Skip to main content May 2012 Analyst Meeting – Stone Energy Corp. Investor Presentation | Shale Experts
Loading...
Pm

May 2012 Analyst Meeting – Stone Energy Corp.

Stone Energy Corp. · May 21, 2012 · 48 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. May 2012 Analyst Meeting – Stone Energy Corp. – slide 1
    Forward Momentum Stone Energy Analyst Meeting New Orleans May 2012
  2. May 2012 Analyst Meeting – Stone Energy Corp. – slide 2
    Welcome 2
  3. May 2012 Analyst Meeting – Stone Energy Corp. – slide 3
    Stone Energy Strategy Strategy: Leverage GOM cash flow to: 1. Maintain stable GOM Shelf oil production 2. Profitably grow oil reserves and production in material impact areas 3. Profitably grow gas reserves and production in liquids…
  4. May 2012 Analyst Meeting – Stone Energy Corp. – slide 4
    2012 Capital Expenditure Budget 2012E Capital Expenditure Budget 625 MM Facilities and Recompletions P&A 27 Horizontal and Workovers Liquids rich wells 10% 8% 30% Gulf of Appalachia 8 Oil wells Mexico Shelf 16% Deep Gas…
  5. May 2012 Analyst Meeting – Stone Energy Corp. – slide 5
    Introduction of Presenters Rich Smith Executive VP Exploration & Business Jerry Wenzel Executive VP Operations. Jerry joined John Pantaleo - VP Gulf of Mexico. John was Development. Rich joined Stone Energy in 2007 after serving…
  6. May 2012 Analyst Meeting – Stone Energy Corp. – slide 6
    Introduction of Presenters Richard L. Toothman, Jr. VP Appalachia Operations. Graduated Cum Laude from West Virginia University in 1986 with Bachelor of Science in Paul Wieg - Director, Exploration and Geoscience Technology . Petroleum…
  7. May 2012 Analyst Meeting – Stone Energy Corp. – slide 7
    Conventional Shelf Strategy: Maintain stable shelf oil production and generate free cash flow Planned 2012 Drilling Weeks Island Possible 2013-14 Drilling Additional Inventory Forge Pinto Hula Popper Magnum Popper Herbert…
  8. May 2012 Analyst Meeting – Stone Energy Corp. – slide 8
    Conventional Shelf Highlights LOE Forecast 200 27 Pompano 180 170 172 11 Appalachia 12 Other 17 160 140 55.5 Major 55 120 Maintenance 100 80 60 102.5 Base LOE 100 Program Highlights SGY holds 110 leases and is 5th largest…
  9. May 2012 Analyst Meeting – Stone Energy Corp. – slide 9
    2012 Conventional Shelf Production Outlook Wellwork Annual Spend - MM 50 2012 Production Forecast 200 180 41 41 35-40 40 Equivalent Rate - mmcfepd 160 140 120 30 100 80 60 Drilling 20 Recomp 40 Base 20 Oil Prod 10…
  10. May 2012 Analyst Meeting – Stone Energy Corp. – slide 10
    Regulatory Update / Safety & Compliance Permitting Progressing to New Normal - Shelf: 1-3 months prep; 4-6 months approval - Deep Water: 3-6 months prep; 8-12 months approval 2012 permits secured for all planned activity Safety…
  11. May 2012 Analyst Meeting – Stone Energy Corp. – slide 11
    Decommissioning Offshore Assets 180 Rigs to Reef LiftBoat Robert 160 140 Coast Guard cutter intentionally sunk East Cameron 273 in GOM 25 years ago National Geographic 2012 Artificial Habitat Benefits: 120 Environment…
  12. May 2012 Analyst Meeting – Stone Energy Corp. – slide 12
    Mississippi Canyon 109 Results 7 well successful program 2009-2010 Future Potential Targets Expecting new rig program 2013-2014 10,000 Gross Boe/d MC 109 8,000 6,000 4,000 2,000 Wellwork Wedge Drill Wedge…
