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August 2021 – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Aug 1, 2021 · 25 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. August 2021 – Bonanza Creek Energy, Inc. – slide 1
    ENERCOM PRESENTATION August 2021
  2. August 2021 – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Pure-Play DJ Basin Operator DJ Basin Highly contiguous, oily acreage in rural Weld County Target Proved Reserves 6/30/21 Niobrara/Codell 170 MMboe (63% PDP) Strong financial position Acres Production 2Q21 261,000 gross…
  3. August 2021 – Bonanza Creek Energy, Inc. – slide 3
    Track Record of Performance Production & Capex Pre-Hedge Adjusted EBITDAX & Margin(1) 44.0 50 Net Production Capex Net Debt - 300 120 80% 41.0 66% 66% 69% 42 42 66% 63% 61% 64% 70% 250 100 61% 59% 40 57% 56% 55% 53% 60%…
  4. August 2021 – 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. August 2021 – Bonanza Creek Energy, Inc. – slide 5
    Top-Tier BCEI TSR & ROCE vs Best of U.S. E&P Long-Term Total Shareholder Return (1) Long-Term Return on Capital Employed (2) 100% 20% BCEI is the only US 80% public E&P in the top 5 10% 60% of both TSR and ROCE 40% over this…
  6. August 2021 – Bonanza Creek Energy, Inc. – slide 6
    Strong BCEI Oil Recoveries Drive Strong Returns DJ Basin 12-Month Cumulative Oil Production per 1,000' Lateral Feet 50 (Jun 2018 to May 2021) 18,000 45 16,000 40 12-month Cumulative Oil Production per 1000' NBL 14,000 35…
  7. August 2021 – Bonanza Creek Energy, Inc. – slide 7
    Achieving BCEI + HPR Synergy Savings Ahead of Schedule Expected BCEI + HPR Synergy Savings upon Closing BCEI + HPR Synergy Savings Achieved PV10 ( millions) Recurring One-time 31 million 100 (1) in 2021 35 15 All-In…
  8. August 2021 – Bonanza Creek Energy, Inc. – slide 8
    Civitas and Crestone Peak Preeminent DJ Basin Pure Play June 7, 2021
  9. August 2021 – Bonanza Creek Energy, Inc. – slide 9
    Preeminent Pure-play DJ Basin Operator Pro Forma Metrics Civitas Civitas+CPR Enterprise Value1 3.2 Bn 4.5 Bn Laramie Kimball 2022E EBITDA2 900 MM 1.3+ Bn 2022E Production 115 MBoe/d 160 MBoe/d Larimer Weld Net DJ Basin Acres…
  10. August 2021 – Bonanza Creek Energy, Inc. – slide 10
    Delivering on the New E&P Business Model Ability to maintain production with 50% High Quality Asset Base reinvestment Front End of Cost…
  11. August 2021 – Bonanza Creek Energy, Inc. – slide 11
    Free Cash Flow Generation & Capital Allocation Priorities 2022E Full Year Pro Forma FCF Generation1 Disciplined Business Principles 1,500 Anticipated to pay 1.85 per share annual dividend Pay Dividend Maintain financial flexibility…
  12. August 2021 – Bonanza Creek Energy, Inc. – slide 12
    Returning Synergy Savings to Shareholders Civitas and Crestone Peak combination generates meaningful one-time Recurring Civitas and Crestone Peak Synergies benefits and significant recurring synergies Capex Scale and consistency…
  13. August 2021 – Bonanza Creek Energy, Inc. – slide 13
    Low Leverage and Low-Cost 1Q21 Net Debt / 2021E EBITDA 3.5x 2.5x 2.6x 2.4x 1.9x 2.0x 1.6x 1.6x 1.7x 1.4x 1.1x 0.3x 0.3x 0.5x Civitas Civitas Peer 1 Civitas+CPR Civitas + CPR DJ Peer Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer…
  14. August 2021 – Bonanza Creek Energy, Inc. – slide 14
    Scale Leads to Relevance and Liquidity 2022E Wall Street Consensus Production (MBoe/d) and Liquids Mix (%) 205 179 160 142 66% 115 60% 94 93 65% 76 75 73 63 30 28 27 DJ Peer Peer 1 Civitas+CPR Civitas + CPR Peer 2 Civitas…
  15. August 2021 – Bonanza Creek Energy, Inc. – slide 15
    DJ Basin Optionality Combined Position Facilitates Asset Development Optimization Approximate Civitas Leasehold Positions Development Area DJ Basin Net Acres Geography Northern Western 135,000 Suburban / Rural Weld Eastern 115,000…
  16. August 2021 – Bonanza Creek Energy, Inc. – slide 16
    Relative Inventory Contribution by Area B-TAX Single Well IRRs at 55 WTI West South East Location Counts 100% West 350 90% East 400 80% South 450 70% Total 1,200 60% 50% 40% 30% 20% 10% 0% 1 201 401 601 801 1,001 Note:…
  17. August 2021 – Bonanza Creek Energy, Inc. – slide 17
    Opportunity-Rich Basin Asset Locator Map Civitas is well-positioned to participate in future basin consolidation Laramie Kimball Numerous privately held companies Opportunity to increase efficiencies with scale Weld Larimer…
  18. August 2021 – Bonanza Creek Energy, Inc. – slide 18
    Sustainability Leadership in Action Committed to Net Zero Scope 1 and 2 Extraction YoY Emissions Intensity Reductions (mt CO2e/MBoe) High-grade emissions practices 15.9 13.9 Electrification of operations 10.6 5.7 Tankless…
  19. August 2021 – Bonanza Creek Energy, Inc. – slide 19
    Appendix 21 21
  20. August 2021 – Bonanza Creek Energy, Inc. – slide 20
    2021 Guidance (BCEI + HPR) Full year 2021 capex guidance of 150 - 170 million Actuals Guidance Includes completion of 45 gross (39.9 net) drilled, uncompleted Guidance 2Q 2021 3Q 2021 (DUC) wells; all to IP in 2021 Completion…
  21. August 2021 – Bonanza Creek Energy, Inc. – slide 21
    BCEI Analyst Coverage Firm Analyst Contact Info Capital One Phillips Johnston 504-593-6163 / phillips.johnstoncapitalone.com KeyBanc Leo Mariani 512-872-7875 / leo.marianikey.com Seaport Nick Pope 646-535-7673 /…
  22. August 2021 – Bonanza Creek Energy, Inc. – slide 22
    Implementing the ESG Vision Responsible Stewardship Colorados First Carbon Neutral Operator Electric Vehicle Fleet Conversion Aggressive operational emissions-reduction program coupled Adopting EV fleet this year with a multi-year…
  23. August 2021 – Bonanza Creek Energy, Inc. – slide 23
    2Q 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…
  24. August 2021 – Bonanza Creek Energy, Inc. – slide 24
    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…
  25. August 2021 – Bonanza Creek Energy, Inc. – slide 25
    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…

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