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IPAA OGIS NEW YORK – Midstates Petroleum

Midstates Petroleum · Apr 21, 2015 · 26 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 – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. 2015 IPAA OGIS New York Mark E. Eck, EVP & Chief Operating Officer
  2. IPAA OGIS NEW YORK – Midstates Petroleum – slide 2
    Key Highlights FY 2014 delivered 478.2 mm in Adjusted EBITDA(1) Grew full year production by 34% to 32,137 Boe/d and averaged 33,764 Boe/d in Q414 Miss Lime production up 66% year over year to 21,518 Boe/d and averaged 25,039 Boe/d…
  3. IPAA OGIS NEW YORK – Midstates Petroleum – slide 3
    Midstates Petroleum Overview Premier position in the Mississippian Lime and a Mississippian Lime(1) Premier position in highreturn core significant inventory of horizontal well locations 25,039 Boed net production(2) in the…
  4. IPAA OGIS NEW YORK – Midstates Petroleum – slide 4
    Demonstrated Performance Net Production Adjusted EBITDA (1) 35,000 32,137 500 478 30,000 Gulf Coast Q4 112 23,926 400 25,000 Anadarko 300 343 Q3 132 Gulf Coast MM 20,000 BOE/D 15,000 Anadarko 200 Q2 122 9,999…
  5. IPAA OGIS NEW YORK – Midstates Petroleum – slide 5
    Cash Operating Expenses Cash Operating Expenses Improving Over Time (/Boe) Production Taxes Cash G&A Operating Expenses (1) 20.00 16.98 15.62 14.61 15.00 3.09 13.64 2.93 12.48 2.31 1.94 11.21 4.58 1.68 3.89 1.86…
  6. IPAA OGIS NEW YORK – Midstates Petroleum – slide 6
    YE 2014 Reserves Reconciliation YE 2014 Technical Reserves(1) YE 2014 SEC Proved Reserves PV10 Pretax PV10 Pretax (2) (3) (2) (3) Reserve Oil Gas NGL Total SEC Pricing Strip Pricing Reserve Oil Gas NGL Total SEC Pricing Strip Pricing…
  7. IPAA OGIS NEW YORK – Midstates Petroleum – slide 7
    Mississippian Lime Premier Position Net Production (Boe/d) (1) YE Proved Reserves (MMBoe) (1) 30,000 160 25,039 139 23,834 140 25,000 20,698 120 20,000 17,579 16,381 Gas 100 14,364 15,000 NGL 80 10,426 68 9,468 Oil…
  8. IPAA OGIS NEW YORK – Midstates Petroleum – slide 8
    Mississippian Lime Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 225 wells on production 30 days: Average peak 30day rate of 565 Boe/d With 3D seismic and improved geological…
  9. IPAA OGIS NEW YORK – Midstates Petroleum – slide 9
    Mississippian Lime Type Curve Cawley, Gillespie and Associates Mississippian Type Curve Oil Gas Mississippian Lime PUD type curve below: 10,000 Daily Rate (Bopd, Mcfd) Gross 2 stream 30day IP rate of 517 Boe/d 1,000 and Gross…
  10. IPAA OGIS NEW YORK – Midstates Petroleum – slide 10
    Seismic Unlocking Mississippian Upside Utilizing 3D Seismic Increased 2014 Reserves Type Curve EUR by 25% Optimized well placement and completion techniques Identified additional downspacing and multilateral potential…
  11. IPAA OGIS NEW YORK – Midstates Petroleum – slide 11
    Mississippian Lime Type Curve Support Well Production vs. YE PUD Type Curve 2014 Wells Boed Normalized Flowing Time (days) 2014 Wells Actual Production 2014 YE PUD Type Curve 2014 Wells Actual Production Average 2014 well…
  12. IPAA OGIS NEW YORK – Midstates Petroleum – slide 12
    Upside Mississippian Lime Downspacing Downspacing Opportunities Acreage initially developed with four laterals per section (1320 well spacing) Sections drilled with 4 wells show no interference between wells 3D mapping of…
  13. IPAA OGIS NEW YORK – Midstates Petroleum – slide 13
    Upside Mississippian Lime Other Drilling Potential Future Zone Gross Locations Upper Miss 487 Upper Miss Downspacing 345 Middle & Lower Miss 100 Viola 123 Woodford 68 Hunton 37 Cherokee 83 (Red Fork) Marmaton…
