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June 2021 Corporate Presentation – Birchcliff Energy Ltd.

Birchcliff Energy Ltd. · Jun 21, 2021 · 52 slides

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Slides

  1. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 1
    CORPORATE PRESENTATION June 16, 2021
  2. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 2
    CORPORATE OVERVIEW PEOPLE, FOCUS & EXECUTION June 16, 2021 3
  3. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 3
    CORPORATE OVERVIEW Corporate Snapshot & Select Guidance Q1 2021 average production 75,065 boe/d Light oil (% of production) 3,355 bbls/d (4%) Condensate (% of production) 5,467 bbls/d (7%) NGLs (% of production) 8,734 bbls/d…
  4. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 4
    CORPORATE OVERVIEW Corporate Snapshot & Select Guidance Continued Total debt as at March 31, 2021 (1) 777 million Credit facilities limit as at March 31, 2021 (2) 1 billion Common shares (basic) as at March 31, 2021 266 million…
  5. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 5
    CORPORATE OVERVIEW 2021E NATURAL GAS MARKETING AECO 2.85 0.04 0.40 2.41 59,000 GJ/d 14% 43% 185,000 GJ/d 6% Dawn 3.30 25,000 GJ/d 0.12 Alliance 1.30 38% 3.38 1.88 0.01 0.43 163,000 GJ/d 2.94 Note: All…
  6. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 6
    CORPORATE OVERVIEW KEYS TO SUCCESS Executives with proven track record, continuity since inception and significant ownership Management Highly experienced Management Team with excellent technical knowledge and a long history with…
  7. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 7
    LOOKING FORWARD 2021 CAPITAL PROGRAM 2021 Capital Program - Capital Expenditures by Classification Classification Capital (MM) DCCET Pouce Coupe(1) 93 - 102 (1) 38 - 41 Gordondale (2) 22 - 24 Additional Well Completions…
  8. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 8
    LOOKING FORWARD 2021 CAPITAL PROGRAM 2021 Capital Program - Wells to be Drilled and Brought on Production Total wells to be drilled in 2021 Total wells to be brought on (1) production in 2021 Pouce Coupe Montney D1 horizontal…
  9. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 9
    LOOKING FORWARD FIVE YEAR PLAN THEMES Maximizing free funds flow and strengthening Birchcliffs balance sheet over the five year period Fully utilizing the available processing capacity of Birchcliffs existing infrastructure…
  10. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 10
    LOOKING FORWARD FIVE YEAR PLAN PRODUCTION AS PER JANUARY 20, 2021 PRESS RELEASE Filling existing infrastructure drives down per-unit costs and maximizes efficiencies 100,000 Average Production (boe/d) 95,000 90,000 85,000…
  11. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 11
    LOOKING FORWARD FIVE YEAR PLAN FINANCIAL AS PER JANUARY 20, 2021 PRESS RELEASE 600 500 400 Full utilization of millions existing infrastructure 300 drives significant free 200 cash flow growth 100 0 2021 2022 2023 2024…
  12. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 12
    TRACK RECORD OF EXECUTION PRODUCTION HISTORY 90,000 79,000 - 81,000 77,977 76,401 80,000 77,096 Compound per-share production growth of 10% per year since 2005. 70,000 (11% since PC Gas Plant Phase I 67,963 Average Production…
  13. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 13
    TRACK RECORD OF EXECUTION CORPORATE RESERVES (1) 1,200,000 7,000 PDP - Reserves 1,100,000 TP - Reserves 2P - Reserves 6,000 1,000,000 PDP - NPV10 On a per share basis PDP, 1P and 900,000 TP - NPV10 2P reserves have…
  14. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 14
    TRACK RECORD OF EXECUTION PROVEN TRACK RECORD AS A LOW COST PRODUCER 5 Year Profitability Breakdown: 2016 2017 2018 2019 2020 Average Average AECO (CAD/GJ) 2.05 2.04 1.42 1.67 2.11 1.86 Average WTI (USD/bbl) 43.32 50.95 64.77…
  15. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 15
    TRACK RECORD OF EXECUTION PROVEN TRACK RECORD AS A LOW COST FINDER 12 PDP F&D 1P F&D 2P F&D Adjusted funds flow 10 netback recycle ratios 0.6x F&D Cost (/boe) 8 1.3x 1.4x 1.6x 1.5x 1.3x 1.8x 0.9x 6 1.0x 1.3x 2.0x 1.9x…
  16. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 16
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE PEER EMISSIONS METRICS(1)(2)(3)(4) June 16, 2021 17
  17. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 17
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMMITMENT TO ENVIRONMENTAL STEWARDSHIP Waste heat recovery units at the Pouce Coupe Gas Plant take the equivalent of 5,000 cars off the road annually Peer-leading water storage and…
  18. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 18
