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RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp.

Unit Corp. · Mar 6, 2012 · 27 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. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 1
    Raymond James 33rd Annual Institutional Investors Conference Tuesday, March 6, 2012 4:00 p.m.
  2. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 2
    Overview of Operations Tulsa based company founded in Bakken 1963 with long history of operations in the Mid-Continent Ticker: UNT / NYSE Casper Casper Casper Office Office Office Market Cap: 2.3 billion(1) Enterprise…
  3. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 3
    Summary of Business Strengths Integrated Integrated approach to business allows Unit to balance its capital Approach Enhances deployment through the various stages of the energy cycle Stability and Vertical integration offers key…
  4. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 4
    Core Upstream Producing Areas 3% 2011 reserves of 116 MMBoe were 64% natural gas and 81% proved developed Reserve life of approximately 10 years Beginning in late 2008, implemented strategy of increasing focus on liquids-rich 8%…
  5. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 5
    Track Record of Reserve Growth Proved Reserves (MMBoe) 120 116 104 Stable and consistent economic growth of oil 100 2002 2011 CAGR: 14% 95 96 and natural gas reserves of at least 150% of 86 79 each years production 80 69 60…
  6. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 6
    Increasing Production while Improving Commodity Mix Annual Production (MBoe/d) 40 37 33 36 30 29 28 27 8% 25 20 10 55% 0 2007 2008 2009 2010 2011 2012E Net Wells Drilled: 97 134 43 88 82 Oil / NGLs Natural…
  7. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 7
    Increasing Liquids Focus Annual Production Mix 2009 2010 2011 2012E In the current commodity price environment, Unit continues to Liquids Liquids allocate capital towards higher 27% 31% Liquids Liquids Gas Gas 39% 41% Gas Gas…
  8. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 8
    Granite Wash Play 2011 Results First sales on 16 operated Granite Wash horizontal wells Average 30-day IP = 6.8 MMcfe/day Average reserves: 4.6 Bcfe (50% oil & liquids) Current CWC: 5.5 MM (4,000 lateral, 11 stage frac)…
  9. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 9
    Marmaton Oil Play 2011 Results First sales on 34 operated Marmaton horizontal wells Average 30-day IP = 308 Boe/day Average reserves: 130 MBoe (92% oil & liquids) Current CWC: 2.7 MM (4,000 lateral, 16 stage frac)…
  10. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 10
    Wilcox Liquids Play 2003 - 2011 Completed 109 wells at 72% success rate 2011 Results Completed 17 wells at 59% success rate Average 30-day IP rate = 248 Boe/day Average reserves: 230 MBoe (50% oil & liquids) Average…
  11. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 11
    Bakken Shale 2011 Results First sales 17 wells Average 30-day IP rate = 1,098 Boe/day Average reserves: 662 MBoe 86% oil 2012 Projected 2 third party rigs drilling = 20 non-op horizontal wells Average CWC: 11.0 MM…
  12. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 12
    Acquired Properties Purchase Price: 30.5 Million Reserves: 31.2 Bcfe (99% natural gas) 83% proved developed Production: 7.8 MMcfe/day 55,000 Net Acres, 96% HBP Upside in Woodford Shale and Hartshorne Coal Unit…
  13. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 13
    2012 Upstream Capital Program 385 million drilling capital budget allocated principally to the liquids-rich Granite Wash, Marmaton, and Wilcox plays Approximately 212 million allocated to Granite Wash, Oklahoma Marmaton oil play,…
  14. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 14
    Significant Drilling Presence in Attractive Producing Regions 15 127 rig fleet Fleet average 1,200 HP rating; 16,724 ft depth capacity 65% utilization rate for Q4 2011 96% of 46 1,200-1,700 HP rigs under 18 Casper contract…
  15. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 15
    Average Number of Rigs Utilized 100 75 50 25 0 2007 2008 2009 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011
  16. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 16
    Diverse and Versatile Rig Fleet 400-700 h.p. 750-1,000 h.p. 1,200-1,700 h.p. 2,000 h.p. 2,500 h.p. 0 20% Growing demand from increased 40% Utilization shallow 44 of 46 Percentage horizontal drilling working (65% as of…
  17. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 17
    Conditions Support Improving Dayrates and Margins(1) 20,000 Margins / DayRates () 15,000 10,000 5,000 0 2007 2008 2009 2010 2011 Margins Day Rates Seven Consecutive Quarters of Improving Day Rates and Margins…
  18. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 18
    Overview of Drilling Fleet Contracted Rig Commodity Mix Geographical Location Dry Gas Arkoma 7% 4% Rockies/ Bakken 24% Anadarko Liquids Basin E. TX, LA 58% Rich GC, S. TX 93% 14% Rig Type HP Rating 2,000 5% 2,500…
  19. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 19
    Superior Pipelines Core Operations Average Processing Pipeline Volume Capacity (miles) (MMBtu/d) (MMcf/d) Hemphill/Mendota 165 115,000 115 Perkins 57 5,200 10 Cashion 156 24,000 25 Minco 134 6,000 12 Panola (1) 50 32,000 - Segno…
  20. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 20
    Historical Performance Historical Daily Gathering Volumes (MMBtu / d) NGLs / Condensate Volumes (Bbl / d) 250,000 10,000 200,000 8,000 150,000 6,000 100,000 4,000 50,000 2,000 0 0 2007 2008 2009 2010 2011 2007 2008…
  21. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 21
    Balance Sheet Summary 12/31/11 12/31/10 (In Millions) Working Capital 15.7 41.1 Total Assets 3,256.7 2,669.2 Long-Term Debt Senior Subordinated Notes 250.0 --- Bank Facility 50.0 163.0 Total Long-Term Debt 300.0 163.0…
  22. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 22
    Debt Structure (1) Senior Subordinated Notes 250 million, 6.625% First-time issuer Issued in May 2011 10-year, NC5 Unsecured Bank Facility Borrowing Base 600 million Elected Commitment 250 million Outstanding 50 million…
  23. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 23
    Segment Contribution Revenues ( millions) EBITDA ( millions)(1) 1,358 1,400 800 754 1,208 1,200 604 600 1,000 882 800 442 710 400 371 600 400 200 200 0 0 2008 2009 2010 2011 2008 2009 2010 2011 Unit Petroleum…
  24. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – 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 2007 2008 2009 2010 2011 (1) See Adjusted EPS reconciliation to EPS.
  25. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 25
    Hedges Target 5070% of current year projected oil and natural gas production Crude oil 77% in 2012 Natural gas 40% in 2012 Primarily utilize swaps and collars Current hedge portfolio consists of swaps Natural Gas Liquids Hedged…
  26. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 26
    Capital Expenditures (In Thousands) 1,000,000 800,000 600,000 400,000 200,000 0 2007 2008 2009 2010 2011 2012 Budget Unit Petroleum Unit Drilling Superior Pipeline
  27. RAYMOND JAMES 33RD ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Unit Corp. – slide 27

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