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ANALYST DAY – Unit Corp.

Unit Corp. · Nov 4, 2014 · 162 slides

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Slides

  1. ANALYST DAY – Unit Corp. – slide 1
  2. ANALYST DAY – Unit Corp. – slide 2
    Agenda 2014 Investor Day Company Overview Larry Pinkston Chief Executive Officer & President Contract Drilling Review John Cromling Executive Vice President, Drilling Midstream Review Bob Parks President, Superior Pipeline Company Oil…
  3. ANALYST DAY – Unit Corp. – slide 3
    Larry Pinkston Chief Executive Officer and President 4
  4. ANALYST DAY – Unit Corp. – slide 4
    Overview of Operations Tulsa based diversified 14 energy company incorporated in 1963 16 Casper Integrated approach to Marcellus Pittsburgh business allows Unit to balance its capital Tulsa deployment through the…
  5. ANALYST DAY – Unit Corp. – slide 5
    September YTD Comparisons Oil and Natural Gas Segment Production has increased 9% Liquids production (oil and NGLs) have increased 18% Contract Drilling Segment Average per day operating margins, before elimination of intercompany…
  6. ANALYST DAY – Unit Corp. – slide 6
    Corporate Priorities Drive Shareholder Value Creation September YTD Comparisons Net Income 34% EBITDA (1) 26% EPS (diluted) 33% Debt to market capitalization (at September 2014) at 22%. Financially sound, well positioned to…
  7. ANALYST DAY – Unit Corp. – slide 7
    Oil and Natural Gas Segment Portfolio Approach Assets that add value in various commodity price environments SOHOT (Southern Oklahoma Hoxbar Oil Trend) Wilcox Granite Wash volume driver High Grading Opportunities Maintain Capital…
  8. ANALYST DAY – Unit Corp. – slide 8
    Contract Drilling Segment Versatile Fleet Meeting Operator Needs Rig Modifications = Contract term Rationalizing Fleet Opportunistically BOSS Drilling Rig Grow Market Share Long Term Contracts Additional BOSS Drilling Rigs…
  9. ANALYST DAY – Unit Corp. – slide 9
    Midstream Segment Positioned for Growth Continued Focus on Fee Based Contracts Greenfield / Scalable Projects Core Competency New and Potential Projects Marcellus Fee Based Gathering 10
  10. ANALYST DAY – Unit Corp. – slide 10
    The Integrated Business Model Granite Wash Margin Example (Mcfe) (Mcfe) Petroleum Segment Net Cash Margin 1.72 Drilling Segment Uplift1 0.17 35% Midstream Segment Uplift2 0.43 Uplift Revenue per Mcfe Unit Corporate Net Margin…
  11. ANALYST DAY – Unit Corp. – slide 11
    The Integrated Business Model Gilly Field Blackwood A Margin Example (Mcfe) (Mcfe) Petroleum Segment Net Cash Margin 2.46 Drilling Segment Uplift1 0.02 7% Midstream Segment Uplift2 0.15 Uplift Unit Corporate Net Margin 2.63…
  12. ANALYST DAY – Unit Corp. – slide 12
    Unit Drilling Company
  13. ANALYST DAY – Unit Corp. – slide 13
    John Cromling Executive Vice President, Drilling 15
  14. ANALYST DAY – Unit Corp. – slide 14
    A Versatile Drilling Company Future Current Historic 16
  15. ANALYST DAY – Unit Corp. – slide 15
    Simple Beginning Started with 3 small mechanical rigs in 1963 17
  16. ANALYST DAY – Unit Corp. – slide 16
    Rig Construction During 1970s Demand for fast moving rigs Competitive from 9,000 14,000 Unit met demand with several rigs 18
  17. ANALYST DAY – Unit Corp. – slide 17
    Rig Construction During the 2000s Demand for 1500 HP SCR rigs Multiwell pad capable Winterized Unit met demand with 26 rigs 19
