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NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P.

Midcoast Energy Partners, L.P. · May 22, 2014 · 27 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. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 1
    Mid-Con Energy Partners, LP NAPTP 2014 MLP Investor Conference May 22, 2014 Financial information as of May 6, 2014 NASDAQ: MCEP www.midconenergypartners.com 1
  2. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 2
    Mid-Con Energy Partners, LP Reserves and Production(1) The Waterflood Guys Core strength in enhanced oil recovery, focusing on Proved Reserves: 15.5 MMBoe waterflooding % Proved Developed: 76% Employees have prior experience in over…
  3. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 3
    Operating Strategy Increase production and recovery from existing reserve portfolio (99% Oil) Exploit Potential Of Existing Average daily production in 2013 increased over 33% YoY Property Base 28.9% CAGR in production since IPO…
  4. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 4
    Asset Overview 2013 Year End Total Proved Reserves: (1) MMBoe % Total Southern Oklahoma 6.4 41% Northeastern Oklahoma 4.4 28% Hugoton 4.7 31% Total 15.5 100% Tulsa Office Additional Information:(2) 99% Oil (2) 99% Operated…
  5. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 5
    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…
  6. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 6
    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…
  7. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 7
    Oil Weighting Affords Peer-Leading Cash Margins 2013 Adjusted EBITDA Per Boe Peer Comparison(1)(2) 70 98% 100% 64.63 90% 60 80% 50 70% % Oil Production 62% Per Boe 59% 60% 40 51% Peer Average: 33.02 Per Boe 50%…
  8. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 8
    Merit of EOR Assets Gaining Recognition Among MLPs Upstream MLP EOR Transactions Over Last 24 Months 1 ARP May-14 420 2 MEMP May-14 935 3 LGCY Mar-14 112 4 LINE Dec-13 2,316 5 BBEP Jun-13 890 Last Subtotal Twelve Months (LTM)…
  9. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 9
    Acquisition Strategy: Add New, High Quality Properties Management team is committed to making accretive acquisitions. From affiliates and third parties Target long-life, low decline assets Team dedicated to examining potential…
  10. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 10
    Balanced Capital Structure: Sufficient Borrowing Base and Ample Liquidity Revolving Credit Facility 180 ( in millions) 160 20.0 Increased Borrowing Base 170 Million Borrowing Base on 04/11/14 Increased Borrowing Base 20.0…
  11. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 11
    Securing Revenues via Hedging: Hedge Profile Percent of MCEPs Production Hedged based on Mid-Point of 2014 Guidance(1) 3000 2500 86% 86% 86% 86% 2000 Boe/d 1500 47% 1000 500 19% 0 2Q14 3Q14 4Q14 1Q15 2014 2015…
  12. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 12
    Distribution History Approximate 8% Growth in Quarterly Rate Since IPO Since completing its initial public offering in December 2011, Mid-Con Energy has paid 4.552 in cumulative cash distributions per unit (inclusive of May 15, 2014…
  13. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 13
    Total Compound Return of 17% Per Annum since December 2011 IPO MCEP Total Return (TR) MCEP Price Appreciation Alerian MLP TR Index S&P Mid-Cap Energy TR Index 70% 60% 50% 40% 30% 20% 10% 0% (10%) (20%) 2012 MCEP…
  14. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 14
    2014 Growth Plan Mid-Con Energy remains focused on return to unitholders. Cultivate maturing legacy assets Make accretive acquisitions from affiliates and third parties Target 4% distribution growth in 2014 while maintaining healthy…
  15. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 15
    2014 Capital Budget Total CapEx By Core Area Growth & Maintenance CapEx ( in millions) 16 12 Maintenance CapEx 12 9 Million 11 8 4 7 30 - Million Hugoton Southern Northeastern Oklahoma Oklahoma New Wells (Gross) Total…
  16. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 16
    2014 Acquisitions to Date February 28, 2014 May 2014 Completed First Acquisition Dropdown In 1Q 2014, acquired 349 Boe/d average net Signed a purchase agreement to production and 1.6 MMBoe net proved acquire various Southern…
  17. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 17
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 18
  18. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 18
    Contact Information Headquarters Investor Relations Contacts 2501 N. Harwood Jeffrey Olmstead Suite 2410 President and CFO jolmsteadmidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Krista McKinney Investor Relations…
  19. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 19
    Appendix: MCEP Ownership 1.7% Mid-Con Energy, GP LLC Founders(1)(3) 6.1% 7.0% Mid-Con Energy Affiliates Public Ownership(4) 77.3% 7.9% Yorktown(2)(3) (1) Founders collectively refers to Charles R. Olmstead, S. Craig…
  20. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 20
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 21
  21. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 21
    Appendix: Increasing Injection = Increasing Production *Injection and production volumes are presented on a gross basis. NASDAQ: MCEP www.midconenergypartners.com 22
  22. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 22
    Appendix: Increasing Injection = Increasing Production POTENTIAL NASDAQ: MCEP www.midconenergypartners.com 23
  23. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 23
    Appendix: 1Q14 Earnings Summary Three Months Ended March 31, December 31, March 31, 2014 2013 2013 (in thousands, except per unit data) Production: Oil (MBbl) 232 230 220 Natural gas (MMcf) 21 23 37 Total (MBoe) (1) 236 234 226…
  24. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 24
    Appendix: 1Q14 Coverage Ratio Calculation Three Months Ended March 31, 2014 ( in thousands, except per unit data) Adjusted EBITDA (1) 12,722 Less: Cash interest expense 866 Estimated maintenance capital expenditures 1,757…
  25. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 25
    Appendix: 1Q14 Non-GAAP Measures 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…
  26. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 26
    Appendix: 1Q14 Highlights Production 1Q 2014 average net production of 2,622 Boe/d increased approximately 4% above 1Q 2013 average net production In 1Q 2014, acquired 349 Boe/d average net production and 1.6 MMBoe net proved…
  27. NAPTP MLP 2014 INVESTOR CONFERENCE – Midcoast Energy Partners, L.P. – slide 27
    NASDAQ: MCEP www.midconenergypartners.com NASDAQ: MCEP www.midconenergypartners.com 28

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