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CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd.

Arc Resources Ltd. · Jan 19, 2012 · 60 slides

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Slides

  1. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 1
    CIBC 15th Annual Whistler Institutional Investor Conference January 19, 2012
  2. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 2
    ARC RESOURCES (ARX-T) Production (Q3 2011) 85,178 boed Liquids 30,617 boed Natural gas 327 mmcfd NE BC/ NW AB Reserves (2010 Year End) 487 mmboe NORTH AB 16 year RLI(1) Current monthly dividend 0.10 REDWATER Annualized total…
  3. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 3
    INCOME AND GROWTH BOTH ARE POSSIBLE ARC has a 15 year history of risk managed value creation - Provided a 19% annual total return since inception - Paid out 4.2 billion in total dividends - 27.38/share - Grown absolute production…
  4. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 4
    CORPORATE STRATEGY CREATING VALUE CAPITAL DISCIPLINE Highest rate of return projects receive funding RESOURCE PLAY DEVELOPMENT Unlock the value in existing plays OPERATIONAL EXCELLENCE Technical expertise, capital efficiency and…
  5. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 5
    FINANCIAL STRATEGY FINANCIAL STRATEGY Maintain a strong balance sheet - targeted low debt levels (1.0x 1.5x debt to cash flow) will enable the company to weather low commodity price cycles. APPROACH Sustain production from existing…
  6. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 6
    2012 BUDGET ARCS OPPORTUNITIES Capital Year Avg. Gross NORTHAB MM Volumes Wells NEBCNWAB 259.9 MM 175 MM Operated 709.5 80,250 195 13,450 boe/d 38,200 boe/d 55 wells 13 wells Non-Operated 50.7 12,250 44 REDWATER Total 760.2*…
  7. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 7
    9 MONTNEY LANDS MAJOR GROWTH ENGINE B A J I R25 R23 R21 R19 R17 R15 R13W6 8 G H 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 T85 NE BC Montney lands Attachie 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36…
  8. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 8
    ANTE CREEK ASSET DETAILS R26 R25 R24 R23 R22W5 Net Production: 7,500 boed (Sept. 2011) T69 T69 J 1 36 6 31 L E G 1 6 V E 1 C 6 1 36 6 31 Production split: 48% Oil & NGLs / 52% Gas G J 36 31 36 31…
  9. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 9
    PEMBINA ASSET DETAILS Net Production: Cardium production (Sept. 2011) 7,400 boe/d net WI BERRYMOOR Total area production - LINDALE 9,753 boe/d net WI Production split: 83% Oil & NGLs/ 17% gas NPCU 1 Land: 132 Net Sections BUCK…
  10. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 10
    PRODUCTION GROWTH Production Growth - Montney and Non-Montney 100,000 Montney Gas (boe/d) Montney Oil/Liquids (bbls/d) 90,000 Non-Montney Gas (boe/d) Non-Montney Liquids (boe/d) 80,000 70,000 Total Non-Montney production…
  11. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 11
    ARC RESOURCES ARC is a top-tier oil and natural gas producer focused on Risk Managed Value Creation Extensive resource base with high quality oil and natural gas development opportunities Significant near-term oil and liquids…
  12. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 12
    APPENDIX
  13. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 13
    GROWTH vs. INCOME We believe that top performing companies all have the following attributes: Great assets Low cost structure Management that delivers results At ARC our focus since inception has been on Risk Managed Value…
  14. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 14
    ASSET OVERVIEW
  15. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 15
