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1Q 2020 Earnings Presentation – Athabasca Oil Corp

Athabasca Oil Corp · May 7, 2020 · 25 slides

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Slides

  1. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING ANNUAL GENERAL MEETING MAY 7, 2020
  2. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 2
    ATHABASCA - PREMIER RESOURCE EXPOSURE LIGHT OIL 40,000 boe/d* THERMAL OIL MONTNEY 90% liquids 450MM EV 352MM Liquidity HANGINGSTONE 95 year 2P RLI 1,300 MMboe 2P 455 MMboe Proved LIGHT OIL CORNER DUVERNAY…
  3. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 3
    Q1 2020 HIGHLIGHTS 36,600 boe/d 1.1MM Operating Income 91% liquids Negatively impacted by COVID19 driven price volatility 352MM liquidity Operating Netbacks 54MM Capex (net) 17/boe Light Oil Pro Forma Upsized Royalty 35%…
  4. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 4
    THE TRANSFORMATION 486MM 400MM 265MM Light Oil JV Contingent Infrastructure FCF Generation with Bitumen Sale COVID19 Murphy Oil Royalty Resource Disciplined Manage Appraisal Operations Business 2016 2017 2018 2019 Strong…
  5. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 5
    BUSINESS ENVIRONMENT & COVID19 IMPACT SUPPLY/DEMAND BALANCE (MBBL/D) COVID19 IMPACT o WHO declared COVID19 a pandemic in March o Resulted in a material disruption to global economy OIL PRICE IMPACT o Estimated oil demand impact…
  6. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 6
    RESPONSE TO COVID-19 ACTIONS TAKEN Ensured the Safety of Staff Maximized Maintained Strong and Contractors Funds Flow Corporate Liquidity Hangingstone shutin Halted capital program Enacted Business Continuity Plan (40MM…
  7. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 7
    CONTINGENT BITUMEN ROYALTY 70MM UPSIZED ROYALTY SLIDING SCALE ROYALTY o Upsized Royalty only applies to the Hangingstone, Leismer, Corner & Leismer and Corner US WCS…
  8. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 8
    THERMAL OIL LEISMER LEISMER DEVELOPMENT LEISMER TOP TIER OIL SANDS PROJECT o 20,000 bbl/d production; 40,000 bbl/d AER approval PAD 8N PAD 8S o 695 mmbbl 2P reserves; 95 year 2P RLI PAD 6 CPF o Recently placed L7 sustaining pad…
  9. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 9
    THERMAL OIL HANGINGSTONE HANGINGSTONE DEVELOPMENT HANGINGSTONE PROJECT o 9,500 bbl/d productive capacity; 4.5x SOR o 177 mmbbl 2P reserves; 55 year 2P RLI o US31 WCS operating breakeven (US44 WTI and US12.50 WCS diff) SUSPENDED…
  10. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 10
    PLACID MONTNEY PLACID ACTIVITY 1630 Pad 6 wells HIGHLIGHTS OPERATED 70%WI 25 Pad 4 wells o Productive capacity 8,500 boe/d net o 80,000 gross prospective acres o 200 well development inventory o 200 300 bbl/mmcf initial free…
  11. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 11
    KAYBOB DUVERNAY KAYBOB DUVERNAY KAYBOB NORTH DUVERNAY HIGHLIGHTS KAYBOB EAST o Significant resource exposure (220,000 acres) SIMONETTE o 700 remaining locations across the play KAYBOB WEST o Strong condensate yields (200 1,000…
  12. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 12
    CORPORATE RESPONSIBILITY CORPORATE EMISSIONS INTENSITY GLOBAL EMISSIONS 0.07 Intensity (tonnes CO2e/boe) 0.06 0.05 2019 0.04 0.03 0.02 2015 2016 2017 2018 2019 THERMAL WATER RECYCLING (2019) LIABILITY…
  13. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 13
    ATHABASCA VALUE PROPOSITION Financial Capacity to Certainty on Long Term Top Tier Assets with Long Unparalleled Torque to Navigate Volatile Markets Egress to High Value Term Growth Profiles Oil Prices longer term * Through the…
  14. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 14
    CANADA ENERGY MAKES A GLOBAL DIFFERENCE
  15. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 15
    CANADIAN ENERGY MAKES A GLOBAL DIFFERENCE THE WORLD NEEDS CANADAS ENERGY WORLD ENERGY MIX (2016 2040) o Energy Demand to grow by 27% by 2040 o ALL forms of energy are needed CANADA IS A GLOBAL LEADER IN INNOVATION & ENVIRONMENTAL…
  16. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 16
    CORPORATE RESPONSIBILITY We believe that strong performance in health, safety, and environment is essential to achieving our business goals and meeting the needs of stakeholders. We are focused on being a valued partner in local…
  17. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 17
    CORPORATE RESPONSIBILITY ENVIRONMENT CORPORATE EMISSIONS INTENSITY GLOBAL EMISSIONS 0.07 Intensity (tonnes CO2e/boe) 0.06 0.05 2019 0.04 0.03 0.02 2015 2016 2017 2018 2019 THERMAL WATER RECYCLING (2019)…
  18. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 18
    CORPORATE RESPONSIBILITY SOCIAL SAFETY BENCHMARKING (2018) SAFETY 1.8 o 2018 Total Recordable Injury Frequency: 0.36 AOC has a strong track 1.6 record of safe operations o 2019 Total Recordable Injury Frequency: 0 1.4 o…
  19. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 19
    CORPORATE RESPONSIBILITY GOVERNANCE GOVERNANCE OVERVIEW o AOCs Board is responsible for the stewardship of the Independent Board and Chair (5 of 7) Company and provides independent and effective leadership o Some key areas of…
  20. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 20
    SUPPLEMENTAL INFORMATION
  21. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 21
    CORPORATE SNAPSHOT, GUIDANCE & HEDGING GUIDANCE CAPITALIZATION OVERVIEW (ATHTSX) o Capital Program: 85M Basic Shares Outstanding 523 MM Light Oil: 45MM Market Capitalization (0.14/sh) 73 MM Thermal Oil: 40MM Q1/20 Net Debt 374…
  22. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 22
    RISK MANAGEMENT & MARKET EGRESS THERMAL OIL EGRESS HEDGING Current Egress LT Egress o 2020 financial hedges (April December) AOC Thermal WTI: 12,000 bbl/d (50% swaps at US52) Leases WCS diff: 15,000 bbl/d at US18 o 2020…
  23. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 23
    MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM BOARD OF DIRECTORS Robert Broen, P.Eng. Ronald Eckhardt President & Chief Executive Officer Chair of the Board, member of the Reserves Committee Matt Taylor, CFA Robert Broen, P.Eng. Chief…
  24. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 24
    ENDNOTES Slide Endnotes 1 (1) Liquidity = cash & equivalents + available credit facilities as of March 31, 2020 + Royalty proceeds of 70MM (2) Consolidated reserves as at December 31, 2019 evaluated by McDaniel & Associates…
  25. 1Q 2020 Earnings Presentation – Athabasca Oil Corp – slide 25

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