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INVESTOR PRESENTATION – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Aug 6, 2013 · 23 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 NASDAQ : MCEP www.midconenergypartners.com 1 Financial information as of August 6, 2013
  2. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 3
    Partnership Profile Asset Overview 2012 Total Proved Reserves: (1) MMBoe % Total Southern Oklahoma 6.7 51% Hugoton Northeastern Northeastern Oklahoma Hugoton Basin 3.1 3.1 24% 24% Basin Oklahoma Other 0.2 1% Total 13.1…
  4. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – 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 2Q 2013 increased over 48% YoY Maintain Operational o Our…
  8. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 8
    Debt & Liquidity Update 2.25x 140.0 Borrowings Available Total Debt Outstanding 2.00x 120.0 19.0 52.0 50.0 Total Leverage Ratio (1) 1.88x 1.75x 100.0 1.72x ( in millions) 42.0 40.0 1.50x 80.0 1.46x 1.35x 1.37x…
  9. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 9
    Hedging Strategy o Mid-Con Energy uses a phased approach, looking approximately 36 months forward while targeting a higher hedged percentage in the near 12 months o As of August 6, 2013, the Partnership had commodity derivatives…
  10. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 10
    Production Growth Reported Quarterly Average Net Daily Production 2,800 2,400 2,593 Average Net Daily Production (Boe/d) 2,000 1,600 1,200 800 819 400 - 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q…
  11. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 11
    EBITDA Margin Comparison 1Q 2013 Adjusted EBITDA Per Boe(1)(2) 75.00 64.56 60.00 45.00 Peer Average : 31.09 30.00 15.00 0.00 MCEP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 (1)…
  12. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 12
    Distribution Growth Distributions Per Unit Since IPO 1.30x 3.50 1.26x Quarterly Distribution Cumulative Distributions Per Unit Cash Distributions Per Unit 1.25x 3.00 1.21x 1.21x 3.007 Coverage Ratio 1.17x 1.20x 2.50…
  13. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 13
    Historical Returns Mid-Con Energy Returns Since IPO (1) 60% 50% 48% 40% 34% 30% 34% 20% 22% 10% 0% (10%) (20%) Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 MCEP Total Return (TR) MCEP Price Appreciation…
  14. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 14
    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…
  15. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 15
    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…
  16. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 16
    Appendix: Organizational Structure Founders(1) Yorktown(2) 100% Public Mid-Con Energy Ownership(3) Private Affiliates Mid-Con Energy GP, LLC 1.8% 73.2% GP Interest Mid-Con Energy LP Interest 6.0% Operating, LLC LP…
  17. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 17
    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…
  18. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 18
    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…
  19. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 19
    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…
  20. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 20
    Appendix: Hedge Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Jul-Dec 2013 105.80 Swap 6,000 WTI Jul-Dec 2013 100.00 111.00 Collar 6,000 WTI Jul-Dec 2013 96.00 Swap 8,000…
  21. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 21
    Appendix: 2Q 2013 Summary Results Three Months Ended June 30, March 31, 2013 2012 2013 (in thousands, except per unit data) Production: Oil (MBbl) 230 154 220 Natural gas (MMcf) 36 28 37 Total (MBoe) (1) 236 159 226 Average…
  22. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 22
    Appendix: 2Q 2013 Coverage Ratio Three Months Ended June 30, 2013 ( in thousands, except per unit data) Adjusted EBITDA (1) 16,054 Less: Cash interest expense 779 Estimated maintenance capital expenditures 2,499…
  23. INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 23
    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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