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SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum

Midstates Petroleum · Mar 30, 2015 · 25 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. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Scotia Howard Weil 43rd Annual Energy Conference Jake Brace, Chief Executive Officer Nelson Haight, Senior VP & CFO
  2. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 2
    Key Highlights FY 2014 delivered 478.2 mm in Adjusted EBITDA(1) Grew full year production by 34% to 32,137 Boe/d and averaged 33,764 Boe/d in Q414 Miss Lime production up 66% year over year to 21,518 Boe/d and averaged 25,039 Boe/d…
  3. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 3
    Looking to the Future Sustainable success in the Mississippian Lime built on geology, technology and engineering Excellent team with geological and operational expertise and a proven track record of success Generating 30% IRR, even…
  4. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 4
    Pursing Financial Flexibility The Company has been in discussions with its bank group The borrowing base has been reaffirmed at 525 million, with no expected reduction upon the anticipated closing in April of the Dequincy property…
  5. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 5
    Midstates Petroleum Overview Premier position in the Mississippian Lime and a Mississippian Lime(1) significant inventory of horizontal well locations Premier position in high-return core 25,039 Boed net production(2) in the…
  6. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 6
    Demonstrated Performance Net Production Adjusted EBITDA (1) 35,000 500 478 32,137 30,000 Gulf Coast Q4 112 400 23,926 Anadarko 25,000 300 343 Q3 132 MM 20,000 Gulf Coast BOE/D 15,000 Anadarko 200 Q2 122 9,999 Miss…
  7. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 7
    Cash Operating Expenses Cash Operating Expenses Improving Over Time (/Boe) Production Taxes Cash G&A Operating Expenses (1) 20.00 16.98 15.62 14.61 15.00 3.09 13.64 2.93 12.48 2.31 1.94 11.21 4.58 1.68 3.89 1.86 10.00 4.27…
  8. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 8
    YE 2014 Reserves Reconciliation YE 2014 Technical Reserves(1) YE 2014 SEC Proved Reserves PV-10 Pre-tax PV-10 Pre-tax (2) (3) (2) (3) Reserve Oil Gas NGL Total SEC Pricing Strip Pricing Reserve Oil Gas NGL Total SEC Pricing Strip…
  9. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 9
    Mississippian Lime: Premier Position Net Production (Boe/d) (1) YE Proved Reserves (MMBoe) (1) 30,000 160 25,039 139 23,834 140 25,000 20,698 120 20,000 17,579 16,381 Gas 100 14,364 15,000 NGL 80 10,426 68 9,468 Oil 10,000…
  10. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 10
    Mississippian Lime: Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 225 wells on production 30 days: Average peak 30-day rate of 565 Boe/d With 3D seismic and improved geological…
  11. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 11
    Mississippian Lime Type Curve Cawley, Gillespie and Associates Mississippian Type Curve Mississippian Lime PUD type curve below: 10,000 Oil Gas Gross 2 stream 30-day IP rate of 517 Boe/d Daily Rate (Bopd, Mcfd) 1,000 and…
  12. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 12
    Seismic Unlocking Mississippian Upside Utilizing 3D Seismic Increased 2014 Reserves Type Curve EUR by 25% Optimized well placement and completion techniques Identified additional downspacing and multi-lateral potential…
  13. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 13
    Upside Mississippian Lime Downspacing Downspacing Opportunities Acreage initially developed with four laterals per section (1320 well spacing) Sections drilled with 4 wells show no interference between wells 3-D mapping of…
  14. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 14
    Anadarko Basin Strong acreage position of 120,000 net acres Midstates Apache Jones SandRidge Chesapeake (90,000 in Texas and 32,000 in Oklahoma) Consistent results in the Cleveland, with encouraging early results in the Marmaton,…
  15. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 15
    Demonstrating Capital Efficiency Operating Capital Guidance: 250 to 275 million 94% Miss Lime, 5% Anadarko, and 1% Gulf Coast Gulf Coast Anadarko1% Excludes capitalized interest and G&A, asset retirement obligations, 5% office and…
  16. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 16
    Summary Highlights Industry-recognized premier position in the Mississippian Lime Drilling inventory with IRRs 30% at Strip Pricing(1) [no capex cost reduction assumed] Large acreage holding with very little at risk of expiration…
  17. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 17
    APPENDIX NYSE: MPO www.MidstatesPetroleum.com
  18. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 18
    Guidance (as of March 16, 2015) Q1 2015 FULL YEAR 2015(1) Daily Production (Boe/day) 32,500 - 33,500(2) 30,000 - 33,000 (2) Miss+ Anadarko LA Miss+ Anadarko LA By Area 77% 20% 3% By Area 79% 18% 3% Oil 40-45% 45-50% 70% Oil 40-45%…
  19. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 19
    Hedging Summary (as of Dec 31, 2014) 2015 Oil Q1 Q2 Q3 Q4 Total WTI Swaps Volume (Bbls) 1,080,000 1,092,000 552,000 552,000 3,276,000 Volume (Bbl/d) 12,000 12,000 6,000 6,000 8,975 Price (/Bbl) 90.10 90.58 85.51 85.53 88.72…
  20. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 20
    Adjusted EBITDA Reconciliation For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Dec 31, Sept 30, June 30, March 31, For the Year Ended December 31, 2014 2014 2014 2014 2013…
  21. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 21
    Cash Operating Expenses Reconciliation 2014 2013 Full Year Q4 Q3 Q2 Q1 Full Year Operating Expenses - GAAP 533,350 106,715 113,670 116,325 196,640 876,915 Adjustments for certain non-cash items: Asset retirement accretion…
  22. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 22
    Liquidity Liquidity December 31, 2014 : 101 mm millions Revolver Cash Balance Borrowing base Net Liquidity December 31 Liquidity 11,000 (435,000) 525,000 101,000 Hedges in 2015 provide stability to Adjusted EBITDA Q414…
  23. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 23
    Preferred Share Dividend Calculation Calculation Conversion into Conversion into Common Shares Common Shares Per share Total 13.50 11.00 Liquidation preference at October 1, 2012: 1,000.00 325,000,000 24,074,074 29,545,455 Dividend…
  24. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 24
    Management Team Background Information Mr. Brace has been Interim President, Chief Executive Officer and a Director since March of 2015 Mr. Brace is currently Chairman and Chief Executive Officer of Beaucastel LLC and Sangfroid…
  25. SCOTIA HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – Midstates Petroleum – slide 25
    Midstates Petroleum Company Contact Information TULSA Investor Relations 321 South Boston, Suite 1000 Chris Delange Tulsa, Oklahoma 74103 (713) 595-9411 Main Phone (918) 947-8550 Chris.delangemidstatespetroleum.com Al Petrie…

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