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IPAA OGIS – Unit Corp.

Unit Corp. · Sep 30, 2013 · 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. IPAA OGIS – Unit Corp. – slide 1
    IPAA Oil & Gas Investment Symposium September 30, 2013
  2. IPAA OGIS – Unit Corp. – slide 2
    Overview of Operations 16 Bakken 18 Tulsa based diversified energy Casper Office company incorporated in 1963 Marcellus Integrated approach to Tulsa Headquarters business allows Unit to balance 75 Arkoma Basin its capital…
  3. IPAA OGIS – Unit Corp. – slide 3
    Key Growth Points Exploration & Production 212% average production replacement since 2003 130% increase in liquids production since Q1 2009, when Unit began focusing almost entirely on increasing liquids production Proved reserves:…
  4. IPAA OGIS – Unit Corp. – slide 4
    Capital Allocation Criteria Oil and Natural Gas Segment Minimum 15% risk-adjusted ROR for new well proposals Contract Drilling Segment New build rigs minimum contract term of 2 to 3 years at a day rate sufficient to provide a 100%…
  5. IPAA OGIS – Unit Corp. – slide 5
    Core Upstream Producing Areas Beginning in late 2008, implemented strategy of increasing focus on liquids-rich and oil prospects Forecast 43% liquids production for 2013 Mississippian Key focus areas include: Marmaton Granite Wash…
  6. IPAA OGIS – Unit Corp. – slide 6
    Track Record of Reserve Growth Proved Reserves (MMBoe) 160 150 Stable and consistent economic growth of oil 2003 2012 CAGR: 15% and natural gas reserves of at least 150% of 140 120 116 each years production 104 100 95 96 86 79 222%…
  7. IPAA OGIS – Unit Corp. – slide 7
    Increasing Production while Improving Commodity Mix Annual Production (MBoe/d) 50 46 45 40 39 33 29 28 30 27 20 10 28% 55% 0 2008 2009 2010 2011 2012 2013E Net Wells Drilled: 134 43 88 82 80 7 Oil / NGLs…
  8. IPAA OGIS – Unit Corp. – slide 8
    Granite Wash Play Noble acquisition strategic fit with existing UPC leasehold Total 47,000 net acres in the Texas Panhandle Core Area (81% HBP) Approximately 800 potential drilling locations HIGHLIGHTS Completed 65 operated…
  9. IPAA OGIS – Unit Corp. – slide 9
    Marmaton Oil Play Total 115,000 net acres in focus area (53% HBP) 150 potential locations on 640 acre spacing HIGHLIGHTS Completed 108 operated horizontal wells since 2010 Production up 50% in first half 2013 over 2012 Calculated…
  10. IPAA OGIS – Unit Corp. – slide 10
    Wilcox Liquids Play WILCOX HIGHLIGHTS Initial UPC discovery 2003 Gilly Field Discovery 2003 - 2012 Completed 120 wells Gross cumulative production: 143 Bcfe (43% oil & NGLs) 2013 ACTIVITY Q2 2013 = average net 38 MMcfe per…
  11. IPAA OGIS – Unit Corp. – slide 11
    Mississippian Play Total 118,000 net acres in focus area (5% HBP) Approximately 300 potential locations (320 acre spacing) HIGHLIGHTS Seven horizontal Miss wells completed Central Kansas Uplift 30 day average IP 238 Boe per day…
  12. IPAA OGIS – Unit Corp. – slide 12
    Significant Drilling Presence in Attractive Producing Regions 124 rig fleet 16 Fleet average 1,200 HP rating; 16,600 ft depth capacity 97% of contracted rigs drilling horizontal wells 51% utilization rate for Q2 2013 18 Casper…
  13. IPAA OGIS – Unit Corp. – slide 13
    Average Dayrates and Margins (1) 20,000 90 Average Number of Rigs Utilized 15,000 Margins / DayRates () 60 10,000 30 5,000 0 0 2009 2010 2011 2012 6 mos. '13 Margins Day Rates Rigs Utilized 13 (1) Margins…
  14. IPAA OGIS – Unit Corp. – slide 14
    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% 29 of 45 40% Utilization working Percentage (52% as of 9/25/13) 60% 80% 100% Number of Rigs: 31 38 45 4…
  15. IPAA OGIS – Unit Corp. – slide 15
    Introducing the New BOSS Drilling Rig Optimized for Pad Drilling Multi-direction walking system Faster Between Locations Quick assembly substructure 32 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500…
  16. IPAA OGIS – Unit Corp. – slide 16
    Mid-Stream Core Operations Granite Wash Mississippi Lime 29,000 dedicated acres 875,000+ dedicated acres 1 processing facility 7 processing facilities Pittsburgh Mills 135 MMcf/d processing capacity 157 MMcf/d processing capacity*…
  17. IPAA OGIS – Unit Corp. – slide 17
    Historical Performance Historical Daily Gathering Volumes (MMBtu / d) NGLs Volumes (Bbl / d) 400,000 15,000 300,000 10,000 200,000 5,000 100,000 0 0 2009 2010 2011 2012 6 mos. '12 6 mos. '13 2009 2010 2011 2012 6 mos.…
  18. IPAA OGIS – Unit Corp. – slide 18
    Midstream Segment 2013 Outlook Mississippian Reno County, KS: 25 MMcf/d Total Processing Capacity 5 MMcf/d refrigeration plant operational Q3 2013 20 MMcf/d cryogenic plant operational Q3 2013 Mississippian Bellmon: 90 MMcf/d…
  19. IPAA OGIS – Unit Corp. – slide 19
    Balance Sheet Summary 6/30/13 12/31/12 (In Millions) Total Assets 3,899.5 3,761.1 Long-Term Debt Senior Subordinated Notes 645.5 645.3 Bank Facility 70.0 71.1 Total Long-Term Debt 715.5 716.4 Shareholders Equity 2,079.5 1,974.3…
  20. IPAA OGIS – Unit Corp. – slide 20
    Debt Structure (1) Senior Subordinated Notes 650 million, 6.625% 10-year, NC5; maturity 2021 Ratings S&P Moodys Fitch Corporate BB Ba3 BB Senior Subordinated Notes BB- B1 BB- Unsecured Bank Facility Borrowing Base 800…
  21. IPAA OGIS – Unit Corp. – slide 21
    Hedges Target 5070% of current year projected oil and natural gas production Natural Gas Crude Oil MMBtu/d Bbls/d 3.65 100,000 10, 000 97.94 80, 000 94.09 8,000 60, 000 6,000 4.24 40, 000 4,000 20, 000…
  22. IPAA OGIS – Unit Corp. – slide 22
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,400 800 1,315 1,208 657 1,200 602 600 1,000 871 441 800 707 373 659 400 318 600 400 200 200 0 0 2009 2010 2011 2012 6 mos. '13 2009 2010…
  23. IPAA OGIS – Unit Corp. – slide 23
    Capital Expenditures (In Millions) 1,500 1,000 500 0 2008 2009 2010 2011 2012 2013 Budget Oil and Natural Gas Contract Drilling Midstream Acquisitions 23
  24. IPAA OGIS – Unit Corp. – slide 24
    Non-GAAP Financial Measures Adjusted EBITDA Six months ended June 30, Years ended December 31, ( in Millions) 2012 2013 2009 2010 2011 2012 Net Income 33 99 (56) 146 196 23 Income Taxes 21 62 (32) 91 123 16 Depreciation, Depletion…
  25. IPAA OGIS – Unit Corp. – slide 25

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