  18. ANALYST DAY – Unit Corp. – slide 18
    Rig Construction During 2014 Demand for 1500 HP AC rigs has increased Research and preparation Designed and built the BOSS rig 20
  19. ANALYST DAY – Unit Corp. – slide 19
    History of Growth 140 120 100 80 60 1995 Present Purchased 81 rigs 40 Built 36 rigs Sold 22 rigs 20 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 21
  20. ANALYST DAY – Unit Corp. – slide 20
    Diverse Customer Base Mid to large independents most common Rigs fit operators desires Goal to increase market share with large independents and majors 22
  21. ANALYST DAY – Unit Corp. – slide 21
    Transforming Fleet Sold less marketable rigs during the past 5 years (15) 5001000 HP (3) 2000 HP (4) 3000 HP 23
  22. ANALYST DAY – Unit Corp. – slide 22
    Rig Fleet Snap Shot Total Rigs Operating: 12 25 41 4 800 HP 8001,000 HP 1,2001700 HP 2,000 HP 36% 13% 60% 40% 100% 64% 87% % Utilized % Unutilized 24
  23. ANALYST DAY – Unit Corp. – slide 23
    Geographically Diverse Bakken Play of Rigs Anadarko Basin 24 Pinedale Bakken 13 Anticline Eagleford 1 Granite Wash 7 Louisiana 1 Mississippian Marmaton 4 Marmaton Mississippi 11 Permian 10 Granite Wash Anadarko Pinedale…
  24. ANALYST DAY – Unit Corp. – slide 24
    Rigs Put Into Service By Type (Over Last Twelve Months) Horsepower Rig Type < 800 800 1200 1200 2000 Total AC 3 3 SCR 1 2 7 10 Mechanical 3 1 4 17 26
  25. ANALYST DAY – Unit Corp. – slide 25
    Moving Rigs to Meet Operator Demand Rocky Oklahoma Texas 4 Rigs Mountains Panhandle Oklahoma Texas 7 Rigs Permian Panhandle Eagleford 3 Rigs Permian East Texas 1 Rig Oklahoma 27
  26. ANALYST DAY – Unit Corp. – slide 26
    Refurbishments and Additional Equipment Walking/Skidding systems Automated Catwalks Power systems Dual fuel Top drives Fluid systems Mud pumps Solids control 28
  27. ANALYST DAY – Unit Corp. – slide 27
    The Journey How did we get from concept . to the BOSS 29
  28. ANALYST DAY – Unit Corp. – slide 28
    The BOSS Rig Objectives Rig for today and tomorrow Safety by design Highly mobile Automation systems Environmentally responsible Minimize nonproductive time 30
  29. ANALYST DAY – Unit Corp. – slide 29
    The BOSS Drilling Rig Mud Pumps Fluid handling Power Hoisting and rotating Pipe handling Walking system BOP handling 31
  30. ANALYST DAY – Unit Corp. – slide 30
    BOSS Rig Video 32
  31. ANALYST DAY – Unit Corp. – slide 31
    Active BOSS Rigs Rig 401: Granite Wash / Permian Rig 402: Bakken Rig 403: Niobrara* Rig 404: Bakken *Presently being commissioned. 33
  32. ANALYST DAY – Unit Corp. – slide 32
    Contracted BOSS Rigs Rig 405: Woodford/Cana Rig 406: Niobrara Rig 407: Permian Rig 408: Permian Rig 409: Niobrara 34
  33. ANALYST DAY – Unit Corp. – slide 33
    BOSS Performance Moving: 3234 loads not including drill pipe or mats Faster rig up: Location to location < 72 hours Walking: Between wells 8 to 12 hours 35
  34. ANALYST DAY – Unit Corp. – slide 34
    Mud Pumps 2200 HP Quintuplex Able to drill with one pump Fulfills volume and pressure requirements Increased penetration rates 36
  35. ANALYST DAY – Unit Corp. – slide 35
    Mud Systems 7500 psi system: Allows for added pressure requirements of down hole tools Solids Control Equipment: High capacity matched to output of pumps 37
  36. ANALYST DAY – Unit Corp. – slide 36
    Training System Greatest concern to operators How will you crew the rig How will you train the crews 38
