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3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Nov 6, 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. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION November 2019
  2. 3Q 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 acreage in rural Wattenberg Acres Production 3Q19 92,000 gross 24.3 MBoe/d (57% oil)…
  3. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 3
    Building a Track Record of Performance 50% Wattenberg Production Adjusted EBITDAX & EBITDAX Margin(1) Growth 28.0 2018 to 60 80% 103% Growth 69% 67% 4Q17 to 3Q19 24.0 2019 64% 67% 70% 24.0 - 50 23.0 60% 20.0 50% 52% 40 47% 47%…
  4. 3Q 2019 Earnings 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. 3Q 2019 Earnings 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 to help ensure safe, thoughtful and responsible…
  6. 3Q 2019 Earnings 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 COGCC Northern Acreage has modified its application of the Directors Objective Criteria by…
  7. 3Q 2019 Earnings 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. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 8
    Consistent and Low Wellhead Gathering Pressure and Flow Assurance 400 350 Gathering System Pressure Outside RMI 300 250 200 150 BCEI/RMI Field Pressure 100 50 0 Mar-17 Mar-18 Mar-19 Jun-17 Sep-17…
  9. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 9
    Optimizing Spacing & Completions to Maximize Value 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: 35 Tighter stage…
  10. 3Q 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 Northern Acreage Whitetail A-4 Well Oil Production (bpd) Legacy East XRL TC 100 10 Legacy…
  11. 3Q 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. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 12
    Systematic Operational & Technical Performance Driving Oil Efficiency 14,000 400 DJ Basin DJ Basin Avg. Gross Revenues Per Lateral Foot(1) 9-Month Cumulative Oil Production per Lateral Foot(2) 9-month Cumulative Oil Production…
  13. 3Q 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. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 14
    2019 Capital Program Capex: 230MM - 240MM spread across Legacy West, Central & East 2019 D&C Capex: 190MM - 200MM 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. 3Q 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 of 50% while maintaining ample Production (Mboe/d) 15.8 23.0 - 24.0 liquidity…
  16. 3Q 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 Simple capital structure with low leverage allows company to be patient and opportunistic 278 million…
  17. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 18 18
  18. 3Q 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 18
    Hedged Volumes* Protect balance sheet and reduce price volatility Combination of swaps and collars * Hedges as of 11/04/2019. 19 19
  19. 3Q 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. 3Q 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. 3Q 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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