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Q1 2015 EARNINGS CALL – Midstates Petroleum

Midstates Petroleum · May 6, 2015 · 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. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Supplemental Information 1st Quarter 2015
  2. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 2
    Key Highlights Q1 2015 delivered 101.3 mm in Adjusted EBITDA(1) Grew production to 34,164 Boe/d in Q115 Record Miss Lime production of 26,531 Boe/d, up 6% from 25,039 Boe/d in Q414 Cash operating expenses of 13.37 per Boe for…
  3. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 3
    Midstates Petroleum Overview Premier position in the Mississippian Lime and a Mississippian Lime(1) significant inventory of horizontal well locations Premier position in high-return core 26,531 Boed net production(2) in the…
  4. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 4
    Demonstrated Performance Net Production Adjusted EBITDA (1) 40,000 500 35,000 34,164 FY 2015E 32,137 Gulf Coast 478 350-380mm 30,000 Gulf Coast 400 Anadarko 23,926 25,000 Anadarko 343 300 MM BOE/D 20,000 Gulf Coast…
  5. Q1 2015 EARNINGS CALL – 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 12.82 2.31 1.94 11.21 1.16 4.58 1.68 3.89 1.86…
  6. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 6
    Mississippian Lime - Premier Position Net Production (Boe/d) (1) YE Proved Reserves (MMBoe) (1) 30,000 160 26,531 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…
  7. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 7
    Mississippian Lime - Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 238 wells on production 30 days: Average peak 30-day rate of 569 Boe/d(1) With 3D seismic and improved geological…
  8. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 8
    Mississippian Lime Type Curve Cawley, Gillespie and Associates Mississippian Type Curve Mississippian Lime PUD type curve below: 10,000 Oil Gas Gross 2 stream 30-day IP rate of 517 Boe/d Daily Rate (Bopd, Mcfd) 1,000 and…
  9. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 9
    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 multi-lateral potential…
  10. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 10
    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…
  11. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 11
    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 3-D mapping of…
  12. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 12
    Anadarko Basin Strong acreage position of 114,000 net acres (83,000 in Texas and 31,000 in Oklahoma) Primary horizons demonstrate similar and predictable results and provide attractive returns with achievable cost reductions…
  13. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 13
    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 and…
  14. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 14
    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…
  15. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 15
    Appendix
  16. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 16
    Guidance (as of May 6, 2015) Q2 2015 FULL YEAR 2015 Daily Production (Boe/day) 33,000 - 34,000(1) 30,000 - 33,000(1) Miss+ Anadarko LA Miss+ Anadarko LA By Area 80% 19% 1% By Area 81% 18% 1% Oil 40-45% 45-50% 70% Oil 40-45% 45-50%…
  17. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 17
    Hedging Summary (as of May 6, 2015) (1) (1) Includes 1,500,000 Mmbtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2015. NYSE: MPO www.MidstatesPetroleum.com 19
  18. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 18
    Adjusted EBITDA Reconciliation For the Three Months Ended March 31, For the Year Ended December 31, 2015 2014 2013 2012 2011 Adjusted EBITDA reconciliation to net income (loss): Net income (loss) (193,556) 116,929 (343,985)…
  19. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 19
    Cash Operating Expenses Reconciliation 2015 2014 2013 Q1 Full Year Full Year Operating Expenses - GAAP 277,299 533,350 876,915 Adjustments for certain non-cash items: Asset retirement accretion (445) (1,706) (1,435) Share-based…
  20. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 20
    Liquidity Liquidity March 31, 2015 : 100 mm millions Revolver Cash Balance Letters of Credit Borrowing base Net Liquidity March 31, 2015 Liquidity 12,000 (435,000) (2,000) 525,000 100,000 Hedges in 2015 provide stability to…
  21. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 21
    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…
  22. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 22
    Management Team Background Information Mr. Brace has been 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 Advisors Ltd…
  23. Q1 2015 EARNINGS CALL – Midstates Petroleum – slide 23
    Midstates Petroleum Company Contact Information TULSA Investor Relations 321 South Boston, Suite 1000 Jason McGlynn Tulsa, Oklahoma 74103 (918) 947-4614 Main Phone (918) 947-8550 Jason.McGlynnmidstatespetroleum.com Al Petrie…

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