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DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp.

Unit Corp. · Dec 4, 2013 · 153 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. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 1
    A Diversified Energy Company Welcome to Unit Corporations Investor Day December 4, 2013
  2. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 2
    Agenda 2013 Investor Day Company Overview Larry Pinkston Chief Executive Officer & President Midstream Review Bob Parks President, Superior Pipeline Company Contract Drilling Review John Cromling Executive Vice President,…
  3. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 3
    Larry Pinkston Chief Executive Officer and President 4
  4. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 4
    Overview of Operations Tulsa based diversified energy company incorporated in 1963 Integrated approach to business allows Unit to balance its capital deployment through the various stages of the energy cycle 16 17 Casper…
  5. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 5
    Corporate Priorities Drive shareholder value creation Build NAV and cash flows through repeatable and sustainable growth trajectory for our Oil and Natural Gas segment A Repositioning Contract Drilling segment to Diversified…
  6. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 6
    2013 Accomplishments Oil and Natural Gas Segment Year to date production +22% and segment cash flow +14% Production guidance raised from initial 13-16% production growth to 15-18% Increased production growth despite lowering 2013…
  7. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 7
    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%…
  8. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 8
    2014 Operating Segment Capital Budget Estimate Key focus areas include: Expand drilling in Wilcox, Granite Wash and Mississippian plays Begin development of new Anadarko Basin oil play BOSS Rig development and deployment Improve and…
  9. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 9
    The Integrated Business Model Granite Wash Margin Example (Mcfe) (Mcfe) Petroleum Segment Net Cash Margin 3.69 Drilling Segment Uplift1 0.30 24% Midstream Segment Uplift2 0.60 Increase Unit Corporate Net Margin 4.59 Revenue…
  10. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 10
    Midstream Segment Unit Oil and Natural Gas segment production growth is a natural contributor Volume Capture Plans New customers 2014 Theme Increase New areas Cash Flow & ROR New Construction opportunities Scalable Repeatable:…
  11. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 11
    Contract Drilling Segment Go to market strategy Prototype rig drills for our Oil and Natural Gas Segment Build it, Run it, Prove it, Perfect it, Market it The BOSS Focus on marketing to new customers Fleet Realignment Sold 5…
  12. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 12
    Oil and Natural Gas Segment Spent the last couple years developing a focus on core areas Largest inventory of potential drilling locations in Long-Term Growth company history. Visibility Potential locations = solid growth…
  13. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 13
    A Diversified Energy Company Superior Pipeline Company 14
  14. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 14
    Bob Parks President, Superior Pipeline Company 15
  15. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 15
    Agenda Superior Pipeline Company Superior Defined Track Record Current Position Competitive Strengths Positioned for Growth Cashion Processing Plant Cashion, Oklahoma 16
  16. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 16
    Superior Defined A wholly-owned subsidiary of
  17. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 17
    Superior Pipeline Company Midstream company engaged in buying, selling, gathering, processing, compressing and treating natural gas Proven track record of developing green field projects Entrepreneurial culture Exceptional…
  18. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 18
    Superior Services Natural Gas Gathering and Compression Natural Gas Processing Natural Gas Treating Design Construction Operation Pittsburgh Mills Compressor Station, Pennsylvania 19
  19. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 19
    Superiors Track Record Hemphill Gas Processing Facility, Hemphill County, Texas 20
  20. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 20
    Superior Track Record Established in 1996 Acquired by Unit Corporation in July 2004 Wholly-owned subsidiary of Unit Corporation Corporate Headquarters in Tulsa, OK Currently Operating in Oklahoma, Texas, Kansas, Pennsylvania and…
