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OGIS NEW YORK – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Apr 18, 2014 · 28 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. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP OGIS New York April 8, 2014 Financial information as of March 5, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Operational Highlights(1) o The Waterflood Guys Core strength in waterflooding, a form of secondary Proved Reserves: 15.5 MMBoe oil recovery % Proved Developed: 76% Employees have prior experience in over…
  3. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 3
    Partnership Profile Asset Overview 2013 Year End Total Proved Reserves: (1) MMBoe% Total Southern Oklahoma 6.4 41% Northeastern Oklahoma 4.4 28% Hugoton 4.7 31% Total 15.5 100% Tulsa Office Additional Information:(2) o 99%…
  4. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 4
    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…
  5. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 5
    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…
  6. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 6
    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 7
  7. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 7
    Operating Strategy o Increase production and recovery from existing reserve portfolio (99% Oil) Exploit Potential Of Existing o Average daily production in 2013 increased over 33% YoY Property Base o 31.0% CAGR in production since…
  8. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 8
    Exploit Potential of Existing Property Base o Approximately 31.0% CAGR in production growth since IPO in December 2011 3,000 2,500 2,000 Boe/d 1,500 1,000 500 0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13…
  9. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 9
    Maintain Operational Control and Effectiveness 4Q13 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 70.00 61.51 61.51 60.00 49.60 50.00 42.23 Per Boe 40.00 35.44 35.96 34.05 Peer Average: 32.94 Per Boe 30.00 28.39…
  10. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 10
    Acquire New, High Quality Properties 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…
  11. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 11
    Balanced Capital Structure: Borrowing Base and Liquidity Revolving Credit Facility o 150 Million Borrowing Base ( in millions) Increased Borrowing Base from 160.0 130.0 million to 150.0 million on November 5, 2013 140.0 38.0…
  12. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 12
    Balanced Capital Structure: 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…
  13. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 13
    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…
  14. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 14
    Distribution History 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…
  15. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 15
    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% 44% 40% 40% 30% 22% 20% 10% 0% 15-Dec-11 15-Mar-12 15-Jun-12…
  16. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 16
    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 healthy…
  17. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 17
    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…
  18. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 18
    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…
  19. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 19
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 20
  20. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 20
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO jolmsteadmidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Krista McKinney Investor Relations…
  21. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 21
    Appendix: 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% 77.3% GP Interest Mid-Con Energy LP Interest 6.1% Operating,…
  22. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 22
    Appendix: Waterflood History Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 23
  23. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 23
    Appendix: Waterflood Opportunity Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 24
  24. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 24
    Appendix: Opportunity POTENTIAL Increased Geological Complexity = Increased Opportunities NASDAQ: MCEP www.midconenergypartners.com 25
  25. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 25
    Appendix: 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…
  26. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 26
    Appendix: 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)…
  27. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 27
    Appendix: 2013 Coverage Ratio 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…
  28. OGIS NEW YORK – Mid-Con Energy Partners Lp – slide 28
    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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