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GHS 100 Energy Conference – Sanchez Energy Corp

Sanchez Energy Corp · Jun 25, 2014 · 29 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. GHS 100 Energy Conference – Sanchez Energy Corp – slide 1
    GHS 100 Energy Conference June 2014
  2. GHS 100 Energy Conference – Sanchez Energy Corp – slide 2
    Management Presenters Gleeson Van Riet Senior Vice President, Capital Markets & Investor Relations Polidoros Trejos Vice President, Finance 3 2014 Sanchez Energy Corporation
  3. GHS 100 Energy Conference – Sanchez Energy Corp – slide 3
    Introduction 4 2014 Sanchez Energy Corporation
  4. GHS 100 Energy Conference – Sanchez Energy Corp – slide 4
    Pro Forma Sanchez Energy Overview Market Cap (1) 2,690 MM Enterprise Value (1) 3,605 MM Eagle Ford Shale Net Acreage: 226,000 acres 1P Reserves: 119 MMBoe Production: 43,000 Boe/d Executing Strong Growth 1Q14 production grew 985%…
  5. GHS 100 Energy Conference – Sanchez Energy Corp – slide 5
    Catarina Acquisition Summary Seller: SWEPI LP and Shell Gulf of Mexico Inc. (Royal Dutch Shell plc subsidiaries) Purchase Price: 639 million (subject to usual and customary closing adjustments) Effective Date: January 1, 2014…
  6. GHS 100 Energy Conference – Sanchez Energy Corp – slide 6
    Catarina Acquisition Strategic Rationale Highly Immediately accretive to EPS, CFPS, production per share and reserves per share Accretive & 10.65 per Boe based on Ryder Scott YE13 proved reserves Attractive Valuation 26,374 per 1Q14…
  7. GHS 100 Energy Conference – Sanchez Energy Corp – slide 7
    Pro Forma Reserves and Production Overview SN Proved Reserves (1) Catarina Proved Reserves (1) Pro Forma SN Proved Reserves (1) NGL 11% NGL 36% NGL 24% Oil 77% Oil 21% Oil 49% Gas 12% Gas 43% Gas 27% 59 MMBoe (42% PD) 60…
  8. GHS 100 Energy Conference – Sanchez Energy Corp – slide 8
    Capital Expenditures Focused On Eagle Ford 2014 Capital Plan (MM) Gross % of % of Full Year Net Wells Net Wells Operating D&C Project Area Rig Count Spud Completed Capex Capital Plan Capital Plan Catarina 1.0 25 37 205 - 215 24% 26%…
  9. GHS 100 Energy Conference – Sanchez Energy Corp – slide 9
    Company Overview 10 2014 Sanchez Energy Corporation
  10. GHS 100 Energy Conference – Sanchez Energy Corp – slide 10
    Pro Forma Eagle Ford Shale Position Pro Forma SN Eagle Ford Position Summary Net Acres 226,000 1Q14 Production (Boe/d) 43,000 2014 Planned Operated Rigs 2014 Planned Non-Operated Rigs Gross Producing Wells 405 Alexander…
  11. GHS 100 Energy Conference – Sanchez Energy Corp – slide 11
    Catarina Asset Overview Asset Summary Catarina 106,000 net acres in Dimmit, La Salle and Webb counties Eastern Operational control: 100% WI, 75% NRI, and one Catarina primary surface and mineral owner 176 producing wells which…
  12. GHS 100 Energy Conference – Sanchez Energy Corp – slide 12
    Catarina Undeveloped Reserves SN believes that the Ryder Scott (RSC) type curve has large upside potential based on offset operator results The main factors that SN believes has caused the underperformance of the previous operators…
  13. GHS 100 Energy Conference – Sanchez Energy Corp – slide 13
    Stacked Lateral Potential Western Catarina Type Log SN intends to target the Lower Eagle Ford (LEF) with additional infill potential in the Upper Eagle Ford (UEF) as a secondary target The majority of wells drilled in Catarina thus…
  14. GHS 100 Energy Conference – Sanchez Energy Corp – slide 14
    Acquisition Wells Exhibit Attractive Economics Western Catarina Area Lower Eagle Ford Type Curves and Well Economics (1) 1,200 700 MBoe EUR 6.5 MM Capex Gas Price ( / Mcf) 4.00 4.50 5.00 NPV-10 (MM) 4.4 4.8 5.2 1,000 IRR 47% 51%…
  15. GHS 100 Energy Conference – Sanchez Energy Corp – slide 15
    Eastern Catarina Potential Regional Cross Section of Lower Eagle Ford Potential A A Successful SN wells from Alexander Ranch and Alexander A Briggs Ranch have similar LEF core & log rock Ranch quality as the Eastern Catarina…
