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January 2021 Corporate Presentation – Athabasca Oil Corp

Athabasca Oil Corp · Jan 1, 2021 · 36 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 2021 Corporate Presentation – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING CORPORATE OVERVIEW - JANUARY 2021
  2. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 2
    PREMIER RESOURCE EXPOSURE LIGHT OIL 32,000 boe/d THERMAL OIL MONTNEY 90% liquids 500MM EV 152MM Cash HANGINGSTONE 95 year 2P RLI 1,300 MMboe 2P 455 MMboe Proved LIGHT OIL CORNER DUVERNAY LEISMER ATHABASCA OIL…
  3. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 3
    Q3 2020 HIGHLIGHTS 32,061 boe/d 2.2MM Free Cash Flow 86% liquids Netbacks 12MM Capex 152MM Cash 21/boe Light Oil Unrestricted 85% Thermal / 15% Light Oil 16/bbl Leismer ATHABASCA OIL (TSX:ATH) Footnotes and additional…
  4. January 2021 Corporate 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. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 5
    OPERATIONAL IMPROVEMENTS PRODUCTION (BOE/D) OPERATING EXPENSES (/BOE) 50,000 25 100% Production Per Share Growth 40,000 (22% CAGR) 20 10/boe reduction (14% CAGR) 30,000 15 20,000 10 10,000 5 2016 2017 2018 2019 2020F…
  6. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 6
    RESPONSE TO COVID-19 Ensured the Safety of Staff Maximized Maintained Strong and Contractors Funds Flow Corporate Liquidity Hangingstone shutin/restart Reduced capital program Enacted Business Continuity Plan (40MM reduction)…
  7. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 7
    BUSINESS ENVIRONMENT & COVID-19 IMPACT 15 WTIWCS DIFFERENTIAL (US/BBL) COVID19 IMPACT 26 o WHO declared COVID19 a pandemic in March 2020 o Resulted in a material disruption to global economy 10 INVENTORIES CONTINUE TO DRAWDOWN…
  8. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 8
    OUTLOOK, CAPITALIZATION & HEDGING WTI HEDGES (BBL/D; US/BBL) 20,000 2020 OUTLOOK Collars o Production 32,250 boe/d 3Ways 15,000 o Capital program 85MM 39.90/45.63 2021 OUTLOOK 10,000 o Production 31,000 33,000 boe/d (90%…
  9. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 9
    ESG COMMITMENT ENVIRONMENT SOCIAL CORPORATE EMISSIONS INTENSITY o Community & stakeholder engagement 0.07 Air Quality o AOC supports many local causes o 34% reduction in corporate emissions Intensity (tonnes CO2e/boe) 0.06…
  10. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 10
    ATHABASCA VALUE PROPOSITION Certainty on Long Term Financial Capacity to Top Tier Assets with Long Unparalleled Torque to Egress to High Value Navigate Volatile Markets Term Reserves Oil Prices longer term Markets Through the…
  11. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 11
    THERMAL OIL LEISMER, HANGINGSTONE & OTHER ASSETS
  12. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 12
    THERMAL OIL PORTFOLIO LEISMER TOP TIER OIL SANDS PROJECT AOC THERMAL PROPERTIES o 20,000 bbl/d productive capacity (3x SOR) o 695 mmbbl 2P reserves; 95 year 2P RLI Fort McMurray o US27 WCS operating breakeven (US12.50 WCS diff)…
  13. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 13
    LEISMER OVERVIEW DEVELOPMENT MAP ASSET OVERVIEW o Located 100 km south of Fort McMurray o Central Processing Facility (CPF); approved capacity of 40,000 bbl/d PAD 8N PAD 8S o On site lodge with 500 person capacity; owned Aerodrome…
  14. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 14
    LEISMER PAD OVERVIEW HIGHLIGHTS PADS 14 (BBL/D) 20,000 Forecast 15,000 Actuals o Pads 1 4 have well developed chambers 10,000 27% annual decline since 2018 5,000 Seismic shows connected pairs and pads 2010 2012 2014 2016 2018…
  15. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 15
    LEISMER IMPROVEMENTS TECHNOLOGY DRIVING RATES (BBL/D) LOWER WELL PAIR COSTS (MM) 1,200 25 Avg. Facilities Cost Pad 16 Avg. Completion Cost Pad 7 Avg. Drilling Cost 20 900 15 600 10 Achieved through longer 300 laterals…
  16. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 16
    LEISMER FUTURE OPPORTUNITIES STRATEGY LEISMER DEVELOPMENT (BBL/D) 25,000 o Maximize free cashflow and deliver strong netbacks o Focus on projects that improve the SOR 20,000 L6 infills + L7P6 Illustrative o Maintain agility and…
  17. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 17
    HANGINGSTONE OVERVIEW ASSET HIGHLIGHTS DEVELOPMENT MAP o Located 20 km south of Fort McMurray o Central Processing Facility (CPF); approved capacity of 12,000 bbl/d o No camp; proximal to Fort McMurray SUBSURFACE DATA & WELLS o…
  18. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 18
