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AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Aug 11, 2014 · 41 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. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of August 11, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. AUGUST 2014 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. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 4
    Mid-Con Energy Partners, LP Reserves and Production The Waterflood Guys Core strength in enhanced oil recovery, focusing on Reserves(1): 19.1 MMBoe waterflooding Proved Developed(1): 78% Employees have prior experience in over 150…
  5. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 5
    Operating Strategy Increase production and recovery from existing reserve portfolio (99% Oil) Exploit Potential Of Existing Average daily production in 2Q14 increased 5% from 2Q13 Property Base 27.6% CAGR in production since IPO…
  6. AUGUST 2014 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. AUGUST 2014 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. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. AUGUST 2014 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 for…
  10. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 11
    Asset Overview Northeastern Oklahoma Total Reserves 46% Hugoton Total Daily Production 35% Total Reserves 25% Total Daily Production 25% Tulsa Office Southern Oklahoma MCEP Total Total Reserves 25% Total Reserves(1) 19.1…
  12. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 12
    Year-to-Date Acquisitions: Adding New, High Quality Properties Oilton Drop-Down August 5, 2014: Acquired a 97% working interest in the Oilton Field for 56.5 million, adding 2.6 MMBoe of net proved reserves (88% Hugoton Drop-Down PDP,…
  13. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 13
    Oilton Field As announced on July 24, 2014, MCEP agreed to purchase Oilton Field from Mid-Con Energy III, LLC for 56.5 million Creek Co., OK The acquisition was funded with (i) approximately 2.2 million MCEP units valued at 52.0…
  14. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 14
    Liberty South Unit Liberty Co., TX In August 2014, the Partnership signed an agreement to purchase the Liberty South Unit for Producing Well 19.4 million Injection Well Water Supply Well The acquisition will be 100% funded with…
  15. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 15
    Oil Weighting Affords Peer-Leading Cash Margins 2013 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 70 98% 100% 64.63 90% 60 80% 50 70% % Oil Production 62% Per Boe 59% 60% 40 51% Peer Average: 33.02 Per Boe 50%…
  16. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 16
    Merit of EOR Assets Gaining Recognition Among MLPs Upstream MLP EOR Transactions Over Last 24 Months 1 ARP May-14 420 2 MEMP May-14 935 3 LGCY Mar-14 112 4 LINE Dec-13 2,316 Subtotal Last Twelve Months (LTM) 3,783 3,783 2…
  17. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 17
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  18. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 18
    Capitalization, Leverage & Liquidity(1) Conservative Capital Structure LowLeverage: Low Leverage:2.7x 2.7xLTM Debt/Adj. Debt toEBITDA EBITDA(2)(2) 180 3.0 160 2.5 140 21% 120 2.0 ( in millions) 100 1.5 80 60 1.0…
  19. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 19
    Hedge Profile 3,000 96 Volumes (LHS) Average Price Hedged (RHS) 94 2,500 Production Hedged (Bbl/d) 92 Average Price ( / Bbl) 2,000 90 1,500 88 86 1,000 84 500 82 - 80 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16…
  20. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 20
    2014 Capital Budget(1) Total CapEx by Core Area Growth & Maintenance CapEx 16 ( in millions) Maintenance CapEx 9 Million 12 12 11 8 30 Million 4 7 Growth CapEx - Southern 21 Million Hugoton Northeastern Oklahoma…
  21. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 21
    2Q14 Capital Expenditures Growth & Maintenance CapEx 8.9 Million In Total CapEx Maintenance: 1.7 Million Maintenance CapEx 1.7 Million Growth: 7.2 Million Spud 12 Producing Wells and 2 Injection Wells During Quarter 8.9 7 of…
  22. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 22
    2Q14 Development Activity(1) Northeastern Oklahoma 9 Producing Wells 1 Injection Well 2 Conversions To Injection 7 Wells In Progress / Pending Hugoton 1 Injection Well 2 Conversions To Injection 2 Recompletions 3 Wells In…
  23. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 23
    2014 Growth Plan 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…
  24. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 24
    Total Return of 54% since IPO 170 160 150 Index to IPO Offer Price 140 130 120 110 100 90 Dec-11 Dec-12 Dec-13 MCEP Alerian MLP Upstream MLP Source: Bloomberg (1) Market data based on August 6, 2014 market…
  25. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 25
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 26
  26. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 26
    Contact Information Headquarters Investor Relations 2501 N. Harwood Krista McKinney Suite 2410 kmckinneymidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Tulsa Operations 2431 E. 61st Street Suite 850 Tulsa, OK…
  27. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 27
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 28
  28. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 28
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 29
  29. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 29
    Appendix: Increasing Injection = Increasing Production POTENTIAL NASDAQ: MCEP www.midconenergypartners.com 30
  30. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 30
    Appendix: Southern Oklahoma Asset Overview 25% of Total MCEP Reserves 36% of Total MCEP Daily Production Carter and Love Counties, OK Seven Properties: Ardmore West Eastman Hills Highlands Battle Springs Southeast Hewitt Twin…
  31. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 31
    Appendix: Northeastern Oklahoma Asset Overview KS 46% of Total MCEP Reserves OK 35% of Total MCEP Production Osage, Pawnee, and Creek Osage Counties, OK Skiatook Four Properties: Cleveland Cushing Cleveland Tulsa Office…
  32. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 32
    Appendix: Hugoton Asset Overview Harker Ranch Cheyenne 25% of Total MCEP Reserves 25% of Total MCEP Daily Production Cheyenne County, CO Potter County, TX Cimarron, Love, and Texas Counties, OK Eight Properties: CO KS Harker…
  33. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 33
    Appendix: Gulf Coast TX Asset Overview 4% of Total MCEP Reserves 4% of Total MCEP Production Liberty County, TX One Property: Liberty Liberty South Liberty South (1)Unaudited reserves based on 2013 year end reserves plus…
  34. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 34
    Appendix: 2Q14 Highlights Production 2Q14 average net production of 2,725 Boe/d increased approximately 5% above 2Q13 average net production As announced on July 24, 2014, acquired 410 Boe/d average net production and Completed…
  35. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 35
    Appendix: 2Q14 Earnings Summary Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year Production 2014 2014 2013 % % Oil (MBbl) 245 232 230 13 5.6% 15 6.5% Natural gas (MMcf) 19 21 36…
  36. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 36
    Appendix: 2Q14 Income Statement Summary Three Months Ended Variance Analysis (unaudited, in thousands, except per unit data) June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Oil sales 24,216 21,638…
  37. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 37
    Appendix: 2Q14 Non-GAAP Measures Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2014 2014 2013 % % Net Income 3,847 1,561 10,538 2,286 146.4% (6,691) -63.5% Interest expense,…
  38. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 38
    Appendix: 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…
  39. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 39
    Appendix: MCEP Ownership Founders(1)(3) 5.6% Yorktown(2)(3) 3.9% 15.7% Mid-Con Energy Affiliates Public Ownership(4) 71.7% 1.7% Officers & Directors 1.5% Mid-Con Energy, GP LLC (1) Founders collectively refers to…
  40. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 40
    Appendix: 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 Peter Leidel, Owns The…
  41. AUGUST 2014 INVESTOR PRESENTATION – Mid-Con Energy Partners Lp – slide 41
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 42

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