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Investor Presentation – Resolute Energy Corp

Resolute Energy Corp · Oct 1, 2013 · 54 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. Investor Presentation – Resolute Energy Corp – slide 1
    Energy Corporation Resolute Energy is a regionally diversified growth oriented E&P company focused on long-lived Investor presentation domestic oil producing assets October 2013
  2. Investor Presentation – Resolute Energy Corp – slide 2
    Resolute overview Company history Market capitalization1 654.4 million SEC PV102 1.26 billion 2004 Resolute formed Long term debt3 652.0 million Aneth Field: Assets Shares outstanding4 76.9 million acquired from Debt to…
  3. Investor Presentation – Resolute Energy Corp – slide 3
    Our operating areas Pro forma proved reserves are 89% liquids Areas of operation Proved reserves by area1 Wyoming properties Aneth Field Denver headquarters properties 2013 capital expenditures by area2 Permian…
  4. Investor Presentation – Resolute Energy Corp – slide 4
    Reserves and production overview Year-end 2012 SEC case: Proved reserves: 78.8 MMBoe PV10 1.13 billion R/P ratio of 23 years 1 2012 SEC reserve report 2012 proved reserve characteristics SEC proved PV10: 1.13 billion…
  5. Investor Presentation – Resolute Energy Corp – slide 5
    Company overview In the Permian Basin Resolute completed meaningful acquisitions at year- end 2012 and in March 2013 We assumed operating responsibilities on most of the acquired properties in the second quarter We began drilling in…
  6. Investor Presentation – Resolute Energy Corp – slide 6
    Resolute potential Reserve upside from identified projects Resource Proved reserves Total Area potential (MMBoe)1 (MMBoe) (MMBoe) Aneth Field 56 10 17 66 73 Permian Basin 24 47 170 71 194 Northern Rockies 7 7 12 14 19 Total…
  7. Investor Presentation – Resolute Energy Corp – slide 7
    Permian Basin
  8. Investor Presentation – Resolute Energy Corp – slide 8
    Permian Basin introduction In Q2 2011 Resolute acquired acreage and began drilling in Reeves County in the Delaware Basin (Reeves County) Resolute subsequently acquired a small producing asset in the Midland Basin (OTB) Resolute…
  9. Investor Presentation – Resolute Energy Corp – slide 9
    Permian Basin Year-end 2012 SEC case: Proved reserves: 12.6 MMBoe PV10 195 million Acquired reserves of 9.2 MMBoe in Q4 2012 Meaningful drilling opportunities 70 gross potential horizontal locations 135 recompletions Active…
  10. Investor Presentation – Resolute Energy Corp – slide 10
    Permian Basin Transformational asset base 43,400 gross (21,600 net) acres Permian Basin map 70% oil (based on Q2 production) 60% proved developed Denton Q2 net production 4,420 Boe/day Northwest Midland Provides exposure to…
  11. Investor Presentation – Resolute Energy Corp – slide 11
    Gardendale overview Assumed operating control on April 1st Gardendale Midland Midkiff 1818H 4,700 gross and net acres 2013 drilling objectives: Reached total depth on the Midkiff 1818H on July 31, currently flowing Resolute…
  12. Investor Presentation – Resolute Energy Corp – slide 12
    Gardendale well activity Wolfcamp B horizontal results Nearby Wolfcamp B activity1 Gardendale 24 hr IP rate 30 day IP rate (Boe/day) (Boe/day) Midkiff 1818H 1 Diamondback ST NW 2501H 1,054 655 Resolute horizontal 2 Diamondback…
  13. Investor Presentation – Resolute Energy Corp – slide 13
    Gardendale horizontals Two of three have reached TD Drilling Targeting Wolfcamp B horizon at 9,800 feet TVD Approximately 4,300 feet of cased and cemented lateral Drill and case cost: 3.1 million initial AFE Field estimate rig…
  14. Investor Presentation – Resolute Energy Corp – slide 14
