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EnerCom Oil and Gas Conference – Unit Corp.

Unit Corp. · Aug 19, 2015 · 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. EnerCom Oil and Gas Conference – Unit Corp. – slide 1
    EnerComs Oil & Gas Conference August 19, 2015
  2. EnerCom Oil and Gas Conference – Unit Corp. – slide 2
    Unit Corporation: A Diversified Energy Company Tulsa based, incorporated in 1963 12 We have consistently grown throughout many commodity cycles 10 Integrated approach to Casper business allows Unit to Marcellus Pittsburgh…
  3. EnerCom Oil and Gas Conference – Unit Corp. – slide 3
    Are we in a 50 oil and 3 natural gas world Unit Petroleum has asset packages that can earn strong returns in the current commodity price environment Unit Drillings new BOSS rigs have been very well received by customers Superior…
  4. EnerCom Oil and Gas Conference – Unit Corp. – slide 4
    Key Growth Points Exploration & Production 203% average production replacement since 2005 Liquids production has grown 258% since the fourth quarter of 2009 Proved reserves: 179 MMBoe (1) 76% Proved Developed Drilling Eight BOSS…
  5. EnerCom Oil and Gas Conference – Unit Corp. – slide 5
    Segment EBITDA Margins (1) in Line with Pure Play Peers 90% 80% 70% EBITDA Margins 60% E&P Company Peer Average 50% 40% 30% Land Drilling Peer Average 20% 10% Midstream Peer Average 0% 12/31/2005 12/31/2006…
  6. EnerCom Oil and Gas Conference – Unit Corp. – slide 6
    Conservative Debt Structure No Near-Term Maturities Senior Subordinated Notes Ratings S&P Moodys Fitch 650 million, 6.625% Corporate BB- Ba3 BB Senior Subordinated Notes BB- B1 BB- 10-year, NC5; maturity 2021 Key Covenants Coverage…
  7. EnerCom Oil and Gas Conference – Unit Corp. – slide 7
    Strong Capital Discipline Total debt / LTMs adjusted EBITDA of 1.7x Strong access to capital No near-term maturities Oil and natural gas segment core plays largely HBP - exploration program not driven by lease expirations 8
  8. EnerCom Oil and Gas Conference – Unit Corp. – slide 8
    Track Record of Reserve Growth Proved Reserves (MMBoe) 179 180 150 160 Stable and consistent economic growth 150 116 of oil and natural gas reserves of at least 120 104 150% of each years production 95 96 86 90 79 69 60 221%…
  9. EnerCom Oil and Gas Conference – Unit Corp. – slide 9
    Consistent Production Growth Average Production (MBoe/d) 60 2%-4% growth 50 50 46 40 39 33 30 27 20 10 0 2010 2011 2012 2013 2014 2015 est. Natural Gas Oil / NGLs Prod. Range Net Wells Drilled: 88 82 80 91 121…
  10. EnerCom Oil and Gas Conference – Unit Corp. – slide 10
    Core Upstream Producing Areas Key focus areas include: Gulf Coast: Mid Continent Region Wilcox (Southeast Texas) Mississippian Mid-Continent: SOHOT Hoxbar (Western Oklahoma) Granite Granite Wash (Texas Panhandle) Wash…
  11. EnerCom Oil and Gas Conference – Unit Corp. – slide 11
    Wilcox (Southeast Texas) Overall Highlights: Drilled 141 operated vertical wells and 3 operated horizontal wells since 2003 (12 years) TYLER 92% average working interest Q2 15 net avg. production: POLK 70 MMcfe/d 43% liquids (11%…
  12. EnerCom Oil and Gas Conference – Unit Corp. – slide 12
    Wilcox (Southeast Texas) 2015 Activity: Upside Resource Potential: 1-2 rigs 870 Bcfe 13-16 gross wells 95% average WI (5 horizontal) 43% Liquids (11% oil, 32% NGLs) 2015 projected 17% growth Wilcox Net Production 90,000…
  13. EnerCom Oil and Gas Conference – Unit Corp. – slide 13
