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INVESTOR PRESENTATION – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Apr 2, 2015 · 44 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 – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of April 2, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 4
    Mid-Con Energy Partners, LP The Waterflood Guys Reserves and Production Core strength in enhanced oil recovery, focusing on waterflooding Reserves(1): 23.2 MMboe Employees have prior experience in over 150 waterflood Proved…
  5. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 5
    Strategic Objectives for 2015 Securing the future Reduced distribution to support balance sheet Restructured hedges to secure revenues and borrowing base Living within cash flow Reduced capital spending to reflect organic cash…
  6. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 6
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential Of Existing Average daily production in 4Q14 increased 30% from 3Q14 Property Base 41.8% CAGR in production since IPO…
  7. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 7
    Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to the quality of the…
  8. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 8
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  9. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 9
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 10
  10. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 10
    The Waterflood Guys EXPERIENCE: Our management team and employees have designed, engineered and operated over 150 projects in 13 states. EXPERTISE: Dr. Mike Wiggins, our President and Chief Engineer, has been widely recognized…
  11. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 11
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 12
  12. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 12
    2014 Acquisitions: Adding Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, Hugoton Drop-Down adding 2.6 MMboe of net proved reserves (88% February 28, 2014:…
  13. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 13
    Eastern Shelf Acquisition On November 17, 2014, MCEP acquired mature producing assets that are in the early stages of redevelopment in the Permian Eastern Shelf for 117.6 million Attractive producing properties in early stages of…
  14. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 14
    Proved Reserves by Core Area 2011-2014 Northeastern Oklahoma Southern Oklahoma Hugoton Permian Gulf Coast / Other 25,000 23,230 3% 20,000 32% 26% CAGR 13,934 15,000 17% Mboe 13,146 10,049 17% 10,000 5,000…
  15. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 15
    Asset Overview(1)(2) Northeastern Oklahoma % of Total Reserves 37% Hugoton % of Total Daily Production 29% % of Total Reserves 17% % of Total Daily Production 17% Southern Oklahoma Total Mid-Con Energy Partners, LP % of…
  16. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 16
    Oil Weighting Affords Peer-Leading Margins 4Q14 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 48.22 50 100% 96% 45 90% 40 80% 35 70% % Oil Production 30 Peer Average: 29.26 Per Boe 60% Per Boe 56% 25 50% 41%…
  17. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 17
    Merit of EOR Assets Gaining Recognition Among MLP Peers Upstream MLP EOR Transactions Over Last 24 Months 1 LINE Sep-14 680 2 LRE Sep-14 38 3 ARP May-14 420 4 MEMP May-14 935 LINE Salt Creek Field(4) 5 LGCY Mar-14 112 4 MEMP -…
  18. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 18
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 19
  19. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 19
    2015 Net Capital Budget: Core Area Summary By Core Area By Fiscal Quarter ( in thousands) ( in thousands) 5,000 3% 6% HUG GC/ S OK OTHER 4,000 5% 3,000 12,853 47% Total PERMIAN 2,000 CapEx 40% NE OK 1,000 - 1Q15…
  20. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 20
    2015 Net Capital Budget: Core Area Detail Net 2015 Capital Budget (Gross) Area Property CAPEX (M) Producer Injector WSW SWD CTI RTP / R/C HUG Bivins - - - - 1 - HUG Ona - - - - - 1 HUG War Party II - - - - 1 - HUG - Subtotal 353 - -…
  21. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 21
    NE OK Cleveland Unit: 2014 Waterflood Development Cleveland C Sand Net Isopach New waterflood development in the north half of the unit NASDAQ: MCEP www.midconenergypartners.com 22
  22. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 22
    NE OK Cleveland Unit: Production Growth Catalysts Oil (Bbl/d) Gas (Mcf/d) 800 Early waterflood response observed 700 Initiated 21 well drilling program Average Daily Production (Gross) 600 Additional R/C and 3 new…
  23. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 23
    NE OK Oilton Field: Red Fork Development Farris Lease Oilton Field M. Farris Lease 200 Oil (Bbl/d) Gas (Mcf/d) Average Daily Production (Gross) 160 120 80 40 - Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 High oil cut…
