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Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Feb 27, 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. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION February 2020
  2. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Pure-Play Wattenberg Operator Wattenberg Target Proved Reserves 12/31/19 Niobrara/Codell 122 MMBoe (45% PDP) Acres Production 4Q19 Highly contiguous, oily acreage in rural Weld County 92,000 gross 24.3 MBoe/d (57%…
  3. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 3
    Track Record of Performance Wattenberg Production 2020 Pre-Hedge Adjusted EBITDAX & Margin(1) Guidance 32.0 70 63% 66% 66% 64% 70% 29.0 61% 61% 28.0 42% CAGR - 60 55% 57% 60% 26.0 4Q17 to 4Q19 24.0 50 46% 50% 20.0 Mboe/d…
  4. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 4
    Attractive Valuation & Shareholder Mix Shareholder Mix Balanced Shareholder Base 100% 2.5 Significant shareholder evolution over 2 years 80% 2.0 Company Beta % Ownership Pre-emergence debt holders equity ownership 60% 1.5…
  5. Q4 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. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 6
    Future Development Proximity to Occupied Structures(1) Resilient to Evolving Regulatory Landscape No expected impact to BCEIs Northern Acreage development plan or existing infrastructure 1,000 well inventory or PUDs pending permit…
  7. Q4 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 pipeline interconnects to 4 midstream gas processors 1 oil pipeline interconnect with 2nd expected…
  8. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 8
    Consistent and Low 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 Dec-17…
  9. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 9
    Engineering Better Well Performance 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 and perf…
  10. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 10
    Encouraging Legacy East and Northern Performance C B D Legacy East & Northern Block Performance A 1,000 BCEI Non-Op Wells Ranch Wells (10,500 LL) Pronghorn B-28 Pad (9,600 LL) Whitetail A-4 Well (9,637 LL) Northern Acreage…
  11. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 11
    Technical & Operating Teams Driving Better 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 120,000 580…
  12. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 12
    Technical & Operating Performance Driving Oil Efficiency & ROCE 2019-2021 Estimated Return on Capital Employed (ROCE)(1) DJ Basin 12-Month Cumulative Oil Production per 1,000 Lateral Feet(2) 12% 18,000 (2Q 2018 to Present)…
  13. Q4 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. Q4 2019 Earnings 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 drilling Drill: 61…
  15. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 15
    2020 Guidance Focused on Profitable Growth & Operational Flexibility 2019 2020 Guidance Actuals Guidance 2020 program provides for continued Production (Mboe/d) 23.5 26.0 - 29.0 double-digit production growth while % Oil…
  16. Q4 2019 Earnings 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. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 18 18
  18. Q4 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 2/27/2020 19 19
  19. Q4 2019 Earnings Presentation – Bonanza Creek Energy, Inc. – slide 19
    Year-End 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. Q4 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. Q4 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…
  22. Q4 2019 Earnings 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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