    ASSET OVERVIEW ARCs key assets with the greatest value creation opportunities and highest future reserves contributions are: Ante Creek oil resource play Parkland/Tower liquids-rich gas resource play Pembina Cardium oil resource…
  16. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 16
    WESTERN CANADA BASED Q3 2011 production was 85,178 boe/d 30,617 boe/d of liquids (36% of production) 327.4 mmcf/d (54,561 boe/d, 64% of production) Provincial Production B.C. Prestville 11% Dawson AB Parkland Sask/Man Sunrise…
  17. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 17
    MAJOR PROPERTIES BY RESERVES 160 2010 Year End P+P Reserves - Major Properties 140 Reserves as of December 31, 2010* (mmboe) 120 - Proved Producing 213 (104 mmboe liquids, 652 bcf gas) Reserves (mmboe) 100 - Total Proved…
  18. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 18
    MAJOR PROPERTIES BY PRODUCTION 25,000 2011 Q3 YTD Average Daily Production 20,000 Gas (boe/d) Liquids (boe/d) 15,000 (boe/d) 10,000 5,000 -
  19. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 19
    GROWING OIL AND LIQUIDS Oil and Liquids Production (bbls/d) 50,000 45,000 40,000 15% Growth Oil and Liquids Sales (bbls/d) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - 2008 2009 2010 2011 2012 Forecast
  20. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 20
    BRITISH COLUMBIA MONTNEY GAS AND LIQUIDS
  21. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 21
    MONTNEY LANDS WORLD CLASS RESOURCE Eagleford, Texas Montney, BC and AB EAGLEFORD GAS, GAS CONDENSATE AND OIL FAIRWAY 350 miles Dawson 300 miles Ante Creek MONTNEY GAS, GAS CONDENSATE AND OIL FAIRWAY Source: Ross…
  22. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 22
    HORIZONTAL WELLS - 30 DAY IP RATES NOVEMBER 2011: Glacier - Town 12000 ARC Others 10000 8000 Production Rate (mcf/d) ARC Wells Dawson/Parkland P50 5.1 Mmcf/d 6000 All Wells P50 3.4 Mmcf/d 4000 2000 0 1…
  23. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 23
    MONTNEY LANDS MAJOR GROWTH ENGINE Significant Montney landholdings with 759 gross sections (688 net) in NE BC and northern AB including 544 gross undeveloped sections (492 net undeveloped) Montney Lands - Gross Developed and…
  24. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 24
    MONTNEY LANDS MAJOR GROWTH ENGINE Lands evaluated to date are a fraction of our total Montney lands ARC uses a 3% porosity cut-off, currently reassessing at lower cut-offs (industry 0 3%) Area Net DGIIP Reserves Net Sections…
  25. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 25
    9 MONTNEY LANDS MAJOR GROWTH ENGINE B A J I R25 R23 R21 R19 R17 R15 R13W6 8 G H 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 T85 NE BC Montney lands Attachie 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36…
  26. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 26
    MONTNEY GROWTH POTENTIAL 450 Actual Projection 400 350 Future Growth Future - Septimus, 300 Sales Gas (mmcf/d) Sunrise Phase 2, Sunrise Phase 1 (or Septimus) Attachie, Dawson 250 Phase 3, Tower Sunrise Pilot 200…
  27. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 27
    DAWSON
  28. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 28
    DAWSON ASSET DETAILS Net Production: 26,200 boe/d (Sept. 2011) (Gas 153 mmcfd; NGLs 710 bbls/d) Production split: 98% Gas 45 mmcfd Compressor Land: 129 Net Montney Sections Station 120 mmcfd Working Interest: 93% Gas Plant…
  29. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 29
    DAWSON 2011 ACCOMPLISHMENTS Dawson Production (mmcf/d) 180.0 Production through Phase 1 was 150.0 temporarily interrupted during the integration of Phase 2 120.0 mmcf/d 90.0 60.0 ARC spud the first Hz Montney well in 2004…
  30. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 30
    DAWSON DEVELOPMENT ECONOMICS Type Curve IP (1mo) MMcf/d 5.0 IP (12mo) MMcf/d 4.3 6,000 EUR (Bcf) 5,000 6.2 Gas Rate (Mcf/d) 4,000 3,000 2,000 Type Curve 1,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21…