  24. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 24
    Permian White Flats: Evaluating Strawn Potential Jessie Little A 1 recompleted in the Strawn sand in February 2015 Current production 200 bopd Worrell 1 completed in the Strawn in October 2014 IP: 73 bopd / Current: 49 bopd,…
  25. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 25
    Capitalization, Leverage & Liquidity(1) Capital Structure Low Leverage: 2.27x Debt to EBITDA(2) 300 5.0x 4.5x 250 4.0x 200 3.5x ( in millions) 3.0x 150 45% 2.5x 55% 100 2.0x 50 1.5x 1.0x 0 0.5x -50 0.0x 2Q14…
  26. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 26
    Equity Financed 73% of 2014 Acquisitions 100% S OK 7.4MM *Acquisition price as announced per public press release. NASDAQ: MCEP www.midconenergypartners.com 27
  27. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 27
    Hedge Profile 3,500 Hedge Volumes (LHS) Hedge Prices (RHS) WTI Futures (RHS) 100 3,000 90 Production Hedged (Bbl/d) Average Prices (/Bbl) 2,500 80 2,000 70 1,500 60 1,000 500 50 - 40 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16…
  28. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 28
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 29
  29. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 29
    Contact Information Headquarters Investor Relations 2501 N. Harwood Krista McKinney Suite 2410 kmckinneymidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Tulsa Operations 2431 E. 61st Street Suite 850 Tulsa, OK…
  30. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 30
    Appendix NASDAQ: MCEP www.midconenergypartners.com 31
  31. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 31
    Appendix: Permian Asset Overview 26% of Total MCEP Reserves(1) Kent Stonewall Haskell 29% of Total MCEP Daily Production(2) Closed November 17, 2014 Eleven Counties in Texas: Fisher Jones Coke Coleman Nolan Taylor Fisher…
  32. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 32
    Appendix: Northeastern Oklahoma Asset Overview KS 37% of Total MCEP Reserves(1) OK 29% of Total MCEP Production(2) Osage, Pawnee, Creek and Osage Seminole Counties, OK Skiatook Five Properties: Cleveland Cushing Cleveland…
  33. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 33
    Appendix: Southern Oklahoma Asset Overview 17% of Total MCEP Reserves(1) 23% of Total MCEP Daily Production(2) Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt…
  34. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 34
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 17% of Total MCEP Reserves(1) 17% of Total MCEP Daily Production(2) Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK Eight Properties: CO KS Harker…
  35. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 35
    Appendix: Gulf Coast & Other TX Asset Overview 3% of Total MCEP Reserves(1) 2% of Total MCEP Production(2) One Property: Liberty South Liberty Liberty South (1) Reserve data based on December 31, 2014 reserve report…
  36. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 36
    Appendix: Financial and Operating Results Three Months Ended Variance Analysis (unaudited, in thousands, except per unit data) December 31, September 30, December 31, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Oil (MBbl)…
  37. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 37
    Appendix: Non-GAAP Summary(1) Three Months Ended Variance Analysis (unaudited, in thousands, except per unit data) December 31, September 30, December 31, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Net income 82 17,002…
  38. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 38
    Appendix: Operating Results per Boe Three Months Ended Variance Analysis December 31, September 30, December 31, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2014 2014 2013 % % Oil sales 65.75 91.27 91.13…
  39. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 39
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 41
  40. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 40
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 42
  41. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 41
    Appendix: Increasing Injection = Increasing Production NASDAQ: MCEP www.midconenergypartners.com 43
  42. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 42
    Appendix: Mid-Con Energy Timeline 1986 The 2004 Mid-Con Energy 2011 Merged Mid- genesis of Mid- I, LLC formed with Con Energy I/II into November Con Energys properties contributed Mid-Con Energy August 5 17 original by Olmstead…
  43. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 43
    Appendix: Partnership Structure and Ownership 100% Mid-Con Energy MCEP GP, LLC Founders(1) Founders Yorktown 5% 24% 1% Institutional Mid-Con Energy 12% Affiliates Public Ownership Mid-Con Energy 75% Affiliates 7% 76%…
  44. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 44
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 46

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