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Citi North American Credit – Alta Mesa Holdings, Lp

Alta Mesa Holdings, Lp · Nov 10, 2011 · 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. Citi North American Credit – Alta Mesa Holdings, Lp – slide 1
    Alta Mesa Holdings, LP Alta Mesa Holdings, LP Citi North American Credit Conference New York November 2011 Confidential
  2. Citi North American Credit – Alta Mesa Holdings, Lp – slide 2
    Alta Mesa Overview High Quality & Diversified Asset Portfolio Core Operating Areas Corporate Overview Privately held company, founded in 1987, engaged in onshore conventional oil and gas acquisition, exploitation, exploration and…
  3. Citi North American Credit – Alta Mesa Holdings, Lp – slide 3
    LowRisk Business Model We create value in underdeveloped and overlooked areas with the following characteristics Attractive Economics Proven Geology Multiple Pay Zones Repeatability Control Over Pace of Development Available…
  4. Citi North American Credit – Alta Mesa Holdings, Lp – slide 4
    Alta Mesas Focus Areas Oklahoma East Texas Reserves 44 BCFE Reserves 63 BCFE PV10 (MM) 129.2 PV10 (MM) 153.9 % Gas (Reserves) 46% % Gas (Reserves) 74% % Proved Developed 62% % Proved Developed 84% R/P 19.9x R/P 11.2x Q3 2011…
  5. Citi North American Credit – Alta Mesa Holdings, Lp – slide 5
    Proved Reserves Proved Reserves by Type (Bcfe) Annual Reserve Additions as a % of Production1 900% 66% of Proved Reserves Purchases are Developed 800% Extensions PDP 700% 120 BCFE 37% 600% PUD Average Annual Reserve Replacement…
  6. Citi North American Credit – Alta Mesa Holdings, Lp – slide 6
    Operating Efficiency & Profitable Growth Revenue1 Growth (MM) EBITDAX Growth (MM) 400 250.0 341.9 350 200.0 200.0 Annual EBITDAX ( in MIllions) Annual Revenue ( in MIllions) 300 238.4 145.5 250 150.0 200 100.0…
  7. Citi North American Credit – Alta Mesa Holdings, Lp – slide 7
    East Texas Overview Increasing Reserves and Production from Established Fields Overview1 East Texas Assets Map Proved Reserves 63 BCFE PV10 (MM) 153.9 % Gas (Reserves) 74% % Proved Developed 84% R/P 11.2x Q3 2011 Production 15.3…
  8. Citi North American Credit – Alta Mesa Holdings, Lp – slide 8
    Urbana and Cold Springs Field Urbana Overview Urbana 3P EUR (Bcfe) Reserves (BCF) Cum EUR* Milestones Known structure with multiple pay zones Field redevelopment since buying Famcor WI 1951 Cumulative to Date 0 0 Wilcox Discovery…
  9. Citi North American Credit – Alta Mesa Holdings, Lp – slide 9
    Hilltop Overview Large Position in a Highly Prolific, Expanding Play Overview1 Oil Zones Actively Being Pursued Along Trend Proved Reserves 93 BCFE Permitted HZL Wells1 (Since January 1, 2010) PV10 (MM) 111.9 Producing HZL Wells1…
  10. Citi North American Credit – Alta Mesa Holdings, Lp – slide 10
    Prolific, Low Cost Gas Play Additional potential in other zones and application of horizontal drilling Hilltop Net Production by Operator (MMcf/d) Major North American Gas Basin Breakevens1 60 8.00 6.87 50 7.00 6.65 6.76…
  11. Citi North American Credit – Alta Mesa Holdings, Lp – slide 11
    Oklahoma Current Activity Longlived, Stable Oil Production Overview1 Oklahoma Activity Map Proved Reserves 7.3 MMBOE ReDrill PV10 (MM) 129.2 Locations % Gas (Reserves) 46% % Proved Developed 62% R/P 19.9x East Hennessey Q3…
  12. Citi North American Credit – Alta Mesa Holdings, Lp – slide 12
    Oklahoma Production Growth Oklahoma Assets Producing at MultiDecade High Historic 8/8ths Field Production (BOEPD) 1,800 1,600 1,400 1,200 1,000 800 Wedge Equates to 4 MMBOE of added production since AMH took over…
  13. Citi North American Credit – Alta Mesa Holdings, Lp – slide 13
    Regional Development of Mississippian Formation AMH Currently Identifying and Testing Mississippi Locations on its Acreage Wells Targeting Mississippian Formation AMH Acreage Confidential 14
