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Q2 2015 Earnings Call – Mid-Con Energy Partners Lp

Mid-Con Energy Partners Lp · Aug 3, 2015 · 15 slides

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Slides

  1. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 1
    Mid-Con Energy Partners, LP Supplemental: Second Quarter 2015 Results August 3, 2015 Financial information as of August 3, 2015 NASDAQ: MCEP www.midconenergypartners.com 1
  2. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 2
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 3
  3. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 3
    Second Quarter 2015 Results Production 2Q15 average net production of 4,615 Boe/d increased approximately 1% over 1Q15 Growth LOE 2Q15 LOE of 18.14/Boe decreased approximately 16% from 1Q15 Adjusted EBITDA(1) 2Q15 Adjusted…
  4. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 4
    2Q15 Capital Expenditures Growth & Maintenance CapEx 2.9 million in total CapEx Maintenance: 2.5 Million Growth Growth: 0.4 Million CapEx 0.4 Million Spud 5 producing wells during the quarter 3 of 5 new producing wells…
  5. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 5
    2Q15 Development Activity(1) Northeastern Oklahoma 3 Producing Wells (1 Pending) 2 Conversion to Injection 3 Recompletions Tulsa Office Southern Oklahoma Permian 1 Recompletion 2 Producing Wells (2 Pending) Headquarters 1…
  6. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 6
    2015 Net Capital Budget Core Area Summary By Core Area By Fiscal Quarter ( in thousands) ( in thousands) 5,000 HUG S OK 5% 3% GC/ 4,000 OTHER 6% 3,000 PERMIAN 12,853 47% Total 2,000 NE OK CapEx 40% 1,000 -…
  7. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 7
    Financial and Operating Results Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year (unaudited, in thousands, except per unit data) 2015 2015 2014 % % Oil (MBbl) 397 391 245 6 1.5% 152…
  8. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 8
    Non-GAAP Summary(1) Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year 2015 2015 2014 % % Net income (loss) (7,944) (4,112) 3,847 (3,832) 93.2% (11,791) na Interest expense, net…
  9. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 9
    Operating Results per Boe Three Months Ended Variance Analysis June 30, March 31, June 30, Quarter-over-quarter Year-over-year Operating Results per Boe (/Boe) 2015 2015 2014 % % Oil & natural gas sales revenues 51.45 42.65 98.13 8.80…
  10. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 10
    Hedge Profile 3,500 Hedge Volumes (LHS) WTI Futures (RHS) Price (/Bbl) 100 3,000 90 Production Hedged (Bbl/d) Average Prices (/Bbl) 2,500 80 2,000 70 1,500 60 1,000 500 50 - 40 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Oil…
  11. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 11
    Leverage & Liquidity(1) Borrowing 3Q13: 4Q13: 2Q14: 3Q14: 4Q14: 2Q15: Base 130MM 150MM 170MM 190MM 240MM 220MM 4.0x Debt to EBITDA Covenant (RHS) 4.00x 240 35 37 3.50x 20 200 3.15 3.00x 22 Debt / EBITDA 160 31 2.77…
  12. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 12
    Operating cash flows, unhedged, positive above 30/Boe Cash Surplus, inclusive of CAPEX & distribution, above 50/Boe Cash expenses (/Boe) CAPEX (/Boe) Distribution (/Boe) Cash surplus/(short-fall) (/Boe) 80 70 2Q15 30.44 60 Results…
  13. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 13
    2015 Guidance and Capital Budget(1) 2015 & 2016 Distribution Coverage Sensitivity 2015 Guidance and Capital Budget 2015 (2) Net production (Boe/d) 4,300 - 4,600 Lease operating expenses per Boe 20.00 - 24.00 Production taxes (% of…
  14. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 14
    Investment Highlights The The Right Right Strategy Team The The Right Right Assets Structure NASDAQ: MCEP www.midconenergypartners.com 15
  15. Q2 2015 Earnings Call – Mid-Con Energy Partners Lp – slide 15
    Contact Information Headquarters Investor Relations Contact 2501 N. Harwood Krista McKinney Suite 2410 kmckinneymidcon-energy.com Dallas, TX 75201 972.479.5980 972.479.5980 Tulsa Operations 2431 E. 61st Street Suite 850…

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