    Gardendale horizontal Type curve and economics1 Gardendale horizontal wells Gross capital 7.1 million per well 30 day IP 400 1,000 Boe/day EUR (gross) 300 600 MBoe Btu per Mcf 1,300 Rate of return2 25% 45% Locations 22…
  15. Investor Presentation – Resolute Energy Corp – slide 15
    Gardendale vertical development overview Completed 2013 vertical drilling plan Gardendale Resolutes 2013 plan was to drill eighteen vertical wells All eighteen wells have been spud to date and are in varying stages of production…
  16. Investor Presentation – Resolute Energy Corp – slide 16
    Gardendale vertical Type curve and economics 160 Gardendale vertical wells 140 Gross capital 2.1 million per well 30 day IP 60 200 Boe/day 120 EUR (gross) 125 MBoe Bbl/day, Mcf/day and Boe/day 100 Btu per Mcf 1,300 Rate…
  17. Investor Presentation – Resolute Energy Corp – slide 17
    Reeves County overview Potential horizontal development Reeves County Acreage acquired in 2011 and 2012 26,600 gross (9,500 net) acres Appaloosa Vertical drilling program commenced in Q2 2011 19 gross (10.5 net) wells Two…
  18. Investor Presentation – Resolute Energy Corp – slide 18
    Reeves County horizontal activity Resolute potential horizontal locations Delaware Basin Horizontal location Apache spud 11/12 Cimarex Cimarex BHP completed spud 7/13 spud 4/13 3/13 Apache spud 2/13 7 Cimarex spud…
  19. Investor Presentation – Resolute Energy Corp – slide 19
    Nearby horizontal activity Offset results1 Well name Zone Reported production rates Lateral length One day IP: EOG Oil: 635 Bbl/day 1 HR 56-1001H Wolfcamp A NGL: 480 Bbl/day 4,100 Gas: 3,100 Mcf/day One day IP: 2 EOG Oil: 377…
  20. Investor Presentation – Resolute Energy Corp – slide 20
    Delaware Basin horizontal wells Type curve and economics1 Delaware Basin horizontal wells Gross capital 7.0 8.0 million per well 30 day IP 250 700 Boe/day EUR (gross) 500 1,000 MBoe Btu per Mcf 1,230 Rate of return2 20% 40%…
  21. Investor Presentation – Resolute Energy Corp – slide 21
    OTB and Big Spring Area overview OTB and Big Spring 4,400 gross (2,200 net) acres Howard More than 90% HBP OTB Vertical Wolfberry asset Martin Big Spring 41 gross (24.9 net) producing wells Horizontal activity is increasing…
  22. Investor Presentation – Resolute Energy Corp – slide 22
    OTB and Big Spring vertical Wolfberry Midland Basin Wolfberry development Targeting Mississippian at 10,500 feet through Wolfcamp at 8,500 feet Spraberry Typically a seven stage completion not including the Spraberry Drill and…
  23. Investor Presentation – Resolute Energy Corp – slide 23
    Broader Big Spring area opportunity inventory Inventory of high rate of return projects Behind pipe Spraberry at 7,000 to 8,000 feet Anticipate completing the Spraberry after de-pressuring deeper zones approximately eighteen months…
  24. Investor Presentation – Resolute Energy Corp – slide 24
    Denton Field overview Acquired producing asset in 2012 Denton Field Siluro-Devonian carbonate field discovered in 1949 Highly faulted and fractured anticline Cumulative production through December 2012: 110 MMBbl oil 100 Bcf gas…
  25. Investor Presentation – Resolute Energy Corp – slide 25
    Denton Field opportunities Legacy field with significant upside Improving field economics by lowering operating costs and Woodford increasing reliability Enhance the field through capital projects Infill drilling down to 20…
  26. Investor Presentation – Resolute Energy Corp – slide 26
    Permian Basin potential Significant growth from horizontal activity Proved Resource Area reserves Inventory potential (Average WI%) (MMBoe)1 (MMBoe) Gardendale (100% WI) Vertical 14 40 locations 2.3 3.8 Horizontal - 22 locations…