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE INVESTING IN OUR PEOPLE AND THE COMMUNITY 4.25 million donated to more than 100 local community groups and organizations in the last 5 years Continued partnerships with local communities…
  19. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 19
    MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG - A WORLD CLASS RESOURCE PLAY 440 gross (437.7 net) Montney/Doig horizontal wells producing as of Dec 31, 2020 Resource density. Stacked resource up to 300 metres thick. Large areal…
  20. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 20
    MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG MINERALOGY LEADS TO EXCELLENT FRACABILITY The Montney/Doig Resource Play rock type is composed of a Some other Resource Plays have a high percentage of clays high percentage of hard…
  21. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 21
    MONTNEY/DOIG RESOURCE PLAY BIRCHCLIFF MONTNEY/DOIG RESOURCE PLAY Large contiguous land base with 415.7 (394.6 net) sections prospective for the Montney/Doig as at December 31, 2020 Birchcliff has contiguous land block at Pouce…
  22. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 22
    MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG MULTI LAYER OPPORTUNITY June 16, 2021 23
  23. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 23
    MONTNEY/DOIG RESOURCE PLAY SCIENCE & TECHNOLOGY PAD June 16, 2021 24
  24. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 24
    MONTNEY/DOIG RESOURCE PLAY BIRCHCLIFF MONTNEY/DOIG INVENTORY 2020YE Note: Location inventory includes three (3) 100% W.I. existing wells that have proved non-producing reserves. (2 in Pouce Coupe and 1 in Elmworth) June 16,…
  25. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 25
    MONTNEY/DOIG RESOURCE PLAY 2020 LIQUIDS SUMMARY 2020 Well Rates (IP60) MULTI-INTERVAL CUBE-STYLE DEVELOPMENT Discovery of Extension to the Gordondale Light Oil Pool In Q3 2020, Birchcliff brought the production on from its…
  26. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 26
    MONTNEY/DOIG RESOURCE PLAY 2021 CAPITAL PROGRAM 2021 Budget Locations & Well Rates (IP60) MULTI-INTERVAL CUBE-STYLE DEVELOPMENT 2021 Capital Program Major Themes Capital Program focused on low-risk drilling opportunities to…
  27. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 27
    POUCE COUPE POUCE COUPE OVERVIEW Proven asset in development phase Wells show high initial deliverability, low terminal decline and stable long term production Predictable results with improving gas rates & liquids yields 100%…
  28. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 28
    POUCE COUPE 04-04 PAD RAW PRODUCTION (BOE/D) The 04-04 pad wells have produced at significantly better rates than forecast and have been flowing rate restricted between 3.0 and 6.5 MMcf/d to manage drawdown and early time sand…
  29. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 29
    POUCE COUPE 14-19 PAD RAW PRODUCTION (BOE/D) The 14-19 pad has already paid out 37.0 MM of its total 58.2 MM capital cost. The pad is on-track to fully pay out after just over one year of being on-stream 14-19 Pad Initial…
  30. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 30
    POUCE COUPE POUCE COUPE 2021 LIQUIDS TYPE CURVE *Assumptions: Fx 1.30 CAD/USD *All economics are before tax; reference date is January 1, 2021 June 16, 2021 31
  31. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 31
    POUCE COUPE MULTI-INTERVAL CUBE-STYLE DEVELOPMENT June 16, 2021 32
  32. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 32
    GORDONDALE GORDONDALE OVERVIEW High oil & NGLs weighting Strategic infrastructure Low base production decline The 2020 drilling program included 8 (8.0 net) horizontal oil wells including 4 Montney D2 oil wells and 4 Montney D1…
  33. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 33
    GORDONDALE GORDONDALE BASE PRODUCTION HISTORY(1) Birchcliff Last well drilled in 2014 (on-stream 2015) Added Field Acquisition with peak production of 35,000 boe/d Compression (22,000 BOE/d) Scheduled AltaGas Plant…
  34. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 34
    GORDONDALE GORDONDALE 2021 HALO OIL TYPE CURVE *Assumptions: Fx 1.30 CAD/USD *All economics are before tax; reference date is January 1, 2021 June 16, 2021 35
  35. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 35
    D&C CONTINUOUS PERFORMANCE IMPROVEMENT POUCE COUPE DRILLING PERFORMANCE June 16, 2021 36
  36. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 36
