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IPAA OGIS NEW YORK – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Apr 20, 2015 · 25 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 NEW YORK – Sandridge Energy, Inc. – slide 1
    2015 IPAA OGIS NEW YORK MONDAY, APRIL 20, 2015 1
  2. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 2
    SANDRIDGE HAS A LEADING U.S. MIDCONTINENT OIL & GAS POSITION WE ARE SKILLED, LARGE SCALE DEVELOPERS OF OIL AND GAS RESOURCES 1,400 wells drilled, over 5B invested since 2010 (1.6B in 2014) Producing over 90 MBoe/d, largest water…
  3. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 3
    ACTIONS TO THRIVE IN LOWER PRICE ENVIRONMENT SUCCESS DEMONSTRATED BY HITTING GROWTH GUIDANCE AND ADDING RESERVES Reserves up 37%, PUD type curve up 27% 2014 production of 29 MMBoe, 1% over guidance; Midcon grew 47% YoY to Q414 76…
  4. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 4
    27% MORE EUR FOR 80% OF THE COST returns are preserved drilling location count grows. At lower well costs Development inventory is preserved with lower costs and expanded with oil price recovery Type curve returns at target…
  5. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 5
    2015 CAPEX OF 700MM VS. 1.6B IN 2014 Reducing Capital Spending While Increasing Efficiency PRINCIPLES PLANNED SPEND AND RESULT 700MM Capex budget Drilling projects must generate hurdle returns at strip pricing 28.0-30.5 MMBoe guided…
  6. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 6
    STRONG HEDGE POSITION 50 Oil in 2015 Realizes 81.50 per Bbl * As of 02.25.2015 Positions displayed include royalty trusts, but are exclusive of basis hedges. Liquids hedged to NYMEX WTI; Natural Gas hedged to NYMEX Henry Hub *…
  7. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 7
    CAPITAL STRUCTURE FOCUS Ample Liquidity, No Near Term Maturities 900MM borrowing base MARKET VALUE ( in millions) New senior secured covenant (2.25x EBITDA beginning 3/31/15) Market Cap (4/14/2015) 1,002 No bond maturities before…
  8. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 8
    2014 ACHIEVEMENTS Hit our Operating Stride in 2014, Now Focused on Balance Sheet 2014 FULL YEAR RESULTS 37% Proved reserves growth 27% Type curve growth * 47% Midcon production growth TOTAL SD PRODUCTION 1% over production guidance…
  9. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 9
    YEAR END PROVED RESERVES +37% TO 516 MMBOE Consistent Growth of a Strong Reserves Base RESERVES MIX 5.5B SEC PV-10(a) (+34% YOY) 42% Liquids Mix 10.69 Proven Value/Boe(a) 18.7 Years Reserve Life 604% All-in Reserve Replacement 12.2…
  10. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 10
    WELL PERFORMANCE SUPPORTS TYPE CURVE GROWTH Several Quarters of Stronger Gas IPs and Early Volumes SandRidgeEnergy.com 12 12
  11. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 11
    2015 MISSISSIPPIAN PUD TYPE CURVE 484 MBoe, 44% Liquids 2015 OIL: 118 MBo 30 Day IP (Bo/d) 190 1st Year Decline(a) 80% B Factor 1.26 2015 NGL: 97 MBbls Yield (Bbls/MMcf) 51.6 Shrink 86.1% 2015 GAS: 1.6 Bcf (b) 30 Day IP…
  12. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 12
    MEANINGFUL WELL COST REDUCTIONS 250K of 600K Targeted Savings Realized as of March 2015 EFFICIENCY GAINS Rig efficiency Location high-grading Wellbore + completion design SERVICE COSTS Rig rates Directional drilling Stimulation…
  13. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 13
    40% MULTILATERALS IN 2015 DRILLING PLAN 100% of 90-Day Type Curve Production for 85% of the Cost of a Single Lateral FULL SECTION DEVELOPMENT ACTIVITY AND SUCCESS IN 2014 Sole multilateral operator in the Midcontinent Multilateral…