    Hoxbar (Medrano Sand) Historical Medrano Highlights: Mary 1-18PH IP30: 7,400 Mcfe/d Ellen 1-20H Completed 14 operated wells 3/15 IP30: 9,800 Mcfe/d Hiram 1-13H 12/14 Avg. IP30: 7.3 MMcfe/d IP30: 9,500 Mcfe/d 2/15 84% avg. working…
  14. EnerCom Oil and Gas Conference – Unit Corp. – slide 14
    Hoxbar (Marchand Sand) Historical Marchand Highlights: Completed 6 operated wells Rosey 1H Harper 1-19H Avg. IP30: 1,511 Boe/d IP30: 1,483 Boe/d IP30: 2,467 Boe/d 9/14 1/15 86% avg. working interest Extensional Area Marchand Core…
  15. EnerCom Oil and Gas Conference – Unit Corp. – slide 15
    Expertise in Areas of Operations 20 Unit has experienced management and operating teams and 16 is a leader in minimizing operating expenses Operating Expense / Boe (1) 12 Average: 11.63 8 4 0 Peer 1 Peer 2…
  16. EnerCom Oil and Gas Conference – Unit Corp. – slide 16
    Significant Drilling Presence in Attractive Producing Regions Bakken 94 rig fleet Fleet average 1,260 HP rating; Almost all of contracted rigs drilling horizontal wells Pinedale Anticline Niobrara 33% utilization rate for Q2…
  17. EnerCom Oil and Gas Conference – Unit Corp. – slide 17
    Drilling Rig Utilization 10 rigs stacked since December 2014 have been placed back into service. 5 - 1500 HP SCR 1 - 1000 HP SCR 2 -
  18. EnerCom Oil and Gas Conference – Unit Corp. – slide 18
    Average Dayrates and Margins (1) 20,000 100% 15,000 75% Average Rig Utilization Margins and Dayrates 10,000 50% 5,000 25% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1st Half 2015 Margins Dayrates…
  19. EnerCom Oil and Gas Conference – Unit Corp. – slide 19
    Rig Fleet Snap Shot 82% of Total Fleet < 800 HP 800-1,000 HP 1,200-1,700 HP 2,000 HP 31% 18% 25% 45% 69% 82% 55% 75% M: 8 M: 18 M: 3 M: - SCR: 5 SCR: 10 SCR: 38 SCR: 4 A/C: - A/C: - A/C: 8 A/C: - 13 28 49 4 Utilization…
  20. EnerCom Oil and Gas Conference – Unit Corp. – slide 20
    The BOSS Drilling Rig Optimized for Pad Drilling Multi-direction walking system Faster Between Locations Quick assembly substructure 32-34 truck loads More Hydraulic Horsepower (2) 2,200 horsepower mud pumps 1,500 gpm available…
  21. EnerCom Oil and Gas Conference – Unit Corp. – slide 21
    Midstream Core Operations Brook Field Pittsburgh Mills Snow Shoe Texas Panhandle Northern Oklahoma and Kansas 35,000 dedicated acres 1,695,000+ dedicated acres Pittsburgh 135 MMcf/d processing capacity 193 MMcf/d processing…
  22. EnerCom Oil and Gas Conference – Unit Corp. – slide 22
    Midstream Segment Contract Mix 2010 Q2 2015 Contract Mix Based on Volume 34% 49% 51% 66% Fee Based Commodity Based Contract Mix Based on Margin 15% 38% 85% Fee Based 62% Commodity Based Unit vs. 3rd Party Margin…
  23. EnerCom Oil and Gas Conference – Unit Corp. – slide 23
    Segment Contribution Revenues ( millions) Adjusted EBITDA ( millions)(1) 1,573 800 767 1,600 1,400 1,315 1,352 657 657 1,208 602 1,200 600 1,000 800 400 600 470 209 400 200 200 0 0 2011 2012 2013 2014 1st Half 2011…
  24. EnerCom Oil and Gas Conference – Unit Corp. – slide 24
    Capital Expenditures (In Millions) 1,500 1,000 500 0 2011 2012 2013 2014 2015 Forecast Oil and Natural Gas Contract Drilling Midstream Acquisitions 25
  25. EnerCom Oil and Gas Conference – Unit Corp. – slide 25
    Investment Considerations In a commodity price challenged world: Unit Petroleum has asset packages that can earn strong returns in the current commodity price environment Unit Drillings new BOSS rigs have been very well received by…
  26. EnerCom Oil and Gas Conference – Unit Corp. – slide 26
    EnerComs Oil & Gas Conference August 19, 2015

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