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Company Update – Midstates Petroleum

Midstates Petroleum · Sep 13, 2014 · 32 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. Company Update – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Company Update September 2014
  2. Company Update – Midstates Petroleum – slide 2
    Refocused Energy Deliver Financial Exercise Capital Stability Discipline Balance 2014 Operating Capex Focus on Miss Lime with Adjusted EBITDA & Anadarko 500-550MM Assure Liquidity Through 2015 Control Costs & to Fund Current…
  3. Company Update – Midstates Petroleum – slide 3
    Midstates Petroleum Overview Q2 2014 Avg Daily Production 31,912 Boe/d Oil (% Total) 14,290 Boe/d (45%) Mississippian Lime Area(1) NGL (% Total) 6,609 Boe/d (21%) 90,400 net acres(2) 350 MMBoe net resource Proved Reserves Proforma…
  4. Company Update – Midstates Petroleum – slide 4
    Growing Production and EBITDA Net Production Adjusted EBITDA(1) 40,000 32,000 - 35,000 500 35,000 500-550 31,912 Gulf Coast 30,000 Gulf Coast 400 23,926 Anadarko 25,000 Anadarko 300 330 BOE/D MM 20,000 Gulf Coast…
  5. Company Update – Midstates Petroleum – slide 5
    Mississippian Lime: Premier Position Focus on Miss Lime & Anadarko Net Production (Boe/d) (1) 25,000 21,525 21,000 23,000 Woods 20,698 20,000 Alfalfa 17,579 16,381 14,364 15,000 Gas 10,426 NGL 9,468 10,000 7,207 Oil 5,000…
  6. Company Update – Midstates Petroleum – slide 6
    Mississippian Lime: Quantifying the Upside High-Grade & Expand Inventory Utilizing 3D Seismic Future Potential High-grade locations Additional downspacing & multi lateral potential Optimize well placement and completion Stacked…
  7. Company Update – Midstates Petroleum – slide 7
    Mississippian Lime Future Development High-Grade & Expand Inventory Since Acquisition Initially developed with four laterals per section 1320 well spacing 3-D allows mapping of porosity units See multiple layers of porosity…
  8. Company Update – Midstates Petroleum – slide 8
    Mississippian Lime EUR by Completion High-Grade & Expand Inventory D&C 2.2 - 2.6mm D&C 3.4 - 3.8mm D&C 3.4 - 4.1mm 600 559 29 500 428 22 400 253 EUR (MBOE) 300 192 248 13 200 110 277 100 214 126 0 Open…
  9. Company Update – Midstates Petroleum – slide 9
    Mississippian Lime: Open Hole & Re-Entry High-Grade & Expand Inventory Evaluate matrix/natural fracture contribution without multi-stage frac job Open hole acid wash, flow back, monitor performance, and decide on re-entry candidates…
  10. Company Update – Midstates Petroleum – slide 10
    Enhanced Upper Miss Lime Well Economics Type Curve Assumptions Upper Miss (Enhanced) High-Grade & Expand Inventory Enhanced permeability and porosity Key Economic Parameters Oil 24-hr IP (bpd) 550 Gas 24-hr IP (mcfd) 3,003…
  11. Company Update – Midstates Petroleum – slide 11
    Mississippian Lime: Differentiated Performance Allocate Rigs Where Returns are Highest Continuing Top Tier overall well performance in the Mississippian Lime 169 wells on production 30 days: Average peak 30-day rate of 565 Boe/d…
  12. Company Update – Midstates Petroleum – slide 12
    Water Disposal System Monetization Potential Options to Unlock Value System Overview Woods and Alfalfa Value Proposition Six SWD wells and strategically located pipeline Significant untapped 3rd party capacity potential network of…
  13. Company Update – Midstates Petroleum – slide 13
    Mississippian Lime Summary Focus on Miss Lime & Anadarko Best in class EURs, 30 day rates, and operating costs in Miss Lime Play 7 rig program in Q314 Near-term development plan calls for 4 wells per section with +90% IRRs…
  14. Company Update – Midstates Petroleum – slide 14
    Anadarko Basin: Liquids-Rich Targets Focus on Miss Lime & Anadarko Net Production (Boe/d) 10,000 8,004 8,404 8,454 8,376 8,885 8,600-9,400 8,000 Gas 6,000 NGL 4,000 Oil 2,000 - Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014…
  15. Company Update – Midstates Petroleum – slide 15
    Anadarko Basin: Prolific Multi Stacked Horizons High-Grade & Expand Inventory Cleveland and Marmaton Well established Good well control and predictability Solid results Cleveland average 30 day peak 380 Boe/d Two Marmaton wells…
  16. Company Update – Midstates Petroleum – slide 16
    Tonkawa NW Peak Well Economics Type Curve Assumptions Tonkawa NW Peek High-Grade Expand & High-Grade & Expand Inventory Key Economic Parameters Good early results in Tonkawa Oil 24-hr IP (bpd) 214 Gas 24-hr IP (mcfd) 232 Miskel…
