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October 2019 Investor Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Oct 23, 2019 · 23 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 Investor Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION October 2019
  2. October 2019 Investor 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 3Q19 92,000 gross 24.3 MBoe/d (57% oil)…
  3. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 3
    Building a Track Record of Performance 40% Wattenberg Production Growth Adjusted EBITDAX & EBITDAX Margin(1) 28.0 2018 to 60 80% 103% Growth 2019 69% 67% 24.0 4Q17 to 3Q19 64% 70% 24.0 50 - 60% 20.0 22.0 50% 52% 40 47% 47% 49%…
  4. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 4
    Attractive Relative Valuation Shareholder Mix Balanced Shareholder Base Significant shareholder evolution over 2 years Pre-emergence debt holders equity ownership reduced from 50%…
  5. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 5
    Rural and Oily Acreage No municipalities / 100% unincorporated Weld County acreage < 3% of acreage with Federal minerals or surface Actively engaged with community stakeholders Ensure safe, thoughtful and responsible development…
  6. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 6
    Future Development Proximity to Occupied Structures(1) Colorado Regulatory Update As a result of a study released by the CDPHE, the Northern Acreage COGCC has modified its application of the Directors Objective Criteria by…
  7. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 7
    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…
  8. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 8
    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…
  9. October 2019 Investor 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 Well Density: 16 wells / section Driving value creation through:…
  10. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 10
    Encouraging Results from Legacy East and Northern Block Legacy East & Northern Block Performance Pronghorn B-28 Pad 1,000 Whitetail A-4 Well Northern Acreage Legacy East XRL TC 100 Oil Production (bpd) 10 Legacy…
  11. October 2019 Investor 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. October 2019 Investor 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. October 2019 Investor 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. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 14
    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.…
  15. October 2019 Investor 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. October 2019 Investor 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 278 million of liquidity as of 9/30/19 Proactive hedging…
  17. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 18 18
  18. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 18
    Sell-Side Commentary 19 19
  19. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 19
    Hedged Volumes* Protect balance sheet and reduce price volatility Combination of swaps and collars * Hedges as of 10/22/2019. 20 20
  20. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 20
    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…
  21. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 21
    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…
  22. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 22
    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…
  23. October 2019 Investor Presentation – Bonanza Creek Energy, Inc. – slide 23
    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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