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JANUARY 2011 CORPORATE PRESENTATION – Unit Corp.

Unit Corp. · Jan 5, 2011 · 33 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. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 1
    UNIT CORPORATION Presentation January 5, 2011 3:15 p.m.
  2. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 2
    Unit Corporation Profile Founded in 1963; public in 1979 (NYSE: UNT) Current average daily trading volume: 358,529 shares Added to the S&P MidCap 400 Index in October 2008 Headquartered in Tulsa, Oklahoma Current enterprise value…
  3. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 3
    Units Strengths Three consistent growing energy segments: Unit Petroleum Company 204% average production replacement since 2000 94% success rate for wells drilled during 2009 Unit Drilling Company 142% increase in rig count since…
  4. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 4
    Unit Petroleum Company Strategy Unit provides consistent economic growth of its oil and natural gas reserves of at least 150% of each years production by: Maintain aggressive drilling program Generating most drilling prospects…
  5. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 5
    Annual Reserve Additions as a Percent of Production 143% Average Annual Reserve Replacement through drilling over last 26 years 220% Average Annual Reserve Replacement from all sources over last 26 years 350% 300% 250%…
  6. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 6
    Reserve Growth Average annual reserve growth since 2000 of 12% Bcfe Mcfe 600 12 500 10 Mcfe per share 400 8 300 6 200 4 100 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Natural Gas Oil & NGLs
  7. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 7
    Production Growth Bcfe 70 60 * 50 40 30 20 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 First Nine Months Year-End *Estimated production for fourth quarter of 2010
  8. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 8
    Core Producing Areas Tulsa Headquarters Anadarko Basin 48% Arkoma 20% Basin Permian North LA/East Texas Basin 5% Basin 4% Gulf Coast 22% Basin Houston Office Proved Reserves At 12/31/09: 577.0 Bcfe
  9. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 9
    Wells Drilled (gross) 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 projected Vertical Wells Non-Op Horizontal Wells Operated Horizontal Wells
  10. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 10
    2010 Anticipated Drilling Program 299 Million CapX 160 Gross Wells Permian/Denver WEST DIVISION +73% Gulf Coast 107 MM 30 MM +102% Anadarko +275% 40 MM 77 MM +150% +71% Texas 21 MM Arkoma Panhandle 89 MM +133% +83% 36 MM 6…
  11. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 11
    Segno Extension 3-D Area 7800 Upper 9400 West Segno Expansion (2008) 10500 Middle 11400 Lower 12000 12900 2009 Results: Average W.I. 86.25% 8 wells, 75% success Net Cost: 19.7 MM 2008 Expansion Segno South Net…
  12. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 12
    Granite Wash Play 2010 - Completed 7 operated wells Anticipated avg. per well daily rate for peak month: 3 MMcf, 300 barrels of oil & 400 barrels of NGLs Anticipated Horizontal GW Well: 4000 Lateral, 11 Frac Stages Well Cost: 5.0 MM…
  13. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 13
    Marmaton Play Since 10/1/10 - Completed 8 wells 326 Bopd average per well 141 Vertical Wells Avg. Reserves: 83 MBls Horizontal Well Estimate: 120 MBO 120 MMcf 2.5 well cost Rate of Return: +49% (using 3.50 gas & 70.00 oil)…
  14. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 14
    Shale Plays Bakken 56,400 gross acres 12,750 net acres Marcellus 197,000 gross acres 49,500 net acres Total gross acres: 386,643 Total net acres: 103,216 Haynesville/Bossier 36,243 gross acres Woodford - Arkoma 20,066…
  15. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 15
    Contract Drilling Strategy Units premium service is achieved by supplying: Top quality equipment Experienced personnel Expanding fleet to meet customer demand
  16. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 16
    Unit Rig Fleet 150 125 100 75 50 25 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Current Mechanical Electric
  17. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 17
    Significant Presence in Oil and Gas Producing Regions 7 20 Casper Office Tulsa Headquarters 62 7 Oklahoma City Office 25 121 Unit Rigs Houston Office
  18. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 18
    Unit Rig Utilization 100% 75% 50% 25% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1st 2nd 3rd Qtr Qtr Qtr '10 '10 '10
  19. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 19
    Unit Rig Fleet HP Rating & Utilization 450-700 h.p. 750-1000 h.p. 1200-1700 h.p. 2000 h.p. 2500 h.p. 0 20% 40% Utilization Percentage (as of 1/3/11) 60% 80% 100% Number of Rigs: 30 40 38 7 6 66 rigs equipped with…
  20. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 20
    Units Dayrates & Margins Per Day (1) 20,000 15,000 10,000 5,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1st Qtr 2nd 3rd '10 Qtr '10 Qtr '10 Margins Dayrates (1) Margins are before elimination of…
  21. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 21
    Superior Pipelines Core Operations Tulsa Headquarters Three natural gas treatment plants Eight natural gas processing plants 34 active gathering systems 853 miles of pipeline
  22. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 22
    Revenues (in millions) Year-End Comparison Nine Months Comparison 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 0 2005 2006 2007 2008 2009 2006 2007 2008 2009 2010 Unit Petroleum Unit Drilling…
  23. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 23
    EBITDA (in millions) (1) Year-End Comparison Nine Months Comparison 800 600 600 400 400 200 200 0 0 2005 2006 2007 2008 2009 2006 2007 2008 2009 2010 Unit Petroleum Unit Drilling Superior Pipeline Unit Petroleum…
  24. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 24
    Adjusted Earnings per Share (1) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2005 2006 2007 2008 2009 2010 First Nine Months Year-End (1)See Adjusted EPS reconciliation to EPS
  25. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 25
    Balance Sheet Summary 9/30/10 12/31/09 (In Millions) Working Capital 35.5 22.9 Total Assets 2,544.9 2,228.4 Long-Term Debt 135.0 30.0 Shareholders Equity 1,682.9 1,565.8 Credit Line Undrawn 190.0 295.0 Long-Term Debt to…
  26. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 26
    Hedges MMBtu/d Natural Gas Bbls/d Crude 84.28 100,000 4,000 80,000 3,000 4.68 60,000 2,000 82.49 40,000 5.62 1,000 20,000 0 0 2011 2012 2011 2012 Gallons/mo NGLs 800,000 0.97 600,000 400,000…
  27. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 27
    Capital Expenditures (In Thousands) 800,000 600,000 400,000 200,000 0 2005 2006 2007 2008 2009 Unit Petroleum Unit Drilling Superior Pipeline
  28. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 28
    2010 Capital Program Total business segment budget 514 million Unit Petroleum - 344 million 299 million drilling Unit Drilling - 130 million 115 million for rig maintenance & additions 15 million for drill pipe Superior…
  29. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 29
    Why Unit Three consistent growing energy segments: Unit Petroleum Company 204% average production replacement since 2000 94% success rate for wells drilled during 2009 Unit Drilling Company 142% increase in rig count since 2000…
  30. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 30
    APPENDIX
  31. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 31
    EBITDA Reconciliation to Income (Loss) Before Income Taxes First Nine Months (in Millions) 2009 2008 2007 2006 2005 2010 2009 2008 2007 2006 2005 EBITDA 371.2 753.7 615.9 660.6 452.4 309.4 283.9 596.8 449.2 490.0 286.2…
  32. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 32
    EPS Reconciliation 1st 9 mos. 1st 9 mos. 2008 2008 2009 2009 2009 2009 (in millions except per share amounts) Amount Per Share Amount Per Share Amount Per Share Net income before impairment of oil and natural gas properties 319.1…
  33. JANUARY 2011 CORPORATE PRESENTATION – Unit Corp. – slide 33

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