Outstanding (mm) 185.5 S&P/TSX Market Capitalization (mm) 35.0 (1) Bank Debt / Credit Facility (mm) 92.9/…
  3. Annual General Meeting Presentation – Delphi Energy Corp. – slide 3
    BIGSTONE PROLIFIC, LIQUIDS RICH MONTNEY Pure play MONTNEY E&P company with WORLD CLASS ASSETS: Successful delineation drilling Grande Prairie Bigstone to the west and south Montney Edmonton Successful pad development in West…
  4. Annual General Meeting Presentation – Delphi Energy Corp. – slide 4
    WEST BIGSTONE: DELINEATION SHIFTS TO DEVELOPMENT Ultra-rich West Bigstone: 15-10 and 16-10 On Production 4 well pad on production Section 10 4 Well Pad 15-10 and 16-10 On Production offsets are best wells drilled LTD by DEE…
  5. Annual General Meeting Presentation – Delphi Energy Corp. – slide 5
    WEST BIGSTONE: SUCCESS IN LOWER LAYER COULD DOUBLE INVENTORY Section 10 DEE 4 Well Pad On Production XTO Competitor DEE 6 wells on Section 10: Multi-Well Pad Targeting Upper D1, D2, D3 Competitor Waiting on 275 m well…
  6. Annual General Meeting Presentation – Delphi Energy Corp. – slide 6
    CRACKING THE COMPLETION CODE AT WEST BIGSTONE Montney Frac Generation Design Evolution 200 2,000 180 Planned stages Sand placed 1,800 Evolution to more stages and 160 1,600 sand moving to West Bigstone Planned Stages Sand…
  7. Annual General Meeting Presentation – Delphi Energy Corp. – slide 7
    CRACKING THE COMPLETION CODE AT WEST BIGSTONE West Bigstone Ultra-rich Well Performance Correlation of Condensate Production to Number of Fracture Initiations 1,000 (10 Western-most Wells) Field Condensate Rate (bbl/d) 800…
  8. Annual General Meeting Presentation – Delphi Energy Corp. – slide 8
    MOST RECENT WEST BIGSTONE RESULTS Initial Production (IP) Rate Well Performance (1) Consistent field Well Number IP30 IP90 IP180 of Fracs Total Sales Field Condy Total Sales Field Condy Total Sales Field Condy condensate rates…
  9. Annual General Meeting Presentation – Delphi Energy Corp. – slide 9
    INCREASING CONDENSATE YIELDS Condensate Gas Ratios Significantly Greater in West Bigstone with Frac Design Changes Delphi Bigstone Montney - IP180 CGR vs. IP30 CGR 250 West Type Well - Stabilized CGR Type Well - Stabilized CGR…
  10. Annual General Meeting Presentation – Delphi Energy Corp. – slide 10
    MOST RECENT WEST BIGSTONE RESULTS West Bigstone 16-10-60-24W5 West Bigstone 15-10-60-24W5 10,000 10,000 Raw Gas (mcf/d) and Field Condensate (bbl/d) Raw Gas (mcf/d) and Field Condensate (bbl/d) 64 stages 64 stages 1,000…
  11. Annual General Meeting Presentation – Delphi Energy Corp. – slide 11
    INCREASING NETBACKS Corporate netbacks increase with addition of higher condensate yield wells Impact of Production Composition on IP90 Operating Netback for Bigstone Montney(1) 50.00 IP90 CGR = 193 IP90 CGR IP90 CGR = = 119…
  12. Annual General Meeting Presentation – Delphi Energy Corp. – slide 12
    BIGSTONE MONTNEY GROWTH Montney Production Growth Montney asset growth funded largely through cash flow (47%) and non-core asset 10,000 dispositions (28%) Liquids CAGR 48% 8,000 Nat. Gas CAGR 36% Life-to-date (LTD) capital…
  13. Annual General Meeting Presentation – Delphi Energy Corp. – slide 13
    CONSISTENT RESERVE GROWTH Montney Development (2012 to 2018) Montney Reserves (mboe) 60 wells (45.6 net) drilled Proved Developed Producing 20,000 2015/16 focused on infill locations Montney Other Reserves (mboe) 2017/18…
  14. Annual General Meeting Presentation – Delphi Energy Corp. – slide 14
    PAD DRILLING WILL DRIVE CAPITAL EFFICIENCIES Cost effective frac design innovations driving lower F&D costs: Drilling and completion costs lower on multi-well pad operations Increasing condensate rates/yields Increasing ultimate…
  15. Annual General Meeting Presentation – Delphi Energy Corp. – slide 15
    PAD DRILLING WILL DRIVE CAPITAL EFFICIENCIES DEE 60,000 m3 frac water storage cell Targeting 20 - 25 percent reduction in completion costs on future pads Frac water storage cell now operational reducing water handling…
  16. Annual General Meeting Presentation – Delphi Energy Corp. – slide 16