  27. Investor Presentation – Resolute Energy Corp – slide 27
    Aneth Field
  28. Investor Presentation – Resolute Energy Corp – slide 28
    Aneth Field overview Year-end 2012 SEC case: Proved reserves: 59 MMBoe PV10 819 million R/P ratio of 26 years Gross production since acquisition Oil production (Bbl/day)2 Percent Unit Acquisition Apr 2013 change Aneth 2,939…
  29. Investor Presentation – Resolute Energy Corp – slide 29
    Aneth Field introduction Foundation asset Aneth Field gross proved oil production forecast Fields like Aneth are rare: 16,000 Excellent current economics 14,000 and cash flow 2013 12,000 1.5 billion barrel OOIP, presenting…
  30. Investor Presentation – Resolute Energy Corp – slide 30
    Aneth Field introduction Foundation asset Aneth Field 1.5 billion barrels OOIP 43,000 gross acres 719 wells 391 producers 328 injectors Produced 430 MMBbl of oil through 2012 Net proved reserves of 56.3 MMBoe1 Q2 2013 production…
  31. Investor Presentation – Resolute Energy Corp – slide 31
    Aneth Field cash flow Free cash flow from Aneth funds growth Aneth Field cash flow Expected 2013 net production (Boe/day) 6,400 6,700 2012 net operating margin (/Boe) 47.06 Operating cash flow ( million) 110 115 Forecast CO2…
  32. Investor Presentation – Resolute Energy Corp – slide 32
    Aneth Unit CO2 project area performance Production increase of 119% CO2 project area oil production (gross) 4,000 3,500 Production has increased 119% from inception of our Aneth Unit CO2 flood, 3,000 Oil production (Bbl/day)…
  33. Investor Presentation – Resolute Energy Corp – slide 33
    DC IIC project area waterflood Exceptional results from waterflood reinitiation DC IIC waterflood pair (gross) Total capital per well pair 1.8 million Initial incremental production 110 Bbl/day Total reserves 60.1 MBO Finding…
  34. Investor Presentation – Resolute Energy Corp – slide 34
    Ratherford CO2 flood development projects Two project areas sum of DC IIC and DC I PhiH Ratherford Unit DC IIC project area Resource potential is not included in our proved reserves Resource potential of 11 MMBbl net to Resolute…
  35. Investor Presentation – Resolute Energy Corp – slide 35
    Aneth Field other opportunity inventory High rate of return projects Infill laterals (gross) New drills (gross) Gross capital 0.8 1.2 million per project Gross capital 1.8 2.3 million per project 30 day IP 30 65 Bbl/day 30 day IP 65…
  36. Investor Presentation – Resolute Energy Corp – slide 36
    Aneth Field potential Reserve upside from identified projects Proved Area Resource potential reserves Inventory (Average WI%) (MMBoe) (MMBoe)1 Aneth Unit (62% WI) Vertical wells and CO2 projects 29 - Horizontal wells 2 - New…
  37. Investor Presentation – Resolute Energy Corp – slide 37
    Wyoming
  38. Investor Presentation – Resolute Energy Corp – slide 38
    Hilight Field Year-end 2012 SEC case: Proved reserves: 3.5 MMBoe PV10 27 million 1,483 Boe/day Q2 net production Free cash flow Attractive unit economics Low reinvestment requirement Organic growth potential from behind pipe…
  39. Investor Presentation – Resolute Energy Corp – slide 39
    Hilight Field Excellent cash flow and exploration upside Hilight Field 49,600 gross (45,400 net) acres 100% HBP 6N-R72W T46N-R71W T46N-R70W RESOLUTE JAYSON UNIT T46N-R69W 100% operated RESOLUTE GRADY UNIT W 13% oil…
  40. Investor Presentation – Resolute Energy Corp – slide 40
    Nearby Turner (Frontier) well activity Drilling first horizontal well Turner prospect area T45N-R72W T45N-R71W T45N-R70W Prospects supported by 3D seismic and subsurface well Castle 3-21TH RE control CENTRAL 46 horizontal Turner…
  41. Investor Presentation – Resolute Energy Corp – slide 41
