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IPAA OGIS – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Apr 16, 2013 · 26 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 – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP IPAA OGIS New York April 16, 2013 Nasdaq : MCEP www.midconenergypartners.com 1
  2. IPAA OGIS – Mid-Con Energy Partners Lp – slide 2
    Mid-Con Energy Partners, LP Operational Highlights o Secondary Oil Recovery Focus Private entity established in 2004, with principal Proved Reserves: 13.1 MMBoe investment from Yorktown Energy Partners % Proved Developed: 67%…
  3. IPAA OGIS – Mid-Con Energy Partners Lp – slide 3
    2012 Highlights In Average Net Production To 1,907 Boe/d In 2012 60% Growth From 1,191 Boe/d In 2011 In Total Proved Reserves At December 31, 2012, 13.1 MMBoe Up 31% From 10.0 MMBoe At December 31, 2011 In 2012 Adjusted EBITDA,…
  4. IPAA OGIS – Mid-Con Energy Partners Lp – slide 4
    Organizational Structure Founders(1) Yorktown(2) 100% Public Mid-Con Energy Ownership(3) Private Affiliates Mid-Con Energy GP, LLC 1.8% 69.3% GP Interest Mid-Con Energy LP Interest 6.0% Operating, Inc. LP Interest…
  5. IPAA OGIS – Mid-Con Energy Partners Lp – slide 5
    Oil Recovery Overview Original Oil In Place OOIP Primary Production 10 to 25% o Initial production from the reservoir typically recovered as a result of expansion of reservoir fluids which are naturally pressured within the…
  6. IPAA OGIS – Mid-Con Energy Partners Lp – slide 6
    Waterflooding Overview o Waterflooding increases production and recovery of oil in place by displacing oil from injection wells to producing wells o Historically, the success of waterfloods has been attributable to the quality of…
  7. IPAA OGIS – Mid-Con Energy Partners Lp – slide 7
    Waterflood Response & Growth Reservoir Fill-Up Start Production Water Response Injection BOPD Primary Secondary Production Production Time Elapsed Waterflood Life Nasdaq : MCEP www.midconenergypartners.com 8
  8. IPAA OGIS – Mid-Con Energy Partners Lp – slide 8
    Mid-Con Energy Partners, LP Asset Overview 2012 Total Proved Reserves: (1) MMBoe % Total Southern Oklahoma 6.7 51% Hugoton Northeastern Northeastern Oklahoma Hugoton Basin 3.1 3.1 24% 24% Basin Oklahoma Other 0.2 1% Total…
  9. IPAA OGIS – Mid-Con Energy Partners Lp – slide 9
    Southern Oklahoma Core Area Overview Ardmore West 2012 Total Proved Reserves: MMBoe % Total SE Hewitt Highlands 3.7 28% Twin Forks 1.2 9% Battle Springs 1.0 7% Ardmore West 0.7 6% Twin Forks Carter Southeast Hewitt 0.1 1%…
  10. IPAA OGIS – Mid-Con Energy Partners Lp – slide 10
    Northeastern Oklahoma Core Area Overview 2012 Total Proved Reserves KS OK MMBoe % Total Cleveland 2.1 16% Cushing 0.7 5% Skiatook 0.2 2% Osage Other NE OK 0.1 1% Skiatook Total 3.1 24% Dec. 2012 Avg. Net Production: Boe/d…
  11. IPAA OGIS – Mid-Con Energy Partners Lp – slide 11
    Hugoton Basin Core Area Overview Harker Ranch 2012 Total Proved Reserves Cheyenne MMBoe % Total Clawson Ranch 1.6 12% War Party I 0.4 3% War Party II 0.9 7% Harker Ranch 0.2 2% Total 3.1 24% Dec. 2012 Avg. Net Production: Boe/d…
  12. IPAA OGIS – Mid-Con Energy Partners Lp – slide 12
    Operating Strategy Exploit Potential o Increase production and recovery from existing reserve portfolio (99% Oil) Of Existing Property Base o Average daily production in 4Q 2012 increased over 53% YoY Maintain Operational o Our…
  13. IPAA OGIS – Mid-Con Energy Partners Lp – slide 13
    Acquisition Strategy Mid-Con Energy III Mid-Con Energy IV (Private Affiliate) (Private Affiliate) Waterflood drop-down Broader geography, opportunities consistent drilling and exploitation with MCEP drop-down opportunities…