  21. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 21
    Superior Track Record 37% compound growth rate in assets since year-end 2004 Installed processing capacity of 345 MMcf per day at eight different locations Increased from 12 to over 140 employees since 2004 Cumulative Invested…
  22. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 22
    Superior Track Record Contract Mix Based on Volume 2010 Current 2013 Commodity Commodity Fee Based 27% Fee Based Based Based 49% 51% 73% Contract Mix Based on Margin Fee 2010 Based Current 2013 15% Commodity…
  23. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 23
    Superior Track Record Corporate Synergies Unit Petroleum Provides Project Development Opportunities Base Load New Systems 3rd Party Opportunities Example Kansas Mississippian Unit vs. 3rd Party Margin Contribution 2010 2013…
  24. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 24
    Superiors Current Position 25
  25. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 25
    Attractive Customer Base Representative Customer Base Miles of Pipe Throughput Volume 1,500 400,000 Mcf per day 300,000 1,000 Miles 200,000 500 100,000 0 0 26
  26. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 26
    Midstream Core Operations 1,250,000 Dedicated Acres Texas Panhandle Northern Oklahoma / Kansas 32,000 dedicated acres 1,100,000+ dedicated acres 135 MMcf/d processing capacity 198 MMcf/d processing capacity* 308 miles of gathering…
  27. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 27
    Granite Wash Overview Granite Wash Assets High Growth Area with Strong Anticipated Drilling Activity Driven by Liquid Rich Production Existing Available Capacity Expansion Opportunities with Limited Capital…
  28. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 28
    NOMWOHU Overview Oklahoma and Kansas Stacked Play Assets First Mover in Area Serving Active Mississippian Independent Producers Including Range, Devon and Sandridge 6 Processing Current Woodford Activity Facilities and 120…
  29. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 29
    Marcellus Overview Marcellus Play Assets Brookfield Pipeline As an Early Entrant into Basin, Constructed Three Gathering Systems PENNSYLVANIA Pittsburgh Mills Planned Extension Pipeline Projects Well Developed Regulatory…
  30. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 30
    Superiors Competitive Strengths Hemphill Processing Facility, Hemphill County, Texas 31
  31. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 31
    Competitive Strengths Scalable Project Strong Footprint in Core LongTerm Development Areas Commitment Approach Pittsburgh Mills Compressor Station, Pennsylvania 32
  32. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 32
    Competitive Strengths Scalable Project Development Approach Granite Wash Example Processing Capacity Volume Mcf/d 160,000 140,000 120,000 Mcf per day 100,000 80,000 60,000 40,000 20,000 0 2005 2006 2007 2008…
  33. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 33
    Positioned for Growth
  34. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 34
    Positioned for Growth Growth Through Existing Assets Growth Opportunities in New Basins Strong Core Asset Base in High Growth Actively Exploring Opportunities in: Areas Permian Existing Plant Capacity Provides Near Eaglebine Term…
  35. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 35
    Midstream Summary Projected to End 2013 with a Record Segment Operating Cash Flow of 49 million NOMWOHU 42% Granite Wash 26% Marcellus 17% Assets Strategically Located in High Growth Plays Well diversified Asset and Contract Mix…
  36. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 36
    A Diversified Energy Company Unit Drilling Company 37
  37. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 37
    John Cromling Executive Vice President, Drilling 38
  38. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 38
    Respected History Transition to Market Build a Rig for the Future 39
  39. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 39
    Complete Drilling Contractor Drilling Experienced Operational Crews Support Success Rigs A drilling contractor is more than just rigs 40
  40. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 40
    Complete Drilling Contractor Operational Support Operations Management Engineering Rig Manufacturing Rig Fabrication Full Maintenance Support Facility Mechanical / Electrical / Structural Technicians Shops Spare Equipment HSE…