  31. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 31
    DAWSON 2012 BUDGET (Operated) 30,000 25,000 Plant Turnaround 20,000 BOED 15,000 Base Decline 30% 10,000 Capital: 17 MM Next Steps: Drills: 1 (vertical) Evaluate additional processing capacity. 5,000 Average…
  32. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 32
    PARKLAND/TOWER LIQUIDS RICH GAS
  33. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 33
    PARKLAND ASSET DETAILS R18 R17 R16 R15W6 28 27 26 25 30 29 28 27 26 25 30 29 28 27 26 25 30 29 28 27 26 21 22 23 24 19 20 21 22 23 24 19 20 21 22 23 24 19 20 21 22 23 Net Production: 8,242 boe/d (Sept. 2011) 43.2 mmcf/d; 1,043…
  34. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 34
    PARKLAND - CAN A SINGLE WELL DRAIN THE FULL VERTICAL SECTION At Parkland, the Upper Montney is considerably thicker than at Dawson. We believe the lower-most sands are not contributing to production a horizontal well has been drilled…
  35. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 35
    PARKLAND 2011 ACCOMPLISHMENTS Parkland Production (Boe/d) 10,000.00 Drilled 9 Horizontals and 1 vertical ARC production 9,000.00 post-acquisition 2011 Operated Program average 8,000.00 30 day IP rate: 4.3 MMcf/d 7,000.00…
  36. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 36
    PARKLAND DEVELOPMENT ECONOMICS 6,000 Type Curve 5,000 IP (1mo) MMcf/d 5.1 4,000 IP (12mo) MMcf/d 2.6 EUR Bcf 4.8 Gas Rate mcf/d 3,000 2,000 1,000 Type Curve 0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36…
  37. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 37
    TOWER EVALUATING POTENTIAL Net Production: None (Sept. 2011) Land: 48 Net Sections Working Interest: 83% Reserves (2P): None Field was acquired with Storm Exploration acquisition in August 2010; no value placed on the 48 net…
  38. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 38
    PARKLAND/TOWER 2012 BUDGET (Operated) Parkland and Tower Utilize Common Infrastructure 9000 8000 Tower Plant 7000 Turnaround 6000 Sales boe/d 5000 4000 3000 Capital: Parkland 10 MM Next Steps: Parkland Tower 60 MM…
  39. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 39
    SUNRISE/SUNSET/SEPTIMUS
  40. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 40
    9 SUNRISE/SUNSET/SEPTIMUS ASSET DETAILS B A J I R25 R23 R21 R19 R17 R15 R13W6 8 G H Net Production: T85 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 1 6 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31 36 31…
  41. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 41
    SUNRISE RESERVOIR DESCRIPTION Producing Formation: (Upper Montney) Montney Gross thickness = 325m Net pay = 160m Porosity = 6% Permeability = 0.01 0.1 mD (Middle Montney) (Lower Montney)
  42. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 42
    SUNRISE 2011 ACCOMPLISHMENTS Sunrise Production (mmcf/d) 25.0 2011 Hz Program average 30 day IP rate: 5.1 MMcf/d sales 20.0 Tied-in 15 MMcf/d of operated production in to 3rd party 15.0 Operated Received approval to build a…
  43. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 43
    SUNRISE/SUNSET DEVELOPMENT ECONOMICS 7,000 Type Curve 6,000 IP (1mo) MMcf/d 6.0 5,000 Gas Rate mcf/d IP (12mo) Mcf/d 2.8 4,000 EUR Bcf 7.0 3,000 2,000 1,000 Type Curve 0 2 4 6 8 10 12 14 16 18 20 22 24 Months…
  44. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 44
    SUNRISE/SUNSET 2012 BUDGET 4,500 4,000 3,500 3,000 Sales boe/d 2,500 2,000 1,500 1,000 Capital: 44 MM Next Steps: Drills: 1 Continue to evaluate best completion 500 2011 Average Production: 1,780 boe/d design.…
  45. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 45
    ATTACHIE
  46. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 46