  14. IPAA OGIS – Mid-Con Energy Partners Lp – slide 14
    Borrowing Base and Liquidity Revolving Credit Facility o 130 Million Borrowing Base ( in millions) Unanimously reaffirmed by lender 140.0 group in April 2013 130.0 Next scheduled redetermination on or 120.0 around October 30,…
  15. IPAA OGIS – Mid-Con Energy Partners Lp – slide 15
    Hedge Profile o Mid-Con Energy has commodity derivatives covering approximately 76%, 70% and 5% of estimated average daily oil production from proved reserves for calendar years 2013, 2014 and 2015, respectively 2013 2014 2015 Oil…
  16. IPAA OGIS – Mid-Con Energy Partners Lp – slide 16
    Distribution Growth o Two Consecutive Quarters of Distribution Growth The Board of Directors declared a 0.01 per unit increase in the quarterly distribution rate for both the third and fourth quarter of 2012 o Paid 1.987 In…
  17. IPAA OGIS – Mid-Con Energy Partners Lp – slide 17
    Proved Reserve Comparison Oil as Percentage of Total Proved Reserves (Boe) (1)(2) 100% 99% 80% 63% 60% 60% 57% 53% Peer Average : 40% 40% 29% 28% 24% 20% 19% 9% 4% 0% MCEP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5…
  18. IPAA OGIS – Mid-Con Energy Partners Lp – slide 18
    EBITDA Margin Comparison 2012 EBITDA Margin Per Boe(1)(2) 75.00 68.31 60.00 45.00 Peer Average : 36.47 30.00 15.00 - MCEP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 (1) EBITDA…
  19. IPAA OGIS – Mid-Con Energy Partners Lp – slide 19
    Current Yield 12.0% 11.0% 10.8% 10.4% 10.0% 10.1% Peer Average : 9.0% 9.3% 8.4% 8.6% 8.3% 8.0% 8.2% 7.6% 6.0% 6.0% 4.0% 2.0% 0.0% EVEP LINE LGCY PSE MCEP VNR BBEP MEMP NSLP QRE LRE *All unit prices based…
  20. IPAA OGIS – Mid-Con Energy Partners Lp – slide 20
    Investment Highlights The Right Assets The Right Team o Long-life, low decline o Experienced management team and deep staff of o Relatively low risk waterflood projects over 65 employees with significant experience o Significant…
  21. IPAA OGIS – Mid-Con Energy Partners Lp – slide 21
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO Dallas, TX 75201 jolmsteadmidcon-energy.com 972.479.5980 972.479.5980 Matthew Lewis Tulsa Operations…
  22. IPAA OGIS – Mid-Con Energy Partners Lp – slide 22
    Appendix: 4Q 2012 Earnings Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 ( in thousands) Production: Oil (MBbl) 203 130 678 407 Natural gas (MMcf) 31 38 122 164 Total (MBoe) (1) 208 136 698 434…
  23. IPAA OGIS – Mid-Con Energy Partners Lp – slide 23
    Appendix: Coverage Ratio Three Months Ended December 31, 2012 ( in thousands, except per unit data) Adjusted EBITDA (1) 13,348 Less: Cash interest expense 547 Estimated maintenance capital expenditures 1,070 Distributable…
  24. IPAA OGIS – Mid-Con Energy Partners Lp – slide 24
    Appendix: Hedge Detail Months Settlement Instrument Total Bbls. NYMEX Outstanding Price Floor Ceiling Type Per Month Index Jan-Dec 2013 105.80 Swap 6,000 WTI Jan-Dec 2013 100.00 111.00 Collar 6,000 WTI Jan-Dec 2013 96.00 Swap 8,000…
  25. IPAA OGIS – Mid-Con Energy Partners Lp – slide 25
    Appendix: 2013 Guidance ( in thousands, except per Boe and per unit metrics) 2013 Total Production: Oil (MBbl) 911 - 964 Natural Gas (MMcf) 66 - 77 Total (MBoe) (1) 922 - 976 Net Production Per Day: Oil (Bbl/d) 2,495 - 2,640…
  26. IPAA OGIS – Mid-Con Energy Partners Lp – slide 26
    Appendix: Non-GAAP Measures o This presentation includes Adjusted EBITDA and Distributable Cash Flow, each of which are non- generally accepted accounting principles (Non-GAAP) measures, and should not be considered an alternative to…

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