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October 2019 Corporate Update – Athabasca Oil Corp

Athabasca Oil Corp · Sep 30, 2019 · 27 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. October 2019 Corporate Update – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING OCTOBER 2019 CORPORATE UPDATE
  2. October 2019 Corporate Update – Athabasca Oil Corp – slide 2
    ATHABASCA PREMIER RESOURCE EXPOSURE LIGHT OIL 40,000 boe/d THERMAL OIL MONTNEY 87% liquids 600MM EV 425MM Liquidity HANGINGSTONE 90 year 2P RLI 450 MMboe Proved 1,280 MMboe 2P LIGHT OIL CORNER DUVERNAY LEISMER…
  3. October 2019 Corporate Update – Athabasca Oil Corp – slide 3
    ATHABASCA THE TRANSFORMATION 400MM Light Oil 265MM Contingent surpasses infrastructure Bitumen 10,000 boe/d Royalty sale Low risk Resource development appraisal 2015 2016 2017 2018 2019 Strong Funding balance sheet…
  4. October 2019 Corporate Update – Athabasca Oil Corp – slide 4
    CANADIAN HEAVY OIL OUTLOOK WESTERN CANADIAN SELECT PRICING CURRENT LANDSCAPE 70 WTI/WCS Diff (US/bbl) 50 o Government mandated curtailments have normalized WCS (C/bbl) inventories and differential volatility 60 40 WCS Diff…
  5. October 2019 Corporate Update – Athabasca Oil Corp – slide 5
    THERMAL OIL MARKET ACCESS & RISK MGMT THERMAL OIL EGRESS DIVERSIFYING SALES TO THE US GULF COAST Current Egress DILBIT SALES EXPOSURE (2020E) LT Egress o Capacity secured on Keystone open season AOC Thermal o 7,200 bbl/d…
  6. October 2019 Corporate Update – Athabasca Oil Corp – slide 6
    ATHABASCA DRIVE TO FREE CASH FLOW PRODUCTION SUSTAINABLE PRODUCTION 50 Thermal Oil Light Oil o Low corporate sustaining capital 40 mboe/d 30 10/boe 20 o Flexible Light Oil development 10 0 o Operated liquids rich…
  7. October 2019 Corporate Update – Athabasca Oil Corp – slide 7
    ATHABASCA 2019 OUTLOOK CORPORATE 2019 FUNDS FLOW OUTLOOK o Capital: 135MM WTI (US) o Production: 37,500 40,000 boe/d (88% liquids) 55 60 65 70 15.00 150 165 185 205 WCS Diff (US) LIGHT OIL o Capital: 35MM net 17.50 140…
  8. October 2019 Corporate Update – Athabasca Oil Corp – slide 8
    ATHABASCA DIFFERENTIATED OIL EXPOSURE PEER LEADING LIGHT OIL NETBACKS (Q2/19) 30 Liquids Weighted Netback (40% liquids) COMPLEMENTARY ASSETS Gas Weighted Netback (60% gas) 25 o Diversified operating income (35% LO & 65% TO)…
  9. October 2019 Corporate Update – Athabasca Oil Corp – slide 9
    LIGHT OIL MONTNEY & DUVERNAY
  10. October 2019 Corporate Update – Athabasca Oil Corp – slide 10
    PLACID MONTNEY PLACID ACTIVITY 1630 Pad HIGHLIGHTS OPERATED 70%WI 7 DUCS 25 Pad o 80,000 gross prospective acres Spud Sept 200 well development inventory1 26.50/boe operating netback (H1/19) 200 300 bbl/mmcf initial free…
  11. October 2019 Corporate Update – 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. October 2019 Corporate Update – Athabasca Oil Corp – slide 12
    KAYBOB DUVERNAY DUVERNAY HIGHLIGHTS JOINT VENTURE HIGHLIGHTS (30% WI) o Significant resource exposure (210,000 acres) o Cash/carry structure minimizes financial exposure o Strong condensate yields (200 1,000 bbl/mmcf) o 1B gross 4 yr…
  13. October 2019 Corporate Update – Athabasca Oil Corp – slide 13
    DUVERNAY COMPETITIVE SHALE PLAY UNIQUE EXPOSURE TO THE OIL WINDOW KAYBOB WEST & EAST OIL o Significant running room o 170,000 acres; 800 well inventory1 o Transitioning to development in select areas 1625 NORTHERN STEPOUT o…