  41. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 41
    Diverse Customer Base Mid to large independents most common Rigs fit operators desires Goal to increase market share with large independents and majors Representative Customer Base 42
  42. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 42
    Rig Fleet Snap Shot 400700 HP 7501,000 HP 1,2001,700HP 2,000 HP 2,000 HP 31% 41% 32% 33% 80% 69% 20% 59% 67% 68% Sale Pending: 4 29 41 44 3 5 70% of Total Fleet % Utilized % Unutilized 43
  43. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 43
    Geographically Diverse Current Operating Rigs Rocky Mountains Oklahoma/Texas/Gulf Coast Mississippi 9 Rigs Bakken 10 Rigs Marmaton 2 Rigs Anadarko Basin 5 Rigs Pinedale Anticline 6 Rigs Texas/Oklahoma Granite Wash 21…
  44. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 44
    Operating Rigs Breakdown 32% 68% Mechanical Rigs Electric Rigs 45
  45. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 45
    Mechanical Rigs 60 mechanical rigs in fleet 21 presently operating Upgraded to meet operators needs Ideally suited for the market 46
  46. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 46
    Unit Rig 337 SandRidge Energy rig of the year 2012 47
  47. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 47
    A rig is not one machine, but a combination of components Hoisting Fluid and handling rotating Mud Walking or Pumps skidding system Pipe handling Power system BOP handling 48
  48. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 48
    Rig Upgrades Return Value Individual components can be replaced to: Meet the needs of an operator Increase the value of the rig Potential growth opportunities 48 Refurbishments Since 2009 = 90 MM (cost recaptured within contract…
  49. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 49
    Improved Drilling Efficiencies Example - Pinedale Wells Spud to Total Depth 70 60 50 40 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Days, Spud to TD 61 64 45 42 34 27 22 16 14 12.8 11.8…
  50. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 50
    BOSS Rig Design Combine the best technological innovations into one rig Involve personnel from multiple levels and backgrounds Use personnel experience to decide what works and what does not Create a unique rig that meets the demands…
  51. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 51
    Introducing the BOSS Rig Mud Pumps Fluid handling Power Hoisting and rotating Pipe handling Walking system BOP handling 52
  52. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 52
    Faster Between Locations Quick assembly substructure 32 truck loads not including drill string or camp Smaller lighter loads require less permits to move 53
  53. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 53
    Optimized for Pad Drilling Bi-directional walking system allows drilling multiple wells per pad BOP handling system for faster and safer nipple up and down Racking capacity for 22,000 of 5 to be left in mast while walking rig…
  54. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 54
    Advanced Technology Variable frequency drives (VFD) increase accuracy and precision Automated driller improves control of drilling parameters Ideal for drilling todays more complex wells 55
  55. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 55
    More Hydraulic Horsepower 2 2,200 horsepower mud pumps 1,500 gallon per minute flow rate available with one pump Unique quintuplex design improves efficiencies for downhole directional tools 56
  56. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 56
    Smaller Environmental Footprint Dual fuel capable engines reduce air pollution and diesel costs Integrated drip pans mitigate environmental impact Compact location footprint minimizes surface damage and construction cost…
  57. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 57
    BOSS Rig Animation 58
  58. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 58
    Projected Rig Move Savings Bakken Four Well Pad Example Projected Savings to Operator Estimated Projected Bakken 4 Well Pad Cycle Cost Category Amounts Operation Days Cranes 40,000 Rig up 3 Truck 24,000 Drill 18…
  59. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 59
    Respected History Transition to Market Build a Rig for the Future 60
  60. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 60
    A Diversified Energy Company Oil & Natural Gas
  61. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 61
    Brad Guidry Executive Vice President, Exploration and Production 62
  62. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 62