    HANGINGSTONE FUTURE OPPORTUNITIES REDUCING NONENERGY OPEX (MM) STRATEGY 60 27MM reduction through o Focused on base production staffing, camp and disposal (9.25/bbl reduction) o Continued cost management 45 o Minimize capital…
  19. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 19
    LIGHT OIL PLACID & KAYBOB
  20. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 20
    LIGHT OIL PORTFOLIO PLACID MONTNEY 70% WORKING INTEREST AOC LIGHT OIL PROPERTIES o 80,000 gross prospective acres o 150 gross future locations o 19/boe operating netback (Q3/20) KAYBOB DUVERNAY 30% WORKING INTEREST o 220,000…
  21. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 21
    PLACID MONTNEY OVERVIEW PLACID ACTIVITY PLACID MONTNEY ASSET OPERATED o Located 140 km southeast of Grande Prairie o 80 mmcf/d & 10,000 bbl/d infrastructure capacity o Field operations located in Fox Creek Ovintiv SUBSURFACE…
  22. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 22
    KAYBOB DUVERNAY OVERVIEW KAYBOB DUVERNAY KAYBOB DUVERNAY ASSET NON OP KAYBOB NORTH KAYBOB EAST o Located 160 km southeast of Grande Prairie o Two batteries; 100 mmcf/d & 25,000 bbl/d o 1 billion invested over past 4 years (75MM net…
  23. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 23
    LIGHT OIL IMPROVEMENTS 25 INDUSTRY LEADING NETBACK (Q3/20) Liquids Weighted Netback (40% liquids) Gas Weighted Netback (60%Liquids gas) Weighted Netback (40% liquids) High Liquids %Costs (Operating, Transportation, Gas Weighted…
  24. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 24
    PLACID FUTURE OPPORTUNITIES STRATEGIC OBJECTIVES 2021 CONDITIONAL DEVELOPMENT o Continued development flexibility and readiness o Focus on free cash flow generation FUTURE ACTIVITY o Minimal 2021 budget focused on maintenance…
  25. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 25
    DUVERNAY FUTURE OPPORTUNITIES KAYBOB DUVERNAY STRATEGIC OBJECTIVES KAYBOB NORTH KAYBOB EAST o Continued development flexibility and readiness o Focus on free cash flow generation SIMONETTE KAYBOB WEST FUTURE DEVELOPMENT o…
  26. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 26
    APPENDIX
  27. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 27
    MANAGEMENT TEAM o Joined Athabasca in 2012 as Senior Vice President Light Oil. Promoted to Chief Operating Officer in 2013 and President and Chief Executive Officer in 2015 o 30 years of exploration and production experience…
  28. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 28
    MARKET EGRESS THERMAL OIL EGRESS LONG TERM EGRESS SECURED Current Egress o 7,200 bbl/d on Keystone LT Egress AOC Thermal o 10,000 bbl/d on Keystone XL Leases o 20,000 bbl/d on TMX Expansion CANADIAN PIPELINES UNDER…
  29. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 29
    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…
  30. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 30
    TRACK RECORD OF TRANSACTION EXECUTION HIGHLIGHTS o 2.25 billion of strategic and creative transactions completed through the down cycle o Transactions focused on managing risk and building scale while minimizing dilution to…
  31. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 31
    LIGHT OIL JOINT VENTURE WITH MURPHY OIL STRATEGIC RATIONALE o Corporate Reduce development risk profile while maintaining upside potential Strengthen balance sheet and facilitate debt refinancing o Montney Material operated land…
  32. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 32
    CONTINGENT BITUMEN ROYALTY 70MM UPSIZED ROYALTY o Upsized Royalty only applies to the Hangingstone, SLIDING SCALE ROYALTY Leismer and Corner Leismer, Corner & US WCS Hangingstone o Total cash proceeds of…
  33. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 33
    STATOIL PURCHASE: TRANSFORMATIONAL ACQUISITION 2 510km2 Assets Total Acreage 838 Delineation Wells 24,000 bbl/d 2P Reserves 856 mmbbl 165MM Cash Flow at Current Production Resource 628 mmbbl US60/bbl WTI 70 year…
  34. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 34
    LEISMER INFRASTRUCTURE TRANSACTION STRATEGIC TRANSACTION WITH ENBRIDGE Unlocking Value Bolstered Liquidity o 265MM cash consideration o 30 year term with an annual toll of 26MM o Priority service on pipelines & dilbit/diluent tanks…
  35. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 35
    ENDNOTES Slide Endnotes 1 (1) Liquidity = cash & equivalents + available credit facilities as of September 30, 2020 (2) Consolidated reserves as at December 31, 2019 evaluated by McDaniel & Associates Consultants Ltd. (3) Reserve…
  36. January 2021 Corporate Presentation – Athabasca Oil Corp – slide 36

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