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Investor Presentation – Pacific Rubiales Energy Corp.

Pacific Rubiales Energy Corp. · Mar 1, 2015 · 44 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 – Pacific Rubiales Energy Corp. – slide 1
    Investor Presentation March 2015
  2. Investor Presentation – Pacific Rubiales Energy Corp. – slide 2
    The Company and Assets Production Mix 7% Heavy Oil 27% 2014 L&M Oil Base Natural Gas 67% Leading Latin American focused E&P 95 E&P blocks in seven countries (32 million gross (21 million net) acres Diversified across…
  3. Investor Presentation – Pacific Rubiales Energy Corp. – slide 3
    Industry Leading Production, Reserves and Financial Growth Net Production Net Reserves Mboe/d Net Production MMboe P1 P2 2P 160 700 613 140 600 514 120 59% 36% 500 CAGR 224 CAGR* 407 100 400 183 80 281 103 148 300 269 60 129…
  4. Investor Presentation – Pacific Rubiales Energy Corp. – slide 4
    Reserves Growth Feeds Future Production Net 2P Reserves Peru PMG Light Oil Colombia Light Oil Rio Ariari RESERVES AND NETBACK COMPARISON(1) CPE-6 Quifa* La Creciente & Guama Rubiales 2P RLI P1/2P Ratio Oil Netback(1) MMboe 2007…
  5. Investor Presentation – Pacific Rubiales Energy Corp. – slide 5
    Production Profile Net Production Growth Continues Mboe/d Rubiales Heavy Oil Other Heavy Oil Production PAP L&M Oil Production Gas Production 350 307 310 311 316 325 320 308 12 11 11 12 11 12 11 300 29 28 29 39 61 59 58 250 57…
  6. Investor Presentation – Pacific Rubiales Energy Corp. – slide 6
    Rubiales / Quifa SW Fields An Oil Giant Discovered by Super Major in 1981. Today, holds three large producing oil fields: Rubiales, Quifa SW and Caja Very large Original Oil In Place: Rubiales: 4.6 Billion barrels Quifa: 2.8…
  7. Investor Presentation – Pacific Rubiales Energy Corp. – slide 7
    Rubiales Still an Option Mbbl/d Existing contract Proposed new contract 200 196 Wells + Infield drilling Diferential Enhanced Oil Recovery Investment (infraestructure) + Base production line Agrocascada ene.-14…
  8. Investor Presentation – Pacific Rubiales Energy Corp. – slide 8
    Moving Along the Resource Trend from Rubiales 8
  9. Investor Presentation – Pacific Rubiales Energy Corp. – slide 9
    Light Oil Field Development Net Production Mbbl/d Light / Medium oil Risked Exploration 80 Colombia 70 60 50 Light Colombia oil provides secure lower 40 cost diluent source 30 20 97 MMbbl Net 2P reserves light / medium 10 0…
  10. Investor Presentation – Pacific Rubiales Energy Corp. – slide 10
    PRE Light-Medium Oil & Gas Growing Production Continues Colombia Net Light-Medium Oil & Gas (boe/d) As Nov 2, 2014 2014 (Exit) TOTAL 55,000 59,000-60,000 Peru Net Production (bbl/d) Block As Nov 2, 2014 2014 (Exit) TOTAL* 3,200…
  11. Investor Presentation – Pacific Rubiales Energy Corp. – slide 11
    Mexico The Next Frontier Opportunities Summary Migration of existing service contracts Expected 2P Reserves Contracts Investment Fields Timing (Bboe) (B) Poza Rica - Altamira and First Stage: 22 First Set 0.6 2.6 Burgos Aug /…
  12. Investor Presentation – Pacific Rubiales Energy Corp. – slide 12
    STAR (EOR) Technology Key to Increased Recovery Factors in Colombian Heavy Oil Fields Multiphase commercial development proposed to Ecopetrol Phase one: Small scale commercial project 6 Mbbl/d Employing facilities and…
  13. Investor Presentation – Pacific Rubiales Energy Corp. – slide 13
    Pacific Midstream / Infrastructure Monetization of Infrastructure Assets Pacific Midstream Assets: PEL (100%), ODL (35%), BIC (41.5%), La Creciente gas pipeline (100%) IFC acquisition (43%) of Pacific Midstream closed on…
  14. Investor Presentation – Pacific Rubiales Energy Corp. – slide 14
    Cost Reduction Initiatives Natural Gasoline Own Light Crude Heavy Oil Crude Diluent Cost Per Sold Barrel (/Boe) Diluent cost /bbl Distribution 100% 12% 6% 4% 2% 3% 3% 2% 10.0 Diluent Cost Reduction 10% 14% 19% 17% 19% Continued…
  15. Investor Presentation – Pacific Rubiales Energy Corp. – slide 15
    2014 vs. 2015 E&D Capital Expenditure 2014 Capital Program 2015 Capital Program 10% 23% 16% 9% 2.3 - 48%* 31% 1.2 21% Billion Billion 37% 54% Exploration Development Drilling Facilities Other Exploration Development Drilling…
