EXCO 2017 South Texas Divestiture
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- Margery Lyons
- 6 years ago
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2 Opportunity Overview Excellent opportunity to acquire a highly economic, operated asset in the oil window of the Eagle Ford play A partially developed oil asset with a strong PDP base in the low risk area of the Eagle Ford; acreage over 50% undeveloped Average September 2016 net production of 4,400 boe/d (>90% oil) from ~230 operated and ~20 non-operated wells producing from the Lower Eagle Ford, Austin Chalk, and Buda formations Oil Window LTM cash flow approximately $45 million ($41.41/bbl average oil price over this period); 2018E cash flow projected to be approximately $110 million ($55.16/bbl average oil price) assuming ongoing development Large, contiguous leasehold of ~51,000 net acres (93% HBP) primarily in Zavala, Frio, and Dimmit counties, Texas Over 300 gross drilling locations in Lower Eagle Ford and 38 gross drilling locations in the Buda; additional potential locations in Upper Eagle Ford, Austin Chalk, and Georgetown formations Recent Eagle Ford completions using higher proppant intensity have yielded up to 50% greater EUR Shallow depth to top of Eagle Ford allows for lower D&C costs and short cycle times; wells with 7,500 lateral length average 11 days spud to rig release Extensive third party midstream infrastructure in place to facilitate further development Condensate Window Asset Locator Map 1
3 Property Summary Formation Gross Acres Net Acres (1) PDP Effective WI (2) WI NRI (3) PDP Well Count Jan '17E Net Production Cash Flow (4) Net Proved Reserves Net Proved PV-10 (4) (%) (%) (%) (boe/d) ($m/month) (mmboe) ($mm) Lower Eagle Ford 50,860 46% 32% 221 4,020 $4, $480.0 Buda 41,594 54% 35% 5 63 $ $1.6 Austin Chalk 40,633 39% 24% ($9) 0.0 $0.4 Other (5) n.a. 1% 16% 3 1 ($0) 0.0 $0.0 Total 103,223 50, % 46% 32% 251 4,109 $4, $482.1 EAGLE FORD BUDA AUSTIN CHALK GEORGETOWN OFFSET ACTIVITY >300 gross drilling locations in Lower Eagle Ford 100% operated (6) Offset operators include Ageron, Anadarko, Buffco, Chesapeake, Sanchez, U.S. Enercorp, and Virtex Recent transactions include Noble acquisition of Rosetta, Sanchez sale to Carrizo, Newfield sale to undisclosed buyer, and Anadarko sale to Sanchez/Blackstone Upper Eagle Ford potential 38 gross drilling locations 46% operated (6) Offset operators include: CML Contango Dan Hughes Sage Energy U.S. Enercorp 42% operated (6) Located on the flank of the Pearsall Field Offset operators include: CML Contango Matador Resources Sage Energy Numerous others Unquantified upside as no future locations included in the database CML recently completed Vermillion #1 ( ) in the Georgetown with IP 270 bopd and 1.2 mmcfpd Currently drilling Rhodes #1 ( ) believed to target the Georgetown Unquantified upside as no locations included in the database 2 Note: NYMEX strip pricing as of 12-December-16. WTI oil price of $55.29/$55.16/$54.78/$54.98/$55.42 per bbl for 2017/2018/2019/2020/2021, respectively. Henry Hub gas price of $3.41/$3.05/$2.88/$2.89/$2.93 per mmbtu for 2017/2018/2019/2020/2021 respectively. Prices held flat thereafter. Other includes Bracero, Escondido, Olmos, and Pearsall. 1. Not all of the Buda formation is covered in all leases. 4. Jan 17E cash flow excludes COPAS. Net Proved PV-10 values include COPAS cash flows. 2. Effective working interest calculated by dividing net acres by gross acres. 5. Represents three wells, two of which are ORRI only. 3. PDP NRI is the weighted average NRI (based on gross oil equivalent reserves). 6. Based on production as of July 2016.