  14. IPAA OGIS NEW YORK – Midstates Petroleum – slide 14
    Anadarko Basin Strong acreage position of 122,000 net acres (90,000 in Texas and 32,000 in Oklahoma) Consistent results in the Cleveland, with encouraging early results in the Marmaton, Cottage Grove and Tonkawa horizons Primary…
  15. IPAA OGIS NEW YORK – Midstates Petroleum – slide 15
    Anadarko Basin Horizontal Inventory Summary Future Zone Gross Locations Cleveland 248 Marmaton 62 Tonkawa 192 Cottage Grove 238 Atoka (Oil) 94 Atoka (Gas) 22 Oswego (Upper) 142 Oswego (Lower) 181 Other(1) 112…
  16. IPAA OGIS NEW YORK – Midstates Petroleum – slide 16
    Demonstrating Capital Efficiency Operating Capital Guidance: 250 to 275 million Gulf Coast Anadarko1% 94% Miss Lime, 5% Anadarko, and 1% Gulf Coast 5% Excludes capitalized interest and G&A, asset retirement obligations, office…
  17. IPAA OGIS NEW YORK – Midstates Petroleum – slide 17
    Looking to the Future Sustainable success in the Mississippian Lime built on geology, technology and engineering Excellent team with geological and operational expertise and a proven track record of success Generating 30% IRR, even…
  18. IPAA OGIS NEW YORK – Midstates Petroleum – slide 18
    Appendix
  19. IPAA OGIS NEW YORK – Midstates Petroleum – slide 19
    Guidance (as of March 16, 2015) Q1 2015 FULL YEAR 2015(1) Daily Production (Boe/day) 32,500 33,500(2) 30,000 33,000 (2) Miss+ Anadarko LA Miss+ Anadarko LA By Area 77% 20% 3% By Area 79% 18% 3% Oil 4045% 4550% 70% Oil 4045% 4550%…
  20. IPAA OGIS NEW YORK – Midstates Petroleum – slide 20
    Hedging Summary (as of Dec 31, 2014) 2015 Oil Q1 Q2 Q3 Q4 Total WTI Swaps Volume (Bbls) 1,080,000 1,092,000 552,000 552,000 3,276,000 Volume (Bbl/d) 12,000 12,000 6,000 6,000 8,975 Price (/Bbl) 90.10 90.58 85.51 85.53 88.72…
  21. IPAA OGIS NEW YORK – Midstates Petroleum – slide 21
    Adjusted EBITDA Reconciliation For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Dec 31, Sept 30, June 30, March 31, For the Year Ended December 31, 2014 2014 2014 2014…
  22. IPAA OGIS NEW YORK – Midstates Petroleum – slide 22
    Cash Operating Expenses Reconciliation 2014 2013 Full Year Q4 Q3 Q2 Q1 Full Year Operating Expenses GAAP 533,350 106,715 113,670 116,325 196,640 876,915 Adjustments for certain noncash items: Asset retirement accretion (1,706)…
  23. IPAA OGIS NEW YORK – Midstates Petroleum – slide 23
    Liquidity Liquidity December 31, 2014 : 101 mm millions Revolver Cash Balance Borrowing base Net Liquidity December 31 Liquidity 11,000 (435,000) 525,000 101,000 Hedges in 2015 provide stability to Adjusted EBITDA Q414…
  24. IPAA OGIS NEW YORK – Midstates Petroleum – slide 24
    Preferred Share Dividend Calculation Calculation Conversion into Conversion into Common Shares Common Shares Per share Total 13.50 11.00 Liquidation preference at October 1, 2012: 1,000.00 325,000,000 24,074,074 29,545,455 Dividend…
  25. IPAA OGIS NEW YORK – Midstates Petroleum – slide 25
    Management Team Background Information Mr. Brace has been Interim President, Chief Executive Officer and a Director since March of 2015 Mr. Brace is currently Chairman and Chief Executive Officer of Beaucastel LLC and Sangfroid…
  26. IPAA OGIS NEW YORK – Midstates Petroleum – slide 26
    Midstates Petroleum Company Contact Information TULSA Investor Relations 321 South Boston, Suite 1000 Jason McGlynn Tulsa, Oklahoma 74103 (918) 9474614 Main Phone (918) 9478550 Jason.McGlynnmidstatespetroleum.com Al Petrie…

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