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INVESTOR PRESENTATION – Bonavista Energy Corp

Bonavista Energy Corp · Mar 1, 2015 · 45 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 – Bonavista Energy Corp – slide 1
    INVESTOR PRESENTATION March 2015
  2. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY
  3. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 3
    THIS IS BONAVISTA We are experienced and aligned: 17 years of 12 year average tenure 11% insider operational of our leadership team ownership presence 4
  4. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 4
    THIS IS BONAVISTA VALUE 90% of Adding production production CREATION at 17,000/boed in 2014 90% of reserves FOCUSED EFFICIENT in our core areas in our execution FD&A of 9.94/boe in 2014 QUALITY 100% of 2015 in our asset…
  5. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 5
    THIS IS BONAVISTA Focused in our core areas: Deep Basin Deep Basin In 2009, Today, 0.4 million 1.4 million net acres net acres were in our are in our core areas core areas West Central West Central File: None Datum: NAD83…
  6. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 6
    TRACK RECORD
  7. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 7
    TRACK RECORD Production Growth: 90,000 14% Growth 2013Q4 to 85,000 2014Q4 80,000 Average Daily Production (boe/d) 75,000 70,000 65,000 60,000 55,000 50,000 45,000 40,000 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3…
  8. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 8
    TRACK RECORD Reserves Growth: 40% PDP/P+P in 2014 450 400 350 300 Reserves (mmboe) 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 Proved Developed Producing Total Proved Proved plus Probable 9
  9. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 9
    TRACK RECORD Finding and Development Costs*: Bonavista (/boe) 2014 Peer Comparison** (/boe) 16.00 24.00 15.00 22.00 14.00 20.00 13.00 18.00 12.00 16.00 11.00 14.00 10.00 12.00 9.00 10.00 8.00 8.00 7.00 6.00 6.00 4.00 2011…
  10. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 10
    TRACK RECORD Production Addition Costs: Bonavista* (/boed) 2014 Peer Comparison** (/boed) 45,000 45,000 40,000 40,000 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 0 0 2011 2012 2013…
  11. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 11
    TRACK RECORD Recycle Ratio*: Bonavista (x:1) 2014 Peer FD&A Recycle Ratio** (x:1) 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 2011 2012 2013 2014 2015F BNP 2015 forecasted range * Operating netback…
  12. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 12
    TRACK RECORD Operating Costs: Bonavista (/boe) 2014 Peer Comparison* (/boe) 10.00 20.00 18.00 9.00 16.00 14.00 8.00 12.00 10.00 7.00 8.00 6.00 6.00 4.00 2.00 5.00 0.00 2011 2012 2013 2014 2015F BNP 2015 forecasted…
  13. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 13
    ASSET QUALITY
  14. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 14
    2015 E&D SPENDING ALLOCATION Concentrated spending on profitable plays: Wells Expenditures % of Value Gross Net ( millions) Expenditures West Central: Glauconite 44 33.8 122 47 Spirit River 8 8.0 28 11 Other 2 2.0 7 3 Deep…
  15. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 15
    GLAUCONITE Reliable, predictable resource: Drilled 264 horizontal wells to year-end 2014 Drilled 12 extended reach wells to year-end 2014 showing a 13-15% improvement in efficiencies 44 (33.8 net) wells planned for 2015 2014…
  16. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 16
    GLAUCONITE Building inventory to create value: 800 2014 booked locations 700 NPV10 = 3.7 million/well 600 Wells/Locations () 500 400 300 200 100 0 2010 2011 2012 2013 2014 Cumulative Wells Drilled Booked…