  37. ANALYST DAY – Unit Corp. – slide 37
    BOSS Training BOSS Rig Training Training Topics CPR/First Aid BOP Stack Training Forklift BOP Handling Equipment Training Aerial Lift Mud Pump Training Job Safety Analysis (JSA) PQuip Training Teamwork Mud Pit System Training…
  38. ANALYST DAY – Unit Corp. – slide 38
    Whats Next for the BOSS Continue to reduce weight of loads Continue to simplify rig up Be open to new technology 40
  39. ANALYST DAY – Unit Corp. – slide 39
    Closing Our 50+ year history is filled with examples of our VERSATILITY The BOSS rig is not the end. It is a milestone in our quest to be VERSATILE and meet the needs of the industry. We look forward to the next phase of our…
  40. ANALYST DAY – Unit Corp. – slide 40
    Superior Pipeline Company
  41. ANALYST DAY – Unit Corp. – slide 41
    Bob Parks President, Superior Pipeline Company 43
  42. ANALYST DAY – Unit Corp. – slide 42
    Superior Pipeline Company Agenda Company Background Competitive Strengths Segment Metrics Core Assets Growth Opportunities Midstream Summary Granite Wash Processing Plant (Hemphill) 44
  43. ANALYST DAY – Unit Corp. – slide 43
    Background Established in 1996 Acquired by Unit Corporation in July 2004 Whollyowned subsidiary of Unit Corporation Corporate Headquarters in Tulsa, OK Currently Operating in Oklahoma, Texas, Kansas, Pennsylvania and West…
  44. ANALYST DAY – Unit Corp. – slide 44
    Background Full Service Midstream Company Providing Processing, Gathering, Compression, Treating and Marketing Services Established Track Record of Developing Green Field, Scalable Projects Promote Entrepreneurial Culture…
  45. ANALYST DAY – Unit Corp. – slide 45
    Competitive Strengths 47
  46. ANALYST DAY – Unit Corp. – slide 46
    Competitive Strengths Exceptional Working Relationship with Small and Large Producers Experienced Responsive Industry Reputation Staged and Scalable Project Established Presence in Focused on LongTerm Development Approach Core Areas…
  47. ANALYST DAY – Unit Corp. – slide 47
    Competitive Strengths Scalable Project Development Approach Hemphill Example 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Jan. 1 2015 Original 5 & Added 20…
  48. ANALYST DAY – Unit Corp. – slide 48
    Segment Metrics 50
  49. ANALYST DAY – Unit Corp. – slide 49
    Segment Metrics 34% compound growth rate in assets since yearend 2004 Operating 14 processing plants at eight different locations with combined processing capacity of 335 MMcf/d Increased from 12 to 146 employees since 2004…
  50. ANALYST DAY – Unit Corp. – slide 50
    Segment Metrics Representative Customer Base Volume Growth (First 9 Months of 2014 vs. 2013) Cashion 29% Bellmon 37% Segno 51% Perkins 92% Reno 121% 52
  51. ANALYST DAY – Unit Corp. – slide 51
    Segment Metrics Current Contract Mix Based on Volume Current Contract Mix Based on Margin 2010 Current 2014 2010 Current 2014 15% 51% 49% 32% 44% 68% 56% 85% Commodity Based Fee Based 53
  52. ANALYST DAY – Unit Corp. – slide 52
    Segment Metrics Unit vs. Third Party Based on Margin 2010 2014 41% 28% 59% 72% Third Party Unit Corporate Synergies Project Development Opportunities Provided by Parent Company Base Load New Systems with Unit Production…
  53. ANALYST DAY – Unit Corp. – slide 53
    Core Assets 55
  54. ANALYST DAY – Unit Corp. – slide 54
