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February 2021 Investor Presentation – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Feb 1, 2021 · 24 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. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 1
    INVESTOR PRESENTATION February 2021
  2. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Pure-Play Rural Wattenberg Operator Wattenberg Target Proved Reserves 12/31/20 Niobrara/Codell 118 MMboe (48% PDP) Highly contiguous, oily acreage in rural Weld County Acres Production 4Q20 87,000 gross 25.0 Mboe/d…
  3. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 3
    Track Record of Performance Wattenberg Production & Capex Pre-Hedge Adjusted EBITDAX & Margin(1) 32.0 Net Production Capex Net Debt 200 60 63% 61% 66% 66% 61% 64% 66% 70% 28.0 28% CAGR 175 55% 57% 56% 60% 26.2 50 53% 4Q17 to 4Q20…
  4. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 4
    And Managing Within Commodity Cycle Signal Response Results WTI Oil Cash Capex LOE Production EBITDAX(2) Leverage Price G&A(1) 203.7 +41% -13% +8% -19% 23.5 +33% 65.23 275.3 -17% 5.50 -32% 56.99…
  5. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 5
    BCEI + HighPoint Resources (HPR) Transaction Update Transaction expected to close in mid-March with a successful debt exchange of HPR bonds, or late March to early April if a Prepackaged HPR Chapter 11 filing is required Merger S-4s…
  6. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 6
    BCEI + HPR Consolidating the Rural DJ Basin 4Qe 2020 production of Increased Scale 50 Mboe/d Free Cash Flow Significant free cash flow generation 150 million PV-10 Realizable Cost and Capital Synergies (31 million in…
  7. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 7
    BCEI + HPR Gaining Scale & Maintaining Low-Cost Operatorship 250 100% 3Q 2020 Production (Mboe/d) and Oil Mix(1) 200 80% 150 53% 53% 53% 60% 100 40% 57.2 50 20% 30.9 26.2 0 0% PDCE MUR SM CPE MR LPI QEP MTDR…
  8. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 8
    BCEI + HPR Highly Achievable Cost and Capital Synergies The combination of Bonanza Creek and HighPoint is 1 about scale, synergies, margins and cash flow Future RMI compressor station Existing HPR Compression avoided Example…
  9. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 9
    BCEI + HPR Free Cash Flow Priorities Combing the two companies creates a company of scale in the rural DJ Basin, and it signifies BCEIs transition to a new business model one that is focused on producing significant and resilient free…
  10. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 10
    Rural and Oily Acreage Resilient to evolving regulatory landscape No municipalities / 100% unincorporated Weld County acreage Low exposure to Federal minerals or surface < 3% of BCEI acreage < 10% of BCEI + HPR acreage Actively…
  11. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 11
    Rocky Mountain Infrastructure Increased Scale & Optionality Pro Forma Infrastructure Assets 250 MMcf/d of gas gathering capacity 245 miles of gas gathering, gas-lift, and sales lines Gas 24 pipeline interconnects to 4 midstream gas…
  12. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 12
    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…
  13. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 13
    Technical & Operating Performance Driving Strong Oil Recoveries DJ Basin 12-Month Cumulative Oil Production per 1,000' Lateral Feet 16,000 (Jun 2018 to Dec 2020) 50 45 14,000 12-month Cumulative Oil Production per 1000' 40…
  14. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 14
    1Q 2021 Guidance 4Q 2020 2020 1Q 2021 Guidance Actuals Actuals Guidance 1Q 2020 guidance based on stand-alone BCEI operations Production (Mboe/d) 25.0 25.2 20.0 - 23.0 Additional 2021 guidance will be provided % Oil 54% 54% 48% -…
  15. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 15
    ESG Commitment Meeting/exceeding Colorado air emission standards and groundwater monitoring regulations Reducing carbon footprint via pipeline infrastructure, reduced truck traffic, Leak Detection and Repair (LDAR), and Storage Tank…
  16. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 16
    Company Contacts Brant DeMuth EVP, Chief Financial Officer Tel: (720) 440-6117 Email: bdemuthbonanzacrk.com Scott Landreth Senior Director, Finance, Investor Relations and Treasurer Tel: (720) 225-6679 Email:…
  17. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 17
    Appendix 19 19
  18. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 18
    Analyst Coverage Firm Analyst Contact Info Capital One Phillips Johnston 504-593-6163 / phillips.johnstoncapitalone.com Coker Palmer Noel Parks 215-913-7320 / parkscokerpalmer.com KeyBanc Leo Mariani 512-872-7875 /…
  19. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 19
    Hedged Volumes Protect balance sheet and reduce realized price volatility Utilize a combination of swaps, collars, and puts 21 21 (1) BCEI stand-alone hedges as of 2/17/21
  20. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 20
    Impressive BCEI Legacy East and Northern Performance C B D Legacy East & Northern Block Performance A 1,000 BCEI Non-Op Wells Ranch (10,500 LL) Pronghorn B-28 Pad (9,600 LL) Whitetail A-4 Well (9,637 LL) Northern Acreage C D…
  21. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 21
    YE 2020 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 future…
  22. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 22
    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…
  23. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 23
    Recurring Cash G&A Reconciliation Recurring cash G&A is a supplemental non-GAAP financial measure that is used by management to provide only the cash portion of its G&A expense, which can be used to evaluate cost management and operating…
  24. February 2021 Investor Presentation – Bonanza Creek Energy, Inc. – slide 24
    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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