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GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum

Midstates Petroleum · Jun 23, 2015 · 25 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 – Midstates Petroleum – slide 1
    MIDSTATES PETROLEUM COMPANY, INC. Global Hunter Securities 100 Energy Conference June 23, 2015 Jake Brace, President & Chief Executive Officer
  2. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 2
    Midstates Petroleum Overview Premier position in the Mississippian Lime and a Mississippian Lime(1) Premier position in highreturn core significant inventory of horizontal well locations 26,531 Boed net production(2) in the…
  3. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 3
    Demonstrated Performance Net Production Adjusted EBITDA (1) 35,000 32,137 500 30,000 Gulf Coast 478 23,926 400 25,000 Anadarko Gulf Coast 300 343 MM 20,000 BOE/D 15,000 Anadarko 200 9,999 10,000 Miss 160 100…
  4. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 4
    Proactive Steps Taken Following Price Decline Dropped rig count from eight rigs in Q3 2014 to four rigs in Q1 2015 Ceased active drilling in Anadarko and focused solely on Miss Lime Consolidated Houston corporate office into…
  5. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 5
    Comprehensive Liquidity Enhancing Transaction Transaction announced on May 21, 2015 625 million of Second Lien Senior Secured Note offering due 2020 Annual interest rate of 10% 630.1 million of Senior Unsecured Notes exchanged for…
  6. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 6
    Bolstered Liquidity Transaction significantly enhances liquidity with minimal increase to debt load Liquidity increased to approximately 420 million on May 21, 2015 251 million revolver availability, plus cash on hand Total debt up…
  7. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 7
    Sustainable Performance Net Production Adjusted EBITDA (1) 40,000 500 35,000 34,164 FY 2015E 32,137 Gulf Coast 478 350380mm 30,000 Gulf Coast 400 Anadarko 23,926 25,000 Anadarko 343 300 MM BOE/D 20,000 Gulf Coast…
  8. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 8
    Cash Operating Expenses Cash Operating Expenses Improving Over Time (/Boe) (2) Production Taxes Cash G&A Lease Operating Expenses (1) 20.00 16.98 15.62 14.61 15.00 3.09 13.64 2.93 12.48 12.82 2.31 1.94 11.21 1.16 4.58…
  9. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 9
    Mississippian Lime Premier Position Net Production (Boe/d) (1) YE Proved Reserves (MMBoe) (1) 30,000 160 26,531 25,039 139 23,834 140 25,000 20,698 120 20,000 17,579 16,381 Gas 100 14,364 15,000 NGL 80 10,426 68…
  10. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 10
    Mississippian Lime Differentiated Performance Continuing Top Tier overall well performance in the Mississippian Lime 238 wells on production 30 days: Average peak 30day rate of 569 Boe/d(1) With 3D seismic and improved geological…
  11. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 11
    Mississippian Lime Type Curve Cawley, Gillespie and Associates Mississippian Type Curve Oil Gas Mississippian Lime PUD type curve below: 10,000 Daily Rate (Bopd, Mcfd) Gross 2 stream 30day IP rate of 517 Boe/d 1,000 and Gross…
  12. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 12
    Seismic Unlocking Mississippian Upside Utilizing 3D Seismic Increased 2014 Reserves Type Curve EUR by 25% Optimized well placement and completion techniques Identified downspacing potential Identified redrill candidates for…
  13. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 13
    Mississippian Lime Type Curve Support Well Production vs. YE PUD Type Curve 2014 Wells Boed Normalized Flowing Time (days) 2014 Wells Actual Production 2014 YE PUD Type Curve 2014 Wells Actual Production Average 2014 well…
  14. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 14
    Upside Mississippian Lime Downspacing Downspacing Opportunities Acreage initially developed with four laterals per section (1320 well spacing) Sections drilled with 4 wells show no interference between wells 3D mapping of…
  15. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 15
    Anadarko Basin Strong acreage position of 114,000 net acres (83,000 in Texas and 31,000 in Oklahoma) Primary horizons demonstrate similar and predictable results and provide attractive returns with achievable cost reductions…
  16. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 16
    Demonstrating Capital Efficiency Operating Capital Guidance: 250 to 275 million Gulf Coast Anadarko1% 94% Miss Lime, 5% Anadarko, and 1% Gulf Coast 5% Excludes capitalized interest and G&A, asset retirement obligations, office…
  17. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 17
    Looking to the Future Comprehensive liquidity enhancing transaction provides the Company with runway to maximize value of premium MidContinent asset base Continue to exploit premier Mississippian Lime asset Excellent team with…
  18. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 18
    Appendix
  19. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 19
    Hedging Summary (as of May 28, 2015) 2015 Oil Q2 Q3 Q4 Total WTI Swaps Volume (Bbls) 1,092,000 1,104,000 1,104,000 3,300,000 Volume (Bbl/d) 12,000 12,000 12,000 12,000 Price (/Bbl) 90.58 71.55 71.56 77.85 Natural Gas Swaps Volume…
  20. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 20
    Adjusted EBITDA Reconciliation For the Three Months Ended March 31, For the Year Ended December 31, 2015 2014 2013 2012 2011 Adjusted EBITDA reconciliation to net income (loss): Net income (loss) (193,556) 116,929 (343,985)…
  21. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 21
    Cash Operating Expenses Reconciliation 2015 2014 2013 Q1 Full Year Full Year Operating Expenses GAAP 277,299 533,350 876,915 Adjustments for certain noncash items: Asset retirement accretion (445) (1,706) (1,435) Sharebased…
  22. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 22
    Liquidity Liquidity May 21, 2015 : 420 mm millions Revolver Cash Balance Letters of Credit Borrowing base Net Liquidity May 21, 2015 Liquidity 169,000 0 (2,000) 253,000 420,000 Liquidity outlook substantially increased with…
  23. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 23
    Preferred Share Dividend Calculation Calculation Conversion into Conversion into Common Shares Common Shares Per share Total 13.50 11.00 Liquidation preference at October 1, 2012: 1,000.00 325,000,000 24,074,074 29,545,455 Dividend…
  24. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 24
    Management Team Background Information Mr. Brace has been President, Chief Executive Officer and a Director since March of 2015 Mr. Brace is currently Chairman and Chief Executive Officer of Beaucastel LLC and Sangfroid Advisors Ltd…
  25. GLOBAL HUNTER 100 CONFERENCE – Midstates Petroleum – slide 25
    Midstates Petroleum Company Contact Information TULSA Investor Relations 321 South Boston, Suite 1000 Jason McGlynn Tulsa, Oklahoma 74103 (918) 9474614 Main Phone (918) 9478550 Jason.McGlynnmidstatespetroleum.com Al Petrie…

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