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Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Mar 18, 2014 · 47 slides

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Slides

  1. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Analyst Day: Finance and Investor Relations March 18, 2014 Financial information as of March 5, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 2
    I. Partnership Overview NASDAQ: MCEP www.midconenergypartners.com 3
  3. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 3
    Partnership Highlights Operational Highlights(1) o The Waterflood Guys Core strength in waterflooding, a form of secondary Proved Reserves: 15.5 MMBoe oil recovery % Proved Developed: 77% Employees have prior experience in over 150…
  4. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 4
    Mid-Con Energy Timeline 1986 The 1992 RDT 2004 Mid-Con 2011 Merged Mid-Con 2014 Completed genesis of Mid- Properties Energy I, LLC Energy I/II into Mid-Con first drop down Con Energys acquired formed with Energy Partners, LP…
  5. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 5
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 6
  6. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 6
    Hedge Profile o Mid-Con Energy has commodity derivatives covering approximately 82% and 19% of estimated oil production in 2014 and 2015, respectively, based on the mid-point of 2014 oil production guidance 2014 Q1 2015 Q2 2015 Oil…
  7. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 7
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 8
  8. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 8
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% o Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  9. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 9
    Waterflood Response & Growth Reservoir Fill-Up Start Production Water Response Injection BOPD Primary Secondary Production Production Time Elapsed Waterflood Life NASDAQ: MCEP www.midconenergypartners.com 10
  10. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 10
    Waterflooding Overview o Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells o Historically, the success of waterfloods has been attributable to the quality of the…
  11. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 11
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 12
  12. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 12
    The Waterflood Guys Our core strength is in waterflooding, a form of secondary oil recovery. Waterflooding is oily by nature. We have formed and developed over Our management and employees have 23% of new waterflood projects in…
  13. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 13
    Experienced Leadership Team Name Title Craig George Executive Chairman of the Board Randy Olmstead Chief Executive Officer and Director Jeff Olmstead President, Chief Financial Officer and Director Mike Wiggins Executive Vice…
  14. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 14
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 15
  15. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 15
    Partnership Profile Asset Overview 2013 Year End Total Proved Reserves:(1) MMBoe% Total Southern Oklahoma 6.3 41% Northeastern Oklahoma 4.4 28% Hugoton 4.8 31% Total 15.5 100% Tulsa Office Additional Information:(1)(2) o…
  16. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 16
    Year End Proved Reserves(1)(2) By Core Area By Reserve Category 41% 23% S OK PUD 77% 15.5 Proved MMBOE 31% 8% Hugoton PDNP Developed 69% PDP 28% NE OK (1) Based on total proved oil reserves reflected in December 31,…
  17. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 17
    Southern Oklahoma Asset Overview 2013 Year End Total Proved Reserves:(1)(2) o 6.3 MMBoe o 99% Oil o 69% Proved Developed Additional Information: o Carter and Love Counties, OK o Seven Properties: Ardmore West Eastman Hills…
  18. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 18
    Northeastern Oklahoma Asset Overview KS 2013 Year End Total Proved Reserves:(1)(2) OK o 4.4 MMBoe o 97% Oil Osage o 79% Proved Developed Skiatook Additional Information: o Osage, Pawnee, and Creek Cleveland Tulsa Office…
  19. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 19
    Hugoton Asset Overview Harker Ranch Cheyenne 2013 Year End Total Proved Reserves:(1)(2) o 4.8 MMBoe o 99% Oil o 84% Proved Developed Additional Information: CO KS o Cheyenne County, CO Midwell OnaTexas o Potter County, TX…
  20. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 20
    1Q 2014 Drop-Down Mid-Con Energy Partners, LP acquires mature, oil-weighted properties from Mid-Con Energy III, LLC for 41.0 million(1) o Closing date: February 28, 2014 / Effective date: January 1, 2014 o Funded with (i) 7.0 million…
  21. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 21
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 22
  22. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 22
    Organizational Structure Founders(1) Yorktown(2) 100% Public Mid-Con Energy Ownership(3) Private Affiliates Mid-Con Energy GP, 7.0% LLC LP Interest 1.7% 73.6% GP Interest Mid-Con Energy LP Interest 6.1% Operating, LLC LP…
  23. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 23
    Yorktown Relationship More Invested than in 4.0 billion Mid-Con in since Owns a AUM 2004 50% Founded interest in in our affiliate, 1991 Mid-Con Yorktown Partners LLC Energy Operating The majority Peter Leidel, Owns a…
  24. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 24
    II. Financial Overview NASDAQ: MCEP www.midconenergypartners.com 25
