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Q3 2010 EARNINGS CALL – Sandridge Energy, Inc.

Sandridge Energy, Inc. · Nov 4, 2010 · 23 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. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 1
  2. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 2
    st 2010 Update (as of November 1 ) Q2 2010 Current (11/01/2010) Exit Rate Rig Count Rig Count Permian 15 Permian 17 Pion 8 Oklahoma Mississippian 5 Other 5 Pion / other 1 Total 28 Total 23 Performance Metrics Performance…
  3. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 3
    Continued Growth in Oil Production (a) SD Total Oil 35,000 SD assumed ops SD assumed ops 7/16 of Arena 12/21 of FST 30,000 Permian 27,991 25,000 20,000 BOPD 13,386 14,029 15,000 7,873 8,765 9,456 10,000 7,077…
  4. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 4
    High Rate of Return Permian and Horizontal Mississippian Plays Permian Horizontal Mississippian 8,073 Potential Locations(a) 1,200 2,500 Potential Locations 175% 150% 125% BTAX RoR 100% 75% 50% 75% Crude Oil 53% Crude…
  5. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 5
    2010 Full Year Guidance Update (a) Year ending December 31, 2010 Projections as of Projections as of Commentary August 5, 2010 November 4, 2010 Production Oil (Mmbbl)(b) 7.0 7.3 Liquids growth above expectations due to…
  6. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 6
    Initial 2011 Guidance Year ending December 31, 2011 Initial Projections as of November 4, 2010 Production Oil (Mmbbl) 11.2 Gas (Bcf) 62.5 Total (Mmboe)(a) 21.6 Capital expenditures (MM) Exploration and production 960 Land…
  7. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 7
    2010 2011 Planned Asset Monetization Estimated Proceeds of 400MM to 800MM 2010 Divestiture History Wolfberry CO / Piceance May 2008 19,000 net acres E TX / Haynesville June 2009 700 vertical locations(a) W TX / Midstream June…
  8. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 8
    SandRidge: 2008 vs. 2011 2008 2011 Production(a) 77% Gas 80% Oil Revenue 76% Gas 80% Oil Oil to Gas Price Ratio(c) 11:1 22:1 Drilling Locations 99% Gas 51% Oil 111 Oil Locations 9,345 Oil Locations(b) (a) Converted based…
  9. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 9
    SandRidge Corporate Overview Financial: Market Capitalization(a) 2.31 billion Shares Outstanding 405 million Enterprise Value 5.80 billion Total Debt(b) 3.00 billion Operational: Proved Reserves(c) 288 Mmboe Oil 82% by value…
  10. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 10
    SandRidge Executes Oil Strategy Total US Gas Rigs +3% Total SandRidge Oil Rigs +271% Total SandRidge Gas Rigs -87% 12
  11. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 11
    2nd Half 2010 2011 Capital Allocation 2nd Half of 2010 75% Oil Drilling Drilling transition to oil Oil Oil focused drilling for 2H 2010 75% Projected capex for 2011 95% oil drilling 20 oil rigs are drilling 2H 2010 Central…
  12. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 12
    SandRidge Permian Oil Central Basin Platform Focus High Rate of Return Oil Drilling Low Drilling Costs Predictable Production Profiles Low Acreage Costs 8,073 Permian Oil Drilling Locations (a) Certainty of…
  13. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 13
    Permian Central Basin Platform 33 Industry Rigs Central Basin Platform SandRidge 16 Apache 3 Central Basin Land 177,000 acres (net) Devon 2 Platform Energen 2 7,942 drilling locations Whiting 2 8 Companies 1 16 SD Rigs 16 of 17…
  14. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 14
    Permian Basin Central Basin Platform 2,000 Central Basin Platform 3,000 Yates 4,000 Grayburg 5,000 San Andres Clear Fork 6,000 Delaware Basin Midland Basin Wichita - Albany 7,000 8,000 Wolfberry Bone Spring…
  15. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 15
    SandRidge Acquisition History Comparison Concho Apache SandRidge SandRidge Combined Marbob BP Arena Forest SD Deals Deal Size (MM) 1,650 3,100 1,287 800 2,087 % Oil 58% 65% 86% 65% 75% Reserves (Mmboe) 76 141 69 80 149 /Boe…
  16. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 16
    Oklahoma Horizontal Mississippian Oil Play New Core Area High Perm, Carbonate Oil Play 300-500 Mboe/well Shallow oil targets < (6,000 TVD) (53% Crude Oil) Attractive drilling and completion costs 2.7MM/well(a) Extensive…
  17. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 17
    Horizontal Mississippian Decline Forecast Horizontal performance exceeds equivalent ratio decline of vertical wells Horizontal Performance predicted using 1.5B factor 300 Mboe to 500 Mboe EUR horizontal oil recovery 2.7MM drilling &…
  18. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 18
    SandRidge Horizontal Mississippian Well Performance 1st 30 days Peak 30 days Last 30 days CWC Comment Well WI First Sales BOEPD BOEPD BOEPD (mm) 1 60% 2/10/2010 401 417 216 3,024,000 2 100% 3/10/2010 73 193 193 2,610,000 3 100%…
  19. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 19
    Pion Development: Century Plant Phase I commenced operations 3rd quarter 2010 Double treating capacity Expect 20MM - 30MM annual efficiency gains Largest single industrial source CO2 capture facility in North America Currently…
  20. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 20
    Significant Gas Drilling Opportunities Potential Gas Resource Locations WTO 5371 SAHARA OKLAHOMA 2041 EAST TEXAS 1466 SAHARA OKLAHOMA TEXAS GULF COAST 36 OKLAHOMA CITY GULF OF MEXICO 14 SD TOTAL 8928 MIDLND EAST TEXAS…
  21. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 21
    Hedging History 2007A: 54% 7.91/Mcfe 2008A: 76% 8.97/Mcfe 2009A: 77% 8.59/Mcfe 2010E: 94% 9.29/Mcfe 2011E: 103 Bcfe hedged at 9.35/Mcfe From 2007 to 2010: 78% Production hedged at 8.87/Mcfe From Q4 2010 to 2013: 2.1 Billion Oil…
  22. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 22
    Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Three Months Ended June 30, Three Months Ended September 30, 2010 2010 (in thousands) (in thousands) Net income (loss) 53,515 306,289 Adjusted for: Income tax…
  23. Q3 2010 EARNINGS CALL – Sandridge Energy, Inc. – slide 23

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