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IPAA OGIS – Unit Corp.

Unit Corp. · Sep 26, 2012 · 24 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. IPAA OGIS – Unit Corp. – slide 1
    IPAA Oil & Gas Investment Symposium September 26, 2012
  2. IPAA OGIS – Unit Corp. – slide 2
    Overview of Operations 16 Bakken Tulsa based company founded in 18 1963 with long history of operations Casper in the Mid-Continent Office Integrated approach to business Marcellus allows Unit to balance its capital Tulsa…
  3. IPAA OGIS – Unit Corp. – slide 3
    Summary of Business Strengths Integrated Integrated approach to business allows Unit to balance its capital Approach Enhances deployment through the various stages of the energy cycle Stability and Vertical integration offers key…
  4. IPAA OGIS – Unit Corp. – slide 4
    Core Upstream Producing Areas Beginning in late 2008, implemented strategy of increasing focus on liquids-rich and oil prospects Forecast to end 2012 with 42% liquids production Key focus areas include: Marmaton Granite Wash…
  5. IPAA OGIS – Unit Corp. – slide 5
    Strategic Acquisition Unit Corporation acquired certain oil and natural gas properties and related gathering and processing infrastructure primarily located in Western Oklahoma and the Texas Panhandle from Noble Energy (Acquisition)…
  6. IPAA OGIS – Unit Corp. – slide 6
    Transaction Rationale Quality, liquids rich oil and gas property set with significant upside 44 MMboe of proved reserves (80% PD)(1) 10.0 Mboe/d April 2012 daily production (36% Oil/NGLs) Strategic fit with Units existing E&P assets…
  7. IPAA OGIS – Unit Corp. – slide 7
    Significant Overlap in Core Operating Area Material acreage overlap with existing Pro forma Acreage Position in Core Mid-Continent Area properties adding 188,000 gross acres (84,000 net acres) which is 95% HBP Adds 25,000 net acreage…
  8. IPAA OGIS – Unit Corp. – slide 8
    Transaction Rationale Quality, liquids rich oil and gas property set with significant upside 44 MMboe of proved reserves (80% PD)(1) 10.0 Mboe/d April 2012 daily production (36% Oil/NGLs) Strategic fit with Units existing E&P assets…
  9. IPAA OGIS – Unit Corp. – slide 9
    Sale of Bakken Shale Properties Net Bakken Acreage North Dakota Williams County 2,654 McKenzie County 4,756 6,040 net acres Montana 6,040 13,450 QEP Transaction Details 243 million sales price, subject to adjustment 2,654 net…
  10. IPAA OGIS – Unit Corp. – slide 10
    Track Record of Reserve Growth Proved Reserves (MMBoe) 160 160 Stable and consistent economic growth of oil 2002 2011 CAGR: 14% and natural gas reserves of at least 150% of 140 120 116 each years production 104 100 95 96 86 79…
  11. IPAA OGIS – Unit Corp. – slide 11
    Increasing Production while Improving Commodity Mix Annual Production (MBoe/d) 50 39 40 37 38 33 36 29 28 30 27 20 10 55% 0 2008 2009 2010 2011 2012E 2012E Incl. Noble Net Wells Drilled: 134 43 88 82 Oil /…
  12. IPAA OGIS – Unit Corp. – slide 12
    Granite Wash Play Noble acquisition increases Granite Wash position 119% to 46,000 net acres in the Texas Panhandle Core Area Adds 600 potential drilling locations 2011 Q2 2012 Results First sales on 33 operated Granite Wash…
  13. IPAA OGIS – Unit Corp. – slide 13
    Marmaton Oil Play 2011 Q2 2012 Results First sales on 51 operated Marmaton horizontal wells (includes one extended lateral well) Average 30-day IP (incl. extended lateral) = 311 Boe/day 298 Boe/day (excl. extended lateral)…
  14. IPAA OGIS – Unit Corp. – slide 14
    Wilcox Liquids Play 2003 - 2011 Completed 109 wells at 72% success rate Field Discovery announced July 2012 Reserve Resource Potential Gross 229 Bcfe; Net 159 Bcfe 8% oil, 35% NGL, 57% natural gas Field Four Wells Completed…
  15. IPAA OGIS – Unit Corp. – slide 15
    2012 Capital Program No material increases to current 2012 capital program on a pro forma basis 457 million (57% of 2012 capital budget) allocated to E&P operations 385 million drilling capital budget allocated principally to the…
  16. IPAA OGIS – Unit Corp. – slide 16
    Significant Drilling Presence in Attractive Producing Regions 128 rig fleet 16 Fleet average 1,200 HP rating; 16,724 ft depth capacity 60% utilization rate for Q2 2012 87% of 47 1,200-1,700 HP rigs under contract 18 Casper…
  17. IPAA OGIS – Unit Corp. – slide 17
    Average Number of Rigs Utilized 100 75 50 25 0 2008 2009 2010 2011 6 mos. 2012
  18. IPAA OGIS – Unit Corp. – slide 18
    Diverse and Versatile Rig Fleet 400-700 h.p. 750-1,000 h.p. 1,200-1,700 h.p. 2,000 h.p. 2,500 h.p. 0 20% Growing demand from increased 37 of 47 40% Utilization shallow working Percentage horizontal drilling (55% as of…
  19. IPAA OGIS – Unit Corp. – slide 19
    Average Dayrates and Margins(1) 20,000 120 Average Number of Rigs Utilized 15,000 90 Margins / DayRates () 10,000 60 5,000 30 0 0 2008 2009 2010 2011 6 mos. 2012 Margins Day Rates Rigs Utilized Nine…
  20. IPAA OGIS – Unit Corp. – slide 20
    Superior Pipelines Core Operations Three natural gas treatment plants 11 natural gas processing plants 36 active gathering systems 981 miles of pipeline Plants Pipeline systems MAJOR SYSTEMS Average Processing Pipeline…
  21. IPAA OGIS – Unit Corp. – slide 21
    Historical Performance Historical Daily Gathering Volumes (MMBtu / d) NGLs Volumes (Bbl / d) 300,000 15,000 200,000 10,000 100,000 5,000 0 0 2008 2009 2010 2011 1st Half 2008 2009 2010 2011 1st Half 2012 2012…
  22. IPAA OGIS – Unit Corp. – slide 22
    Balance Sheet Summary 6/30/12 12/31/11 (In Millions) Working Capital 41.5 15.7 Total Assets 3,353.4 3,256.7 Long-Term Debt Senior Subordinated Notes 250.0 250.0 Bank Facility 82.9 50.0 Total Long-Term Debt 332.9 300.0…
  23. IPAA OGIS – Unit Corp. – slide 23
    Debt Structure Senior Subordinated Notes As of June 30, 2012 July 2012 Add-On 250 million, 6.625% 400 million, 6.625% First-time issuer Issued at 98.75% of par Issued in May 2011 Ratings S&P Moodys Fitch Corporate BB Ba3 BB…
  24. IPAA OGIS – Unit Corp. – slide 24

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