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42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp.

Kodiak Oil & Gas Corp. · Mar 25, 2014 · 20 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. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 1
    Howard Weil Energy Conference March 2014 Exploring, developing and producing oil and natural gas in the Williston Basin. NYSE: KOG l www.kodiakog.com
  2. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 2
    Kodiak Overview Williston Basin Acreage: 173,000 net acres Drill-bit focused producer with large acreage position in oil-levered Williston Basin 2014E Rig Count: 7 Operated and 1-3 Non-Operated 2014E Capex: 940MM 2014…
  3. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 3
    Consistent Production Growth 50,000 Actual Sales Boe/d 2014 Guidance: Projected Sales Boe/d 42,000-44,000 Boe/d 45,000 40,000 35,000 29,200 Boe/d 30,000 Boe/d 25,000 20,000 14,400 Boe/d 15,000 10,000 3,900…
  4. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 4
    Capital Investment Overview Capital Expenditures1 Completed Net Wells Per Year ( in millions) 1,020 100 100 Actual 940 Estimated 810 63 261 16 27 82 5 7 2009 2010 2011 2012 2013 2014E 2009 2010 2011 2012 2013 2014E 1…
  5. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 5
    Proved Reserve Summary 12/31/2013 Proved Reserves and PV-10 Proved Reserves 83% Crude Oil Kodiak Net Proved Reserves as of December 31, 2013 Reserve Category Oil Gas Total SEC PV-10 (MMbbls) (Bcf) (MMboe) (B) Proved Developed…
  6. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 6
    Williston Asset Overview 173,000 Net Acre Position Polar, Koala, Ursid & Dunn County Smokey Divide 40,000 Net Acres 111,000 Net Acres Williams Burke EURs: 800 - 950+ EURs: 600 - 950+ MBOE MBOE 80% NRI Mountrail 82% NRI 950 Net…
  7. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 7
    Well Economics Overview 30 Middle Bakken 400 Bakken Long Lateral 900 MBOE Dunn County Sample Three Forks 350 WTI Differential Well Cost NPV-10 Payout 25 (/bbl) (/bbl) (MM) (MM) IRR (m onths) Cumulative Production (MBbls) 300…
  8. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 8
    Planned Polar Area Development Planned Development Polar Initial Pilot Polar 2.0 XTO Offset Wells 600 Foot Spacing 800 Foot Spacing 600 Foot Spacing 600 Foot Spacing 2,560- Acre DSU Polar Pilot Prod. Avg. CUM Polar 2.0…
  9. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 9
    Polar: Illustrative Example of Potential Full Development Economics 8 Wells per DSU 12 Wells per DSU 16 Wells per DSU 2 Miles 1 Mile Well Spacing (Feet) 1,000 Feet 800 Feet 600 Feet Well Spacing (Acres) 320 Acres 210 Acres…
  10. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 10
    Financial Strategy Strive to maintain conservative balance sheet which Hedges preserves financial flexibility Liquidity of 650 million 93.29 88.47 Growth in EBITDA reducing long-term debt / EBITDA 30,000 100 25,000 towards 2.0x 75…
  11. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 11
    Approaching Cash Flow Breakeven Unhedged Cash Margin (/BOE) Capital Expenditures and Adjusted EBITDA1 1,200 91.97 Adjusted EBITDA Capex Kodiak projects 1.87 84.51 2.67 EBITDA to closely 82.15 align with capex 1,000 in 2014…
  12. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 12
    Williston Basin Today: Rig Count Steady Technology & Efficiency Improving 1,200,000 270 Oil Production (Bopd) Rigs 240 1,000,000 210 800,000 180 150 Bopd Rigs 600,000 120 400,000 90 60 200,000 30 - -…
  13. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 13
    Moving Crude Out of North Dakota Rail to Anacortes 9-10/bbl 3,000,000 2,500,000 Pipe to Clearbrook 2-3/bbl Rail to E. Coast 14-17/bbl Rail to CA 2,000,000 13-15/bbl Rail Loading Pipe to Cushing Capacity 5/bbl…
  14. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 14
    Key Investment Highlights Drill-bit Development Asset scale, Conservative focused of low-risk technical financial producer drilling knowledge philosophy with large inventory and and proactive acreage with infrastructure…
  15. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 15
    Appendix Historical Completion Activities 15
  16. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 16
    Polar Pilot Project Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU) testing 800 foot spacing between wellbores. Polar Pilot Production Rates IP 24-hour 30 Day 60…
  17. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 17
    Smokey Pilot Project Kodiak completed two downspacing pilot programs in 2013 with 12-wells in each 1280-acre drilling spacing unit (DSU) testing 800 foot spacing between wellbores. Smokey Pilot Production Rates IP 24-hour 30 Day…
  18. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 18
    Polar Pilot 2.0 Project: Optimizing Ultimate Development 4 Well Pad 4 Well Pad 4 Well Pad 4 Well Pad 500 500 LODGEPOLE UPPER BAKKEN SHALE 11100 MIDDLE BAKKEN LOWER BAKKEN SHALE 600 100 UPPER THREE 600 750 FORKS…
  19. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 19
    Cash Margin Reconciliation Reconciliation of Cash Margin (non-GAAP) to Gross Margin (GAAP) Three Months Ended 1Q13 2Q13 3Q13 4Q13 Unhedged Sales Price Oil (/Bbls) 90.80 88.88 98.19 85.09 Gas (/Mcf) 1 6.48 6.16 6.32 6.61 BOE…
  20. 42nd Annual Howard Weil Energy Conference – Kodiak Oil & Gas Corp. – slide 20
    Adjusted EBITDA Reconciliation Reconciliation of Adjusted EBITDA (non-GAAP) to Net Income (GAAP) 1Q13 2Q13 3Q13 4Q13 Net Income 19,444 44,250 31,150 46,572 Add back: Depreciation, depletion, amortization and accretion 57,385…

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