  16. Investor Presentation – Pacific Rubiales Energy Corp. – slide 16
    Oil Operating Costs /bbl Operating Cost (Lifting Cost) Transportation Cost Diluent 36.84 35.24 34.43 3.83 33.89 32.77 5.46 2.90 2.19 30.41 2.30 2.32 28.00* 15.73 15.02 14.99 14.13 14.54 13.29 17.28 16.51 16.71 16.34…
  17. Investor Presentation – Pacific Rubiales Energy Corp. – slide 17
    Exploration Opportunities Large and Diversified Resources Portfolio Feeds Future Exploration PRE Total Acres 33.4 MM Gross 24.5 MM Net 95 36 Assets 166 82 Prospects* 84 Leads* 6,240 MMboe E&P Exploration Total Prospective…
  18. Investor Presentation – Pacific Rubiales Energy Corp. – slide 18
    Corporate Social Responsibility and Sustainability The New Way of Doing Business Our goal is to generate economic growth under social and shared value We work towards the satisfaction of our stakeholder's expectation and beyond…
  19. Investor Presentation – Pacific Rubiales Energy Corp. – slide 19
    Pacific Rubiales Advantage 1 Sustainable Cash Flow and Strong Netbacks Cash flow to invest in large development and exploration portfolio Self funded growth from internally generated cash flow Production linked to international…
  20. Investor Presentation – Pacific Rubiales Energy Corp. – slide 20
    2015 Revised Guidance Oil realization price: Expected to average approximately WTI 55 - 60 benchmark price assumption /bbl 150Mboe/d - 160 Target average net production: 1 - 8% growth over expected 2014 production levels 28…
  21. Investor Presentation – Pacific Rubiales Energy Corp. – slide 21
    2015 Budget Strategy (When Cash is King) Restrict capital expenditures to +/- equal internally generated cash flow Defer discretionary exploration expenditures Allocate capital to best projects based on ranking: economic returns,…
  22. Investor Presentation – Pacific Rubiales Energy Corp. – slide 22
    Positioned For a Low Price Environment Low Cost Producer Sustainable cash operating costs of +/- 28/boe Reduced diluent purchases, field electricity costs (PEL), transportation costs, Agrocascada driven down costs Approximately half…
  23. Investor Presentation – Pacific Rubiales Energy Corp. – slide 23
    ADDITIONAL INFORMATION 23
  24. Investor Presentation – Pacific Rubiales Energy Corp. – slide 24
    Long-term Strategic Vision Targeting Material Resource Capture Focus on prospective Latin American basins with potential to provide material resource capture Active in countries with right balance of above and below ground risks…
  25. Investor Presentation – Pacific Rubiales Energy Corp. – slide 25
    Sub-Andean Basins in Latin America Massive Hydrocarbon Resources One of the great oil-rich hydrocarbon trends in the world. Sharing similar geologic and petroleum systems Runs from Trinidad through Venezuela, Colombia, Ecuador and…
  26. Investor Presentation – Pacific Rubiales Energy Corp. – slide 26
    PRE as the Main Engine in Colombias Production Growth Light/Medium Oil Fields (Other) Heavy Oil Fields (Other) Light/Medium Oil Fields (PRE) Heavy Oil Fields (PRE) Mbbl/d 1,200 Large Light Fiscal & 1,000 Oil Field Regulatory…
  27. Investor Presentation – Pacific Rubiales Energy Corp. – slide 27
    Organic Growth Through the Drill Bit Net 2P Reserves Exploration Net 2P Reserves Total Net 2P Reserves % MMboe % Incorporated by Exploration Exploration 700 100% Company is focused on organic reserves 94% and production growth…
  28. Investor Presentation – Pacific Rubiales Energy Corp. – slide 28
    Strategic M&A Provides Elements Unavailable Organically COLOMBIA M&A ACQUISITIONS Net 2P Net Cost Acquisition Reserves Production /2Pbbl M/bbl/d (B) (MMbbl) (Mbbl/d) PetroMagdalena (Mid 2012) 0.2 16.6 3 14 71 C&C (Late…
  29. Investor Presentation – Pacific Rubiales Energy Corp. – slide 29
    PRE Net Pipelines Capacities Pipeline Capacity* 1. Oleoducto de los Llanos (ODL): 119,000 bbl/d 2. OCENSA: 100,750 bbl/d (18 - 24API) BICENTENARIO: 47,334 bbl/d (24API) 3. Oleoducto Guaduas la Dorada (OGD): 38,000 bbl/d 4.…
  30. Investor Presentation – Pacific Rubiales Energy Corp. – slide 30