  13. May 2012 Analyst Meeting – Stone Energy Corp. – slide 13
    Ship Shoal 113 Results Successfully increased production rate 2000 Boe/d to 7000 Boe/d 3 wells remaining to drill in 2012 20 project leads in the SS 113 area Prospective resources of 250,000- 500,000 boe per prospect 10,000…
  14. May 2012 Analyst Meeting – Stone Energy Corp. – slide 14
    Sustainable Conventional Shelf Projects Main Pass 288 Oil development targets G4 Sd Development Expect high probability of success Existing infrastructure The G4 Sand has produced 5.4 MMBOE from FB B 7 Potential drilling…
  15. May 2012 Analyst Meeting – Stone Energy Corp. – slide 15
    Deep Water Strategy: Acquire projects with near-term production, appraise discoveries and participate in large scale exploration prospects Pompano Planned 2012 Drilling Twenty One Possible 2013-14 Drilling Sherwood Additional…
  16. May 2012 Analyst Meeting – Stone Energy Corp. – slide 16
    Deep Water Highlights Pompano Pyrenees Highlights SGY 30% WI SGY 100% WI Took over operations at Pompano March 1, 2012 Signed PSA with Anadarko on their 25% interest in Pompano ( 50 MM for 5.6 MMboe) Achieved initial production at…
  17. May 2012 Analyst Meeting – Stone Energy Corp. – slide 17
    Parmer Prospect Prospective Resource Potential Project Plans 10 210 MMboe 3 penetrations already on leases (8 pay zones encountered) One new well and a sidetrack Possible subsea tieback Up to 4-8 producing wells 17
  18. May 2012 Analyst Meeting – Stone Energy Corp. – slide 18
    Pompano Facility Pompano (VK989) Amberjack (MC109) Processing Capacity 60,000 BOPD /150 MMCFD 22,000 BOPD / 30 MMCFD of Compressors (Total HP) 4 Units (18,080 HP) 3 Units (3,830 HP) Generator Capacity 8300 KWs 3200 KWs 18
  19. May 2012 Analyst Meeting – Stone Energy Corp. – slide 19
    Pompano 2012 Production Forecast Boe/d LOE 35 6000 30 25-30 30 5000 25 4000 11.5 20 18 20 3000 10 15 Anadarko 10 PDNP's 18.5 PDP 12 10 5 0 0 2011 2012 2013 Completed operatorship transition 3/1/2012 (one month…
  20. May 2012 Analyst Meeting – Stone Energy Corp. – slide 20
    Pompano Update Pompano Wellwork Plans - 2012 Commenced Sub Sea Intervention work on 3 wells 2 Successful with 300 BOPD add 1 in progress Hydraulic rig workover (HRWO) expected commencing in June Completed Major Maintenance work…
  21. May 2012 Analyst Meeting – Stone Energy Corp. – slide 21
    Pompano Platform Prospects P38A UTP Structure Net Pay M83 Structure - Amplitudes 15 ST P38C UTP Structure Net Pay Potential Prospective resource reserve potential: range: 1-1.5 MMboe 1-1.5 MMbo 21
  22. May 2012 Analyst Meeting – Stone Energy Corp. – slide 22
    Floating Rig PUDs Legend 2012 SGY legacy lease 2013 BP legacy lease 2014 BP legacy explor. 2015 Pompano Moore 27 29 MC 28 40 64 72 108 109 110 118 Twenty-One 154 Mica Amberjack 291 Mississippi Canyon 29- Open…
  23. May 2012 Analyst Meeting – Stone Energy Corp. – slide 23
    Pompano Exploration Prospects Potential Prospects 211 Pompano Area Exploration Assets 23 undeveloped exploration blocks w/ Pompano purchase SGY 75%, BP 25% current ownership Defined prospects (varying maturity) Multiple…
  24. May 2012 Analyst Meeting – Stone Energy Corp. – slide 24