  14. Citi North American Credit – Alta Mesa Holdings, Lp – slide 14
    Eagle Ford Shale Overview Significant Acreage Position Concentrated in Karnes County Overview1 Eagle Ford Map Proved Reserves 0.6 MMBOE AMH / Murphy PV10 (MM) 13.2 Conoco % Gas (Reserves) 13% Marathon % Proved Developed 52% EOG…
  15. Citi North American Credit – Alta Mesa Holdings, Lp – slide 15
    Eagle Ford Shale Maximizing EUR and Profitability Production and EUR highly sensitive to drawdown Early EFS wells exhibit severe well damage from high drawdown Theoretically, high drawdown may be collapsing the near well bore frac…
  16. Citi North American Credit – Alta Mesa Holdings, Lp – slide 16
    South Louisiana Overview Historically Prolific Area Originally Developed by Majors Overview1,2 South Louisiana Assets Proved Reserves 76 BCFE PV10 (MM) 229.2 % Gas (Reserves) 72% % Proved Developed 74% R/P 6.1x Q3 2011 Production…
  17. Citi North American Credit – Alta Mesa Holdings, Lp – slide 17
    Weeks Island Overview High Value Oil Field with Significant Upside Potential Overview1 Weeks Island: Multiple Oil Pay Zones Proved Reserves 3.0 MMBOE PV10 (MM) 81.1 % Gas (Reserves) 30% % Proved Developed 57% R/P 4.9x Q3 2011…
  18. Citi North American Credit – Alta Mesa Holdings, Lp – slide 18
    Weeks Island Development Cumulative Field Production of 280 MMBO & 1 TCF Historic Field Production (BOPD) Exploitation Opportunities Exxon / Shell Stone / Meridian AMH Development Drilling 11,000 Exploration Drilling 10,000…
  19. Citi North American Credit – Alta Mesa Holdings, Lp – slide 19
    2011 CAPEX Forecast Projected Annual CAPEX Planned Drilling & Recompletion CAPEX by Field (000s) 200 50 180 180 160 45 Annual CAPEX ( in Millions) 144 140 40 120 Deep Bossier 100 35 Eagle Ford 2011 Expected CAPEX…
  20. Citi North American Credit – Alta Mesa Holdings, Lp – slide 20
    Production Shift from Gas to Oil Oil Production is Expected to Grow from 14% of Production to 40% Over Next 18 Months Historic and Projected Production Mix Future Oil Growth Driven by Weeks Island and Eagle Ford 100% 100% Material…
  21. Citi North American Credit – Alta Mesa Holdings, Lp – slide 21
    Management of Commodity Price Risk Balance Sheet Protection, Active Management of Portfolio Costeffectively limit downside risk, while minimizing cash outlays Active management across a fiveyear window Tactically switching portion of…
  22. Citi North American Credit – Alta Mesa Holdings, Lp – slide 22
    Commodity Price Risk Management % of PDP Hedged Natural Gas Average Floor Price Natural Gas 80% 6.50 6.16 5.96 5.93 5.91 6.00 5.84 70% 5.50 60% 5.50 50% 5.00 40% 73% 4.50 30% 58% 54% 46% 4.00 20% 10% 22% 3.50 AMH Average…
  23. Citi North American Credit – Alta Mesa Holdings, Lp – slide 23
    LLS Basis Trading at Premium to WTI 69% of Q3 oil production indexed against LLS, resulting in 12.51 spread to WTI Historic and Forward LLS vs WTI Spread 160 30 140 WTI 25 LLS LLS (Forecast) 120 WTI (Forecast) 20 End of Month…
  24. Citi North American Credit – Alta Mesa Holdings, Lp – slide 24
    Divergence in Historic LLS Correlations from WTI to Brent Historic Prices 145 125 105 85 Brent WTI 65 LLS 45 25 Jan04 Apr04 Jul04 Oct04 Jan05 Apr05 Jul05 Oct05 Jan06 Apr06 Jul06 Oct06 Jan07 Apr07 Jul07…
  25. Citi North American Credit – Alta Mesa Holdings, Lp – slide 25
    Key Considerations Strong Average 25+ years industry and technical experience Management Team Successfully completed over 250mm of acquisitions at 1.27/mcfe1 with Proven Since 2007, increased proved reserves and production at 40% and…
  26. Citi North American Credit – Alta Mesa Holdings, Lp – slide 26
    Contact Information Hal Chappelle, President & CEO Phone: 2819431353 Email: hchappellealtamesa.net Michael McCabe, Vice President & CFO Phone: 2815300991 Email: mmcabealtamesa.net Lance Weaver, Investor Relations Manager…

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