  17. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 17
    18 Production (boe/d) 10,000 12,000 20,000 22,000 14,000 18,000 16,000 24,000 26,000 28,000 30,000 2013 - 01 Q1 2013 - 02 2013 - 03 2013 - 04 2013 - 05 Q2 GLAUCONITE 2013 - 06 2013 2013 -…
  18. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 18
    GLAUCONITE Economic sensitivity to commodity pricing and costs: 80% 70% 60% Internal Rate of Return 50% 40% 41% 30% 32% 25% 20% 2014 Costs 10% 10% Cost Reduction 20% Cost Reduction 0% 2.00 2.64* 3.00 4.00 AECO…
  19. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 19
    SPIRIT RIVER WILRICH Marlboro Drilled 14 wells to year-end 2014 Ansell Drilled 18 wells to year-end 2014 900% production growth in 2014 Currently producing 8,000 boe/d 16 (16.0 net) wells planned in 2015 2014 Marlboro and…
  20. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 20
    SPIRIT RIVER Wilrich, Falher and Notikewin inventory growth: 350 300 2014 booked locations NPV10 = 5.0 million/well 250 Wells/Locations () 200 150 100 50 0 2010 2011 2012 2013 2014 Cumulative Wells Drilled…
  21. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 21
    22 Production (boe/d) 10,000 12,000 4,000 6,000 8,000 14,000 2,000 2013 - 01 Q1 2013 - 02 2013 - 03 2013 - 04 2013 - 05 Q2 2013 - 06 2013 2013 - 07 2013 - 08 Q3 2013 - 09 2013 - 10 2013 -…
  22. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 22
    SPIRIT RIVER - WILRICH Improving our performance: 1,500 43% increase in 1,250 production 1,000 Production (boe/d) 750 500 250 Average 2014H1 Average 2014H2 0 Day 1 Day 4 Day 7 Day 10 Day 13 Day 16 Day 19 Day 22 Day…
  23. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 23
    SPIRIT RIVER - WILRICH AT ANSELL Economic sensitivity to commodity pricing and costs: 90% 80% 70% Internal Rate of Return 60% 50% 40% 39% 30% 31% 20% 25% 2014 Costs 10% Cost Reduction 10% 20% Cost Reduction 0%…
  24. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 24
    SPIRIT RIVER - FALHER Economic sensitivity to commodity pricing and costs: 120% 100% Internal Rate of Return 80% 60% 60% 49% 40% 38% 2014 Actual Costs 20% 10% Cost Reduction 20% Cost Reduction 0% 2.00 2.64* 3.00…
  25. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 25
    LOOKING FORWARD
  26. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 26
    LOOKING FORWARD 2015 guidance: Actual Forecast % 2014 2015 Change Capital expenditures ( millions): Exploration and development 640 300 320 (52) Divestitures, net of acquisitions (107) - - Total 533 300 320 (42) Production (boe/d)…
  27. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 27
    LOOKING FORWARD Sensitivities - 2015 forecast: Impact on 2015 Impact on 2015 Change in realized price of FFO forecast FFO per Share ( millions) (/share) 0.10 per gj - natural gas 11.5 0.05 CDN 1.00 per bbl - oil 2.1 0.01…
  28. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 28
    FINANCIAL STRATEGY Natural gas hedging: 300 4.00 3.80 Hedged Volumes (thousands gjs/d) 250 3.60 3.40 200 3.20 CDN/gj 150 3.00 2.80 100 2.60 2.40 50 2.20 85% 66% 87% 71% 0 2.00 Q1-15 Q2-15…
  29. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 29
    FINANCIAL STRATEGY Oil hedging: 8 120 110 6 100 Hedged Volumes (mbbls/d) 90 CDN/bbl 4 80 70 2 60 50 59% 55% 61% 71% 0 40 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Collars (mbbls/d) Average…
  30. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 30
    TOTAL & SENIOR DEBT (as at December 31, 2014): ( millions) Senior notes (CAD) 70 Unutilized bank capacity 446 Bank credit facility - 600 million 11 banks in Bonavista bank credit facility Unsecured, financial covenants Credit…
  31. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 31
