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ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp.

Unit Corp. · Jun 11, 2013 · 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. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 1
    EnerComs London Oil & Gas Conference June 11, 2013
  2. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 2
    Overview of Operations 16 Bakken 18 Tulsa based diversified energy Casper Office company incorporated in 1963 Marcellus Integrated approach to Tulsa Headquarters business allows Unit to balance 77 Arkoma Basin its capital…
  3. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 3
    Key Growth Points Exploration & Production 212% average production replacement since 2003 130% increase in liquids production since Q1 2009, when Unit began focusing almost entirely on increasing liquids production Proved reserves:…
  4. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 4
    Capital Allocation Criteria Oil and Natural Gas Segment Minimum 15% risk-adjusted ROR for new well proposals Contract Drilling Segment New build rigs minimum contract term of 2 to 3 years at a day rate sufficient to provide a 100%…
  5. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 5
    Core Upstream Producing Areas Beginning in late 2008, implemented strategy of increasing focus on liquids-rich and oil prospects Forecast 43% liquids production for 2013 Mississippian Key focus areas include: Marmaton Granite Wash…
  6. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 6
    Track Record of Reserve Growth Proved Reserves (MMBoe) 160 150 Stable and consistent economic growth of oil 2003 2012 CAGR: 15% and natural gas reserves of at least 150% of 140 120 116 each years production 104 100 95 96 86 79 222%…
  7. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 7
    Increasing Production while Improving Commodity Mix Annual Production (MBoe/d) 50 45 44 40 39 33 29 28 30 27 20 10 28% 55% 0 2008 2009 2010 2011 2012 2013E Net Wells Drilled: 134 43 88 82 80 7 Oil / NGLs…
  8. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 8
    Granite Wash Play Noble acquisition strategic fit with existing UPC leasehold Total 47,000 net acres in the Texas Panhandle Core Area (81% HBP) Approximately 800 potential drilling locations HIGHLIGHTS Current AFE CWC: 5.3…
  9. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 9
    Marmaton Oil Play Total 113,000 net acres in focus area (47% HBP) HIGHLIGHTS Completed 95 operated horizontal wells since 2010 150 potential locations on 640 acre spacing Estimated reserve range: 120 - 130 MBoe per well Current…
  10. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 10
    Wilcox Liquids Play WILCOX HIGHLIGHTS Gilly Field Completed 122 wells since 2003 with 73% success rate Discovery 72,000 net acres Gilly Field Discovery announced July 2012 Total reserve potential = 168 Bcfe net (262 Bcfe…
  11. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 11
    Mississippian Play Total 110,000 net acres in focus area (5% HBP) Central Kansas Uplift HIGHLIGHTS Approximately 300 potential locations (320 acre spacing) Average well depth +/- 8,000 (includes 4,000 lateral) Mississippian pay…
  12. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 12
    Significant Drilling Presence in Attractive Producing Regions 127 rig fleet 16 Fleet average 1,200 HP rating; 16,724 ft depth capacity 97% of contracted rigs drilling horizontal wells 52% utilization rate for Q1 2013 18 Casper…
  13. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 13
    Average Dayrates and Margins (1) 20,000 90 Average Number of Rigs Utilized 15,000 Margins / DayRates () 60 10,000 30 5,000 0 0 2009 2010 2011 2012 Q1 2013 Margins Day Rates Rigs Utilized 13 (1) Margins are…
  14. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 14
    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% 31 of 45 40% Utilization working Percentage (51% as of 6/4/13) 60% 80% 100% Number of Rigs: 31 38 45 7…
  15. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 15
    Introducing the New BOSS Drilling Rig Optimized for Pad Drilling Multi-direction walking system Faster Between Locations Quick assembly substructure 32 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500…
  16. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 16
    Mid-Stream Core Operations Granite Wash Mississippi Lime 29,000 dedicated acres 875,000+ dedicated acres 1 processing facility 7 processing facilities Pittsburgh Mills 135 MMcf/d processing capacity 168 MMcf/d processing capacity*…
  17. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 17
    Historical Performance Historical Daily Gathering Volumes (MMBtu / d) NGLs Volumes (Bbl / d) 400,000 15,000 300,000 10,000 200,000 5,000 100,000 0 0 2009 2010 2011 2012 Q1 2012 Q1 2013 2009 2010 2011 2012 Q1 2012 Q1…
  18. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 18
    Midstream Segment 2013 Outlook Mississippian Reno County, KS: 28 MMcf/d Cryogenic Plant (Q3 2013) Mississippian Bellmon: 60 MMcf/d Cryogenic Plant (Q4 2013) Marcellus pipeline expansions 164 expected well connects in 2013…
  19. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 19
    Balance Sheet Summary 3/31/13 12/31/12 (In Millions) Total Assets 3,814.8 3,761.1 Long-Term Debt Senior Subordinated Notes 645.4 645.3 Bank Facility 70.0 71.1 Total Long-Term Debt 715.4 716.4 Shareholders Equity 2,010.0…
  20. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 20
    Debt Structure (1) Senior Subordinated Notes 650 million, 6.625% 10-year, NC5; maturity 2021 Ratings S&P Moodys Fitch Corporate BB Ba3 BB Senior Subordinated Notes BB- B1 BB- Unsecured Bank Facility Borrowing Base 800…
  21. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 21
    Hedges Target 5070% of current year projected oil and natural gas production Natural Gas Crude Oil MMBtu/d Bbls/d 3.67 100,000 10, 000 97.94 80, 000 8,000 60, 000 6,000 4.24 91.16 40, 000 4,000 20, 000…
  22. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 22
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,400 800 1,315 1,208 657 1,200 602 600 1,000 871 441 800 707 373 400 600 400 319 200 148 200 0 0 2009 2010 2011 2012 Q1 2013 2009 2010 2011…
  23. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 23
    Adjusted Earnings per Share (1) 7.00 6.00 5.00 4.00 4.16 4.05 3.00 3.08 2.55 2.00 1.00 1.12 0.92 0.00 2009 (1) 2010 2011 2012 (1) Q1 2012 Q1 2013 23 (1) See appendix for adjusted EPS reconciliation.
  24. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 24
    Capital Expenditures (In Millions) 1,500 1,000 500 0 2008 2009 2010 2011 2012 2013 Budget Oil and Natural Gas Contract Drilling Midstream Acquisitions 24
  25. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 25
    Non-GAAP Financial Measures Adjusted EBITDA Three months ended March 31, Years ended December 31, ( in Millions) 2012 2013 2009 2010 2011 2012 Net Income 52 40 (56) 146 196 23 Income Taxes 33 25 (32) 91 123 16 Depreciation,…
  26. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 26
    Reconciliation of Adjusted Net Income and Diluted Earnings Per Share Three months ended March 31, Years ended December 31, ( in Millions) 2012 2013 2009 2010 2011 2012 Adjusted Net Income: Net income 52.4 40.2 (55.5) 146.4 195.9 23.2…
  27. ENERCOMS LONDON OIL & GAS CONFERENCE – Unit Corp. – slide 27

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