  17. Company Update – Midstates Petroleum – slide 17
    Anadarko Peak Prospect Tonkawa and Cottage Grove Potential Upside MPO Acreage Tonkawa Horizontal Cottage Grove Horizontal Tonkawa Potential Location Cottage Grove Location 52 Potential Tonkawa locations 44 future locations 8…
  18. Company Update – Midstates Petroleum – slide 18
    Anadarko Summary Focus on Miss Lime & Anadarko Focused on drilling/completion efficiencies and cost reduction in Cleveland 2015 development plan has 3 rigs with +50% IRRs Significant potential in the Tonkawa and Cottage Grove…
  19. Company Update – Midstates Petroleum – slide 19
    Fleetwood 3D Seismic Area: Organic Growth Potential Fleetwood Overview Options to Unlock Value Fleetwood 3D Survey: 197 Sq. Miles 15,000 Net Acres post PetroQuest Farmout 12 Identified Leads/Prospects Gross Resource Potential: 191…
  20. Company Update – Midstates Petroleum – slide 20
    Margin Expansion Enhances Financial Stability Expand Cash Margins & Control Costs 2014 YTD EBITDA / Boe vs. Mid Con Peer Group(1) Adjusted EBITDA enhanced by: 45.00 42.35 Cash operating cost 40.00 management 36.47 Improved well…
  21. Company Update – Midstates Petroleum – slide 21
    Demonstrating Capital Efficiency Balance 2014 Capital with Adjusted EBITDA Gulf Coast 3% Operating Capital Guidance: 500 to 550 million Anadarko 29% 68% Miss Lime, 29% Anadarko, and 3% Gulf Coast Excludes capitalized interest and…
  22. Company Update – Midstates Petroleum – slide 22
    Enhanced Financial Position Deliver Financial Stability Strong EBITDA growth millions Q214 Adjusted EBITDA 122mm, projected 500 - 550mm for 2014 Projected debt/EBITDA of 3.5x by year end 2014 Liquidity June 30, 2014 : 150 mm…
  23. Company Update – Midstates Petroleum – slide 23
    Refocused Energy Deliver Financial Exercise Capital Stability Discipline Balance 2014 Operating Capex Focus on Miss Lime with Adjusted EBITDA & Anadarko 500-550MM Assure Liquidity Through 2015 Control Costs & to Fund Current…
  24. Company Update – Midstates Petroleum – slide 24
    Appendix NYSE: MPO www.MidstatesPetroleum.com 26
  25. Company Update – Midstates Petroleum – slide 25
    Guidance (as of August 6, 2014) Q3 2014 FULL YEAR 2014 Daily Production (Boe/day)(1) 34,000 - 35,000(1) 32,000 - 35,000 (1) Miss+ Anadarko LA Miss+ Anadarko LA By Area 69% 26% 5% By Area 66% 27% 7% Oil 35-40% 45-50% 60-65% Oil…
  26. Company Update – Midstates Petroleum – slide 26
    Hedging Summary (as of Sept 9, 2014) (4) (1) The company enters into swap arrangements intended to fix the differential between the Louisiana Light Sweet (LLS) pricing and the West Texas Intermediate (NYMEX WTI) pricing. (2)…
  27. Company Update – Midstates Petroleum – slide 27
    Adjusted EBITDA Reconciliation For the Three For the Three Months Ended Months Ended June 30, March 31, For the Year Ended December 31, 2014 2014 2013 2012 2011 Adjusted EBITDA reconciliation to net income (loss): Net income…
  28. Company Update – Midstates Petroleum – slide 28
    Cash Operating Expenses Reconciliation 2014 2013 Q2 Q1 Q1 Q2 Q3 Q4 Operating Expenses - GAAP 116,325 196,640 73,082 104,061 122,376 577,396 Adjustments for certain non-cash items: Asset retirement accretion (432) (497) (254)…
  29. Company Update – Midstates Petroleum – slide 29
    Preferred Share Dividend Calculation Calculation Conversion into Conversion into Common Shares Common Shares Per share Total 13.50 11.00 Liquidation preference at October 1, 2012: 1,000.00 325,000,000 24,074,074 29,545,455 Dividend…
  30. Company Update – Midstates Petroleum – slide 30
    Mississippian Lime: Statistics Position 77,500 net acres in the Mississippian Lime in Woods & Alfalfa counties Oklahoma (1) Interest Operate 92% of 240 producing wells 70% avg. WI and 55% NRI Product Mix and Pricing 40% Oil,…
  31. Company Update – Midstates Petroleum – slide 31
    Anadarko Basin: Statistics Position 131,500 net acres (66% held by production) with 100,500 acres in Northeast Texas Panhandle and 31,000 acres in Western Oklahoma Interest Operate 79% of 340 producing horizontal wells 69% avg.…
  32. Company Update – Midstates Petroleum – slide 32
    Midstates Petroleum Company Contact Information Corporate Headquarters Investor Relations HOUSTON Al Petrie 4400 Post Oak Pkwy, Suite 2600 Investor Relations, Coordinator Houston, TX 77027 (713) 595-9427 Main Phone (713) 595-9400…

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