  14. October 2019 Corporate Update – Athabasca Oil Corp – slide 14
    THERMAL OIL LEISMER & HANGINGSTONE
  15. October 2019 Corporate Update – Athabasca Oil Corp – slide 15
    THERMAL OIL LEISMER TOP TIER OIL SANDS PROJECT REGIONAL MAP o 20,000 bbl/d; 3.5x SOR o 40,000 bbl/d AER approval Hangingstone o 675 mmbbl 2P reserves; 90 year 2P RLI o US43 WTI operating breakeven HANGINGSTONE LOW…
  16. October 2019 Corporate Update – Athabasca Oil Corp – slide 16
    THERMAL OIL LEISMER ACTIVITY HIGHLIGHTS o L7 sustaining pad 1,250m laterals (50% longer) and flow control equipped First steam in June with production expected in Q4/19 4,000 bbl/d pad production forecast Steam debottleneck…
  17. October 2019 Corporate Update – Athabasca Oil Corp – slide 17
    CANADIAN ENERGY CAN MAKE A DIFFERENCE o The World Needs Canadas Energy WORLD ENERGY MIX (2016 2040) o Energy Demand to grow by 27% by 2040 o ALL forms of energy are needed o Canada is a global leader in innovation & environmental…
  18. October 2019 Corporate Update – Athabasca Oil Corp – slide 18
    SUPPLEMENTAL INFORMATION
  19. October 2019 Corporate Update – Athabasca Oil Corp – slide 19
    CORPORATE SNAPSHOT & HEDGING CAPITALIZATION OVERVIEW (ATHTSX) Basic Shares Outstanding 523 MM Market Capitalization (0.70/sh) 366 MM Q2/19 Net Debt 240 MM Total Enterprise Value 607 MM Term Debt (9.875% due Feb 2022) US450…
  20. October 2019 Corporate Update – Athabasca Oil Corp – slide 20
    H1 2019 HIGHLIGHTS CONTINUED STRONG FINANCIAL PERFORMANCE 36,568 boe/d 89MM Funds Flow 86% liquids 30MM Free Cash Flow 425MM liquidity Strong Netbacks 59MM Capex (net) 28.70/boe Light Oil 2019e 2x D/CF 60 WTI 52% Thermal / 48%…
  21. October 2019 Corporate Update – Athabasca Oil Corp – slide 21
    CORPORATE RESPONSIBILITY We believe that strong performance in health, safety, and environment is essential to achieving our business goals and meeting the needs of stakeholders. We are focused on being a valued partner in local…
  22. October 2019 Corporate Update – Athabasca Oil Corp – slide 22
    CORPORATE RESPONSIBILITY ENVIRONMENT CORPORATE EMISSIONS INTENSITY GLOBAL EMISSIONS WATER RECYCLING RATES (2018) LIABILITY MANAGEMENT RATING 94% of Thermal Oil reservoir water recycled for steam generation Alberta…
  23. October 2019 Corporate Update – Athabasca Oil Corp – slide 23
    CORPORATE RESPONSIBILITY SOCIAL SAFETY BENCHMARKING (2018) SAFETY 1.8 o 2018 Total Recordable Injury Frequency: 0.36 1.6 AOC has a strong track record of safe operations o Exemplary safety performance key to business results and…
  24. October 2019 Corporate Update – Athabasca Oil Corp – slide 24
    CORPORATE RESPONSIBILITY GOVERNANCE GOVERNANCE OVERVIEW o AOCs Board is responsible for the stewardship of the Company and Independent Board and Chair (5 of 7) provides independent and effective leadership o Some key areas of…
  25. October 2019 Corporate Update – Athabasca Oil Corp – slide 25
    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…
  26. October 2019 Corporate Update – Athabasca Oil Corp – slide 26
    ENDNOTES & RISK MANAGEMENT Slide Endnotes Multiyear outlook price assumptions: 2018 H1 2019 H2 2019 2019e 2020e WTI US/bbl 65.50 57.36 60.00 58.47 60.00 FX C/US 0.77 0.75 0.77 0.76 0.75 Heavy Diff US/bbl -26.31 -11.48 -17.50…
  27. October 2019 Corporate Update – Athabasca Oil Corp – slide 27

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