4 Key Investment Highlights Large contiguous South Texas acreage position 50,860 net acre position, almost entirely HBP, primarily in the prolific oil window of Zavala, Frio, and Dimmit counties Operational control with average WI of ~40% and support from non-op partners which primarily include KKR and CNOOC Potential for lateral lengths in excess of 10,000 feet in some areas given lease configuration and shallow depths Lower Eagle Ford thickness of up to 200 across the entire position; including Upper Eagle Ford, total thickness of up to ~400 for the entire Eagle Ford formation Predictable production and cash flow Average net production of 4,400 boe/d (>90% oil) from Eagle Ford as of September 2016 Most recently drilled wells turned to sales in October 2015; one OBO well turned to sales in January 2017 High degree of control as 93% of leasehold is HBP and almost 100% of production is operated LTM cash flow is approximately $45 million; 2018E cash flow projected to be approximately $110 million at $55.16/bbl average oil price Predictable PDP cash flow provides solid value for debt support in an acquisition financing Infrastructure in place with ample takeaway capacity Low risk drilling inventory Low-risk upside consists of more than 300 gross operated Lower Eagle Ford drilling locations Significant running room with over half the Eagle Ford acreage undeveloped >75% of locations with IRRs between 20% and 80%+ at flat $55/bbl WTI oil and $3.00/mcf Henry Hub gas pricing Eagle Ford oil recoveries exceed 110 bbls per lateral foot in some locations Completion design continues to evolve through increasing proppant intensity from 1,250 lbs/ft to over 2,200 lbs/ft; up to 50% EUR uplift realized on larger completion design De-risked through well control and 3rd party seismic surveys; no geohazards in Cretaceous interval Easily implementable operational improvements (e.g., commercial SWD well permitted and full field electrification) Buda upside consists of 38 gross operated drilling locations Recent offset Buda development has delivered wells with EUR up to 325 mbo Prolific Austin Chalk production in offset acreage, but largely undeveloped across EXCO s position Recently completed offset well in the Georgetown formation tested 470 boe/d (November 2016) Upper Eagle Ford prospective and untested for staggered/stacked development Area exit for EXCO Full exit of South Texas for EXCO (all rights, all depths) Majority of the assets were purchased from Chesapeake in 2013 (strong PDP base at acquisition) Asset under-capitalized as EXCO focused on Haynesville development Experienced field operations staff are available for hire 3
5 Coahulian Comanchean CRETACEOUS Gulfian EXCO 2017 South Texas Divestiture Geological Overview GEOLOGICAL HIGHLIGHTS OF THE LOWER EAGLE FORD IN THE EXCO ACREAGE AREA Escondido Olmos San Miguel Anacacho 5,800 Austin Chalk 6,100 Eagle Ford Buda Del Rio Georgetown 6,500 6,800 Typical TVD in Zavala County Edwards Stuart City Glen Rose Pearsall 9,400 Sligo Hosston 4 Acreage area lies primarily in the oil window of the Eagle Ford play Depth to the top of the Eagle Ford is ~6,100 in Zavala County Lower Eagle Ford thicknesses up to ~200 Hydrocarbon-filled porosities 16% and OOIP estimates from about 35 to 75 mmbbls per 640 acres Additional upside potential possible in the Upper Eagle Ford, Austin Chalk, Buda, and Georgetown formations
6 WTI ($/bbl) Net Production (mboe/d) Cash Flow ($mm) EXCO 2017 South Texas Divestiture Key Investment Highlights Predictable Production and Cash Flow HISTORICAL & FORECASTED NET PDP PRODUCTION & CASH FLOW $ Net Production WTI Monthly PDP Cash Flow $7.0 $70 $60 $50 $40 $30 $20 $ Last LOS Data 31-Jul-16 Historical Effective Date 01-Jan-17 Forecast $6.0 $5.0 $4.0 $3.0 $2.0 $ ($1.0) Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 ($2.0) JANUARY 2017E NET PRODUCTION BY FORMATION Austin Chalk 1% Other 0% Buda 1% BY OPERATORSHIP Non-Op 1% BY COMMODITY Gas 8% 4.1 mboe/d 4.1 mboe/d 4.1 mboe/d 5 Lower Eagle Ford 98% Note: NYMEX strip pricing as of 12-December-16. WTI oil price of $55.29/$55.16/$54.78/$54.98/$55.42 per bbl for 2017/2018/2019/2020/2021, respectively. Henry Hub gas price of $3.41/$3.05/$2.88/$2.89/$2.93 per mmbtu for 2017/2018/2019/2020/2021 respectively. Prices held flat thereafter. Ad valorem taxes normalized over 13 months of historical data. Op 99% Oil 92%
