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GLOBAL HUNTER 100 CONFERENCE – Unit Corp.

Unit Corp. · Jun 23, 2015 · 30 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. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 1
    GHS 100 Energy Conference June 23, 2015
  2. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 2
    Overview of Operations Tulsa based diversified energy company 12 incorporated in 1963 Integrated approach to 9 business allows Unit to Casper balance its capital Marcellus Pittsburgh deployment through the various stages…
  3. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 3
    Key Growth Points Exploration & Production 203% average production replacement since 2005 Liquids production has grown 258% since the fourth quarter of 2009 Proved reserves: 179 MMBoe (1) Drilling Seven BOSS rigs operating; one…
  4. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 4
    2014 Accomplishments Unit Corporation Revenue increased 16% Adjusted EBITDA increased 17% (1) Oil and Natural Gas Segment Production has increased 9% Liquids production (oil and NGLs) have increased 16% Contract Drilling…
  5. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 5
    Strong Capital Discipline Total debt / TTMs adjusted EBITDA of 1.4x Strong access to capital No nearterm maturities Oil and natural gas exploration not driven by lease expirations 6
  6. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 6
    Track Record of Reserve Growth Proved Reserves (MMBoe) 179 180 150 160 Stable and consistent economic growth 150 116 of oil and natural gas reserves of at least 120 104 150% of each years production 95 96 86 90 79 69 60…
  7. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 7
    Increasing Production While Improving Commodity Mix Annual Production (MBoe/d) 60 57 2%4% growth 50 50 46 46 40 39 33 30 27 20 10 0 2010 2011 2012 2013 2014 2015 est. Q1 '14 Q1 '15 Natural Gas Oil / NGLs Prod. Range…
  8. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 8
    Core Upstream Producing Areas Key focus areas include: Gulf Coast: Mid Continent Region Wilcox (Southeast Texas) Mississippian MidContinent: SOHOT Hoxbar (Western Oklahoma) Granite Granite Wash (Texas Panhandle) Wash…
  9. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 9
    Wilcox (Liquids) Overall Highlights: Drilled 136 operated vertical wells since 2003 (12 years) 92% average WI TYLER JASPER NEWTON POLK Q1 15 avg. production: 70 MMcfe/d 43% liquids (11% oil) Historical ROR: 112% 3D AREA CAGR:…
  10. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 10
    Wilcox (Southeast Texas) 2015 Activity: Upside Resource Potential: 12 rigs 870 Bcfe 1214 gross wells 95% average WI (6 horizontal) 43% Liquids (11% oil, 32% NGLs) 2015 projected 25% growth Wilcox Net Production 90,000…
  11. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 11
    Hoxbar (Liquids) SOHOT Medrano Sand Medrano Single Well Parameters: Mary 118PH IP30: 11,520 Mcfe/d EUR: 5.8 Bcfe (larger frac) Extensional Area Claiborne 14H Well cost: 4.8 million Discovery 2011 Hiram 113H ROR: 44%* H O X B…
  12. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 12
    Hoxbar (Oil) SOHOT Marchand Sand Marchand Single Well Parameters: Rosey Havenstrite 1H Harper Thomas IP30: 1,457 Boe/d IP30: 2,444 Boe/d EUR: 447 MBoe Extensional Area Well cost: 6.0 million ROR: 92%* H O X B A R 3 , 0 0 0…
  13. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 13
    Granite Wash (Liquids) Historical Highlights: Buffalo Wallow Highlights: Completed 111 operated Completed 15 H wells horizontal wells since 2008 GW [A, B(3), C(5), D, E(3), F, G] zones Buffalo Average WI: 80% Wallow Average WI:…
  14. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 14
    Significant Drilling Presence in Attractive Producing Regions Bakken 93 rig fleet Fleet average 1,250 HP rating; Almost all of contracted rigs drilling horizontal wells Pinedale Anticline Niobrara 56% utilization rate for Q1…
  15. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 15
