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ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Apr 24, 2012 · 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. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP ADAM-Tulsa Energy Network April 24, 2012
  2. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 2
    Introductions / Agenda Randy Olmstead CEO and Director Partnership Overview and Company History Jeffrey Olmstead President, CFO and Director Strategy and Financial Overview Robbin Jones VP and Chief Engineer Waterflood /…
  3. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 3
    Mid-Con History 2009 Converted Mid-Con Energy 1987 Corp. to Mid-Con Energy I, LLC 2012 Acquired ARCO Formation of Mid-Con Energy II, Jan: Opened Dallas properties (NE LLC and affiliate Chemical Headquarters Oklahoma assets)…
  4. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 4
    Leadership Officers of the GP: S. Craig George Charles R. Olmstead Jeffrey R. Olmstead Executive Chairman of the Board, Chief Executive Officer and Director, President, Chief Financial Officer 36 years experience 33 years experience…
  5. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 5
    Mid-Con Energy Partners, LP Symbol / Exchange: MCEP / Nasdaq 1 Units Outstanding: 18.1MM 2 Market Cap: 405.8MM 3 Debt Outstanding: 45.0MM Enterprise Value: 450.8MM Proved Reserves: 10.0 MMBoe % Pvd. Developed: 69% (1)…
  6. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 6
    Performance Since IPO (Price Indexed to 100) 150 140 130 +24.2% 120 +13.4% 110 +5.8% 100 90 80 MCEP Alerian MLP S&P 500 Source: FactSet *Based on April 20, 2012 market close price of 22.36 per unit. NASDAQ: MCEP…
  7. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 7
    2011 Highlights Mid-Con Energy achieved the following in 2011: Production Growth of 68% 1,191 Boe/d in 2011 compared to 710 Boe/d in 2010 4Q11 production averaged 1,481 Boe/d Increased Total Proved Reserves by 2.8 MMBoe 10.0 MMBoe…
  8. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 8
    Asset Overview Production and Reserves at December 31, 2011 10.0 MMBoe Total Proved 1,598 Net Boe/d Average Harker Ranch 69% Proved Developed for December 2011 99% Oil / 99% Operated R/P Ratio of 17 Years CO Hugoton Basin KS…
  9. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 9
    Operating Strategy Exploit Potential of Increase production and recovery from existing reserve portfolio (99% Oil) Existing Property Base Daily production in December 2011 increased over 90% YoY Mid-Con currently operates 99% of its…
  10. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 10
    Acquisition Strategy Four Sources of Potential Acquisitions Yorktown Mid-Con Mid-Con Mid-Con GP & Partners & Energy III Energy IV Management (Private Affiliate) (Private Affiliate) Affiliates Waterflood Broader geography,…
  11. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 11
    Financial Overview NASDAQ: MCEP www.midconenergypartners.com 12
  12. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 12
    Liquidity Update Liquidity as of December 31, 2011 was 30.2 million, which consisted of 0.2 million in cash and 30.0 million of available borrowings under our revolving credit facility Initial borrowing base of 75.0 million, subject…
  13. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 13
    Hedging Strategy Mid-Con intends to hedge a significant portion of its production to minimize the impact of commodity price volatility on available cash Protect coverage and distributions over time through a prudent use of hedges…
  14. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 14
    2012 Capital Budget MCEP 2012E CapEx Program 2012E CapEx By Core Area ( in thousands) ( in thousands) 8,000 5,739 6,000 5,632 5,262 603 4,539 4,000 15,614 369 9,982 2,000 4,586 1,153 4,659 4,170 74 0 Southern…
  15. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 15
    Investment Highlights The Right Assets Long life, low decline Relatively low risk waterflood projects Significant up front capex already spent Growth from existing asset base 99% oil high margin cash flow, positive long-term oil…
  16. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 16
    Waterflood / Technical Overview NASDAQ: MCEP www.midconenergypartners.com 17
  17. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 17
    Waterflood Strategy Successful Response and Growth 09/2006: First production response 12/1988: Peak primary 750 bopd 12/2011: Current rate 969 bopd Previous primary decline trend In January 2011, the secondary production…
  18. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 18
    Southern Oklahoma Property Highlights SE Hewitt 41 Boe/d Long-lived assets that are in the early Ardmore West 34 Boe/d stages of waterflooding new project - Production is expected to increase during the Twin Forks 135 Boe/d…
  19. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 19
    Waterflood Strategy Successful Response and Growth 08/2006: Rate prior to 1st injection 212 bopd 10/1985: Peak primary 1,410 bopd 12/2011: Current rate 2,209 bopd 09/2006: First injection The current rate of 2,209 gross…
  20. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 20
    Investor Contact Information Headquarters: Tulsa Operations: 2501 N. Harwood Street, Suite 2410 2431 E. 61st Street, Suite 850 Dallas, TX 75201 Tulsa, Oklahoma 74136 (972) 479-5980 (918) 743-7575 Investor Relations Contact: Contact:…
  21. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 21
    Appendix NASDAQ: MCEP www.midconenergypartners.com 22
  22. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 22
    Non-GAAP Measures 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 net income,…
  23. ADAM TULSA ENERGY NETWORK – Mid-Con Energy Partners Lp – slide 23
    2012 Outlook On March 7, 2012, management reaffirmed its fiscal 2012 outlook set forth in the Final Prospectus filed on December 16, 2011. The following table reflects certain estimates and assumptions per our Final Prospectus: (in…

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