7 IRR EXCO 2017 South Texas Divestiture Key Investment Highlights Low Risk Drilling Inventory ROBUST PUD ECONOMICS PDP AND LOWER EAGLE FORD LOCATIONS 90% 80% Lower EF PDP Eagle Ford Wells Eagle Ford Locations Drilled Uncompleted EXCO Acreage Drill-To-Earn 70% 60% 50% 40% 30% 20% 10% Count Over 75% of locations have IRRs greater than 20% Note: Flat $55/bbl WTI oil and $3.00/mcf Henry Hub gas pricing. 6
8 EXCO s Estimated Net Reserves and Present Value (PV-10) Total Summary Resource Estimate as of January 1, 2017 Category Count Net Oil Net Gas Net Total Net Capex Net PV-10 (2) Dev. Costs (mbbl) (mmcf) (mmboe) ($mm) ($mm) ($/boe) PDP ,752 4, $ PDNP (1) $0.3 $0.7 $5.72 PUD ,905 10, $564.4 $296.8 $12.94 Total Proved ,698 14, $564.7 $482.1 $10.24 PROB POSS 31 2, $67.8 $19.1 $23.95 Total 3P ,459 15, $632.4 $501.2 $10.91 CONTINGENT 83 6,378 4, $166.3 nmf $23.29 Total Resource ,838 19, $798.7 nmf $12.27 (3) (3) NET 3P PV-10 BY CATEGORY NET 3P RESERVES BY PRODUCT NET 3P RESERVES BY FORMATION PUD 60% POSS 4% Net 3P PV-10 $473.9 mm PDP 36% PDNP 0% Gas 4% Net 3P Reserves 58.0 mmboe Oil 96% Buda 5% Net 3P Reserves 58.0 mmboe Lower EF 95% 7 Note: NYMEX strip pricing as of 12-December-16. WTI oil price of $55.29/$55.16/$54.78/$54.98/$55.42 per bbl for 2017/2018/2019/2020/2021, respectively. Henry Hub gas price of $3.41/$3.05/$2.88/$2.89/$2.93 per mmbtu for 2017/2018/2019/2020/2021 respectively. Prices held flat thereafter. 1. Includes one OBO EFS completion in progress and 13 shut-in wells. 3. Contingent reserves included for completeness. Value is nominal at current prices but becomes 2. Net PV-10 values include COPAS cash flows. considerable with price improvement.
9 Additional Transaction Information Confidentiality Agreement Download at signed copy to Evaluation Materials Reserve and Net LOS data currently available Full evaluation data available week of January 16, 2017 Includes supporting documents such as land, commercial assumptions, and technical support EXCO Reserve Report in ARIES and PHDWin Data Rooms (Houston, TX) Opens January 16, 2017 After executing a Confidentiality Agreement, please contact Chelsea Neville ( , EXCO.eagleford@bmo.com) to schedule a Data Room appointment BMO Capital Markets Project Team Primary Contact Submit questions and inquiries to EXCO.eagleford@bmo.com Final Offers Final offers due February 16, 2017 ( Bid Date ) Bid Instructions will be provided to participants prior to Bid Date Data Room presentations Bid date Holiday JANUARY 2017 S M T W T F S FEBRUARY 2017 S M T W T F S Geoff Roberts, PE MD / Head of US A&D geoff.roberts@bmo.com Rob Priske Director / Transaction Mgr rob.priske@bmo.com Howard Barnwell, CFA Director / Transaction Mgr howard.barnwell@bmo.com Dan Schockling Director / Commercial dan.schockling@bmo.com Steve Hendrickson, PE Senior Engineer steve.hendrickson@bmo.com Bob Maurer, CPG Senior Geoscientist bob.maurer@bmo.com Disclaimer NOTE: All or part of the EXCO 2017 South Texas Divestiture is subject to prior sale at any time and any dates are subject to revisions at any time, at the sole discretion of EXCO and BMO Capital Markets Corp. ( BMOCMC ). All information included in this document is based on information provided by EXCO. Please note all numbers may be approximate or estimated and tables may not add due to rounding. Please do not contact EXCO directly. Direct all inquires to the BMOCMC personnel listed above. DISCLAIMER: BMOCMC and EXCO make no representation or warranty, express or implied in respect thereof, take no responsibility for any errors and omissions which may be contained herein and accept no liability whatsoever for any loss (whether direct or consequential) arising from any use of or reliance on this Announcement or its contents. Information may be available to BMOCMC, which is not reflected herein. This Announcement is not to be construed as an offer or solicitation to buy or sell any security. BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Ireland p.l.c, and Bank of Montreal (China) Co. Ltd and the institutional broker dealer businesses of BMO Capital Markets Corp. (Member SIPC) in the U.S., BMO Nesbitt Burns Inc. (Member Canadian Investor Protection Fund) in Canada and Asia and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in Europe and Australia. Nesbitt Burns is a registered trademark of BMO Nesbitt Burns Inc., used under license. BMO Capital Markets is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license. Registered trademark of Bank of Montreal in the United States, Canada and elsewhere. Trademark of Bank of Montreal in the United States and Canada. 8
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