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JULY 2015 INVESTOR PRESENTATION – Midcon Energy

Midcon Energy · Jul 7, 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 1
    Mid-Con Energy Partners, LP Investor Presentation Financial information as of June 30, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 3
    The Right Strategy NASDAQ: MCEP www.midconenergypartners.com 4
  4. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 8
    The Right Team NASDAQ: MCEP www.midconenergypartners.com 9
  9. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 9
    The Waterflood Guys EXPERTISE: We are the waterflood guys. We focus on maximizing economically recoverable oil. In other words, we are Looking for oil in an oilfield. EXPERIENCE: Our management team and employees have…
  10. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 10
    The Right Assets NASDAQ: MCEP www.midconenergypartners.com 11
  11. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 13
    Mid-Cycle Prices Support Healthy Cash Margins 50 45.05 40 Cash Margin Excluding Hedges 35.68 30 (/Boe) 26.32 20 16.95 10 10.02 7.58 Breakeven 0 0.00 1Q15 31.91 40.00 50.00 60.00 70.00 80.00 Oil & Natural Gas…
  14. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 14
    Mid-Cycle Prices Provide Strong Coverage 40 5.00x 4.67x 4.00x 30 3.70x Distribution Coverage Surplus/(short-fall) 3.00x 20 (/Boe) 2.72x 35.24 2.00x 25.88 10 1.74x 16.51 1.00x 0.85x 7.14 0.00x 0.77x - 0.91…
  15. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 17
    The Right Structure NASDAQ: MCEP www.midconenergypartners.com 18
  18. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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 43% 1.5 100 57% 50 0.5 0 -0.5 2Q14 3Q14 4Q14…
  20. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 23
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 25
  24. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 25
    Appendix NASDAQ: MCEP www.midconenergypartners.com 27
  26. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 41
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 43
  42. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 42
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 44
  43. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 43
    Appendix: Increasing Injection = Increasing Production NASDAQ: MCEP www.midconenergypartners.com 45
  44. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – 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. JULY 2015 INVESTOR PRESENTATION – Midcon Energy – slide 46
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 48

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