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October 2019 Corporate Presentation – Delphi Energy Corp.

Delphi Energy Corp. · Oct 22, 2019 · 28 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 Presentation – Delphi Energy Corp. – slide 1
    OCTOBER 2019 OCTOBER PRESENTATION
  2. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 2
    CORPORATE OVERVIEW CORPORATE INFORMATION Q2 / 2019 OPERATIONAL HIGHLIGHTS Ticker Symbol TSX:DEE Corporate Production (boe/d) 9,157 Basic Shares Outstanding (mm) 185.5 Condensate & Pentanes / NGLs (bbl/d) 3,063 33% Enterprise Value…
  3. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 3
    DELPHI: A PURE PLAY MONTNEY E&P COMPANY Finding relevancy in todays capital markets Bigstone is a liquids-rich Montney asset yielding top operating margins Grande Prairie Increasing condensate production Bigstone and high stable…
  4. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 4
    A DOMINANT OPERATED 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…
  5. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 5
    WEST BIGSTONE: MULTIPLE LAYERS 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 spacing…
  6. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 6
    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…
  7. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 7
    NETBACK COMPARISON SELECT MONTNEY PRODUCERS Delphis condensate yields, total liquids content and operating netbacks are among the highest in the Montney Operating Netback Q2 2019 60.00 60% Liquids-Rich Producers 50.00 50% 75%…
  8. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 8
    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…
  9. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 9
    7-11 AMINE PLANT DELIVERING GAS TO BIGSTONE PLANT Delphi 17 mmcf/d amine plant sweetens Delphi Montney sour gas 52 mmcf/d sour compression and dehydration Delivers gas to facility Bigstone Plant for final processing at much…
  10. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 10
    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…
  11. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 11
    SECURE MARKET ACCESS FOR GROWTH Delphi/Alliance Contracted Transportation Full Path Service to Chicago Service (mmcf/d)1 22 30 7 Alliance Firm Alliance IT TCPL Firm Alliance 37 mmcf/d of firm and priority interruptible…
  12. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 12
    GAS MARKETING Approximately 55% of natural gas sold in Chicago generating significantly higher pricing than AECO Reactivation of the Alliance pipeline lateral at Bigstone plant in 2022 will increase Alliance - Chicago sales to…
  13. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 13
    PROVEN RISK MANAGEMENT PROGRAM Commodity Hedges Q4 2019 1H 2020 2H 2020 Consistent Hedge Performance Natural gas (mmcf/d) 11.7 8.8 2.5 Average hedge price (C/mcf)(2) 3.43 3.37 3.29 Majority of near term production is hedged % of…
  14. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 14
    BIGSTONE MONTNEY OPERATIONAL OVERVIEW October 2019 14
  15. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 15
    WEST BIGSTONE: DELINEATION SHIFTS TO DEVELOPMENT Ultra-rich West Bigstone: 15-10 and 16-10 12 wells now on production On Production 4 well pad on in April 2019 Section 10 15-10 and 16-10 offsets 4 Well Pad are best wells drilled…
  16. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 16
    MOST RECENT WEST BIGSTONE RESULTS Initial Production (IP) Rate Well Performance (1) Well/Pad(2) Frac Design Horizontal Number IP30 IP90 IP180 Generation Length of Fracs Total Sales Field Condy Liquids Total Sales Field Condy Liquids…
  17. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 17
    INCREASING NETBACKS Corporate Netbacks Increase with Addition of Higher Condensate Yield Wells Impact of Production Composition on IP90 Operating Netback for Bigstone Montney1 50.00 IP90 CGR IP90 CGR = 207 40.00 IP90 CGR = 131…
  18. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 18
    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…
  19. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 19
    PAD OPERATIONS WILL LOWER DRILLING COSTS Drilling Cost Savings Opportunities DEE 13-34-60-24W5 pad operation 5,000 Targeting 20 - 25 percent Per well drilling costs (M) reduction in drilling costs on future multi-well pads…
  20. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 20
    PAD OPERATIONS WILL LOWER COMPLETION COSTS DEE 60,000 m3 frac water storage cell Completion Cost Savings Opportunities 6,000 Per well completion costs (M) Targeting 20 - 25 percent 4,908 reduction in completion costs 5,000…
  21. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 21
    PAD OPERATIONS 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…
  22. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 22
    BIGSTONE MONTNEY GROWTH Montney asset growth funded largely Montney Wells Drilled & On Production through cash flow (47%) and non-core asset dispositions (28%) 15 61 wells drilled LTD Life-to-date (LTD) capital includes 12 618 mm…
  23. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 23
    RECAPITALIZATION TRANSACTION OVERVIEW October 2019 23
  24. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 24
    TRANSACTION INTRODUCTION Delphi has entered into a recapitalization transaction with Luminus Management, LLC (Luminus) backstopping a treasury equity and Collateralized Exchange Listed (CEL) Note offering for 46.5 million of aggregate…
  25. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 25
    TRANSACTION HIGHLIGHTS The Offering and Arrangement provide Delphi with a full capital solution to increase its financial flexibility and strengthen its future growth prospects, for the benefit of all stakeholders Raises 40.7…
  26. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 26
    2019 / 2020 OUTLOOK Near term Objectives Strengthen Delphis financial position with an improvement in Delphis liquidity position, its cost of capital and the going concern nature of its business Address the Senior Lenders borrowing…
  27. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 27
    APPENDIX October 2019 27
  28. October 2019 Corporate Presentation – Delphi Energy Corp. – slide 28
    2300, 333 7th Avenue SW Calgary, Alberta T2P 2Z1 P (403) 265-6171 F (403) 265-6207 infodelphienergy.ca www.delphienergy.ca October 2019 32

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