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UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp.

Unit Corp. · May 24, 2012 · 26 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. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 1
    UBS Global Oil & Gas Conference Thursday, May 24, 2012 12:30 p.m.
  2. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 2
    Overview of Operations Tulsa based company founded in 1963 with long history of operations in the Mid-Continent Ticker: UNT / NYSE Market Cap: 2.0 billion(1) Enterprise Value: 2.3 billion(1) Proved Reserves: 116 MMBoe…
  3. UBS GLOBAL OIL AND GAS 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. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 4
    Core Upstream Producing Areas 3% Bakken 2011 reserves of 116 MMBoe were 64% natural gas and 81% proved developed Reserve life of approximately 10 years Beginning in late 2008, implemented 8% strategy of increasing focus on…
  5. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 5
    Track Record of Reserve Growth Proved Reserves (MMBoe) 120 104 116 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 58…
  6. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 6
    Increasing Production while Improving Commodity Mix Annual Production (MBoe/d) 40 37 33 36 30 29 28 27 20 10 55% 0 2008 2009 2010 2011 2012E Net Wells Drilled: 134 43 88 82 Oil / NGLs Natural Gas Low End…
  7. UBS GLOBAL OIL AND GAS 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% rate of…
  8. UBS GLOBAL OIL AND GAS 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. UBS GLOBAL OIL AND GAS 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 Focus (4,000 lateral, 16 stage frac)…
  10. UBS GLOBAL OIL AND GAS 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. UBS GLOBAL OIL AND GAS 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. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 12
    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, and…
  13. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 13
    Significant Drilling Presence in Attractive Producing Regions 15 127 rig fleet Fleet average 1,200 HP rating; 16,724 ft depth capacity 64% utilization rate for Q1 2012 87% of 46 1,200-1,700 HP rigs under 18 Casper contract…
  14. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 14
    Average Number of Rigs Utilized 100 75 50 25 0 2008 2009 2010 2011 Q1 2012
  15. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 15
    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 40 of 46 Percentage horizontal drilling working (61% as of…
  16. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 16
    Average Dayrates and Margins(1) 20,000 15,000 Margins / DayRates () 10,000 5,000 0 2008 2009 2010 2011 Q1 2012 Margins Day Rates Eight Consecutive Quarters of Improving Day Rates and Margins (1) Margins are…
  17. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 17
    Overview of Drilling Fleet Contracted Rig Commodity Mix Geographical Location Dry Gas Arkoma 4% 4% Rockies/ Bakken 24% Anadarko Liquids Basin E. TX, LA 58% Rich GC, S. TX 96% 14% Rig Type HP Rating 2,000 5% 2,500…
  18. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 18
    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 160 28,500 50 Minco 134 6,000 12 Panola (1) 50 32,000 - Segno…
  19. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 19
    Historical Performance Historical Daily Gathering Volumes (MMBtu / d) NGLs Volumes (Bbl / d) 250,000 12,000 200,000 10,000 150,000 8,000 100,000 6,000 50,000 4,000 0 2,000 2008 2009 2010 2011 Q1 12 2008 2009 2010 2011…
  20. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 20
    Balance Sheet Summary 3/31/12 12/31/11 (In Millions) Working Capital 37.9 15.7 Total Assets 3,328.1 3,256.7 Long-Term Debt Senior Subordinated Notes 250.0 250.0 Bank Facility 65.8 50.0 Total Long-Term Debt 315.8 300.0…
  21. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 21
    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 65.8 million…
  22. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 22
    Segment Contribution Revenues ( millions) EBITDA ( millions)(1) 1,358 1,400 800 754 1,208 1,200 604 600 1,000 862 442 800 710 400 371 600 400 332 166 200 200 0 0 2008 2009 2010 2011 Q1 2012 2008 2009 2010 2011 Q1…
  23. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 23
    Adjusted Earnings per Share(1) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2008 2009 2010 2011 Q1 2011 Q1 2012 (1) See Adjusted EPS reconciliation to EPS.
  24. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 24
    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 & costless collars Natural…
  25. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 25
    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
  26. UBS GLOBAL OIL AND GAS CONFERENCE – Unit Corp. – slide 26

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