    Core Operations Pittsburgh Mills Texas Panhandle Northern Oklahoma and Kansas 32,000 dedicated acres 1,750,000+ dedicated acres Pittsburgh Regional office 135 MMcf/d processing capacity 188 MMcf/d processing capacity 318 miles of…
  55. ANALYST DAY – Unit Corp. – slide 55
    Granite Wash Highlights Connecting Buffalo Wallow Gathering System to Hemphill Processing Facility Operational January 2015 New Contract to Gather and Process Existing and New Buffalo Wallow Volume Additional Processing…
  56. ANALYST DAY – Unit Corp. – slide 56
    Northern Oklahoma and Kansas Stacked Play Highlights Early Entry into Area STACKED PLAY ASSETS Established Position in North Central Oklahoma Stacked Plays Active 3rd Party Customers Includes Range, Devon, Sandridge and various…
  57. ANALYST DAY – Unit Corp. – slide 57
    Appalachian Core Assets Early Entrant into Basin Expansion Project to Extend Pittsburgh Mills Gathering System Key Metrics 60,000+ Dedicated Acres 33 Miles of Large Capacity Gathering Pipeline Three Operational…
  58. ANALYST DAY – Unit Corp. – slide 58
    Appalachian Growth Opportunities Constructing Snowshoe Gathering System in Centre County, PA Estimated Total Capital: 97 million Initial 2015 Capital: 40 million Negotiating New Feebased Gathering Project in Butler County, PA…
  59. ANALYST DAY – Unit Corp. – slide 59
    Growth Opportunities 61
  60. ANALYST DAY – Unit Corp. – slide 60
    Growth Opportunities Focused on LongTerm Growth and Increasing Cash Flow Established Asset Base in Growth Areas Expand into Non-core Areas: Permian Eaglebine Available Plant Capacity for Future Tuscaloosa Growth Apply Staged…
  61. ANALYST DAY – Unit Corp. – slide 61
    Midstream Summary Strong Core Asset Base Diversified Asset and Contract Mix Moving Towards Fee Based Structure Record Estimated Segment Operating Margin before G&A of 69 million North Central Oklahoma Stacked Play 52% Granite Wash…
  62. ANALYST DAY – Unit Corp. – slide 62
    Unit Petroleum Company
  63. ANALYST DAY – Unit Corp. – slide 63
    Brad Guidry Executive Vice President, Exploration and Production 65
  64. ANALYST DAY – Unit Corp. – slide 64
    Core Upstream Producing Areas Key focus areas include: Mid Continent Region Mississippian MidContinent: Hoxbar (SOHOT Western Oklahoma) SOHOT Granite Granite Wash (Texas Panhandle) Wash Mississippian (Kansas) Upper Gulf Coast…
  65. ANALYST DAY – Unit Corp. – slide 65
    2015 Outlook 2015 Activity Upside resource potential: Average 78 Rigs 1,400 1,800 gross wells 5088 wells 75% average working interest 760 960 gross MMBoe 47% liquids (16% oil, 31% NGLs) 20,000 Annual Production 15,000…
  66. ANALYST DAY – Unit Corp. – slide 66
    Wilcox
  67. ANALYST DAY – Unit Corp. – slide 67
    Wilcox Southeast Texas 2015 Activity Gross Upside Resource Potential 2 Rigs 135 wells (110 horizontal) 1215 wells (8 horizontal) 145 MMboe 95% Avg. WI 43% Liquids (11% oil, 32% NGLs) 15,000 Wilcox Net Production 10,000…
  68. ANALYST DAY – Unit Corp. – slide 68
    Unit Petroleum Southeast Texas Wilcox Programs TYLER JASPER NEWTON POLK 3D AREA 494 mi. HARDIN 3D AREA 203 mi. Southeast Texas Jazz Wilcox Area Newton County Program Prior Years Drilling 2014 Drilling Program 2015…
  69. ANALYST DAY – Unit Corp. – slide 69
    Southeast Texas Newton County Program JASPER NEWTON Newton Area TYPE LOG 28,000 net acres 11,500 Upper Wilcox 8 Foley Tram 1 30 Day IP 13,400 480 MCF 178 BO 234 BW Middle Wilcox Prior Years Drilling 3D AREA…
