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July 2021 TD Energy Conference – Athabasca Oil Corp

Athabasca Oil Corp · Jul 29, 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. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 1
    ATHABASCA OIL CORPORATION FOCUSED EXECUTING DELIVERING JULY 2021 TD ENERGY CONFERENCE
  2. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 2
    PREMIER RESOURCE EXPOSURE LIGHT OIL 34,000 boe/d THERMAL OIL MONTNEY 90% liquids 950MM EV 141MM Cash HANGINGSTONE 90 year 2P RLI 1,150 MMboe 2P 400 MMboe Proved LIGHT OIL CORNER DUVERNAY LEISMER ATHABASCA OIL…
  3. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 3
    Q1 2021 HIGHLIGHTS 34,401 boe/d 66MM Operating Income 89% liquids 19MM Adjusted Funds Flow 141MM Cash Operating Netback 36MM Capex 31/boe Light Oil Unrestricted 97% Thermal Oil 21/bbl Leismer ATHABASCA OIL (TSX:ATH)…
  4. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 4
    THE TRANSFORMATION 486MM Resumption Refinance 470MM 265MM Light Oil JV of PreCOVID 2L Notes Contingent Infrastructure with Business (to be Bitumen Sale completed) Murphy Oil Plan Royalties Resource FCF Generation Appraisal…
  5. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 5
    MACRO BUSINESS ENVIRONMENT GLOBAL DEMAND BACK TO PRECOVID LEVELS Global Oil Supply / Demand Outlook (MMbbl/d) June Demand: o Global demand rose to 97 MMbbl/d in midJune 105 97 Mbbl/d Global Oil Demand Global Oil Sup ply 100 o…
  6. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 6
    BALANCE SHEET & REFINANCING OBJECTIVES EBITDA (MM) & LEVERAGE SENSITIVITY FINANCIAL SNAPSHOT (Q1 2021) 400 400 4.0x 4.0x o 141MM unrestricted cash 350 350 o 135MM restricted cash for longterm obligations 300 300 3.0x 3.0x o…
  7. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 7
    ASSET OVERVIEW
  8. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 8
    LEISMER OVERVIEW LEISMER CENTRAL PROCESSING FACILITY ASSET OVERVIEW o Located 100 km south of Fort McMurray o Central Processing Facility (CPF); approved capacity of 40,000 bbl/d o On site lodge with 500 person capacity; owned…
  9. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 9
    LEISMER SUSTAINING PROJECTS PAD L8 HIGH QUALITY RESERVOIR NEARTERM INFILL WELLS o Pad L7 sustaining well pair; first oil in July o Two Pad L6 infills; commence steaming May & first oil July PAD L8 PROJECT o D&C ongoing; 5…
  10. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 10
    LEISMER IMPROVEMENTS TECHNOLOGY DRIVING RATES (BBL/D) LOWER WELL PAIR COSTS (MM) 1,200 25 Avg. Facilities Cost Pad 16 Avg. Completion Cost 1,000 Pad 7 Avg. Drilling Cost 20 800 15 600 10 400 Achieved through longer…
  11. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 11
    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…
  12. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 12
    HANGINGSTONE RECENT INITIATIVES STRONG RESERVOIR RESPONSE REDUCING NONENERGY OPEX (/BBL) 25 o Excellent facility runtime following Summer 2020 turnaround o Current production 9,500 bbl/d (April) 20 75% reduction to Q1/21…
  13. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 13
    LIGHT OIL PORTFOLIO PLACID MONTNEY 70% WORKING INTEREST AOC LIGHT OIL PROPERTIES o 80,000 gross acres; 150 gross future locations o Q1 production 4,600 boe/d (43% liquids) o 29/boe operating netback (March 2021) o Declines…
  14. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 14
    LIGHT OIL IMPROVEMENTS INDUSTRY LEADING NETBACK (Q1/21) High Liquids % 35 High Quality Product 30 Low Lifting Costs 25 20 15 /boe 10 5 0 ATH LO TVE CVE Deep PIPE SGY POU BNE CPG Disctinction…
  15. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 15
    ESG INAUGURAL 2021 REPORT We believe that the responsible energy we produce here in Alberta makes peoples lives better. Our inaugural ESG report is an opportunity for us to showcase the positive impacts we have made and explain…
  16. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 16
    ESG 2020 HIGHLIGHTS NET GHG EMISSIONS INTENSITY WATER RECYCLE RATIO 95% 0.08 20% Reduction 90% 0.07 tonnes Co2e/boe 85% 0.06 80% 0.05 75% 0.04 70% 2015 2016 2017 2018 2019 2020 Oil Sands Mining In Situ Enhanced…
  17. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 17