    D&C CONTINUOUS PERFORMANCE IMPROVEMENT POUCE COUPE COMPLETION EVOLUTION Completion Parameter 2016 2017 2018 2019 2020 2021 Design of Wells 14 37 15 17 24 25 Completion Fluid Slickwater Slickwater Slickwater Slickwater…
  37. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 37
    D&C CONTINUOUS PERFORMANCE IMPROVEMENT GORDONDALE DRILLING PERFORMANCE June 16, 2021 38
  38. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 38
    D&C CONTINUOUS PERFORMANCE IMPROVEMENT GORDONDALE COMPLETION EVOLUTION Asset Acquired Asset Acquired Completion Parameter 2016 2017 2018 2019 2020 2021 Design of Wells 22 13 16 8 8 Completion Fluid Slickwater Slickwater…
  39. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 39
    D&C CONTINUOUS PERFORMANCE IMPROVEMENT ENGINEERED COMPLETIONS FOR MONTNEY/DOIG DEVELOPMENT Industry Range Birchcliff Best Practices Oil Birchcliff Best Practices Gas Liner type Openhole or Cemented Cemented Cemented Fluid CO2,…
  40. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 40
    POUCE COUPE NATURAL GAS PLANT Production Processed through the PC Gas 2018 2019 2020 Q1/21 Plant 31% Average daily production, net to Birchcliff: Natural gas (Mcf) 250,011 263,108 239,419 237,957 69% Oil, condensate & NGLs…
  41. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 41
    POUCE COUPE NATURAL GAS PLANT KEY STRATEGIC Corporate Operating Costs vs. % of Natural Gas Sales Volumes Processed at the PC Gas Plant 8.00 100% Corporate Operating Cost (/boe) ADVANTAGES Volume Through PC Gas Plant…
  42. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 42
    BUILDING ON OUR PAST Forecasted annual average production of Birchcliffs average daily production was 76,401 boe/d in 79,000-81,000 boe/d in 2020 compared to 2,793 boe/d in 2005, a compounded 2021 annual growth rate of 25% per year…
  43. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 43
    BUILDING ON OUR PAST Birchcliff has increased production at a compound annual growth rate of 25% since 2005. Operating & Cash Costs* 20 18 Operating and cash costs have 16 decreased by 72% and 41% since 14 12 2008…
  44. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 44
    BUILDING ON OUR PAST Reserves Growth 1,200 4,800 Birchcliff has added significant 1,000 4,000 low cost reserves since 800 3,200 commencing operations in boe/1,000shares MMboe 600 2,400 2005. On a per common share 400…
  45. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 45
    APPENDIX CANADAS LNG ADVANTAGE Cleaning Our Worlds Environment, a 2.0 Bcf/d LNG Facility Could; Displace 50 million tonnes of carbon emissions from coal-fired power generation Replace approximately 10 large-scale coal fired power…
  46. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 46
    APPENDIX PROXIMAL TO INFRASTRUCTURE WITH LONG TERM EXPOSURE TO LNG EXPORT Montney/Doig Birchcliff Montney/Doig Production Resource Play Owned Infrastructure Pouce Coupe Gas Plant Nova Pipeline System North American…
  47. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 47
    APPENDIX MONTNEY/DOIG WELL LOCATIONS Existing and Potential Future Drilling Locations by Interval at December 31, 2020 Average Proved Plus Probable Reserves plus Cumulative Gross Number of 2P Net Number of 2P Production…
  48. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 48
    APPENDIX SERIES A PERPETUAL PREFERRED SHARES Preferred Share Details Series A Number of Shares 2,000,000 Issue Date August 8, 2012 TSX Trading Symbol BIR.PR.A Issue / Par Price 25.00 per share Quarterly Dividend 0.523375 per…
  49. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 49
    APPENDIX SERIES C PREFERRED SHARES Preferred Share Details Series C Number of Shares 1,550,129 Issue Date June 14, 2013 TSX Trading Symbol BIR.PR.C Issue / Par Price 25.00 per share Quarterly Dividend 0.4375 per share Yield at…
  50. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 50
    CORPORATE INFORMATION OFFICERS AUDITORS A. Jeffery Tonken KPMG LLP, President, CEO and Chairman of the Board Chartered Professional Accountants Calgary, Alberta Myles R. Bosman Vice-President, Exploration and Chief Operating…
  51. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 51
    ADVISORIES PRESENTATION OF OIL AND GAS RESERVES AND RESOURCES: Deloitte prepared the 2019 Deloitte Reserves Report, the 2019 Consolidated Reserves Report and the 2020 Deloitte Reserves Report. McDaniel prepared the 2019 McDaniel…
  52. June 2021 Corporate Presentation – Birchcliff Energy Ltd. – slide 52
    THANK YOU TEAM BIRCHCLIFF Jeffrey Akeroyd, Bradley Alexander, Karen Allen, Diana Almeida, Tracy Anderson, Camille Ashton, Gaetano Aurigemma, Angela Belbeck, Tyrus Bender, Riley Berge, Lindsey Berlinger, Daniel Blattler, Calvin…

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