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June 2015 Investor Presentation – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Jun 9, 2015 · 46 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. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of June 5, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 4
    Mid-Con Energy Partners, LP The Waterflood Guys Reserves and Production Core strength in enhanced oil recovery, focusing on waterflooding Reserves(1): 23.2 MMboe Employees have prior experience in over 150 waterflood Proved…
  5. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 5
    Operating Strategy Increase production and recovery from existing reserve portfolio (95% Oil) Exploit Potential Of Existing Average daily production in 1Q15 increased 14% from 4Q14 Property Base 38.1% CAGR in production since IPO…
  6. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 6
    Waterflooding Overview Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells Historically, the success of waterfloods has been attributable to the quality of the…
  7. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 7
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  8. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 9
    The Waterflood Guys EXPERIENCE: Our management team and employees have designed, engineered and operated over 150 projects in 13 states. EXPERTISE: Dr. Mike Wiggins, our President and Chief Engineer, has been widely recognized…
  10. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 11
    Asset Overview(1) Northeastern Oklahoma % of Total Reserves 37% Hugoton % of Total Daily Production 29% % of Total Reserves 17% % of Total Daily Production 17% Southern Oklahoma Total Mid-Con Energy Partners, LP % of Total…
  12. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 12
    Proved Reserves by Core Area 2011-2014 Northeastern Oklahoma Southern Oklahoma Hugoton Permian Gulf Coast / Other 25,000 23,230 3% 20,000 32% 26% CAGR 13,934 15,000 17% Mboe 13,146 10,049 17% 10,000 5,000…
  13. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 13
    Oil Weighting Affords Peer-Leading Margins 4Q14 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 50 96% 100% 45 48.22 90% 40 80% 35 70% % Oil Production 30 56% 60% Per Boe Peer Average: 26.31 Per Boe 25 50% 42%…
  14. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 14
    Mid-Cycle Prices Support Healthy Cash Margins 50 Cash Margin Excluding Hedges 45.05 40 35.68 30 (/Boe) 26.32 20 16.95 10 10.02 7.58 Breakeven 0 1Q15 0.00 31.91 40.00 50.00 60.00 70.00 80.00 Oil & Natural Gas…
  15. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 15
    2014 Acquisitions: Adding Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, Hugoton Drop-Down adding 2.6 MMboe of net proved reserves (88% February 28, 2014:…
  16. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 16
    Merit of EOR Assets Gaining Recognition Among MLP Peers Upstream MLP EOR Transactions Over Last 24 Months 1 LINE Sep-14 680 2 LRE Sep-14 38 3 ARP May-14 420 4 MEMP May-14 935 5 LGCY Mar-14 112 4 MEMP - Lost Soldier / Wertz 6…
  17. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 17
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  18. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 18
    Eastern Shelf Acquisition On November 17, 2014, MCEP acquired mature producing assets that are in the early stages of redevelopment in the Permian Eastern Shelf for 117.6 million, after post- closing adjustments Attractive…
  19. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 19
    Capitalization, Leverage & Liquidity(1) Capital Structure Leverage: 2.77x Debt to EBITDA(2) 300 4.0x Debt to EBITDA Covenant (RHS) 4.5 250 3.5 200 2.5 ( in millions) 150 1.5 50% 50% 100 50 0.5 0 -0.5 2Q14 3Q14 4Q14…
  20. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 20
    Hedge Profile 3,500 Hedge Volumes (LHS) WTI Futures (RHS) Price (/Bbl) 100 3,000 90 Production Hedged (Bbl/d) Average Prices (/Bbl) 2,500 80 2,000 70 1,500 60 1,000 500 50 - 40 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16…
  21. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 21
    Strategic Objectives for 2015 SecuringTHE SECURING the FUTURE future Reduced distribution to support balance sheet Restructured hedges to secure revenues and borrowing base LIVING LivingWITHIN within CASH cash FLOW flow…
  22. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 22
    2015 Guidance and Capital Budget(1) 2015 & 2016 Distribution Coverage Sensitivity 2015 Guidance and Capital Budget 2015 (2) Net production (Boe/d) 4,050 - 4,450 Lease operating expenses per Boe 20.00 - 24.00 Production taxes (% of…
  23. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 23
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 25
  24. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 24
    Contact Information Headquarters Investor Relations 2501 N. Harwood Krista McKinney Suite 2410 kmckinneymidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 NASDAQ: MCEP www.midconenergypartners.com 26
  25. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 25
    Appendix NASDAQ: MCEP www.midconenergypartners.com 27
