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WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Dec 11, 2013 · 24 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. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Wells Fargo Securities Pipeline, MLP, and Energy Symposium December 11, 2013 NASDAQ : MCEP www.midconenergypartners.com Financial information as of November 6, 2013
  2. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Operational Highlights(1) o The Waterflood Guys Core strength in waterflooding, a form of secondary Proved Reserves: 13.1 MMBoe oil recovery % Proved Developed: 67% Employees have prior experience in over…
  3. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 3
    Partnership Profile Asset Overview 2012 Total Proved Reserves: (1) MMBoe % Total Southern Oklahoma 6.7 51% Northeastern Oklahoma 3.1 24% Hugoton Basin 3.1 24% Other 0.2 1% Total 13.1 100% Tulsa Office Additional…
  4. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 4
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% o Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  5. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 5
    Waterflooding Overview o Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells o Historically, the success of waterfloods has been attributable to the quality of…
  6. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 6
    Waterflood Response & Growth Reservoir Fill-Up Start Production Water Response Injection BOPD Primary Secondary Production Production Time Elapsed Waterflood Life NASDAQ : MCEP www.midconenergypartners.com 7
  7. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 7
    Operating Strategy Exploit Potential o Increase production and recovery from existing reserve portfolio (99% Oil) Of Existing Property Base o Average daily production in 3Q 2013 increased over 32% YoY Maintain Operational o Our…
  8. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 8
    Borrowing Base and Liquidity Revolving Credit Facility o 150.0 Million Borrowing Base ( in millions) Increased Borrowing Base from 130.0 million to 150.0 million on Increased 160.0 Borrowing Base November 5, 2013 at 11/05/13 20.0…
  9. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 9
    Hedging Strategy o Mid-Con Energy has commodity derivatives covering approximately 80%, 70% and 10% of estimated average daily oil production from proved reserves for calendar years 2013, 2014 and 2015, respectively Oct-Dec 2013…
  10. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 10
    Distribution History o Approximate 8% Growth In Quarterly Rate Since IPO Since completing its initial public offering in December 2011, Mid-Con Energy will have paid 3.522 in cumulative cash distributions per unit (inclusive of…
  11. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 11
    Historical Returns Mid-Con Energy Returns Since IPO (1) 70% 60% 50% 53% 40% 35% 30% 35% 33% 20% 10% 0% (10%) (20%) Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 MCEP Total Return (TR) MCEP…
  12. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 12
    Investment Highlights The Right Assets The Right Team o Long-life, low decline o Experienced management team and deep staff of o Relatively low risk waterflood projects over 65 employees with significant experience o Significant…
  13. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 13
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO Dallas, TX 75201 jolmsteadmidcon-energy.com 972.479.5980 972.479.5980 Matthew Lewis Tulsa Operations…
  14. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 14
    Appendix: Organizational Structure Founders(1) Yorktown(2) 100% Public Mid-Con Energy Ownership(3) Private Affiliates Mid-Con Energy GP, LLC 1.8% 75.2% GP Interest Mid-Con Energy LP Interest 6.0% Operating, LLC LP…
  15. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 15
    Appendix: Southern Oklahoma Core Area Overview Ardmore West 2012 Total Proved Reserves:(1) MMBoe % Total SE Hewitt Highlands 3.7 28% Twin Forks 1.2 9% Battle Springs 1.0 7% Ardmore West 0.7 6% Twin Forks Carter Southeast…
  16. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 16
    Appendix: Northeastern Oklahoma Core Area Overview 2012 Total Proved Reserves:(1) KS OK MMBoe % Total Cleveland 2.1 16% Cushing 0.7 5% Skiatook 0.2 2% Osage Other NE OK 0.1 1% Skiatook Total 3.1 24% Additional…
  17. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 17
    Appendix: Hugoton Basin Core Area Overview Harker Ranch 2012 Total Proved Reserves:(1) Cheyenne MMBoe % Total Clawson Ranch 1.6 12% War Party I 0.4 3% War Party II 0.9 7% Harker Ranch 0.2 2% Total 3.1 24% Additional…
  18. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 18
    Appendix: Waterflood History Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ : MCEP www.midconenergypartners.com 19
  19. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 19
    Appendix: Waterflood Opportunity Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ : MCEP www.midconenergypartners.com 20
  20. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 20
    Appendix: Opportunity POTENTIAL Increased Geological Complexity = Increased Opportunities NASDAQ : MCEP www.midconenergypartners.com 21
  21. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 21
    Appendix: Hedge Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Oct-Dec 2013 105.80 Swap 6,000 WTI Oct-Dec 2013 100.00 111.00 Collar 6,000 WTI Oct-Dec 2013 96.00 Swap 8,000…
  22. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 22
    Appendix: 3Q 2013 Summary Results Three Months Ended September 30, June 30, 2013 2012 2013 (in thousands, except per unit data) Production: Oil (MBbl) 227 171 230 Natural gas (MMcf) 32 31 36 Total (MBoe) (1) 232 176 236…
  23. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 23
    Appendix: 3Q 2013 Coverage Ratio Three Months Ended September 30, 2013 ( in thousands, except per unit data) Adjusted EBITDA (1) 14,935 Less: Cash interest expense 861 Estimated maintenance capital expenditures 2,031…
  24. WELLS FARGO SECURITIES PIPELINE MLP AND ENERGY SYMPOSIUM – Mid-Con Energy Partners Lp – slide 24
    Appendix: Non-GAAP Measures o This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to…

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