    Pompano Area Prospects Amethyst and Derbio Amethyst Derbio area Pompano Derbio Prospect Tier 1 prospect Prospective resource potential 10 30 MMboe 5 mile subsea tieback Amethyst Derbio Amethyst Prospect Tier 1 prospect…
  25. May 2012 Analyst Meeting – Stone Energy Corp. – slide 25
    Phinisi Prospect Phinisi Phinisi Proposed Location B Phinisi Prospect On successful trend Late 2012 drill plan Adjacent to JSM semi SGY WI = 20% Analog well: WR 678 2 25
  26. May 2012 Analyst Meeting – Stone Energy Corp. – slide 26
    Taggert Prospect Devils Tower Type Log GREEN LOWER PLIOCENE VIOLET MC727 MC728 MC729 ORANGE Lower Pliocene Triton BLUE Devils Tower Devils Tower SB2 PURPLE Goldfinger Goldfinger MC772 MC773 Upper Miocene…
  27. May 2012 Analyst Meeting – Stone Energy Corp. – slide 27
    Other Deep Water Prospects Twenty-One Lamprey Cris I - Structure Wilcox - Structure Twenty-One Perdido Hub 10-110 Mmboe* Twenty-One Great White Discovery Recent Discovery Lamprey 10-80 Mmboe* * Prospective resource…
  28. May 2012 Analyst Meeting – Stone Energy Corp. – slide 28
    Deep Gas Strategy: Grow liquids rich gas reserves and production through exploration Lighthouse South Erath 2 Planned 2012 Drilling Bayou Onshore Project Possible 2013-14 Drilling Additional Inventory Trafalger La Cantera/La…
  29. May 2012 Analyst Meeting – Stone Energy Corp. – slide 29
    Deep Gas Highlights La Cantera 2 La Cantera 1 SGY WI 35% 1 Highlights 2 La Cantera/LaPosada:(34.5%WI) - First well producing; 27MMcf/d, 1500Bc/d - Spud second well March 2012; possible 4Q12 production Tom Cat South Erath…
  30. May 2012 Analyst Meeting – Stone Energy Corp. – slide 30
    Deep Gas Strategy Shelf Drillwell Categories GOM Opportunity Base South Erath La Cantera Lighthouse Bayou Tomcat 30
  31. May 2012 Analyst Meeting – Stone Energy Corp. – slide 31
    Tom Cat Prospect Prospective Resource Potential 30 260 Bcfe 31
  32. May 2012 Analyst Meeting – Stone Energy Corp. – slide 32
    Appalachian Basin Marcellus Shale Play Strategy: Profitably grow liquids rich gas reserves and rate Appalachian Overview 80,000 +/- Net Acres Leasehold 12,000 net acres YE 2011 Est. Proved Reserves = 170 BCFE Current Net Production…
  33. May 2012 Analyst Meeting – Stone Energy Corp. – slide 33
    Mary Field Mary Prospect Area Highlights: Condensate and NGL yields higher than forecasted and holding steady at 70 Bbl and 50 Bbl per MMcf gas, respectively SGY Talkington-Nice Pad, Mary Field, WV Integrated Fresh Water/Produced…
  34. May 2012 Analyst Meeting – Stone Energy Corp. – slide 34
    Heather Field Heather Prospect Area Highlights: Executed 50/50 JV with Triad Hunter in 2011 to allow efficient development of 2000 acres: - SGY named operator of JDA - Increased SGY net reserves - Secured takeaway capacity on…
  35. May 2012 Analyst Meeting – Stone Energy Corp. – slide 35
    Christine Prospect Area Highlights: SGY holds 31K net acres, long term leases SGY drilled 2 Marcellus Shale wells: - liquids rich gas (1225 Btu content) Geologic assessment currently underway: - Structurally complex Pipeline and…
  36. May 2012 Analyst Meeting – Stone Energy Corp. – slide 36
    Appalachia 2012 Focus Pot-of-gold in Mary Increase Operational Efficiencies while maximizing production rate and optimizing reserves in liquids rich areas Pad Drilling 8 to 10 laterals from same pad, where possible Drilling longer…