    Average Dayrates and Margins (1) 90 20,000 Average Number of Rigs Utilized Margins / DayRates () 15,000 60 10,000 30 5,000 0 0 2011 2012 2013 2014 Q1 2015 Margins(1) Dayrates Rigs Utilized (1) See Reconciliation…
  16. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 16
    Rig Fleet Snap Shot 82% of Total Fleet < 800 HP 8001,000 HP 1,2001,700 HP 2,000 HP 23% 14% 44% 50% 77% 56% 50% 86% M: 8 M: 18 M: 3 M: SCR: 5 SCR: 10 SCR: 38 SCR: 4 A/C: A/C: A/C: 7 A/C: 13 28 48 4 Utilization by…
  17. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 17
    The BOSS Drilling Rig Optimized for Pad Drilling Multidirection walking system Faster Between Locations Quick assembly substructure 3234 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500 gpm available…
  18. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 18
    Midstream Core Operations Brook Field Pittsburgh Mills Snow Shoe Texas Panhandle Northern Oklahoma and Kansas 35,000 dedicated acres 1,665,000+ dedicated acres Pittsburgh 135 MMcf/d processing capacity 193 MMcf/d processing…
  19. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 19
    Midstream Segment Historical Performance 34% compound growth rate in assets since yearend 2004 Operating 13 processing plants at seven different locations with combined processing capacity of 340 MMcf per day Increased from 12 to…
  20. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 20
    Midstream Segment Contract Mix 2010 Q1 2015 Contract Mix Based on Volume 35% 49% 51% 65% Fee Based Commodity Based Contract Mix Based on Margin 15% 36% 85% Fee Based 64% Commodity Based Unit vs. 3rd Party Margin…
  21. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 21
    Appalachian Growth Opportunities Constructing Snowshoe Gathering System in Centre County, PA Estimated Total Capital: 97 million Initial 2015 Capital: 42 million Expansion of Pittsburgh Mills gathering system into Butler…
  22. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 22
    Balance Sheet Summary 3/31/15 12/31/14 (In Millions) Total Assets 4,050.9 4,473.7 LongTerm Debt Senior Subordinated Notes 646.3 646.2 Bank Facility 237.3 166.0 Total LongTerm Debt 883.6 812.2 Shareholders Equity 2,092.1 2,332.4…
  23. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 23
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 800 767 1,600 1,400 1,315 1,352 657 657 1,208 602 1,200 600 1,000 800 400 600 400 200 255 117 200 0 0 2011 2012 2013 2014 Q1 2015 2011 2012…
  24. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 24
    Capital Expenditures (In Millions) 1,500 1,000 500 0 2011 2012 2013 2014 2015 Forecast Oil and Natural Gas Contract Drilling Midstream Acquisitions 25
  25. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 25
    Current Debt Structure Senior Subordinated Notes 650 million, 6.625% Ratings S&P Moodys Fitch Corporate BB Ba3 BB 10year, NC5; maturity 2021 Senior Subordinated Notes BB B1 BB Unsecured Bank Facility Current Borrowing Base 725…
  26. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 26
    APPENDIX 27
  27. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 27
    NonGAAP Financial Measures Adjusted EBITDA Three months ended March 31, Years ended December 31, ( in Millions) 2014 2015 2011 2012 2013 2014 Net Income (Loss) 57 (248) 196 23 185 136 Income Taxes 36 (151) 123 16 117 87…
  28. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 28
    NonGAAP Financial Measures Reconciliation of Average Daily Operating Margin Before Elimination of Intercompany Rig Profit and Bad Debt Expense (In thousands except for operating days Three months ended March 31, Years ended December 31,…
  29. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 29
    Derivative Summary Natural Gas Swap Volume Collar Volume Weighted Average Weighted Average Weighted Average Period MMBTU/Day MMBTU/Day Swap Price Floor Price Ceiling Price Q1 2015 40,000 30,000 3.98 4.20 5.03 Q2 2015 70,000 30,000…
  30. GLOBAL HUNTER 100 CONFERENCE – Unit Corp. – slide 30
    GHS 100 Energy Conference June 23, 2015

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