  14. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 14
    MULTI-ZONE DRILLING LOCATIONS AND 2015 ACTIVITY Ramp Down to 6 Development Rigs + 1 Committed to Appraisal New Ventures DRILLING LOCATION INFORMATION ( As of February 2015) MISS CHESTER WOODFORD* Producing Laterals 1,375 37 5…
  15. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 15
    LARGE MIDCONTINENT FAIRWAY FOR APPRAISAL Material Success in Chester and Woodford Appraisal / New Ventures is a critical piece of SD business Focused on redevelopment of additional legacy vertical reservoirs and technology transfer of…
  16. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 16
    NEW VENTURES SUCCESS CASE Pioneering Chester Oil Development First industry horizontal re-development of legacy Chester vertical production Fine grained silty sandstone, distinct pay intervals separated by shale Existing…
  17. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 17
    GEOLOGICAL EXPERTISE UNLOCKS WOODFORD Refined Geological Model Yielding Strong Results Woodford targets now identified based on four desirable characteristics: Production interval above Woodford (example: Mississippian) Siliceous…
  18. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 18
    SALTWATER GATHERING & DISPOSAL (SWG) Most Efficient SWG Operator in the Mid-Continent 600MM INVESTED THROUGH 2014 PRODUCE Average capacity of 15,000 Bw/d per 1.3 million barrels of water gathered and disposed per well day during Q414…
  19. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 19
    LARGEST SALTWATER GATHERING SYSTEM IN THE NATION Pipeline Footprint Resembles Typical Gathering System 191 SWG wells 1,260 MBw/d current volumes 99% of Water is Piped vs. Trucked 1,049 miles of installed pipelines Advanced…
  20. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 20
    2015 PRODUCTION GUIDANCE Note: Totals may not foot due to rounding (a) 2014: 1.3 MMBoe of non-recurring production related to divested GOM assets SandRidgeEnergy.com 23 23
  21. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 21
    CAPITAL STRUCTURE OVERVIEW Senior Notes ( in millions) Preferred Stock ( in millions) 8.75% Sr Notes due 2020 450 8.5% Convertible Perpetual Preferred (a) 265 7.5% Sr Notes due 2021 1,175 7.0% Convertible Perpetual Preferred (b) 300…
  22. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 22
    HEDGING OVERVIEW LIQUIDS Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2016 Swaps Volumes (MMBbls) 2.29 1.73 1.01 0.55 5.59 1.46 Price (/Bbl) 92.71 91.55 92.43 94.11 92.44 88.36 Three-way Collars Volumes (MMBbls) 0.72 0.73 1.56 1.56 4.58…
  23. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 23
    2014 YEAR END RESERVES Creating Value from a Strong Reserve Base SEC Pricing 91.48 / 4.35 RESERVES PV10 PV-10 LIQUIDS GAS EQUIVALENT % MM % MMBbls Bcf MMBoe Reserves by Reservoir Status PDP Producing 119 1,011 287 56% 3,523 64%…
  24. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 24
    2015 OPERATIONAL GUIDANCE PRODUCTION PRICE REALIZATIONS a) EBITDA from Oilfield Services and Other is a non-GAAP Oil (MMBbls) 9.0 10.0 Oil (differential below WTI) 3.75 financial measure as it excludes from net income interest expense,…
  25. IPAA OGIS NEW YORK – Sandridge Energy, Inc. – slide 25
    2015 CAPEX GUIDANCE 2015 CAPEX GUIDANCE 2015 GUIDANCE LATERAL COUNTS 2015 GROSS 2015 NET Development D&C 306 Development 182 116 Appraisal & New Ventures D&C 29 Appraisal & New Ventures 11 8 Carryover 102 Total Laterals 193 124 Total…

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