  16. GHS 100 Energy Conference – Sanchez Energy Corp – slide 16
    Sanchez Energy is a Low-Cost Operator Pad Drilling Efficiencies Cash Operating Cost / Boe We have experienced cost reductions with the move to pad drilling across all of our assets 45.06 10% cost reductions compared to single well…
  17. GHS 100 Energy Conference – Sanchez Energy Corp – slide 17
    With a Track Record of Optimizing Assets Alexander Ranch SN has achieved substantially lower than expected well costs in Alexander Ranch The previous operator was drilling wells at an average cost of 8.8 million At the time of the…
  18. GHS 100 Energy Conference – Sanchez Energy Corp – slide 18
    Cotulla Overview Wycross Talbutt Trust Wright Ranch Alexander Ranch Cotulla Acreage & Inventory Wycross 2014 Capital Plan Other Cotulla 2014 Capital Plan Total Net Acres 39,000 2014 Capital Plan (MM) 140 - 150 2014 Capital…
  19. GHS 100 Energy Conference – Sanchez Energy Corp – slide 19
    Marquis & Palmetto Overview Marquis Palmetto Marquis Acreage & Inventory Marquis 2014 Capital Plan Palmetto 2014 Capital Plan Total Net Acres 70,000 2014 Capital Plan (MM) 270 - 285 2014 Capital Plan (MM) 45 - 55 Average…
  20. GHS 100 Energy Conference – Sanchez Energy Corp – slide 20
    Downspace Testing Across EFS Portfolio Net PUD Reserve Current Locations Report Number of Development Booked Spacing 40 Acre Test Plan Spacing Utilizing 3D Seismic Area (12/31/13) (Acres) Wells (Acres) Microseismic Coverage…
  21. GHS 100 Energy Conference – Sanchez Energy Corp – slide 21
    TMS Acreage Position and Activity 57,000 net acre position in the core of the TMS Contiguous blocky acreage with 3+ years of average remaining lease term SN anticipates spudding up to 4 gross (2 net) operated wells including…
  22. GHS 100 Energy Conference – Sanchez Energy Corp – slide 22
    Financial Highlights 23 2014 Sanchez Energy Corporation
  23. GHS 100 Energy Conference – Sanchez Energy Corp – slide 23
    Acquisition Sources and Uses Catarina acquisition expected to close on June 30, 2014 639 million purchase price will be reduced to approximately 567 million due to net cash generated since January 1, 2014 Acquisition and additional…
  24. GHS 100 Energy Conference – Sanchez Energy Corp – slide 24
    Pro Forma Capitalization Current liquidity of 958 million Pro Forma 1Q14 Capitalization Table & Liquidity (MM) As of Pro Forma 533 million in cash 3/31/14 3/31/14 Cash and Equivalents 111 533 437.5 million borrowing base with an…
  25. GHS 100 Energy Conference – Sanchez Energy Corp – slide 25
    Pro Forma Guidance (1) Preliminary Pro Forma Guidance (Assumed 6/30/14 Catarina Closing Date) Metrics 3Q14 4Q14 2014 2015 Production Guidance (BOE/D) Period Average 37,000 - 41,000 45,000 - 49,000 29,000 - 31,000 53,000 - 58,000…
  26. GHS 100 Energy Conference – Sanchez Energy Corp – slide 26
    Summary Investment Considerations Highly accretive Catarina acquisition doubles production and reserves with attractive purchase price metrics Continued focus on manufacturing efficiency and driving down costs 226,000 net acres in…
  27. GHS 100 Energy Conference – Sanchez Energy Corp – slide 27
    Appendix 28 2014 Sanchez Energy Corporation
  28. GHS 100 Energy Conference – Sanchez Energy Corp – slide 28
    Hedge Summary & Philosophy We maintain an active hedging program to help support capital spending, protect cash flow, and ensure strong financial coverage metrics Currently have 4.0 MMBoe hedged for 2014 (3.5 million barrels of oil and…
  29. GHS 100 Energy Conference – Sanchez Energy Corp – slide 29
    NonGAAP Reconciliation and Measures Reconciliation of Net Income (Loss) To Reconciliation of PV-10 To Adjusted EBITDA (M) Standardized Measure (MM) Pro Forma Twelve Months Year SN Standalone Catarina Pro Forma SN Ended Three Months…

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