  25. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 25
    Earnings Summary Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 (in thousands, except per unit data) Production: Oil (MBbl) 230 203 907 678 Natural gas (MMcf) 23 31 128 122 Total (MBoe) (1) 234 208…
  26. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 26
    Oil-Weighted 4Q13 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 70.00 61.51 61.51 60.00 49.60 50.00 42.23 40.00 Per Boe 35.44 35.96 34.05 Peer Average: 33.80 Per Boe 30.00 28.39 25.29 21.90 20.55 20.00…
  27. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 27
    Coverage Ratio Calculation 2013 Coverage Ratio Calculation Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, 2013 2013 2013 2013 2013 Adjusted EBITDA (1) 14,591 16,054 14,935 14,393 59,973…
  28. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 28
    Borrowing Base and Liquidity Revolving Credit Facility o Liquidity of 39.4 Million ( in millions) 1.4 million cash and cash 160.0 equivalents 38.0 million borrowings available 140.0 38.0 under revolving credit facility Borrowings…
  29. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 29
    Hedge Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Jan-Dec 2014 96.10 Swap 5,000 WTI Jan-Dec 2014 100.00 Swap 5,000 WTI Jan-Dec 2014 97.40 Swap 5,000 WTI Jan-Dec 2014…
  30. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 30
    III. Historical Performance NASDAQ: MCEP www.midconenergypartners.com 31
  31. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 31
    2013 Highlights o FY2013 average production of 2,542 Boe/d increased approximately 33% Production above FY2012 average production of 1,907 Boe/d Growth o 4Q 2013 production of 2,543 Boe/d increased approximately 12% above 4Q 2012…
  32. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 32
    Historical Acquisitions o Management team committed to making accretive acquisitions From affiliates and third parties Target long-life, low decline assets Team dedicated to examining potential acquisitions Acquisitions 1 & 2…
  33. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 33
    Historical Distributions o Approximate 8% Growth in Quarterly Rate Since IPO Since completing its initial public offering in December 2011, Mid-Con Energy has paid 4.037 in cumulative cash distributions per unit o MCEP provided an…
  34. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 34
    Historical Returns Mid-Con Energy Returns Since IPO(1) 70% 2012 MCEP Total Annual Return(2): 10% 2013 MCEP Total Annual Return(2): 33% 60% 50% 45% 40% 40% 30% 31% 23% 20% 10% 0% Dec-11 Mar-12 Jun-12 Sep-12 Dec-12…
  35. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 35
    IV. Growth Plan NASDAQ: MCEP www.midconenergypartners.com 36
  36. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 36
    Opportunity POTENTIAL Increased Geological Complexity = Increased Opportunities NASDAQ: MCEP www.midconenergypartners.com 37
  37. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 37
    Multi-Layered NASDAQ: MCEP www.midconenergypartners.com 38
  38. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 38
    SE Hewitt Flood Performance Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 39
  39. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 39
    Battle Springs, Highlands, and Twin Forks Flood Performance Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 40
  40. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 40
    2013 Development Focused on Total Mid-Con Energy Producer Injector WSW Conv. Increasing Injection Total New Wells 22 8 1 10 Hugoton Basin Producer Injector WSW Conv. (1) Total New Wells 3 - - 2 1.22x Distribution Coverage for…
  41. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 41
    2013 Capital Expenditures Growth & Maintenance CapEx o 22.3 Million In Total CapEx Maintenance: 8.1 million Maintenance CapEx 8.1 Million Growth: 14.2 million o 31 New Wells Drilled During 2013 22 Producing wells 22.3 8…
  42. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 42
    Water Injection Water Injection Volumes Thousand Barrels of Water Injected (MBWI) BWI/D Area 2012 2013 Change Change Hugoton 9,064 9,479 416 1,139 NE OK 19,345 20,714 1,369 3,750 S OK 3,846 4,357 511 1,400 Total 32,255 34,550…
  43. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 43
    2014 Growth Plan o Mid-Con Energy remains focused on return to unitholders Cultivate maturing legacy assets Make accretive acquisitions from affiliates and third parties Target 4% distribution growth in 2014 while maintaining…
  44. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 44
    2014 Capital Budget Total CapEx By Core Area Growth & Maintenance CapEx ( in millions) 16.0 12.0 Maintenance CapEx 12.0 9.0 Million 11.0 8.0 4.0 7.0 30.0 - Million Hugoton Southern Northeastern Oklahoma Oklahoma New…
  45. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 45
    2014 Guidance ( in thousands, except per Boe and per unit metrics) 2014 Total Production: Oil (MBbl) 1,004 - 1,077 Natural Gas (MMcf) 110 - 110 Total (MBoe) (1) 1,022 - 1,095 Net Production Per Day: Oil (Bbl/d) 2,750 - 2,950…
  46. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 46
    Appendix: Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO Dallas, TX 75201 jolmsteadmidcon-energy.com 972.479.5980 972.479.5980 Krista McKinney Tulsa…
  47. Analyst Day Finance and Investor Relations – Mid-Con Energy Partners Lp – slide 47
    Appendix: Non-GAAP Measures o This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to…

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