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FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp.

Unit Corp. · Feb 23, 2011 · 33 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. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 1
    UNIT CORPORATION Presentation February 23, 2011 10:30 a.m.
  2. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 2
    Unit Corporation Profile Founded in 1963; public in 1979 (NYSE: UNT) Current average daily trading volume: 323,205 shares Added to the S&P MidCap 400 Index in October 2008 Headquartered in Tulsa, Oklahoma Current enterprise value…
  3. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 3
    Units Strengths Three consistent growing energy segments: Unit Petroleum Company 191% average production replacement since 2001 90% success rate for wells drilled during 2010 Unit Drilling Company 157% increase in rig count since…
  4. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 4
    Unit Petroleum Company Strategy Unit provides consistent economic growth of its oil and natural gas reserves of at least 150% of each years production by: Maintain aggressive drilling program Generating most drilling prospects…
  5. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 5
    Annual Reserve Additions as a Percent of Production 150% Average Annual Reserve Replacement through drilling over last 27 years 227% Average Annual Reserve Replacement from all sources over last 27 years 350% 300% 250%…
  6. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 6
    Reserve Growth Average annual reserve growth since 2001 of 10% Bcfe Mcfe 700 14 600 12 500 Mcfe per share 10 400 8 300 6 200 4 100 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Natural Gas Oil & NGLs
  7. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 7
    Production Growth Bcfe 70 60 50 40 30 20 10 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Natural Gas Oil & NGLs
  8. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 8
    Core Producing Areas Tulsa Headquarters Anadarko Basin 55% Arkoma 19% Basin Permian North LA/East Texas Basin 4% Basin 4% Gulf Coast 16% Basin Houston Office Proved Reserves At 12/31/10: 622.2 Bcfe
  9. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 9
    Wells Drilled (gross) 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 Vertical Wells Non-Op Horizontal Wells Operated Horizontal Wells
  10. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 10
    2011 Anticipated Drilling Program 357 Million CapEX WEST DIVISION Permian 112 MM Rockies 11 MM Gulf Coast 42 MM 59 MM Arkoma EAST Anadarko 7 MM DIVISION 38 MM 38 MM E. Texas/ 31 MM N. LA 169 MM CENTRAL DIVISION 207…
  11. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 11
    Segno Extension 3-D Area 7800 Upper 9400 West Segno Expansion (2008) 10500 Middle 11400 Lower 12000 12900 2010 Results: Average W.I. 94% 22 wells, 77% success Net Cost: 66.6 MM Net Reserves: 4.2 MMBoe* 2008…
  12. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 12
    Granite Wash Play 2010 - Completed 12 operated horizontal wells Average WI: 73%; Average Daily Peak Rate: 8.0 MMcfe/day 48% oil + liquids Anticipated Horizontal GW Well: 4000 Lateral, 11 Frac Stages Well Cost: 5.1 MM Estimated…
  13. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 13
    Marmaton Play 10/1/10 - 12/31/10: Completed 10 operated horizontal wells Average WI: 94%; 30 Day Average Production Rate: 230 Boe/day Finding Cost: 27.24/Boe 90% oil + liquids Anticipated Horizontal Marmaton Wells: 4000 Lateral, 16…
  14. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 14
    Shale Plays Bakken 56,400 gross acres 12,750 net acres Marcellus 197,000 gross acres 49,500 net acres Total gross acres: 386,643 Total net acres: 100,416 Haynesville/Bossier 36,243 gross acres Woodford - Arkoma 20,066…
  15. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 15
    Contract Drilling Strategy Units premium service is achieved by supplying: Top quality equipment Experienced personnel Expanding fleet to meet customer demand
  16. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 16
    Unit Rig Fleet 150 125 100 75 50 25 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Current Mechanical Electric
  17. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 17
    Significant Presence in Oil and Gas Producing Regions 7 5 20 Casper Office Tulsa Headquarters 67 6 Oklahoma City Office 21 121 Unit Rigs Houston 5 New Rigs - 2011 Office
  18. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 18
    Unit Rig Utilization 100% 75% 50% 25% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
  19. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 19
    Unit Rig Fleet HP Rating & Utilization 450-700 h.p. 750-1000 h.p. 1200-1700 h.p. 2000 h.p. 2500 h.p. 0 20% 40% Utilization Percentage (58% as of 2/15/11) 60% 80% 100% Number of Rigs: 30 40 38 7 6 New Rigs -…
  20. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 20
    Units Dayrates & Margins Per Day (1) 20,000 15,000 10,000 5,000 0 4th Qtr '09 1st Qtr '10 2nd Qtr '10 3rd Qtr '10 4th Qtr '10 Margins Dayrates (1) Margins are before elimination of intercompany rig profit.
  21. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 21
    Superior Pipelines Core Operations Three natural gas treatment plants Ten natural gas processing plants 34 active gathering systems 860 miles of pipeline
  22. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 22
    Revenues (in millions) 1,400 1,200 1,000 800 600 400 200 0 2006 2007 2008 2009 2010 Unit Petroleum Unit Drilling Superior Pipeline Other
  23. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 23
    EBITDA (in millions) (1) 800 600 400 200 0 2006 2007 2008 2009 2010 Unit Petroleum Unit Drilling Superior Pipeline (1)See EBITDA reconciliation
  24. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 24
    Adjusted Earnings per Share (1) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2006 2007 2008 2009 2010 (1)See Adjusted EPS reconciliation to EPS
  25. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 25
    Balance Sheet Summary 12/31/10 12/31/09 (In Millions) Working Capital 41.1 22.9 Total Assets 2,649.4 2,228.4 Long-Term Debt 163.0 30.0 Shareholders Equity 1,710.6 1,565.8 Credit Line Undrawn 162.0 295.0 Long-Term Debt to…
  26. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 26
    Hedges MMBtu/d Natural Gas Bbls/d Crude 84.28 100,000 4,000 4.85 80,000 3,000 88.49 60,000 2,000 40,000 5.48 1,000 20,000 0 0 2011 2012 2011 2012 Gallons/mo NGLs 800,000 0.97 600,000 400,000…
  27. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 27
    Capital Expenditures (In Thousands) 800,000 600,000 400,000 200,000 0 2006 2007 2008 2009 2010 Unit Petroleum Unit Drilling Superior Pipeline
  28. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 28
    2011 Capital Program Total business segment budget 605 million Unit Petroleum - 415 million 357 million drilling Unit Drilling - 143 million 135 million for rig maintenance & additions 8 million for drill pipe Superior…
  29. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 29
    Why Unit Three consistent growing energy segments: Unit Petroleum Company 191% average production replacement since 2001 90% success rate for wells drilled during 2010 Unit Drilling Company 157% increase in rig count since 2001…
  30. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 30
    APPENDIX
  31. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 31
    EBITDA Reconciliation to Income (Loss) Before Income Taxes (in Millions) 2010 2009 2008 2007 2006 EBITDA 442.3 371.2 753.7 615.9 660.6 Depreciation, Depletion and Amortization (205.1) (177.2) (244.9) (196.1) (167.1)…
  32. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 32
    EPS Reconciliation 2008 2008 2009 2009 (in millions except per share amounts) Amount Per Share Amount Per Share Net income before impairment of oil and natural gas properties 319.1 6.80 119.6 2.52 Impairment of oil and natural…
  33. FEBRUARY 2011 INVESTOR PRESENTATION – Unit Corp. – slide 33

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