    Athabasca Stated ESG Goal (May 2021) ESG CARBON CAPTURE Prepare a technology roadmap for a lower carbon future evaluating carbon capture use and storage, cogeneration, solvent injection, and renewable energy CARBON CAPTURE AOCS…
  18. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 18
    ESG COMMITMENT TO RESPONSIBILITY GOALS o Reduce emission intensity by 30% (2015 2025) o Top tier safety results…
  19. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 19
    ATHABASCA VALUE PROPOSITION & STRATEGY Low Decline High Margin Unparalleled Torque to Strong Financial Thermal Oil Light Oil Oil Prices Capacity to…
  20. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 20
  21. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 21
    APPENDIX
  22. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 22
    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…
  23. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 23
    CAPITALIZATION & HEDGING WTI HEDGES (BBL/D; US/BBL) 25,000 Swaps Sold Calls Collars 3Ways 20,000 62.50 62.50 15,000 39.90/45.63 CAPITALIZATION OVERVIEW (ATHTSX) 10,000 55.00 55.90 55.90 Basic Shares Outstanding 531 MM…
  24. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 24
    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…
  25. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 25
    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…
  26. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 26
    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…
  27. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 27
    MARKET EGRESS THERMAL OIL EGRESS LONG TERM EGRESS SECURED Current Egress o 7,200 bbl/d on Keystone Base LT Egress AOC Thermal o 20,000 bbl/d on TMX Expansion Leases CANADIAN PIPELINES UNDER CONSTRUCTION o Trans Mountain…
  28. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 28
    ESG ENVIRONMENTAL HIGHLIGHTS NET GHG EMISSIONS INTENSITY GREEN HOUSE GAS EMISSIONS 0.08 o Tracking our performance and setting targets 20% Reduction o 20% reduction in emission intensity since 2015 0.07 tonnes Co2e/boe o 30%…
  29. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 29
    ESG SOCIAL & GOVERNANCE HIGHLIGHTS MEANINGFUL SOCIAL IMPACT STRONG GOVERNANCE IS CORE TO OUR BUSINESS o Accountability for ensuring a safe working environment o Independent Board oversight for longterm strategy o 2020 0.1 TRIF, no…
  30. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 30
    ENDNOTES Slide Endnotes 1 (1) 2021 guidance product breakdown provided below: Product 2021 Production Split Bitumen 78% Natural Gas* 10% Condensate NGLs 4% Other NGLs 2% Oil** 6% * comprised of 99% or greater of shale gas, with…
  31. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 31
    ENDNOTES Slide Endnotes 3 (1) Historical annual and 2021e Corporate volumes by product are provided below: Product 2016 2017 2018 2019 2020 Product 2021 Production Split Bitumen bbl/d 7,384 27,900 27,900 26,058 22,745 Bitumen 78%…
  32. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 32
    ENDNOTES Slide Endnotes 711, 24 (1) Leismer reserve life index calculated on 694 mmbbl 2P reserves and 20,000 bbl/d production. Please see reader advisory Additional Oil and Gas Information for more information (2) For additional…
  33. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 33
    ENDNOTES Slide Endnotes 2425 (1) Placid Montney future production forecasts are 5055% shale gas, 3540% condensate NGLs and 10% other NGLs (2) Placid Montney IP365 rates are 40% shale gas, 50% condensate NGLs and 10% other NGLs; EURs…
  34. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 34
    READER ADVISORY Forward Looking Statements This Presentation contains forwardlooking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forwardlooking…
  35. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 35
    READER ADVISORY CONTD Additional Oil and Gas Information: Other Oil and Gas terms: This presentation contains certain other oil and gas metrics, including D&C (drilling and completion costs), F&D, steam oil ratio (or SOR), reserves…
  36. July 2021 TD Energy Conference – Athabasca Oil Corp – slide 36
    READER ADVISORY CONTD NonGAAP Financial Measures and Production Disclosure Contd Net Debt is defined as face value of term debt plus accounts payable and accrued liabilities plus current portion of provisions and other liabilities less…

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