  70. ANALYST DAY – Unit Corp. – slide 70
    Southeast Texas Wilcox Program Jazz Area Units Wilcox Discoveries UPC Wilcox Area 2003 to present 28,800 net acres Gross Cumulative Production = 23 MMboe TYLER Gross Remaining Proved Reserves = 39 MMboe POLK Historical Finding…
  71. ANALYST DAY – Unit Corp. – slide 71
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  72. ANALYST DAY – Unit Corp. – slide 72
    Gilly Field Gross Annual Production Projected 100% 2014 growth Only 2 new wells on line in 2014 through Q3 Current production rate at 10,200 boed 8,000 6,000 Boe/d 4,000 2,000 0 2011 2012 2013 2014 est. NGLs Oil…
  73. ANALYST DAY – Unit Corp. – slide 73
    Gilly Field Gilly Field (ytd September 2014) 12 PDP wells + 1 PUD (2 new wells in 2014) Average gross EUR per well = 2.6 MMboe A Producing Wells A 2014 new well Productive area 1,200 acres 75
  74. ANALYST DAY – Unit Corp. – slide 74
    Gilly Field Cross Section Daily Gross Production by Zone A 3.6 miles A Untested Segno U Gilchrease 1,200 Boed 1,770 Boed L Gilchrease 7,272 Boed Blackwood Commingling zones Total Daily Production 10,243 Boed Producing…
  75. ANALYST DAY – Unit Corp. – slide 75
    Gilly Field Blackwood A Type Curve 90 Single Well (Zone) Parameters: OIL NGL EUR: 1.6 MMboe EUR: 125 MBbl EUR: 485 MBbl Well Costs: 5.3 MM IP (30 Day): 150 Bbl/d IP (30 Day): 416 Bbl/d ROR: 573% NGL Yield: 69 Bbls/MMcf Payout:…
  76. ANALYST DAY – Unit Corp. – slide 76
    Gilly Field Blackwood A Rates of Return 1000% 900% 800% 700% Strip 600% 500% 400% 300% 200% 100% 0% 70/3.50/24.50 80/3.50/28.00 90/4.00/31.50 100/4.00/35.00 100/4.50/35.00 110/4.50/38.50 Management Strip see…
  77. ANALYST DAY – Unit Corp. – slide 77
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  78. ANALYST DAY – Unit Corp. – slide 78
    Gilly Field Gross Reserves Total Resource Potential (Q3) + 33% to 67.2 MMboe 80 Proved Reserves (Q3) +190% to 26.8 MMboe 67.2 MMboe 60 50.9 MMboe 39.5 MMboe 40 MMBoe 20 5.0 MMboe 0 2011 2012 2013 2014 est.…
  79. ANALYST DAY – Unit Corp. – slide 79
    Gilly Field Gross Resource by Zone A 3.6 miles A Gross Resource Potential U Gilchrease 23.7 MMboe 13.7 MMboe L Gilchrease 29.8 MMboe Blackwood Total 67.2 MMboe Total 67.2 MMBoe 81
  80. ANALYST DAY – Unit Corp. – slide 80
    Gilly Field Lower Gilchrease Type Log 670 Boed 70 Single Well Parameters: Lower Gilchrease only (Mboe) 2014 2013 EUR: 566 MBoe Well Costs: 5.3 MM Gross Proved Reserves 7,600 0 ROR: 198% Gross Resource Potential 6,100 11,200…
  81. ANALYST DAY – Unit Corp. – slide 81
    Gilly Field Upper Gilchrease Type Log 1,200 Boed 150 Unstimulated Completion Flowing 5,400 psi Single Well Parameters: Upper Gilchrease only (Mboe) 2014 2013 EUR: 744 MBoe Well Costs: 5.3 MM Gross Proved Reserves 10,300…
  82. ANALYST DAY – Unit Corp. – slide 82
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  83. ANALYST DAY – Unit Corp. – slide 83
    Gilly Field Expansion New Well Potential to expand field size by 25% to 1,500 acres Additions not currently in reserve estimates New well estimate completion in mid November 2013 Field = 1,200 acres Datum: Upper…
  84. ANALYST DAY – Unit Corp. – slide 84
    Gilly Field Additional Upside Segno Series Sand A 3.6 miles A Segno Sand Gross Resource Potential Segno Estimate 6 MMboe (not in current resource estimate) U Gilchrease L Gilchrease Blackwood 86
  85. ANALYST DAY – Unit Corp. – slide 85
