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January 2020 Investor Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Jan 28, 2020 · 22 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. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION January 2020
  2. January 2020 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) Acres Production 4Q19 Highly contiguous, oily acreage in rural Wattenberg 92,000 gross 24.3 MBoe/d (57% oil)…
  3. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 3
    Building a Track Record of Performance Wattenberg Production 2020 Adjusted EBITDAX & EBITDAX Margin(1) Guidance 32.0 70 80% 29.0 55% Margin Improvement 69% 67% 67% - 64% 28.0 42% CAGR 26.0 60 4Q17 to 3Q19 24.0 4Q17 to 4Q19 52% 60%…
  4. January 2020 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. January 2020 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 to help ensure safe, thoughtful and responsible…
  6. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 6
    Future Development Proximity to Occupied Structures(1) Colorado Regulatory Landscape No expected impact to BCEIs Northern Acreage development plan or existing infrastructure 1,000 well inventory or PUDs pending permit…
  7. January 2020 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 pipeline interconnects to 4 midstream gas processors 1 oil pipeline interconnect with 2nd expected…
  8. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 8
    Consistent and Low Wellhead Gathering Pressure and Flow Assurance 400 Gathering System Pressure Outside RMI 350 300 250 200 150 BCEI/RMI Field Pressure 100 50 0 Mar-19 Mar-17 Mar-18 Jun-17 Sep-17…
  9. January 2020 Investor 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. January 2020 Investor 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 Oil Production (bpd) Legacy East XRL TC 100 Whitetail A-4 Well 10 Legacy…
  11. January 2020 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. January 2020 Investor 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 1,000 Lateral Feet(2) 9-month Cumulative Oil…
  13. January 2020 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. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 14
    2020 Capital Program Capex: 215MM - 235MM 60% SRL / 40% XRL gross development (Legacy) Legacy SRL = 3.3MM - 3.5MM D&C per well Legacy XRL = 5.6MM - 5.8MM D&C per well French Lake = 10MM - 15MM total for 2020 French Lake drilling…
  15. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 15
    2020 Guidance Focused on Profitable Growth & Operational Flexibility 2018 2019 2020 2020 program provides for continued Guidance Actuals(1) Preliminary Guidance double-digit production growth on a Production (Mboe/d) 15.8 23.5 26.0 -…
  16. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 16
    Strong Financial Position COMMITTED TO MAINTAINING FINANCIAL STRENGTH AND FLEXIBILITY Simple capital structure with low leverage allows company to be patient and opportunistic 281 million of liquidity as of 12/31/19 Proactive hedging…
  17. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 18 18
  18. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 18
    Hedged Volumes* Protect balance sheet and reduce price volatility Combination of swaps and collars * Hedges as of 1/28/2020. 19 19
  19. January 2020 Investor 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. January 2020 Investor 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. January 2020 Investor 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…
  22. January 2020 Investor Presentation – Bonanza Creek Energy, Inc. – slide 22
    Net Debt Reconciliation Net Debt 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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