  26. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 26
    Appendix: Permian OBrien Stawn Asset Overview Unit Stonewall Corsica Unit 26% of Total MCEP Reserves(1) Kent Haskell Sagerton NE 29% of Total MCEP Daily Production(2) Tomkins Field Closed November 17, 2014 Eleven Counties in…
  27. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 27
    Appendix: Northeastern Oklahoma Asset Overview KS 37% of Total MCEP Reserves(1) OK 29% of Total MCEP Production(2) Osage, Pawnee, Creek and Osage Seminole Counties, OK Skiatook Five Properties: Cleveland Cushing Cleveland…
  28. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 28
    Appendix: Southern Oklahoma Asset Overview 17% of Total MCEP Reserves(1) 23% of Total MCEP Daily Production(2) Carter and Love Counties, OK Six Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt…
  29. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 29
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 17% of Total MCEP Reserves(1) 17% of Total MCEP Daily Production(2) Cheyenne County, CO Potter County, TX Cimarron and Texas Counties, OK Eight Properties: CO KS Harker…
  30. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 30
    Appendix: Gulf Coast TX Asset Overview 3% of Total MCEP Reserves(1) 2% of Total MCEP Production(2) One Property: Liberty South Liberty Liberty South (1) Reserve data based on December 31, 2014 reserve report audited by…
  31. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 31
    Appendix: First Quarter 2015 Results Production 1Q15 average net production of 4,578 Boe/d increased approximately 14% over 4Q14 Growth LOE 1Q15 LOE averaged 21.64/Boe, in-line with the previous quarter Adjusted EBITDA(1) 1Q15…
  32. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 32
    Appendix: Financial and Operating Results Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2014 2014 % % Oil (MBbl) 391 356…
  33. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 33
    Appendix: Non-GAAP Summary(1) Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2014 2014 % % Net income (loss) (4,112) 82…
  34. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 34
    Appendix: Operating Results per Boe(1) Three Months Ended Variance Analysis March 31, December 31, March 31, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2015 2014 2014 % % Oil & natural gas sales revenues…
  35. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 35
    Appendix: 2015 Net Capital Budget Core Area Detail Net 2015 Capital Budget (Gross) Area Property CAPEX (M) Producer Injector WSW SWD CTI RTP / R/C HUG Bivins - - - - 1 - HUG Ona - - - - - 1 HUG War Party II - - - - 1 - HUG -…
  36. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 36
    Appendix: 2015 Net Capital Budget Core Area Summary By Core Area By Fiscal Quarter ( in thousands) ( in thousands) 5,000 HUG S OK GC/ 3% OTHER 5% 6% 4,000 PERMIAN 3,000 12,853 47% Total 2,000 NE OK CapEx 40%…
  37. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 37
    Appendix: NE OK Cleveland Unit 2014 Waterflood Development Cleveland C Sand Net Isopach New waterflood development in the north half of the unit NASDAQ: MCEP www.midconenergypartners.com 39
  38. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 38
    Appendix: NE OK Cleveland Unit Production Growth Catalysts Oil (Bbl/d) Gas (Mcf/d) 800 Early waterflood response observed 700 Initiated 21 well drilling program Average Daily Production (Gross) 600 Additional R/C and 3…
  39. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 39
    Appendix: NE OK Oilton Field Red Fork Development Farris Lease Oilton Field M. Farris Lease 200 Oil (Bbl/d) Gas (Mcf/d) Average Daily Production (Gross) 160 120 80 40 - Mar-14 Jun-14 Sep-14 Dec-14 Mar-15…
  40. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 40
    Appendix: Permian White Flats Evaluating Strawn Potential Jessie Little A 1 recompleted in the Strawn sand in February 2015 Current production 120 bopd Worrell 1 completed in the Strawn in October 2014 IP: 73 bopd / Current: 49…
  41. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 41
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 43
  42. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 42
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 44
  43. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 43
    Appendix: Increasing Injection = Increasing Production NASDAQ: MCEP www.midconenergypartners.com 45
  44. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 44
    Appendix: Mid-Con Energy Timeline 1986 The 2004 Mid-Con Energy 2011 Merged Mid- genesis of Mid- I, LLC formed with Con Energy I/II into November Con Energys properties contributed Mid-Con Energy August 5 17 original by Olmstead…
  45. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 45
    Appendix: Partnership Structure and Ownership 100% Mid-Con Energy MCEP GP, LLC Founders(1) Founders Yorktown 5% 24% 1% Institutional Mid-Con Affiliate 12% Public Ownership Mid-Con Energy 75% Affiliates 7% 76% Officers &…
  46. June 2015 Investor Presentation – Mid-Con Energy Partners Lp – slide 46
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 48

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