  37. May 2012 Analyst Meeting – Stone Energy Corp. – slide 37
    Appalachia 2012 Efficiencies Operational Efficiency Metrics: 2010 2011 2012Est Drilling Avg. Well Lateral Length, ft 3640 4460 5123 Drilling Avg. Spacing b/n Laterals, ft 1000 750 750 Completions Avg. Stages Pumped per day 1.4 2.1…
  38. May 2012 Analyst Meeting – Stone Energy Corp. – slide 38
    Economic Sensitivities (Liquids Rich Marcellus) Liquid Rich Area Type Curve* Marcellus Shale Type Well - Gas Price Sensitivity* 5.0 (Liquids Rich Area) 4.5 10.00 4.0 9.00 8.00 64.7% IRR 3.5 NPV(10%), MM 7.00 3.0 54.3% IRR…
  39. May 2012 Analyst Meeting – Stone Energy Corp. – slide 39
    Stacked Resource Potential Utica Shale: Consists of 3 distinct regions All of Stones leasehold within dry gas window Lies 4000 deeper than Marcellus Upper Devonian: Consists of 3 distinct shale zones - Geneseo, Middlesex and…
  40. May 2012 Analyst Meeting – Stone Energy Corp. – slide 40
    Business Development / Onshore Oil Alberta Bakken 35,000 net ac. Niobrara 10,000 net ac. Threemile Unit LaSal Unit Paradox 35,000 net ac. Eagleford 1,600 net ac. 40
  41. May 2012 Analyst Meeting – Stone Energy Corp. – slide 41
    3-Year Plan Perspectives Linear Program Base Assets with Geologic Opportunity Set Imposed Constraints & Optimization Parameters Model Optimization Results Remove Surrogates & Insert Available Projects 3-Year Plan…
  42. May 2012 Analyst Meeting – Stone Energy Corp. – slide 42
    Projected Capital Allocation* 2011 2012 2013 2014 521 MM 625 MM 650-800 MM 800-1,100 MM 9% 3% 2% 5% 1% 15% 22% 31% 31% 7% 40% 30% 31% 38% (Includes Pompano) 3% (Includes Pompano) (Includes Pompano) 10% 4% 54% 5% 8% 25%…
  43. May 2012 Analyst Meeting – Stone Energy Corp. – slide 43
    3-Year Plan Forecast Production Forecast* 400 Bus Develop 350 Appalachia Deep Water Deep Gas Grow Est. Proved Reserves 300 Conv Shelf Grow Production Rate Production Rate MMCFE 250 200 Diversify asset base 150…
  44. May 2012 Analyst Meeting – Stone Energy Corp. – slide 44
    Finance - Liquidity Update Have 200+ million in cash Anadarko acquisition 50 million expect close before 6/30/12 (effective date of July 1, 2011) Undrawn 400 million Borrowing Base - Could have pushed for higher amount Can…
  45. May 2012 Analyst Meeting – Stone Energy Corp. – slide 45
    Finance - Modeling Issues NGL volumes/pricing/revenues - Volumes expected to incline; however, NGL pricing is weak Transportation, Processing, Gathering expense - Should increase with Appalachian volumes Imputed non-cash Interest…
  46. May 2012 Analyst Meeting – Stone Energy Corp. – slide 46
    Convertible Notes Net Share Settlement 46
  47. May 2012 Analyst Meeting – Stone Energy Corp. – slide 47
    Current Valuation Metrics* EV / Ebitda only 3.0x Reserves per share only 2.1 boe per share Debt per Boe only 8 per boe Production (1Q12) 55% liquids Reserve Life 7 years Valuation Multiple poised for expansion *As of…
  48. May 2012 Analyst Meeting – Stone Energy Corp. – slide 48
    Summary Projects and Prospects in place Conventional shelf Deep water Deep shelf Appalachia People in place Finances in place 3-year Plan in place 48

From the store

Browse maps, data & reports in the Shale Experts store