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IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Sep 23, 2014 · 39 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. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of September 17, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. IPAA OGIS San Francisco Conference – 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. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. IPAA OGIS San Francisco Conference – 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): 19.1 MMBoe Employees have prior experience in over 150 waterflood Proved…
  5. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 5
    Operating Strategy Increase production and recovery from existing reserve portfolio (99% Oil) Exploit Potential Of Existing Average daily production in 2Q14 increased 5% from 2Q13 Property Base 27.6% CAGR in production since IPO…
  6. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 6
    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…
  7. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 7
    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…
  8. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 9
    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 for…
  10. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 11
    Asset Overview Northeastern Oklahoma Total Reserves 46% Hugoton Total Daily Production 35% Total Reserves 25% Total Daily Production 25% Tulsa Office MCEP Total Southern Oklahoma Total Reserves 25% Total Reserves(1) 19.1…
  12. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 12
    YTD Acquisitions: Adding Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, adding 2.6 MMBoe of net proved reserves (88% Hugoton Drop-Down PDP, 12% PUD and 90%…
  13. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 13
    Oilton Field: Private De-Risking = Public Value As announced on July 24, 2014, MCEP agreed to purchase Oilton Field from Mid-Con Energy III, LLC for 56.5 million Creek Co., OK The acquisition was funded with (i) approximately 2.2…
  14. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 14
    Liberty South: Attractive Entry into Gulf Coast Liberty Co., TX On August 29, 2014, the Partnership closed its previously announced acquisition to purchase the Producing Well Liberty South Unit for 19.4 million Injection Well…
  15. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 15
    Oil Weighting Affords Peer-Leading Margins 2Q14 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 60 100% 99% 51.21 90% 50 80% 70% 40 % Oil Production 60% Per Boe 58% 56% 55% 30 Peer Average: 27.70 Per Boe 50%…
  16. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 16
    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 6 LINE…
  17. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 17
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  18. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 18
    Capitalization, Leverage & Liquidity Conservative Capital Structure Low Low Leverage: Leverage: 2.7x 2.7x Debt/Adj. LTM Debt toEBITDA EBITDA(2)(2) 205 5.0x 185 165 4.0x 145 21% 3.0x ( millions) 125 105 2.0x 85…
  19. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 19
    Hedge Profile Volumes (LHS) Average Price Hedged (RHS) WTI Futures (RHS) 3,000 96 2,500 94 Production Hedged (Bbl/d) Average Price ( / Bbl) 2,000 92 1,500 90 1,000 88 500 86 0 84 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16…
  20. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 20
    2014 Capital Budget(1) Total CapEx by Core Area Growth & Maintenance CapEx 16 Maintenance CapEx 9 Million 12 12 11 ( millions) 8 30 7 Million 4 Growth CapEx 0 21 Million Hugoton Southern Oklahoma Northeastern…
  21. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 21
    2014 Growth Plan Mid-Con Energy remains focused on return to unitholders Cultivate maturing legacy assets Make accretive acquisitions from affiliates and third parties Target 4% distribution growth in 2014 while maintaining healthy…
  22. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 22
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 23
  23. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 23
    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…
  24. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 24
    Appendix NASDAQ: MCEP www.midconenergypartners.com 25
  25. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 25
    Appendix: Total Return of 50% since IPO 170 160 150 Index to IPO Offer Price 140 130 120 110 100 90 Dec-11 Dec-12 Dec-13 MCEP Alerian MLP Upstream MLP Source: Bloomberg (1) Market data based on September…
  26. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 26
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 27
  27. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 27
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 28
  28. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 28
    Appendix: Increasing Injection = Increasing Production NASDAQ: MCEP www.midconenergypartners.com 29
  29. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 29
    Appendix: Southern Oklahoma Asset Overview 25% of Total MCEP Reserves 36% of Total MCEP Daily Production Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt Twin…
  30. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 30
    Appendix: Northeastern Oklahoma Asset Overview KS 46% of Total MCEP Reserves OK 35% of Total MCEP Production Osage, Pawnee, Creek and Osage Seminole Counties, OK Skiatook Five Properties: Cleveland Cushing Cleveland Tulsa…
  31. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 31
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 25% of Total MCEP Reserves 25% of Total MCEP Daily Production Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK Eight Properties: CO KS Harker Ranch…
  32. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 32
    Appendix: Gulf Coast TX Asset Overview 4% of Total MCEP Reserves 4% of Total MCEP Production Liberty County, TX One Property: Liberty Liberty South Liberty South (1)Unaudited reserves based on 2013 year end reserves plus…
  33. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 33
    Appendix: 2Q14 Highlights Production 2Q14 average net production of 2,725 Boe/d increased approximately 5% above 2Q13 average net production As announced on July 24, 2014, acquired 410 Boe/d average net production and Completed…
  34. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 34
    Appendix: 2Q14 Earnings Summary Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year Production 2014 2014 2013 % % Oil (MBbl) 245 232 230 13 5.6% 15 6.5% Natural gas (MMcf) 19 21 36…
  35. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 35
    Appendix: 2Q14 Income Statement Summary Three Months Ended Variance Analysis (unaudited, in thousands, except per unit data) June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Oil sales 24,216 21,638…
  36. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 36
    Appendix: 2Q14 Non-GAAP Measures Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Net Income 3,847 1,561 10,538 2,286 146.4% (6,691) -63.5% Interest expense,…
  37. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 37
    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 Con Energys properties contributed Mid-Con Energy original by Olmstead family and Partners, LP…
  38. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 38
    Appendix: Partnership Structure and Ownership 100% Mid-Con Energy MCEP GP, LLC Founders(1) Mid-Con Energy GP, LLC 2% Founders(1)(3) 29% 5% Retail Officers & Directors…
  39. IPAA OGIS San Francisco Conference – Mid-Con Energy Partners Lp – slide 39
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 40

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