    BIGSTONE INFRASTRUCTURE FULLY INTEGRATED DEE Amine Plant 17 mmcf/d DEE 7-11 Sour Montney Facility Invested 100 mm in facility and 52 mmcf/d 4,400 bbl/d condensate pipeline infrastructure over the DEE 11-03 past 7 years Sweet Gas…
  17. Annual General Meeting Presentation – Delphi Energy Corp. – slide 17
    7-11 AMINE PLANT ON-STREAM Delphi 17 mmcf/d amine plant to sweeten Delphi Montney sour gas 52 mmcf/d sour compression and dehydration facility May 2019 17
  18. Annual General Meeting Presentation – Delphi Energy Corp. – slide 18
    NEW AMINE PLANT IMPROVES CASH NETBACK Commissioned May 2018 Up to 17 mmcf/d (11 net) of raw natural gas Cash flow increases by about 0.70/mcf(1) on amine sweetened gas sold on AECO Cash flow impact increases to 0.95/mcf once…
  19. Annual General Meeting Presentation – Delphi Energy Corp. – slide 19
    BIGSTONE SWEET GAS PROCESSING PLANT Repsol / Delphi sweet natural gas processing plant Delphi 25% working interest - 85 mmcf/d capacity Significantly under-utilized Excess capacity to support second amine plant Now processing…
  20. Annual General Meeting Presentation – Delphi Energy Corp. – slide 20
    SECURE MARKET ACCESS FOR GROWTH Delphi/Alliance Contracted Transportation Full Path Service to Chicago Service (mmcf/d) 22 11 46 Alliance Firm Alliance IT TCPL Firm Alliance 57 mmcf/d of firm and priority interruptible…
  21. Annual General Meeting Presentation – Delphi Energy Corp. – slide 21
    GAS MARKETING Approximately 60% of natural gas sold in Chicago generating significantly higher pricing than AECO. AECO exposure is hedged through marketing income earned on excess Alliance firm service. Reactivation of the Alliance…
  22. Annual General Meeting Presentation – Delphi Energy Corp. – slide 22
    CONTRACTED ALLIANCE SERVICE IS A VALUABLE ASSET Delphis Alliance service is worth approximately 49 million (1) The undiscounted value of the arbitrage between AECO and Chicago netback prices available through Delphis Alliance…
  23. Annual General Meeting Presentation – Delphi Energy Corp. – slide 23
    PROVEN RISK MANAGEMENT PROGRAM Commodity Hedges 1H 2019 2H 2019 1H 2020 2H 2020 Consistent Hedge Performance Natural gas (mmcf/d) 20.0 15.0 8.8 2.5 Average hedge price (C/mcf)(2) 3.50 3.44 3.38 3.29 Majority of near term production…
  24. Annual General Meeting Presentation – Delphi Energy Corp. – slide 24
    BUILT A DOMINANT LAND POSITION Largest Land Position at Bigstone Montney land base has grown to 148 gross sections (97 net) Significant land position allows for efficient operations, control over infrastructure and scalable…
  25. Annual General Meeting Presentation – Delphi Energy Corp. – slide 25
    NETBACK COMPARISON SELECT MONTNEY PRODUCERS Condensate yields, total liquids content and operating netbacks are among the highest in the Montney Netback(1) 2018 45.00 70% 40.00 60% 35.00 50% 30.00 40% 25.00 20.00 30%…
  26. Annual General Meeting Presentation – Delphi Energy Corp. – slide 26
    2019 OUTLOOK Approach Focused on capital efficiency and return on capital Capital spending will be funded from cash flow Strong hedge book for 2019 and into 2020 Condensate growth of 29% in 2018 over 2017 2018 unhedged cash…
  27. Annual General Meeting Presentation – Delphi Energy Corp. – slide 27
    APPENDIX May 2019 27
  28. Annual General Meeting Presentation – Delphi Energy Corp. – slide 28
    INDIVIDUAL MONTNEY WELL DATA Initial Production (IP) Rate Well Performance (1) Well(2) Frac Design Horizontal Number IP30 IP90 IP180 IP365 Generation Length of Fracs Total Sales Field Condy Total Sales Field Condy Total Sales Field…
  29. Annual General Meeting Presentation – Delphi Energy Corp. – slide 29
    MONTNEY ECONOMIC MODEL Bigstone Montney Toe Up Two Section Horizontal Hypothetical Type Wells 30+ stage Slickwater Completion Economics/Metrics - Flat Pricing: WTI US65/bbl, NYMEX US2.80/mmbtu Type Rich Type Well Well Payout yrs…
  30. Annual General Meeting Presentation – Delphi Energy Corp. – slide 30
    AER LICENSEE LIABILITY RATING May 2019 30
  31. Annual General Meeting Presentation – Delphi Energy Corp. – slide 31
    2300, 333 7th Avenue SW Calgary, Alberta T2P 2Z1 P (403) 265-6171 F (403) 265-6207 infodelphienergy.ca www.delphienergy.ca May 2019 36

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