    Caribbean Floating LNG Worlds First Floating LNG Facility Floating Liquefaction Barge (FLNG) Expected arrival 2H 2015 Capacity: 70 MMcf/d Owned by Exmar Tolling agreement with PRE Gas Pipeline (Pacific Midstream Projects)…
  31. Investor Presentation – Pacific Rubiales Energy Corp. – slide 31
    Oil Exports Capturing Premium Pricing Growing exports to Asia (82% 3Q 2014) 2013 2012 WTI Nymex 98.1 WTI Differential 94.2 WTI Differential ICE BRENT 108.7 -10.6 111.9 -17.7 Region Price /bbl Volume MMbbl Price /bbl Volume…
  32. Investor Presentation – Pacific Rubiales Energy Corp. – slide 32
    3Q 2014 Highlights 88.05 /boe Combined Realized price: 10% decrease vs. 3Q 2013 163,617 Sales Volume: 33% and 6% increase vs. 3Q 2013 Boe/d and 2Q 2014 respectively 1,330 Million Revenue: 20% higher vs. 3Q 2013 144,722 Boe/d…
  33. Investor Presentation – Pacific Rubiales Energy Corp. – slide 33
    3Q 2014 Exploration Activity - Wells 2014 3Q 2014 Exploration Wells Results Block Wells Block Well Name Well Type Result Net Pay (ft)* 1Q 2Q 3Q 4Q Canaguaro Tapit Exploratory Successful 24 Arrendajo 2 2 Mapache Erizo-1 Exploratory…
  34. Investor Presentation – Pacific Rubiales Energy Corp. – slide 34
    CPE-6 Development Moving Along the Trend PRE 50% WI and operator (Talisman 50% WI partner) 63 MMbbl certified net 2P reserves on drilled portion of Hamaca prospect; plus 171 MMbbl Prospective Resources* Same producing…
  35. Investor Presentation – Pacific Rubiales Energy Corp. – slide 35
    New Heavy Oil Field Developments Rubiales vs. CPE-6 Vertical Wells Behaviour Rubiales Wells CPE-6H-2 CPE6-1X Qo (bbl/d) Total of 16 appraisal wells drilled to date; heavy crude oil production facilities driven CPE-6 Seven…
  36. Investor Presentation – Pacific Rubiales Energy Corp. – slide 36
    Rio Ariari Development Moving Along the Trend PRE 100% WI and operator Progressing with development of Mochelo Mochelo Prospect prospect 46 MMbbl certified net 2P reserves + early low case resources support 50 - 60 Mbbl/d…
  37. Investor Presentation – Pacific Rubiales Energy Corp. – slide 37
    Peru 131 Block Los Angeles Discovery Los Angeles discovery well on long-term test, currently producing 2,258 bbl/d, no water Cushabatay The well has produced 60,000 bbl of 45 Noi API to date Green Sst Two appraisal wells…
  38. Investor Presentation – Pacific Rubiales Energy Corp. – slide 38
    Brazil Santos Basin Resource Diversification Kangaroo-1 and Bilby-1 exploration wells, drilled to a total depth of 10,004 ft. MD and 14,489 ft. MD, encountering an oil pay oil bearing column 58 ft. and 230 ft., respectively…
  39. Investor Presentation – Pacific Rubiales Energy Corp. – slide 39
    Raptor-1 Well Location, Map & Seismic Profile P P L 4 7 5 39
  40. Investor Presentation – Pacific Rubiales Energy Corp. – slide 40
    2014 Financial Highlights 3Q Financial Results 9M Financial Results Million Earnings from Million Earnings from Revenues Adjusted EBITDA FFO Operations Revenues Adjusted EBITDA FFO Operations 1,400 4,500 1,330 3,959 4,000 1,200…
  41. Investor Presentation – Pacific Rubiales Energy Corp. – slide 41
    2014 Operational Highlights 3Q Operating Netbacks 9M Operating Netbacks /boe /boe Oil Netback Gas Netback Combined Netback Oil Netback Gas Netback Combined Netback 70 70 65.73 64.09 62.52 63.08 61.28 60.44 60 60 57.11 55.08 50…
  42. Investor Presentation – Pacific Rubiales Energy Corp. – slide 42
    9M 2014 Financial Results Breakdown Million 3,959 1,632 Cash Non-cash 262 2,065 188 268 2 1,611 3 100 9 1,166 351 Revenues Operating G&A EBITDA Finance Cash Taxes Other Cash Funds Flow Other Non- Non-cash Foreign DD&A…
  43. Investor Presentation – Pacific Rubiales Energy Corp. – slide 43
    Solid Debt Profile Current Debt Maturity Profile (1) Debt/Adjusted EBITDA 1,284.4 Banks 12% 544 Exchange 2.1x Exchange 363.7 321.7 (3) 990.6 1.7x 1.7x 4,522 Bonds 3,978 88% 735.8 645.6 Bonds Banks 0.8x 0.8x 0.6x 0.6x…
  44. Investor Presentation – Pacific Rubiales Energy Corp. – slide 44
    J. Frederick Kozak Corporate VP, Investor Relations +1 (403) 6063165 +57 (1) 5117992 fkozakpacicrubiales.com Christopher LeGallais Senior VP, Investor Relations clegallaispacicrubiales.com +1 (647) 2953700 Roberto Puente…

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