    KEY POINTS History versus Future Focused Confidence in our Core Plays Significant well inventory and future resource potential Experience to perform 63
  63. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 63
    Core Areas Mississippian Marmaton Granite Emerging Play Mid Continent Region Initial Well* Wash Granite Wash 45% Liquids 2008 (H) Marmaton 91% Liquids 2010 (H) Mississippian 72% Liquids 2012 (H) Wilcox Emerging Play 25-87%…
  64. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 64
    2014 Outlook 2014 Activity Upside Resource Potential Average 12 Rigs 1,600-2,100 Gross wells 125 net wells 73% Avg. WI 600 - 725 MM CapEx 564-726 Gross MMBoe 47% Liquids 2014 Forecasted Annual Annual Production Production…
  65. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 65
    2014 Estimated Capital Expenditures Drilling CapEx Breakdown 93% in Core Plays Other 7% Marmaton 12% Granite Wash 31% Emerging Play 10% Wilcox Mississippian 20% 20% 66
  66. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 66
    Frank Young Senior Vice President, Operations 67
  67. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 67
    A Diversified Energy Company Granite Wash Texas Panhandle
  68. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 68
    Granite Wash Impact 2014 Activity Upside Resource Potential 2-5 Rigs 800-1,000 wells 29 net wells 70% Avg. WI 174 MM well CapEx 2.1 2.7 Tcfe 45% Liquids Granite Wash Production 140,000 120,000 100,000 80,000 Mcfe/d…
  69. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 69
    Texas Panhandle Position Area Highlights 47,500 Net Acres 80% HBP 1,250 Wells 75% Operated 70% Working Interest Buffalo Wallow Average Net Daily Prod 109 MMcfe/d 46% Liquids Potential Locations 800-1,000 70
  70. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 70
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  71. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 71
    GW F1 Comparison 54 Buffalo Wallow Locations Buffalo Wallow Field Frye Ranch Field Unit Petroleum Linn Operating Carr 2 Huff 32 7 IPd 17 MMCFGPD & 400 BCPD Grs 112 Grs 112 GW F-1 Net 80 Net 76 Resistivity = 3040 Ohms…
  72. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 72
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  73. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 73
    GW E Comparison 61 Buffalo Wallow Locations Buffalo Wallow Field NW Buffalo Wallow Field Unit Petroleum TRI EX Noah 0814P Abraham 1-46 Horizontal GW E Offset EUR 4-5 BCFE Gas Shows Grs 81 GW E Net 67 Grs 85 Net 75…
  74. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 74
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  75. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 75
    GW C1 Comparison 68 Buffalo Wallow Locations Buffalo Wallow Field Mendota Field Unit Petroleum Unit Petroleum Carr 2 Mahler C1 IPd 3.5 MMCFGPD & 1009 BCPD Grs 99 Net 54 Grs 174 GW C-1 Net 61 Resistivity = 3040 Ohms…
  76. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 76
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  77. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 77
    GW B Comparison 71 Buffalo Wallow Locations Buffalo Wallow Field Buffalo Wallow Field Unit Petroleum Unit Petroleum Carr 2 Carr 13-13P Horizontal GW B Offset EUR 6-7 Bcfe Grs 158 GW B Grs 143 Net 125 Net 118…
  78. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 78
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  79. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 79
    GW A2 Comparison 72 Buffalo Wallow Locations Buffalo Wallow Field Buffalo Wallow Field Unit Petroleum Unit Petroleum Carr 2 Meek 1 Horizontal GW A2 Offset IPd 20 MMCFGPD & 610 BOPD Grs 242 GW A2 Grs 191 Net 210 Net…
  80. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 80
    Buffalo Wallow Type Log GR of Locations/Zone RES Granite Wash A 12 Granite Wash A-1 33 Granite Wash A-2 72 Granite Wash B 71 Granite Wash C 51 Granite Wash C-1 68 Gross Thickness = 2,300 Feet Granite Wash D 70 Granite Wash E…
  81. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 81
    GW A1 Comparison 33 Buffalo Wallow Locations Buffalo Wallow Field Buffalo Wallow Field Unit Petroleum Unit Petroleum Carr 2 Hefley 13 4 Horizontal GW A1 Offset EUR 5-6 Bcfe Grs 180 GW A1 Net 52 Grs 188 Net 53…
  82. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 82
    Granite Wash Historical Type Curve Historical Monthly Production 1,000,000 _____Type Curve Average Production* _____ Buffalo Wallow Wells Single Well Parameters 100,000 EUR: 3.8 BCFE MCFE Well Cost: 5.5 MM ROR: 41% 10,000…
  83. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 83