    Turner well activity Porosity-thickness map correlates offset results Turner prospect area 1.60 1.50 1.40 1.30 , Muddy unit boundaries 3D seismic Distribution of offset well EUR 1.20 1.10 1.00 Castle 3-21TH Turner/Niobrara overlap…
  42. Investor Presentation – Resolute Energy Corp – slide 42
    Turner horizontal Type curve and economics Turner horizontal well Gross capital 5.8 7.3 million per well 30 day IP 320 660 Boe/day EUR (gross) 230 350 MBoe Rate of return2 14% 60% Locations 40 Resource potential (gross)1 9 14…
  43. Investor Presentation – Resolute Energy Corp – slide 43
    Mowry prospect area Plan completions in three existing vertical wells Mowry prospect area 9,600 gross acres within a seismically defined project area T47N-R71W T47N-R70W Arco T47N-R69W Bishop vertical well EUR - 200 MBoe Mowry…
  44. Investor Presentation – Resolute Energy Corp – slide 44
    Resolute potential Reserve upside from identified projects Resource Proved reserves Total Area potential (MMBoe)1 (MMBoe) (MMBoe) Aneth Field 56 10 17 66 73 Permian Basin 24 47 170 71 194 Northern Rockies 7 7 12 14 19 Total…
  45. Investor Presentation – Resolute Energy Corp – slide 45
    Key investment highlights Well-positioned to execute growth plan High quality base of long-lived oil producing properties Portfolio of significant organic development opportunities Exploration projects poised to provide…
  46. Investor Presentation – Resolute Energy Corp – slide 46
    Financial overview
  47. Investor Presentation – Resolute Energy Corp – slide 47
    Financial data Leverage1: Debt to EBITDA 4.1x Debt to total market cap 50.2% Substantial liquidity: Five year bank revolver 415 million reserve-based credit line2 252 million drawn3 Downside commodity price protection Crude…
  48. Investor Presentation – Resolute Energy Corp – slide 48
    Resolute investor contacts
  49. Investor Presentation – Resolute Energy Corp – slide 49
    Resolute investor contacts HB Juengling Vice President Investor Relations (hbjuenglingresoluteenergy.com) Theodore Gazulis Executive Vice President and Chief Financial Officer (tgazulisresoluteenergy.com) Corporate Headquarters:…
  50. Investor Presentation – Resolute Energy Corp – slide 50
    2013 production and cost guidance 50% production growth, improved cash margin 2012 2013 Improvement actual adjusted range vs. 20121 Projected total production (MBoe) 3,409 4,500 5,230 43% Boe/day 9,313 12,325 14,325 43% Projected…
  51. Investor Presentation – Resolute Energy Corp – slide 51
    Margins/cost structure 1 2012 2013 Pro forma ( in millions, except as noted) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD YTD Q2 2013 Sales volumes Total MBoe 762 858 862 927 3,409 1,047 1,193 2,240 2,413 2 2 Revenue including hedging 55.0 58.7 60.1…
  52. Investor Presentation – Resolute Energy Corp – slide 52
    Margins/cost structure per Boe 1 2012 2013 Pro forma ( per Boe) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD YTD Q2 2013 2 3 3 Adjusted revenues 72.16 68.43 69.73 70.10 70.04 68.77 68.95 68.87 68.51 Expenses 4 Operating expenses 22.34 22.59 24.53…
  53. Investor Presentation – Resolute Energy Corp – slide 53
    EBITDA 1 2012 2013 Pro forma ( in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 YTD YTD Q2 2013 Net income (loss) (0.7) 22.8 (2.5) (1.6) 18.0 (3.1) 9.0 5.9 8.5 Adjustments: Interest 1.2 3.7 4.6 6.0 15.5 8.1 7.2 15.3 16.8 Taxes (0.4) 13.6 (1.5)…
  54. Investor Presentation – Resolute Energy Corp – slide 54
    Quarterly prices and volumes 1 2012 2013 Pro forma Q1 Q2 Q3 Q4 Q1 Q2 YTD Q2 2013 Average prices: Oil ( per Bbl) 96.16 85.19 85.00 81.86 87.16 88.31 87.47 NGL ( per Bbl) - 44.38 31.06 41.43 35.31 30.42 33.20 Gas ( per Mcf) 4.54…

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