Economics : Break-Even

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2017 CAPITAL ALLOCATION FLEXIBLE PROGRAM VALUE FOCUSED Mid-Continent 1 Rig / 1 Frac Crew Breakeven 40/bbl (1) Mid-Continent Deliver highly economic oil volumes Maximize base production Appraise for growth (1) Breakeven is PV10 with oil held flat at 50/bbl and gas held flat at 3/mcf NOVEMBER 2017 UPDATE 14
Chesapeake Energy Corp
November 2017

Pure Play STACK Company Capital efficient liquids upstream growth with value-enhancing midstream World class upstream asset with long inventory of highly economic drilling locations Highly contiguous 120,000 net acres with substantial infrastructure in core of STACK Oil-weighted resource with less than 30/BBL breakeven; 80% single-well rate of return1 4,2002 gross primary locations; 13,000+ possible in new acreage, down-spacing and additional zones Oil-weighted production in early well life enhances present value (first month 2-stream production at 82% oil with 57% of the type well EUR oil produced in the first five years); consistent GOR profile Industry-leading growth; 2-year expected EBITDA CAGR of 128% Top-tier operator with substantial in-basin expertise and consistent well results 200+ horizontal STACK wells drilled across entirety of Kingfisher acreage instills confidence in type well EURs Consistency and geographic breadth of well results affirms repeatability Demonstrated ability to manage a large development program average of 6 rigs running YTD 2017 Robust acquisition opportunities coupled with track record as an aggregator Highly strategic and synergistic midstream subsidiary with Kingfisher Midstream Flow assurance de-risks production growth Purpose built system designed to accommodate third party volumes currently 6 contracted customers with approximately 300,000 gross dedicated acres Strategic advantage supporting acquisition of new upstream assets Opportunity to monetize Kingfisher Midstream through a 2018 IPO, and fund upstream capital needs through IPO proceeds, future drop downs, and GP / IDR distributions Financial strength and flexibility to execute business plan through the cycle; cash flow positive in 2019 Team has demonstrated the discipline to survive and grow through cyclical downturns Development plan is fully-financed 1 Osage type curves assume 17% royalty burden and 3.2mm D&C well cost. Adjusted for transportation costs paid to KFM. Excludes 1.25 / bbl oil transportation costs. Broker Consensus price deck. 2 Does not include additional undeveloped locations on 20,000 net acres recently acquired in the Major County Acquisition. 7
Alta Mesa Holdings, Lp
October 2017

Alluring Macroeconomic Fundamentals High quality rock drives compelling returns, robust rig activity Major U.S. Oil Plays Breakeven Prices (/BBL)1 Alta Mesa Type Well IRR3 33.36 34.66 34.76 32.14 169.3% 27.71 27.53 27.16 24.40 102.6% 89.7% 137.1% Reeves Wolfcamp A Over-Pressured Oil DJ Basin - Wattenberg Wolfcamp A&B N. Delaware Basin - Alta Mesa - Updip Oil SCOOP Woodford Eagle Ford - Karnes STACK Meramec - Core Midland - S. Delaware Basin - Condensate Wolfcamp XY 82.3% STACK 2 71.2% Core XRL Trough 4 5 NYMEX Strip Broker Consensus 70.00/bbl / 3.50/mcf Gen 2.0 Gen 2.5 KFM Acreage Dedications / Resource Allocations Breakdown6 KFM Gas Inlet Volumes by Producer (MMCF/D) (000 of gross acres) % Alta Mesa(7) 69% 52% 55% 175 541 639 366 393 193 86 118 239 50 22 128 Phase I + II Phase III / Western Phase I + II + III Additional Acreage 2017E 2018E 2019E Expansion Under Negotiation Alta Mesa Other Producers (Phase I & II) Other Producers (Phase III) Source: BakerHughes, Wall Street Research. 1 Based on 15% IRR hurdle. Assumes gas price deck of 2017: 3.10/mcf; 2018: 2.99/mcf; 2019: 2.83/mcf; 2020: 2.82/mcf; thereafter: 2.83/mcf. 2 AMR breakeven price company prepared. Based on AMR 651 MBOE mean type curve. 3 Osage type curves assume 17% royalty burden and 3.2mm D&C well cost. Adjusted for transportation costs paid to KFM. Excludes 1.25 / bbl oil transportation costs. 4 NYMEX strip pricing as of 8/3/2017 close until 2021 and held flat thereafter. 5 Assumes Broker Consensus Price Deck (2017: 51.16/bbl / 3.16/mcf; 2018: 54.90/bbl / 3.14/mcf; 2019: 58.00/bbl / 3.05/mcf and held flat thereafter). 6 Not inclusive of producer customers entire gross acreage position; additional gross acreage proximate to KFM available for gathering and processing services. Includes additional acreage to come and/or under negotiation. 13 7Percentage of Phase I & II shown.
Silver Run Acquisition Corp II
August 2017

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