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  86. ANALYST DAY – Unit Corp. – slide 86
    Gilly North Field Development Gilly North productive area = 2,205 acres 1,400 acres 2014 exploratory wells 805 acres 88
  87. ANALYST DAY – Unit Corp. – slide 87
    Gilly Field North Gilchrease Type Log 70 Single Well Parameters: OIL NGL EUR: 297 MBoe EUR: 39 MBbl EUR: 91 MBbl Well Costs: 5.4 MM IP (30 Day): 74 Bbl/d IP (30 Day): 175 Bbl/d ROR: 23% NGL Yield: 73 Bbls/MMcf Payout: 28…
  88. ANALYST DAY – Unit Corp. – slide 88
    Gilly Field Area 2015 Development Productive Area Upthrown = 2208 Acres Gilly North B Gilly Downthrown Gilly Field B Prior Years Drilling 2015 Drilling Program 90
  89. ANALYST DAY – Unit Corp. – slide 89
    Gilly Field Dip Cross Section 2.7 miles B Prop Loc B Gilly North Gilly Field Gilly Downthrown Segno U Gilchrease 1700 L Gilchrease 2200 Blackwood 91
  90. ANALYST DAY – Unit Corp. – slide 90
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  91. ANALYST DAY – Unit Corp. – slide 91
    Historical & Forecasted Wilcox Cash Flow Wilcox Cumulative Net Cash Flow (MM) Proved Reserves Only ROR = 112% 93
  92. ANALYST DAY – Unit Corp. – slide 92
    Wilcox Horizontal Prospects Gross Resource Reserve Potential Average Average Total Vertical Completion Gross Resource Potential 2015 Depth Lateral D&C Cost History BOEPD Potential MMBOE Wells Wells AREA I 10,800 2,800 117MM 508 15 18…
  93. ANALYST DAY – Unit Corp. – slide 93
    Wilcox Vertical Prospects Gross Resource Reserve Potential Vertical Type Per Well Resource Total Potential 2015 Depth Well D&C Cost Potential MMBoe D&C Cost Wells Drilling PROSPECT I 15,800 Wildcat 5.3MM 33 64 MM 12 1 PROSPECT II…
  94. ANALYST DAY – Unit Corp. – slide 94
    Wilcox Resource Potential Summary Wilcox Horizontal Prospects Total Potential Potential 2015 D&C Cost MMBOE Wells Wells TOTALS 767 MM 94 110 8 Wilcox Vertical Prospects Total Potential 2015 D&C Cost Potential Wells Wells…
  95. ANALYST DAY – Unit Corp. – slide 95
    Wilcox 2014 Highlights and 2015 Activity 2014 Gilly Field production up 100% 2014 Gilly Field resource potential increased 33% Gilly Field potential upside Expansion from Gilly to adjacent fault blocks Horizontal and vertical…
  96. ANALYST DAY – Unit Corp. – slide 96
    Gilly Field Drilling Drilling Costs Improvement 300 45 40 250 35 200 30 Drilling Costs Per Foot (/foot) 25 DAYS 150 20 100 15 10 50 5 0 0 2011 2012 2013 2014 YTD 2015 Estimate Cost per foot Days Spud to Rig…
  97. ANALYST DAY – Unit Corp. – slide 97
    Lease Operating Expense LOE Cost per BOE 10.00 9.00 24% reduction since 2011 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2010 2011 2012 2013 2014 Est 99
  98. ANALYST DAY – Unit Corp. – slide 98
    Wilcox Gilly Well Margin (Actual through Q3) (Mcfe) Net Cash Margin 3.51 Revenue per Mcfe (3Q 2014 YTD) 5.98 (Mcfe) F&D1 0.76 Dry Gas 43% Operating Costs 0.91 NGLs (C2+) 23% Condensate 34% Prod. Taxes 0.12 G&A 0.48…
  99. ANALYST DAY – Unit Corp. – slide 99
    Wilcox Key Takeaway Points 2015 Activity Gross Upside Resource Potential 2 Rigs 135 wells (110 horizontal) 1215 wells (8 horizontal) 145 MMboe 95% Avg. WI 43% Liquids (11% oil, 32% NGLs) Wilcox Key Takeaway Points Competitive…
  100. ANALYST DAY – Unit Corp. – slide 100
    Frank Young Senior Vice President, Exploration and Development 102

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