    WHY INVEST IN BONAVISTA SUSTAINABLE BUSINESS PLAN Targeting a 10%+ Total Shareholder Return FOCUSED Maximizing efficiency with a concentrated asset base EFFICIENT Finding better ways in uncertain price environment A DECADE OF…
  32. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 32
    APPENDIX
  33. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 33
    2014 FOURTH QUARTER PERFORMANCE Three months ended December 31, Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 245 245 -% Funds from operations 136 124 9% - per share 0.63 0.62 2% Capital…
  34. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 34
    2014 YEAR END PERFORMANCE Years ended December 31, Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 1,107 964 15% Funds from operations 561 478 17% - per share 2.69 2.42 11% Capital…
  35. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 35
    2015 REVENUE EXPOSURE By volume By value 9% 3% 6% 7% 6% 4% 11% 5% 54% 8% 67% 20% Ethane Propane Butane Pentane Oil Gas 36
  36. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 36
    VALUE CREATION Building value with liquids rich natural gas plays: 90 100 bbls/mmcf 15 38 bbls/mmcf bbls/mmcf bbls/mmcf 0% 9% 3% C2 14% 14% 29% C3 48% 13% 33% 42% C4 47% 47% C5 29% 26% 17% 29% 5.00 Revenues*…
  37. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 37
    VALUE CREATION Key play metrics at 3.00/gj AECO and US60.00/bbl WTI*: Recycle Ratio** (x:1) Payout (months) Glauconite Glauconite Cardium Cardium Ellerslie Ellerslie Falher Falher Spirit River Spirit River Wilrich Wilrich…
  38. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 38
    GLAUCONITE Type curve: 700 Current Turbo Capex ( millions) 3.1 3.1 600 IP12 (boe/d) 252 280 /boed 12,285 10,959 500 EUR (mboe) 466 520 Production (boe/d) IRR (%) 29 30 400 F&D (/boe) 6.65 5.94 P/I 0.5 0.5 300 Recycle…
  39. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 39
    SPIRIT RIVER - WILRICH Ansell Wilrich type curve: Type Curve 900 Capex ( millions) 5.7 800 IP12 (boe/d) 425 /boed 13,373 700 EUR (mboe) 850 Production (boe/d) 600 IRR (%) 32 500 F&D (/boe) 6.71 P/I 0.6 400 Recycle Ratio…
  40. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 40
    SPIRIT RIVER - FALHER Morningside Falher type curve: Type Curve 1,200 Capex ( millions) 2.7 IP12 (boe/d) 302 1,000 /boed 8,735 EUR (mboe) 484 Production (boe/d) 800 IRR (%) 46 F&D (/boe) 5.48 600 P/I 0.8 Recycle Ratio…
  41. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 41
    DEEP BASIN BLUESKY Type curve: Type Curve 800 Capex ( millions) 5.0 700 IP12 (boe/d) 381 /boed 13,134 600 EUR (mboe) 545 Production (boe/d) IRR (%) 23 500 F&D (/boe) 9.17 400 P/I 0.3 Recycle Ratio 2.1 300 Payout…
  42. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 42
    MONTNEY Type curve: 900 Type Curve Capex ( millions) 7.2 800 IP12 (boe/d) 426 700 /boed 16,895 EUR (mboe) 671 Production (boe/d) 600 IRR (%) 9 500 F&D (/boe) 10.79 P/I 0.0 400 Recycle Ratio 1.9 300 Payout (years) 7.4…
  43. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 43
    2014 RESERVES SUMMARY Replaced 2014 annual production by 200%, adding 56 mmboe of 2P reserves Natural Gas Total Natural Gas Oil Liquids Reserves(2) Reserves:(1)(4) (mmcf) (mbbls) (mbbls) (mboe) Proved: Proved producing 661,960…
  44. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 44
    FINANCIAL STRATEGY Estimated tax pools (as at December 31, 2014): Category millions % of Total Canadian Oil & Gas Property Expense 817 30% Canadian Development Expense 802 30% Canadian Exploration Expense 295 11% Undepreciated…
  45. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 45
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 46

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