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2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Aug 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. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION August 2019
  2. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Pure Play Wattenberg Operator Wattenberg Target Proved Reserves 6/30/19 Niobrara/Codell 120 MMBoe (44% PDP) Highly contiguous, oily leasehold in rural Wattenberg Acres Production 2Q19 65,000 net 24.4 MBoe/d (62% oil)…
  3. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 3
    Building a Track Record of Performance Wattenberg Production 40% Growth Adjusted EBITDAX & EBITDAX Margin(1) 28.0 2018 to 2019 60 80% 103% Growth 69% 67% 24.0 24.0 4Q17 to 2Q19 64% 70% - 50 22.0 60% 20.0 50% 52% 40 47% 47% 49%…
  4. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 4
    Growth & Value Opportunity Shareholder Mix Balanced Shareholder Base Significant shareholder evolution over 2 years Pre-emergence debt holders equity ownership reduced from 50%…
  5. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 5
    Rural and Oily Acreage No municipalities / 100% unincorporated Weld County acreage Actively engaged with community stakeholders Ensure safe, thoughtful and responsible development Surface use agreements in place for all operated…
  6. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 6
    Rocky Mountain Infrastructure Rocky Mountain Infrastructure Assets 140 miles of gas gathering 100 MMcf/d of gas gathering capacity 11 interconnects to 4 midstream gas processors 6 compressor sites, 30k total horsepower 4 CPFs with…
  7. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 7
    RMI Provides Consistent and Low Wellhead Pressure and Flow Assurance 400 350 Pressure Outside BCEI Interconnects 300 250 200 150 BCEI/RMI Field Pressure 100 50 0 Mar-17 Mar-18 Mar-19 Dec-17 Dec-18 Jun-17…
  8. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 8
    2019 Capital Program Capex: 230MM - 255MM spread across Legacy West, Central & East 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. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 9
    Enhanced Completions & Spacing Driving Resource Recovery Uplift (1) Higher-Intensity Completions 40 K-22 Pad (2Q 2018) I-21 Pad (1Q 2019) Well Density: 16 wells / section Driving value creation with: Well Density: 16 wells /section…
  10. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 10
    Encouraging Results from Legacy East and Northern Block Legacy East & Northern Block Performance 1,000 Pronghorn B-28 Pad Whitetail A-4 Well Northern Acreage Legacy East XRL TC 100 Oil Production (bpd) 10 Legacy…
  11. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 11
    High Intensity Stimulation Designs Driving Better 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 Boe…
  12. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 12
    Operational & Technical Capabilities Driving Competitive Advantage 400 DJ Basin 25,000 DJ Basin Avg. Gross Revenues Per Lateral Foot(1) 12-Month Cumulative Oil Production Per Lateral Foot(2) 12-month Cumulative Oil Production per…
  13. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 13
    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…
  14. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 14
    Sell-Side Commentary 15 15
  15. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 15
    2019 Guidance Focused on Profitable Growth & Operational Flexibility FY18 FY19 Current program provides for production Guidance(1) Actuals Guidance growth in excess of 40% while maintaining Production (Mboe/d) 22.0 24.0 15.8 ample…
  16. 2Q 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 294 million of liquidity as of 6/30/19 Proactive hedging…
  17. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 17
    Hedged Volumes* Protect balance sheet and reduce price volatility Combination of swaps and collars * Hedges as of 7/31/2019. 19 19
  18. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 18
    Encouraging Results from Initial French Lake Delineation Wells French Lake Performance (Initial 8 delineation wells) 25 8 wells drilled in late 2017 / early 2018 delineated leasehold No midstream infrastructure in place 3-Stream…
  19. 2Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 19
    Mid-Year 2019 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…
  20. 2Q 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. 2Q 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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