    Granite Wash Drilling Optimization 30% Decrease in Drilling Cost per Foot and Days to Rig Release Drilling Cost Per Foot Linear (Days) 1,200 60 1,000 50 Drilling Cost Per Foot (/ft) 800 40 Days 600 30 400 20…
  84. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 84
    Contiguous Acreage Advantages Pad Drilling and Completion Efficiencies 6-8 Wells per Pad 280,000 Cost Savings per Well Location Rig Mobilization Sequential Fracture Treatments Potential for Extended Laterals SWD Infrastructure…
  85. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 85
    Granite Wash Cash Margin (Mcfe) Net Cash Margin 3.69 Revenue per Mcfe 6.76 Dry Gas 2.37 Costs (Mcfe) NGLs (C2+) 2.40 Condensate 1.99 F&D1 1.46 6.76 LOE / Processing 0.82 Prod. Taxes 0.31 G&A 0.48 Total Costs 3.07 1.…
  86. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 86
    Granite Wash Impact 2014 Activity Upside Resource Potential 2-5 Rigs 800-1,000 wells 29 net wells 70% Avg. WI 174 MM well CapEx 2.1 2.7 Tcfe 45% Liquids Granite Wash Key Takeaway Points Cash margin and ROR are excellent in todays…
  87. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 87
    A Diversified Energy Company Marmaton
  88. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 88
    Marmaton Impact 2014 Activity Upside Resource Potential 2 Rigs 125-200 wells 25 net wells 70% Avg. WI 67 MM well CapEx 13-21 MMboe 91% Liquids Marmaton Production 6,000 4,000 Boe/d 2,000 0 2010 2011 2012 2013 est.…
  89. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 89
    OK Panhandle Marmaton Position Area Highlights Net Acres: 120,000 55% HBP 140 HZ Wells 95% Operated 85% Working Interest Average Net Daily Prod 5,250 boe/d 91% Liquids Potential Locations 125-200 90
  90. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 90
    Marmaton Normalized Curve Historical Monthly Production 100,000 _____Type Curve Average Production* 10,000 Single Well Parameters EUR: 110 MBOE BOE 1,000 Well Costs: 2.8 MM (includes SWD allocation) ROR: 65% 100 Payout:…
  91. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 91
    Lower Marmaton Upside Patzkowsky D 1-30H McKinney 1-29H 96 MBOE EUR 175 MBOE EUR McKinney 1-29H Patzkowswky D 1-30H 92
  92. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 92
    Kansas City Lime Upside Wheeler Area Jameson Area Albert Area Excellent oil shows of florescence and Production Test Kansas City Lime: White Light Ultraviolet Light streaming cuts in samples 40 BPD Oil; 35 MCFD; 164 BBL Water…
  93. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 93
    Marmaton Drilling Optimization 30% Decrease in Drilling Cost per Foot and Days to Rig Release Drilling Cost Per Foot (/ft) Linear (Days) 450 25 400 350 20 Drilling Cost Per Foot (/ft) 300 15 250 Days 200 10 150…
  94. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 94
    Extended Lateral Advantages Decreases costs by 25% 4,500 Lateral - 2.8 MM 10,000 Lateral - 4.2 MM Combination of lower costs and more oil recovery likely makes infill wells with long laterals economic to drill Decreases surface…
  95. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 95
    Marmaton Cash Margin (Boe) Net Cash Margin 48.71 Revenue per Boe 93.83 Dry Gas 2.35 Costs (Boe) NGLs (C2+) 6.62 Oil 84.86 F&D1 26.88 93.83 LOE / Processing 13.44 Prod. Taxes 1.70 G&A 3.10 Total Costs 45.12 1. Drilling…
  96. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 96
    Marmaton Impact 2014 Activity Upside Resource Potential 2 Rigs 125-200 wells 25 net wells 70% Avg. WI 67 MM well CapEx 13-21 MMboe 91% Liquids Marmaton Key Takeaway Points Cash margin and ROR are excellent in todays commodity…
  97. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 97
    A Diversified Energy Company Mississippian
  98. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 98
    Mississippian Impact 2014 Activity Upside Resource Potential 2 Rigs 400-600 wells 38 net wells 80% Avg. WI 111 MM well CapEx 48-72 MMboe 72% Liquids Mississippian Production 2,500 2,000 Boe/d 1,500 1,000 500 0 2012…
  99. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 99
    Kansas Mississippi Lime Position Central Kansas Uplift Unit Core Leasehold Area Highlights Net Acres 140,000 300-350/acre 3-4 year term 9 Horizontal Wells 100% Operated 100% Working Interest Average Net Daily Prod 980…
  100. DECEMBER 2013 INVESTOR PRESENTATION – Unit Corp. – slide 100
    Geologic Location Matters Central Kansas Units core leasehold is in a Uplift large defined trap Thickness is 40-70 with porosity of 15-25% Hydrocarbon shows present from top to base of Miss Acreage focused in counties with…

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