    ATTACHIE NEW OPPORTUNITY H UNDEFINED POTENTIAL A I R26 R25 R24 G R23 R22 R21W6 Prospective land base of 1 6 1 6 1 6 1 ARC Wells 6 1 6 T86 115 sections Other Wells ARC has drilled two more Hz 36 31 36 31 36 31 36…
  47. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 47
    ANTE CREEK MONTNEY OIL SUCCESS
  48. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 48
    ANTE CREEK ASSET DETAILS R26 R25 R24 R23 R22W5 Net Production: 7,500 boed (Sept. 2011) T69 T69 J 1 36 6 31 L E G 1 6 V E 1 C 6 1 36 6 31 Production split: 48% Oil & NGLs / 52% Gas G J 36 31 36 31…
  49. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 49
    ANTE CREEK 2011 ACCOMPLISHMENTS Ante Creek - Total Production (boe/d) 9,000 Drill 19 Hz wells by year end 8,000 2011 Program average 90 Weather Impacts 7,000 day IP rate: 400 boe/d raw Construction of 30 mmcf/d 6,000 gas…
  50. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 50
    (boe/d) 0 100 200 300 400 500 600 700 100/01-31-65-23W5 100/07-07-66-24W5 Oil Gas 100/08-17-067-24W5 100/03-13-067-25W5 100/02-09-67-24W5 102/02-24-067-25W5 100/10-23-66-25W5 100/10-26-066-25W5…
  51. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 51
    ANTE CREEK DEVELOPMENT ECONOMICS 450 Type Curve 400 IP (1mo) boe/d 385 350 Production Rate (BOE/d) IP (12mo) boe/d 235 300 EUR mboe 265 250 200 150 100 50 Type Curve 0 0 3 6 9 12 15 18 21 24 27 30 33 36 Months…
  52. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 52
    ANTE CREEK 2012 BUDGET (Operated) Capital: 187 MM Next Steps: Drills: 40 Ramp up production. 2011 Average Production: 7,300 boe/d Exploit large Montney land base. 2012 Average Production: 10,500 boe/d Explore Nordegg and other…
  53. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 53
    SUMMARY
  54. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 54
    PRODUCTION GROWTH Production Growth - Montney and Non-Montney (Boe/d) 100,000 90,000 Montney Gas (boe/d) Montney Oil/Liquids (bbls/d) 80,000 Non-Montney Gas (boe/d) Non-Montney Liquids (boe/d) Total Non-Montney production…
  55. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 55
    2012 BUDGET ARCS OPPORTUNITIES Capital Year Avg. Gross NORTHAB MM Volumes Wells NEBCNWAB 259.9 MM 175 MM Operated 709.5 80,250 195 13,450 boe/d 38,200 boe/d 55 wells 13 wells Non-Operated 50.7 12,250 44 REDWATER Total 760.2*…
  56. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 56
    2012 CAPITAL PROGRAM ( Millions) 2010 (actual) 2011(e) 2012(b) Development 352 395 524 Development- Facilities 72 100 86 Maintenance 15 20 31 Optimization 11 15 16 Exploration & Seismic 24 93 56 Enhanced Oil Recovery (EOR) 17 19…
  57. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 57
    2012 GUIDANCE Production 2010 (Actual) 2011 (Estimate) 2012 (Budget) Oil (bbls/d) 27,341 27,500 31,000 32,000 NGLs (bbls/d) 4,245 4,200 4,200 5,100 Gas (mmcf/d) 254 305 330 350 Total (boe/d) 73,954 82,000 83,000 90,000 95,000…
  58. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 58
    ACCESS TO CAPITAL DEBT Debt raised from three different sources: 1. Bank Credit Facility - 1 billion plus 25 million overdraft facility 12 banks in ARCs bank credit facility The credit facility was recently extended to August 3, 2015…
  59. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 59
    ACCESS TO CAPITAL LONG-TERM DEBT As at September 30, 2011: Commitment Drawn Undrawn Fixed or Floating rate Credit Facility & Working Capital Credit Facility 1,025.0 225.9 799.1 Floating Private Notes: Long-term notes USD 307.3…
  60. CIBC 15TH ANNUAL WHISTLER INSTITUTIONAL INVESTOR CONFERENCE – Arc Resources Ltd. – slide 60
    DEBT MATURITIES SPREAD OVER TIME ARCs long-term notes are structured so that they mature over a number of years; this reduces refinancing risk ARCs unused credit capacity of 913 million allows for significant flexibility to repay…

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